McNally Advisors, LLC, a Delaware limited liability company (the “Adviser”), together (where the context permits) with its affiliates provides investment management services to and/or receives investment management fees from the Funds (as defined below). Such affiliates may or may not be under common control with the Adviser but possess a substantial identity of personnel and/or equity owners with the Adviser. These affiliates may be formed for tax, regulatory or other purposes in connection with the organization of the Funds (as defined below) or may serve as general partners of the Funds. The Adviser provides investment management services to investment vehicles (the “Funds”) that are exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”), or under state securities laws, in reliance upon exemptions for transactions not involving a public offering. Accordingly, to invest in the Funds, investors must be “accredited investors” as defined in Regulation D of the Securities Act and some cases “qualified purchasers” under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “Investment Company Act”). Fund investments are made directly in privately held companies and are likely to include control stakes and in certain cases minority investments. In accordance with the Funds’ respective investment objectives, as investment manager of the Funds, The Adviser’s services to the Funds include the identification, evaluation and selection of investment opportunities for the fund; performance of due diligence in connection with such potential investments; negotiation of investment terms; and monitoring the performance of the fund’s portfolio. The Adviser advises or co-advises each Fund on a discretionary basis in accordance with the terms of

the Fund’s governing documents. The Adviser may serve as the investment adviser or general partner or establish a separate general partner to the Funds in order to provide such services, which is responsible for the operations of the Fund other than its investment decisions. The Adviser is a wholly owned subsidiary of McNally Capital, LLC, a Delaware limited liability company (“McNally Capital”). McNally Capital is the Manager of the Adviser. The Adviser is headquartered in Chicago and shares space and personnel with McNally Capital. Ward S. McNally is the managing member of McNally Capital. He serves on the Investment Committee for the Adviser. As of December 31, 2023, the Adviser manages a total of $319,369,154 of client assets, which includes uncalled commitments, co-investment amounts and undistributed capital that has been redeployed, all of which is managed on a discretionary basis. It is anticipated that the Adviser will serve as the investment adviser to future funds formed by McNally Capital or its affiliates. The Adviser may serve as an investment adviser to ultra high net worth individuals and family offices seeking advice regarding private company and private equity fund investments. Clients who are active investors in private equity funds and in direct private company investments may retain the Adviser to assist with identifying and evaluating potential investments based on the client’s strategy. For example, the Adviser may work on an annual fee or flat-fee basis to assess a client’s portfolio of direct company investments and private equity funds, recommend an investment strategy for private equity investments, and assist a client with selecting private equity funds or direct investments. The Adviser’s investment services for these types of individual accounts are offered on a non-discretionary basis. The Adviser does not participate in wrap fee programs. (Item 5)