Business Background The Adviser is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Adviser is based in New York City and operates globally with personnel located in Hong Kong and London. The Adviser commenced operations as an investment adviser in July 2002 and has been registered with the SEC since January 2006. In November 2013, BGO SCP was acquired by The Carlyle Group (“Carlyle”). In April of 2021, BGO SCP was acquired by BentallGreenOak. BentallGreenOak, and BGO SCP are indirectly majority- owned by Sun Life Financial Inc. and operate under SLC Management, the alternative asset management arm of Sun Life. The Adviser provides investment advisory services to pooled investment vehicles sponsored by BGO SCP (“Funds”) and to customized separately managed accounts (“Managed Accounts” and together with Funds, “Advisory Clients”) on both a discretionary and non-discretionary basis. The Adviser also provides sub-advisory services to private funds that are managed by affiliates or third parties. The entities and individuals who invest in Funds and/or Managed Accounts are generally referred to herein as “investors.” Unless otherwise expressly stated herein, any references to “Advisory Clients” do not include such “investors.” The Adviser’s advisory services consist of investigating, identifying and evaluating investment opportunities, structuring, negotiating and making investments on behalf of its Advisory Clients, managing and monitoring the performance of such investments and disposing of such investments. The Adviser manages the assets of each Advisory Client in accordance with the terms of the governing documents and/or the investment advisory agreement applicable to such Advisory Client. The investment objective of each Advisory Client is principally focused on value-add and opportunistic private real estate investments in office, industrial, retail and residential property types, as well as in real estate-related securities (including debt or mezzanine participations), located in the United States, Europe and the Asia-Pacific region. The investments pursued by the Adviser generally fall within three investment strategies:  Primary Fund Investments. Direct subscriptions for interests in private equity real estate funds sponsored by third-party managers (such underlying funds are hereinafter referred to as “Underlying Funds”);  Secondary Investments. Secondary purchases

of interests in Underlying Funds and privately held real estate assets from existing investors; and  Co-investments. Co-investments in single real estate assets or portfolios of real estate assets as well as direct subscriptions for interests in Underlying Funds that are dedicated co-investment funds sponsored by third-party managers. The Adviser provides advice based on the specific investment objectives and strategies of each Advisory Client. The Adviser may tailor advisory services to the individual needs of each Advisory Client. For instance, the Adviser may provide advisory services to Advisory Clients with different investment mandates. As such, the investment guidelines set forth by each Advisory Client may vary with respect to property type, geographic market, manager and strategy (e.g., distressed debt, international investments, etc.). All final investment decisions are made by the Adviser’s Investment Committee. As of December 31, 2023, the Adviser had approximately $3.54 billion in assets under management, $2.96 billion of which were managed on a discretionary basis and $580 million of which were managed on a non-discretionary basis. Sale to BentallGreenOak On February 25, 2021, Carlyle announced BentallGreenOak had reached an agreement to acquire BGO SCP Real Estate from Carlyle. The transaction closed on April 1, 2021. In the transaction, BentallGreenOak acquired 100% of the equity interests in the Adviser as well as the controlling interests currently held by The Carlyle Group (“Carlyle”) in the general partners of BGO SCP-sponsored investment vehicles launched after Carlyle’s 2013 investment in BGO SCP. The transaction contemplates a change in control of BGO SCP as well as the general partner entities described above. As such, the transaction resulted in a deemed assignment (for purposes of the Investment Advisers Act) of our investment management agreements with each Advisory Client, including the operating agreements of the funds and accounts for which the general partner is currently controlled by Carlyle. The BGO SCP team will continue to be responsible for the management of the Advisory Clients, and the investment process and the executive team will remain in place. We anticipate no change or other disruption in the day-to-day management of the BGO SCP funds. For purposes of this brochure, unless otherwise indicated, references to the “Adviser” or to “BGO SCP” (or its affiliates or its related entities) do not include references to BentallGreenOak or any of its other affiliated entities.