Partners Group (USA) Inc. (the “Adviser”), a Delaware corporation founded in 2000, is an investment advisory firm whose primary business is to provide discretionary investment advice primarily relating to private market investments. In providing its investment advisory services, the Adviser provides discretionary portfolio management and investment advisory services to:
• companies registered or regulated under the Investment Company Act of 1940, as amended (the “Investment Company Act”), including business development companies and registered management investment companies (each hereafter referred to as a "Registered Investment Company" and collectively, the “Registered Investment Companies”);
• institutional clients through being contractually engaged as an investment adviser (a “Direct Relationship”);
• Private pooled investment vehicles whereby the Adviser acts as general partner and/or investment adviser/investment manager (each, a “Private Fund”);
• certain entities established to provide services tailored to specific clients’ needs whereby the Adviser acts as a general partner and/or investment adviser/investment manager through either a separate account or “fund of one” (each, a “Separate Account”);
• certain Private Funds as sub-adviser (“Sub-Advised Funds”); and/or
• a liquidity portfolio of publicly traded private equity related securities for Partners Group Private Equity (DC) CIT, a collective investment trust managed by Benefit Trust Company (hereafter referred to as the “DC Product”). Together with the Registered Investment Companies, the DC Product, all Direct Relationships, Private Funds, Sub-Advised Funds and Separate Accounts are hereinafter referred to as the Adviser’s “Client(s)” or "Investment Vehicle(s)". The Adviser’s Clients may invest in limited partnerships and/or other investment entities managed by affiliates of the Adviser. The Adviser’s services are based on each Client’s specific needs and stated investment objectives, and the Adviser’s services vary from Client to Client. Subject to applicable law, the Adviser or its affiliates may enter into side letters or other arrangements with one or more Clients, or employees or affiliates of the Adviser, which have the effect of establishing rights under, or altering or supplementing, the terms of the Investment Vehicle’s offering documents. Such rights established by side letters, the constituent documents of parallel vehicles or other arrangements entered into by the Adviser, or an affiliate, may include, but are not limited to: (i) modification to a Client’s proportionate share of fees or expenses (including management fee, incentive allocation distributions, and/or other fees or expenses, through discounts, rebates or otherwise, which may differ among other things in alternative means of amount, timing, calculation basis and/or payment, as determined in the Adviser’s or affiliate’s sole discretion); (ii) the addition of or forbearance from a term contained within an agreement to accommodate a Client’s specific regulatory, tax, operational, policy or legal concern;(iii) a modification of the right of the Adviser, or affiliate, to make distributions in kind; (iv) the right to receive enhanced or modified disclosure in regards to investments in such Client’s account, (v) transfer rights, (vi) rights related to specific investments or restrictions

with respect to specific investments, directly or indirectly held by the partnership or investment vehicle, (vii) terms related to a limited partner’s position as a member or observer of an advisory board, and/or (viii) rights relating to co-investments, (ix) aggregation of commitments from a consultant or other affiliated limited partners, (x) the outside dates of parallel vehicles, (xi) investment and tax structuring and/or (xii) other rights requested by limited partners from time-to-time and granted by the Adviser or its affiliates in their sole discretion. Such rights may be granted on account of, but not limited to, one of the following reasons: (i) a subscription by a Client at an early date; (ii) the time and size of a Client’s commitment; (iii) the overall commitments or a prior or expected future commitment(s) by a Client to a vehicle whose investment advice is provided by the Adviser or one of its affiliates or (iv) a Client’s legal, tax, operational, policy, commercial or regulatory requirements. The Adviser, through affiliated general partners, also provides certain administrative services to investment vehicles that are not advisory clients of the Adviser. With respect to the Registered Investment Companies, the Adviser tailors its advisory services based on the investment objectives and strategies of each Registered Investment Company. In that regard, the requests or needs of individual investors in the Registered Investment Companies are not taken into account, nor are such investors permitted to restrict or otherwise control the investments of the Registered Investment Companies. For more detailed information regarding the Registered Investment Companies please contact the Adviser at (212) 908-2600. As of December 31, 2023, the Adviser managed discretionary assets on a committed basis in the amount of approximately $21.3 billion. As of December 31, 2023, the Adviser also managed non-discretionary assets on a committed basis in the amount of approximately $1.78 billion. The Adviser is wholly owned by Partners Group Holding AG, a Swiss corporation. Partners Group Holding AG is a public company in Switzerland and is listed on the SIX Swiss Exchange (ticker: PGHN or “Partners Group”). The Adviser uses the services of one or more Partners Group subsidiaries or appropriate personnel of one or more Partners Group subsidiaries for investment advice, portfolio execution and trading, operational support, and client servicing in their local or regional markets or their areas of special expertise without specific consent by the Client, except to the extent explicitly restricted by the Client in or pursuant to its investment advisory agreement, or inconsistent with applicable law. Arrangements among affiliates take a variety of forms, including but not limited to dual employee, delegation, participating affiliate, sub-advisory, sub-agency, administrative or other servicing agreements. This practice is designed to make Partners Group's global capabilities available to the Adviser’s Clients in as seamless a manner as practical within a varying global regulatory framework. In these circumstances, the Adviser remains fully responsible for its Clients from a legal and contractual perspective, Unless otherwise disclosed in the Client’s investment management agreement, governing documents and/or offering memorandum or prospectus, the Adviser will not charge additional fees for the affiliates’ services.