SCMC, a Delaware limited liability company and a registered investment adviser, provides investment advisory services to investment funds privately offered to qualified investors in the United States and elsewhere. SCMC commenced operations in March 2008. SCMC's clients include the following (each, a "Serent Capital Fund," or “Fund,” together with any parallel and alternative investment vehicles, the "Serent Capital Funds," or “Funds”):
• Serent Capital, L.P.;
• Serent Capital II, L.P.;
• Serent Capital III, L.P.;
• Serent Capital IV, L.P.;
• Serent Capital V, L.P.;
• Serent Capital Associates, L.P.;
• Serent Capital Associates-A, L.P.
• Serent Capital Associates II, L.P.;
• Serent Capital Associates III, L.P;
• Serent Capital Associates IV, L.P.;
• Serent Capital Associates V, L.P. The Serent Capital Funds are not registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and the securities of the Serent Capital Funds are not registered under the Securities Act of 1933, as amended (the "Securities Act"). The following entities are affiliated general partner entities to the above Serent Capital Funds:
• Serent Capital Partners, L.L.C.;
• Serent Capital Partners II, L.L.C.;
• Serent Capital Partners III, L.P.;
• Serent Capital Partners IV, L.P.; and
• Serent Capital Partners V, L.P. (Each, a "General Partner," and together with SCMC and their affiliated entities, "Serent Capital" or "Serent"). Each of the General Partners is a related person of SCMC and is under common control with SCMC. While each General Partner retains management authority over the business and affairs, including investment decisions, of its respective Serent Capital Fund, SCMC has been delegated the role of investment adviser. The General Partners and their employees and personnel will be subject to the Advisers Act and rules thereunder, and to all of SCMC's compliance policies and procedures. Each of the personnel of the General Partners acting on its behalf will be deemed "persons associated with" SCMC (as that term is defined in section 202(a)(17) of the Advisers Act) and will be subject to SEC examination. As such, references to SCMC in this Brochure should also be considered references to the General Partners (and vice versa) in the appropriate context. The partners of SCMC are Kevin Frick, David Kennedy, Lance Fenton, Prital Kadakia, and Stewart Lynn (collectively, the "Partners"). Each Serent Capital Fund is governed by a limited partnership agreement (each, a "Partnership Agreement") that specifies the specific investment guidelines and investment restrictions applicable to the Serent Capital Fund. In certain cases, the private placement memoranda or disclosure memoranda (herein "private placement memorandum") prepared for the investors of the Serent Capital Funds also contain information regarding the intended investment program for such Serent Capital Fund. SCMC, together with the General Partners, provides investment management and administrative services to the Serent Capital Funds in accordance with the applicable Partnership Agreements, private placement memoranda and other offering materials. The investors in the Serent Capital Funds (“Investors”) are primarily “qualified purchasers” (as defined in the Investment Company Act) and/or “accredited investors” (as defined in Regulation D under the Securities Act). SCMC generally has broad and flexible investment authority with respect to the Serent Capital Funds, the parameters of which are outlined within the applicable Partnership Agreement. Each Serent Capital Fund’s investment objective and strategy is set forth

in a Partnership Agreement and confidential private placement memorandum. All Investors in the Serent Capital Funds are provided with a Partnership Agreement and confidential private placement memorandum prior to subscription and are urged to carefully review those documents. The Serent Capital Funds are private equity funds and invest through negotiated transactions in operating entities, generally referred to herein as “portfolio companies.” SCMC’s investment advisory services to the Serent Capital Funds consist of identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments and achieving dispositions for such investments. Investments are made predominantly in non-public companies. Where such investments consist of portfolio companies, the senior principals or other personnel of SCMC or its affiliates generally serve on such portfolio companies’ respective boards of directors or otherwise act to influence control over management of portfolio companies in which the Serent Capital Funds have invested. Investors in Serent Capital Funds participate in the overall investment program for the applicable fund, but may be excused from a particular investment due to legal, regulatory or other agreed-upon circumstances pursuant to the relevant Partnership Agreement. The Serent Capital Funds or the General Partners have entered into side letters or other similar agreements (“Side Letters”) with certain Investors that have the effect of establishing rights under, or altering or supplementing the terms of, the Partnership Agreements. Additionally, Serent Capital provides parallel investment vehicles for certain strategic business partners, other strategic associates, certain affiliates and qualified Serent Capital personnel ("Associates Funds"). The Associates Funds invest pari passu based on capital commitments with Serent Capital, LP, Serent Capital II, LP, Serent Capital III, LP, Serent Capital IV, LP, and Serent Capital V, LP ("Main Funds"). The Serent Capital Funds' Partnership Agreements provide that Serent may provide (or agrees to provide) co-investment opportunities (including the opportunity to participate in co-invest vehicles) to certain Investors or other persons, including other sponsors, market participants, finders, consultants and other service providers and/or certain other persons associated with Serent Capital and/or its affiliates. It is expected that most co-investments would involve investment and disposal of interests in the applicable portfolio company at the same time and on the same terms as the Serent Capital Fund making the investment. However, in limited circumstances, a co-investor may purchase a portion of an investment from a Serent Capital Fund after such Serent Capital Fund has consummated its investment in the portfolio company (also known as a post-closing sell-down or transfer). Such purchases from a Serent Capital Fund by a co-investor generally occurs shortly after the Serent Capital Fund's completion of the investment to avoid any changes in valuation of the investment, but in certain circumstances can occur a year or more after the Serent Capital Fund's initial investment at the then current fair market value of the investment as determined in Serent Capital's discretion. Co- investors may be charged interest on their purchase to compensate the relevant Serent Capital Fund for the holding period, and generally will be required to reimburse such Serent Capital Fund for related costs. As of December 31, 2023, SCMC managed $4,731,900,208 in client regulatory assets on a discretionary basis. SCMC does not manage regulatory assets on a non-discretionary basis.