TRG Management LP was founded in 2002 by Nicolas Rohatyn as an alternative asset management firm focused exclusively on investing in the global emerging markets. Since that time, TRG Management LP’s asset management business has grown both organically and through the acquisition of certain third-party asset management businesses, including more recently the following:  TRG Management LP is the successor to the investment advisory business of GMO Renewable Resources, LLC (“GMO RR”), an investment advisory firm that was founded in 1997 and focused on providing institutional clients with discretionary and non- discretionary investment advisory services relating to investments in forestry and agriculture. In 2017, TRG Management LP assumed substantially all of the liabilities of GMO RR and acquired substantially all of the assets GMO RR, including all of the investment advisory agreements of GMO RR and all of the outstanding equity of the non-U.S. investment advisory subsidiaries of GMO RR. In connection with the GMO RR acquisition, an affiliate of TRG Management LP also assumed the management of certain entities that serve as the general partner of private funds that were advised by GMO RR and are now advised by TRG Management LP.  In 2018, affiliates of TRG Management LP replaced the general partners and managing members of, and assumed the investment advisory agreements of, certain private funds that were previously managed and controlled by affiliates of J.P. Morgan (the “AIRRO Funds”). The AIRRO Funds invest in Indian infrastructure assets.  In2019, an affiliate of TRG Management LP replaced the general partner of, and TRG Management LP assumed the investment advisory agreement of, a certain private fund that was previously managed by Lazard Asset Management LLC and controlled by an affiliate thereof (the “AEM Fund”). The AEM Fund invests in private investment vehicles that primarily invest in or trade in the securities of issuers that are economically tied to emerging market and/or frontier market countries.  On April 1, 2023, TRG Management LP and its affiliates acquired the management and control of certain private equity funds and mezzanine debt funds, and assumed certain investment advisory agreements, from Ethos Private Equity Proprietary Limited (“Ethos PE”) and its affiliates (the “TRG Africa Accounts”). The TRG Africa Accounts primarily pursue investments in South African and sub-Saharan businesses. TRG Management LP, its “relying advisers” that are identified in Schedule R of Part 1A of this Form ADV (the “Relying Advisers”), its “Participating Affiliates” and its “Non-Participating Affiliates” that are identified in Item 10 of this Brochure and its affiliated special purpose vehicles that serve as general partner to various TRG-sponsored investment limited partnerships (the “SPVs”) are hereinafter collectively referred to as “TRG” or the “firm.” TRG’s asset management business is managed by a team of senior professionals with extensive experience in a diverse range of asset classes within the emerging and global markets. TRG’s investment advisory services are also supported by a robust business management platform with expertise in risk management, finance and accounting, legal and compliance, global operations and custody, marketing, investor relations and information technology. TRG has offices in New York, Boston, Buenos Aires, Johannesburg, Lima, London, Montevideo, Mumbai, Nairobi, New Delhi, Rotorua, São Paulo and Singapore.1

The principal owner and general partner of TRG Management LP is TRG Management Principals LP. Nicolas Rohatyn indirectly owns 25% or more of TRG. TRG offers a diverse range of investment advisory services and strategies focused primarily on emerging markets. TRG’s investment strategies span multiple asset classes and comprise four primary business lines: private equity and credit, forestry and agriculture, infrastructure and renewable energy, and public markets. The firm is able to offer investors both traditional forms of exposure to emerging markets as well as customized solutions. TRG provides both discretionary and non-discretionary investment advisory services. TRG provides these services to a number of pooled investment vehicles, including, among others, investment limited partnerships (“LPs”) and investment corporations (“Companies” and together with LPs and other pooled investment vehicles, the “Funds”), and to separately managed accounts (“SMAs”). TRG manages the Funds and SMAs on a discretionary or non-discretionary basis, as applicable, in accordance with the terms and conditions of each Fund’s or SMA’s investment management agreement and organizational documents, as applicable. TRG typically provides its discretionary advisory services to the Funds either as the general partner of the Fund (in the case of LPs) and/or pursuant to an investment management agreement. The Funds are not required to register as investment companies under the Investment Company Act of 1940, as amended (the “Investment Company Act”), generally in reliance on either Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act. While the investment objectives and strategies pursued by the Funds are detailed in the relevant offering memorandum, SMAs managed by TRG typically permit the client to more closely tailor investment objectives, strategies, guidelines and restrictions to the client’s unique investment objectives and risk thresholds. The particular strategies employed for each SMA client may range from investments in a single security, property or other asset to a diversified portfolio of securities, properties or other assets. Likewise, the governing documents of the SMAs may include negotiated restrictions on the geographical area in which investments may be made, the degree of 1 In addition, TRG Management LP’s advisory affiliate, Balam Administradora S. de R.L. de C.V., maintains an office in Mexico City, and TRG Management LP’s advisory affiliate, Capital Advisors Partners Asia Pte Ltd., maintains an office in Singapore. concentration of investments in any single industry, the size of any single investment relative to the size of the SMA, the maximum anticipated holding periods for investments and similar criteria. As of December 31, 2023, TRG and its affiliates2 managed client assets of $6,587,437,341 on a discretionary basis and $1,922,932,107 on a non-discretionary basis. All discussions of TRG’s practices in this Brochure are qualified in their entirety with respect to each SMA or Fund by the applicable investment management agreement or offering and organizational documents, as applicable, governing the SMA client’s or Fund’s account with TRG, including without limitation all practices pertaining to the account’s investments, strategies used in managing the account, fees and other costs associated with an investment in the account, and conflicts of interest faced by TRG and its affiliates in connection with the management of the account.