The Adviserhasbeeninbusinesssince2003andprovidesinvestmentadvisoryservicesto
private equity partnerships (as described below) in the acquisition and management of a
portfolioofloans,bonds,equities,royaltyinterestsandotherinstrumentsinthehealthcare
sector(collectively,“PortfolioInvestments”).(Suchprivateequitypartnershipsarereferredto
asa“Fund”orcollectivelyas“Funds”.)AsofDecember31,2023theAdviserhadregulatory
assetsundermanagementof$2.96billion,allofwhichisonadiscretionarybasis.
AnumberofaffiliatesoftheAdviserarethegeneralpartnersinseveralFunds;pleaseseeItem
10 for more information regarding this relationship. The Adviser provides investment
management services to the Funds in building and managing a portfolio of Portfolio
Investments. This portfolio of investments covers a range of market segments, including
biopharma, medical devices, tools, diagnostics, pharmaceuticals, and services. The Adviser
may,basedonportfoliomanagementobjectivesforaparticularaccount,investinassetsother
thanPortfolioInvestments.Inaddition,theFundsmayemployleverageinconnectionwithany
investmentstrategyintheformofborrowingswhichmaybelimitedrecoursetocertainassets
ofaFundorfullrecoursetoallofaFund’sassets,aspermittedundertherelevantpartnership
agreement.
TheAdviser’sinvestmentteamcurrentlycomprises23professionalsincludinginternallegal,
accounting and compliance personnel, as well as professionals employed by Piedmont
Evergreen(asdefinedbelow).PiedmontEvergreenLLC(“PiedmontEvergreen”),anaffiliateof
theAdviser,isbasedinDorado,PuertoRicoandisregisteredasarelyingadviseroftheAdviser
withtheSEC.PiedmontEvergreenemploysNathan“Nate”Hukill.Membersoftheinvestment
committeeinclude:NateHukill,LukeDüster,DavidCarter,andScottLi.Belowoutlineseach
investmentcommitteemember’spositionandrole/responsibility.
Name Role / Responsibility
Nate Hukill
Managing Partner
Partner, Piedmont Evergreen
• Strategic direction of CRG
• Day-to-day management and oversight of investments, investor relations and
finance
Luke Düster
CIO and Partner
• Chief Investment Officer (“CIO”)
• Management of the investment team and process
• Portfolio management and investment structuring
David Carter
Partner
• Head of tools & diagnostics vertical
Scott Li
Partner
• Head of healthcare services and specialty pharma vertical
MoreinformationabouttheseandotherinvestmentpersonnelcanbefoundintheBrochure
Supplement (Form ADV Part 2B). Nate Hukill is also the principal manager of the Adviser.
More information regarding
ownership of the Adviser can be found in Form ADV Part 1,
ScheduleA.
TheAdvisermay,fromtimetotime,establish,onatransaction-by-transactionbasis,pooled
investmentvehiclesthroughwhichcertainpersonsmayinvestalongsideoneormoreFunds
in a particular investment opportunity (each such vehicle a “Co-Investment Vehicle”). As a
general matter, each such Co-Investment Vehicle exits its investment in the particular
investmentopportunityatsubstantiallythesametime(andonsubstantiallythesameterms)
astheapplicableFund(s)thatarealsoinvestedinthatinvestmentopportunity.Pleaseseeitem
11 for a discussion of the allocation of co-investment opportunities and certain related
conflictsofinterest.
Additionally,theAdviseranditsaffiliatesmayalsoorganizeandserveasgeneralpartneror
investmentmanager(orinananalogouscapacity)tocertainother“feeder”vehicles(eachsuch
vehicle, a “Feeder Vehicle”) organized to invest exclusively in a Fund and/or alternative
investment vehicles (each, an “Alternative Investment Vehicle”) organized to address, for
example,specifictax,legal,business,accountingorregulatory-relatedmattersthatmayarise
inconnectionwiththetransactionortransactions.
TheAdviser’sadvisoryservicesconsistofinvestigating,identifyingandevaluatinginvestment
opportunities,structuring,negotiatingandmakinginvestmentsonbehalfofFunds,managing
andmonitoringtheperformanceofsuchinvestmentsanddisposingofsuchinvestments.The
Adviser may serve as the investment adviser and the Adviser or an affiliate may serve as
generalpartnertotheFundsinordertoprovidesuchservices.
TheAdviserprovidesinvestmentsupervisoryservicestoeachFundpursuanttoinvestment
managementorportfoliomanagementagreements(eachan“AdvisoryAgreement”).
The terms of the advisory services to be provided to a Fund, including any restrictions on
investments of certain types of securities, are established by the Adviser, as modified by
negotiationswithinvestorsintheapplicableFund(generallyreferredtohereinas“investors”
or “limited partners”), and set forth in such Advisory Agreement, offering documents,
organizational documents, operating agreement and/or other documentation received by
eachinvestorpriortotheinvestmentinsuchFund.OnceinvestedinaFund,theinvestors
cannotimposerestrictionsonthetypesofsecuritiesinwhichsuchFundmayinvest.
Muchofthedisclosureinthisbrochureisgeneralinnatureand,becausemostoftheAdviser’s
clientsareFunds,issubjecttothespecifictermsandconditionsofaFundinvestmentincluded
intheFund’sorganizationalandofferingdocuments.Inaddition,investorsintheFundsare
generallynotclientsoftheAdviserunlesstheyhaveaseparateadvisoryrelationshipwiththe
Adviser.