Cowen Investment Management LLC (the “Registrant”) is a Delaware limited liability company formed in 1997 and a direct wholly owned subsidiary of Cowen Inc., a publicly traded company (“Cowen”). This Disclosure Brochure has been updated to reflect the completion of the acquisition of Cowen, Inc., the parent of Cowen Investment Management LLC, by The Toronto-Dominion Bank (“TD”). The investment strategies and personnel remain largely unchanged. This Brochure has also been updated to remove references to TriArtisan Capital Advisors LLC (“TriArtisan”) in connection with TD’s acquisition of Cowen, Inc.. TriArtisan was spun out of Cowen, Inc. and Cowen Investment Management LLC continues to provide a number of administrative services to TriArtisan pursuant to a service agreement. The Registrant provides discretionary investment management services directly and also through advisory affiliates Cowen Sustainable Advisors LLC (“CSI”) and Cowen Trading Strategies LLC (“CTS”), both of which are under common control with the Registrant (each is referred to herein as a “Relying Adviser” and collectively, the “Relying Advisers”). The Relying Advisers have also been identified in Item 10 hereof, as well as Schedule R of the Adviser’s Form ADV Part 1. CSI acts as the agent for CSI GP I LLC, a Delaware limited liability company that serves as the general partner to Cowen Sustainable Investments I LP and also serves as the general partner to feeder fund Cowen Sustainable Investments Offshore I LP and its master funds CSI I Master Fund B LP and CSI I Master Fund C LP. CSI GP I LLC additionally serves as the general partner to several CSI co-investment vehicles. Certain investment-related determinations, decisions, consents or other duties or actions that may be described in the relevant PE Fund's limited partnership agreement as being the determinations, decisions, consents, duties or actions of its general partner may be performed by CSI in such capacity. The Registrant, its Relying Advisers and its affiliated general partners are collectively referred to herein as the “Adviser” and unless otherwise noted as only applicable to the Registrant, the Relying Advisers, its affiliated general partners or a specific advisory client, this brochure generally includes information about the Adviser and its relationships with all of its advisory clients and affiliates. This brochure does not constitute an offer to sell or solicitation of an offer to buy any securities. The Adviser provides discretionary investment management services to a variety of advisory clients and is not limited to only advising the types of advisory clients currently described herein. Advisory clients include special purpose limited liability companies formed to invest in, or participate in, the acquisition of a single company (each, an “SPV Fund” and together, the “SPV Funds”), private limited partnerships and

other pooled investment vehicles (each, a “PE Fund” and together, the “PE Funds”) and separately managed accounts (each an “SMA” and together, “SMAs”). The Registrant currently provides discretionary investment management services to an SMA and an SPV Fund and may in the future provide discretionary investment management services to hedge funds, private equity funds and registered investment companies. CSI, a Relying Adviser, provides discretionary investment management services to PE Funds and may in the future provide discretionary investment management services to SMAs and hedge funds. The term “Client” or “Clients” collectively refers to (where relevant) the PE Funds, SPV Funds, and the SMAs for which the Adviser provides discretionary investment management services. While not considered advisory clients, the Registrant and CTS also manage a proprietary securities portfolios that are beneficially owned by their parent company, Cowen. The Adviser is responsible for managing the capital of its Clients in accordance with their respective investment objectives. The Adviser’s management of its Clients and their respective investments are qualified in their entirety by reference to each Clients’ agreements with the Adviser as well as in formal offering documents (e.g., the Client’s prospectus, offering memorandum, memorandum and articles of association, limited partnership agreement, or investment management agreement, as the case may be, side letters, and subscription documents). These documents are collectively referred to herein as the Clients’ “Offering Documents”. The descriptions set forth in this brochure of specific advisory services that the Adviser offers to its Clients, and investment strategies pursued, and investments made by the Adviser on behalf of its Clients, should not be understood to limit in any way the Adviser's investment activities. The Adviser may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this brochure, that the Adviser considers appropriate, subject to each Client's investment objectives and guidelines. The investment strategies the Adviser pursues are speculative and entail substantial risks. Clients (or their respective investors therein) should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any Client will be achieved. The Registrant and its Relying Advisers together managed approximately U.S.$ 1,297,283,773 of client assets on a discretionary basis as of December 31, 2022. This number is net of fees and expenses and based on estimated and unaudited information as of such date and is therefore subject to change. It also does not include the proprietary securities portfolios managed on behalf of parent company Cowen. The Adviser does not currently manage any non-discretionary Client assets. The Adviser does not participate in wrap fee programs.