Firm Background Emergent is a Texas limited liability company that was formed on December 9, 2010, for the purpose of providing discretionary portfolio management and investment advisory services to affiliated (sponsored) privately offered pooled investment vehicles. Emergent and its affiliates are headquartered in Houston, Texas. The primary principal owners of Emergent are ECA Strategic Partners, LLC (“ECA Strategic Partners”), a Texas limited liability company, Mr. A. John Knapp, Jr., and Knapp Children’s Trust. ECA Strategic Partners is controlled and managed by Messrs. Sean M. Nimmo and J. Abbott Sprague. Emergent is affiliated with ECA Fund GP II, LLC, a Texas limited liability company, and ECA Fund GP, LP, a Texas limited partnership. ECA Fund GP II, LLC and ECA Fund GP, LP serve as the ultimate general partner and general partner, respectively to Emergent’s affiliated (i.e., sponsored) privately offered pooled investment vehicle, ECA Fund, LP, a Texas limited partnership, and have delegated exclusive investment advisory and other authority with respect to ECA Fund, LP to Emergent. Certain employees of Emergent are also employees of other unaffiliated entities in the financial industry. These relationships are reviewed for potential conflicts of interest and supervised as necessary. See Item 10 – Other Financial Industry Activities and Affiliations of this Brochure for more information. Advisory Services As stated herein above, Emergent currently provides discretionary investment advisory services to one (1) affiliated (i.e., sponsored) privately offered pooled investment vehicle, the ECA Fund, LP (the “Fund” or “Client”). Emergent’s investment advisory services consist of (i) the identification and selection of third- party unaffiliated investment advisers (“Investment Advisers”) and privately offered pooled investment vehicles including, without limitation, hedge funds, funds of funds, single-investor funds, co-mingled private investment partnerships and other investment fund structures managed by an Investment Adviser (referred to in this Brochure collectively as “Investment Vehicles”) for the Fund; (ii) the identification and selection of marketable or non-marketable securities and other investments (which may include Investment Vehicles) for the Fund; and (iii) investment analyses of portfolios of Investment Vehicles, using proprietary and/or nonproprietary research and analytic tools developed or incorporated by Emergent for use in connection with the Fund. Generally, Emergent structures such Investment Adviser arrangements as sub-advisory relationships, with each Investment Adviser managing a portion of the Fund’s portfolio directly through an account established at the Fund’s prime broker (each such arrangement, a “Managed Account Relationship”). Emergent will generally seek to establish such Managed Account Relationships to allow the Fund to benefit from complete transparency over the assets and improved liquidity over the account being managed by the Investment Adviser. To the extent Emergent is not able to negotiate a Managed Account Relationship with a particular Investment Adviser, Emergent may cause the Fund to invest in an Investment Vehicle managed by the Investment Adviser (each such arrangement, an “Investment Vehicle Relationship” and, together with the Managed Account Relationships, the “Sub-Advisory Arrangements”). Emergent will seek (but is not required) to negotiate favorable fee arrangements for the Fund with respect to its Sub-Advisory Arrangements, and to the extent that Emergent enters into any Investment Vehicle Relationship, Emergent will seek to negotiate other favorable terms, such as special liquidity rights, rights to enhanced reporting or other information, or other non-standard rights. Emergent provides its investment advisory services to the Fund pursuant to an investment management agreement (the “Management Agreement”) with ECA Fund GP, LP (the “General Partner”) and the Fund. Information about the Fund, and the particular investment objectives, strategies, restrictions, guidelines and risks associated with an investment, is described in the Fund’s offering documents (i.e., private placement memorandum), which are made available to investors only through Emergent or another authorized party. Emergent may tailor

the specific advisory services with respect to the Fund based on the particular investment objectives and strategies described in the Fund’s confidential private placement memorandum, limited partnership agreement or other similar disclosure and governing documents (collectively, the “governing documents”). Emergent’s investment advisory services consist of managing the Fund in accordance with the investment objectives, policies and guidelines set forth in the Fund’s governing documents. Accordingly, Emergent’s investment advisory services to the Fund are not tailored to the individualized needs or objectives of any particular Fund investor. An investment in the Fund by an investor does not, in and of itself, create an advisory relationship between the investor and Emergent. Investors are not permitted to impose restrictions or limitations on the management of the Fund. The Fund’s General Partner may enter into side letter agreements or arrangements with one or more investors in the Fund that alter, modify or change the terms of the interests held by such investors. The type of Fund to which Emergent provides investment management services is more fully disclosed in Emergent’s Form ADV Part 1 and summarized in Item 7 – Types of Clients of this Brochure. The investment objective of Emergent is to deliver equity-like returns over a full market cycle. The Fund seeks lower volatility and better downside protection than the U.S. equity market, with low to moderate correlation primarily through the use of a “multi-manager” investment approach. To achieve this objective, Emergent intends to allocate the majority of the Fund’s investment assets to Investment Advisers. Emergent will have the right to remove and replace the Investment Advisers or any successor Investment Adviser at any time in its discretion. Emergent seeks to identify independent “niche” Investment Advisers with whom the Fund will invest, either through Managed Account Relationships or through Investment Vehicles. Emergent will seek maximum transparency to understand overall market exposure, and therefore generally prefers to structure the Fund’s investments as separately managed accounts or single-investor funds. Generally, Emergent seeks to allocate to a variety of Investment Advisers, including those that are considered emerging managers. See Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss of this Brochure for more information on Emergent’s selection process of the Investment Advisers. Prospective clients and prospective client investors must consider whether a particular Emergent advisory relationship is appropriate for their own circumstances based on all relevant factors including, but not limited to, the prospective client’s own investment objectives, liquidity requirements, tax situation, and risk tolerance. Prospective clients are strongly encouraged to undertake appropriate due diligence including, but not limited to, a review of governing documents relating to the proposed investment program for the Fund and to investigate additional details about Emergent’s investment strategies, methods of analysis, and related risks, before making an investment decision or committing to a service provided by Emergent. ALL DISCUSSION OF THE FUND IN THIS BROCHURE, INCLUDING BUT NOT LIMITED TO ITS INVESTMENTS, THE STRATEGIES USED IN MANAGING THE FUND, AND CONFLICTS OF INTEREST FACED BY EMERGENT IN CONNECTION WITH THE MANAGEMENT OF THE FUND ARE QUALIFIED IN THEIR ENTIRETY BY REFERENCE TO THE FUND’S RESPECTIVE GOVERNING DOCUMENTS. Wrap Fee Disclosure Emergent does not participate in or sponsor any wrap fee programs. Regulatory Assets Under Management As of December 31, 2023, Emergent managed approximately $102,880,100 of advisory assets, of which all were on a discretionary basis and none were on a non-discretionary basis. The SEC has adopted a uniform method for advisers to calculate assets under management for regulatory purposes which it refers to as an adviser’s “regulatory assets under management.” Regulatory assets under management are generally an adviser’s gross assets, i.e., assets under management without deduction for outstanding indebtedness or other accrued but unpaid liabilities. Emergent reports its regulatory assets under management in Item 5 of Part 1 of Form ADV which you can find at www.adviserinfo.sec.gov.