ECM, a Delaware limited liability company, was established in 2002. ECM provides investment supervisory and management services to U.S. and non-U.S. commingled open- end and closed-end private funds of private funds (“Commingled Funds”). ECM may also provide services to customized investor funds (“Customized Fund,” and collectively with the Commingled Funds, the “Private Funds”). The majority of the Commingled Funds invest primarily in hedge funds, and certain Commingled Funds invest a majority or substantially all of their assets in longer-term, illiquid private investment vehicles, such as private equity funds and other committed capital style funds such as venture capital funds. One Closed-end Commingled Fund invests in portfolios of closed-end, open-end, and hybrid funds and similar private vehicles with an investment focus on cryptographically derived digital assets including, without limitation, blockchain tokens, virtual or digital currencies, non-fungible tokens, and related products and in equity or other securities of public or private companies operating in the cryptographic or blockchain space (“Closed-end Commingled Fund”). The Private Funds are exempt from registration under the Investment Company Act of 1940, as amended (“Company Act”). ECM also provides investment advisory or sub-advisory services to a closed-end investment company launched in July 2014 that is registered under the Company Act (the “Registered Fund,” and collectively with the Private Funds, the “Funds”). The Funds are advised based on the investment objectives set forth in each Fund’s relevant confidential explanatory memorandum, confidential private placement memorandum, registration statement, or similar disclosure document

(“Offering Document”). As of January 31, 2024, ECM managed, on a discretionary basis, approximately $4,182,146,818 in client assets, including uncalled capital commitments. ECM does not manage any client assets on a non-discretionary basis. All of ECM’s equity is owned by Evanston Capital Management, L.P. (“ECM LP”), an entity primarily owned by ECM employees. ECM LP’s general partner is ECM Holdco, LLC (“Holdco”) the managing member of which is Adam Blitz. Adam Blitz is currently a principal owner of ECM as defined under the instructions to Form ADV, Part 2 because he, along with his estate planning vehicles, own at least a 25% but less than 50% indirect ownership interest in ECM. As noted in Item 7 below, ECM is an investment adviser to funds of private funds. ECM evaluates hedge funds and other open-end, closed-end, and hybrid private investment vehicles, inclusive of the private vehicles in which the Closed-end Commingled Fund invests as described above (collectively, “Portfolio Funds”) and the Portfolio Funds’ independent portfolio managers (each a “Portfolio Manager,” and collectively, the “Portfolio Managers”) by using ECM’s investment process which is outlined in Item 8. Consequently, ECM generally does not participate in the selection, buying or selling of specific securities of operating issuers, except in certain limited circumstances, such as where it must sell in-kind distributions of securities a Fund may receive from Portfolio Funds. The Funds’ investment objectives, and any limitations or restrictions on investments, are described in each Fund’s Offering Document. The Funds’ limited partners and shareholders are collectively referred to as the “Investors” or an “Investor” in this Brochure.