ADVISORY BUSINESS A. General Description of Advisory Firm. The Adviser is a Delaware limited partnership founded in 1992. The Adviser is headquartered in New York City and has over twenty affiliate and advisory offices located in the United States (“U.S.”), Europe, Asia, Africa, South America and Australia. The principal owner is Stephen A. Feinberg, who owns his interests in the Adviser indirectly through one or more intermediate entities. The Adviser and its affiliates (the “Affiliates”) (the Adviser and the Affiliates are sometimes collectively referred to as the “Advisers”) provide investment management and administrative services to privately placed pooled investment vehicles (collectively, the “Private Funds”), single investment special purpose investment vehicles and managed accounts (collectively, with the Private Funds, the “Clients”) based on their respective investment objectives. The Advisers tailor their advisory services as described in the investment program of the relevant Client’s private placement memorandum or as set forth in such Client’s organizational documents, the subscription documents related to an investment in such Client and/or the investment management agreement with such Client. Please refer to Item 8 for a more detailed description of Advisers’ investment strategies as well as the securities and other instruments purchased by Clients under the management of the Advisers. Since the filing of the Adviser’s last Brochure through March 31, 2023, several new Clients have been launched. For a complete list of all Clients that the Advisers provide administrative and/or investment management services, see Section 7.B. of Schedule D to the Advisers’ Form ADV Part 1. The Advisers provide investment management services to the Clients on a discretionary basis. B. Description of Advisory Services. Advisory Services The Adviser is a global alternative investment firm founded in 1992. Headquartered in New York City with affiliate and advisory offices located in the U.S., Europe, Africa, South America, Asia and Australia, the Advisers generally focus on value creation globally in private equity, real estate and global credit strategies as outlined below. The Advisers’ investment and operations professionals are integrated across all three of the Advisers’ primary investment strategies, bringing considerable expertise in assessing and managing all of the Advisers’ investments.
• Private Equity, including operational private equity, supply chain investments that strengthen critical infrastructure of the U.S. and its allies, a frontier and emerging markets investment platform, acquisitions of companies with

operational problems or significant cost reduction opportunities, subsidiaries of companies where the business is viewed as non-core and/or under-performing divisions, companies undergoing reorganization under U.S. bankruptcy law or similar laws, and companies that can advance supply chain security and strengthen critical infrastructure and security;
• Real Estate, including investments in distressed debt securities and assets, special situations, direct equity, mortgage loans and bridge financings, mezzanine debt and preferred equity and non-performing loans (“NPLs”) secured by real estate; and
• Global Credit, including corporate stressed credit and distressed debt, corporate middle- market direct lending and residential and commercial mortgage securities and assets. Please see Item 8 for additional information related to methods of analysis, investment strategies and risk of loss. C. Availability of Customized Services for Individual Clients. The Advisers tailor their advisory services as described in the investment program of the relevant Client’s private placement memorandum or as set forth in such Client’s organizational documents, the subscription documents related to an investment in such Client and/or the investment management agreement with such Client. In addition, the Advisers have the right to enter and have entered into agreements, such as side letters, with certain investors in the Clients that may in each case provide for terms of investment that are more favorable for certain investors than the terms provided to other investors in the same Clients. Such terms typically include, among other things, the waiver or reduction of management and/or incentive fees/allocations, the provision of additional information or reports, rights related to specific regulatory requests or requirements of certain clients, more favorable transfer rights, and more favorable liquidity rights. Certain Clients (and/or underlying investors) also negotiate for investment exposure (or investment limitations) with respect to specific industries, sectors, geographic regions or investments. Persons reviewing this Form ADV Part 2A should not construe this as an offering of any of the Clients described herein, which will only be made pursuant to the delivery of a private placement memorandum, subscription agreement and/or similar documentation to prospective investors. D. Wrap Fee Programs. The Adviser does not participate in wrap fee programs. E. Assets Under Management. As of January 1, 2023, the Adviser had approximately $81.2 billion of regulatory assets under management, all of which was managed on a discretionary basis.