For purposes of this brochure, “Darby” means Darby Overseas Partners, L.P., together (where the
context permits) with certain of its affiliates that provide advisory services to the Funds (as defined
below). Darby manages pooled investment vehicles that are exempt from registration under the
Investment Company Act of 1940, as amended (the “1940 Act”) (the “Funds”). As investment
advisor to the Funds, Darby identifies investment opportunities for, and participates in the
acquisition, management, monitoring and disposition of investments of, the Funds.
Established in 1994 by former U.S. Treasury Secretary Nicholas F. Brady, Darby is considered a
pioneer in emerging markets private equity and mezzanine investing, and is one of the few
investment management firms with a comparably long track-record in the asset class. Since its
inception, Darby has built a broad emerging markets private equity investment platform, with
offices and local presence in the emerging markets regions of Latin America and Asia.
In 2003, Franklin Resources, Inc. [NYSE:BEN],
a global investment organization operating as
Franklin Templeton Investments (“Franklin Templeton”), acquired Darby to serve as its dedicated
emerging markets private equity investment arm. Darby’s only general partner is Darby Overseas
Investments, Ltd. (“DOIL”), and Darby’s only limited partner is Darby Holdings, Inc. (“Darby
Holdings”). DOIL is directly wholly-owned by Darby Holdings, and Darby Holdings is directly
wholly-owned by Franklin Resources, Inc.
The investment advisory services provided by Darby are tailored to the specific requirements of
its clients. The investment guidelines and parameters for each Fund are specified in the advisory
agreement or organizational documents of the applicable Fund, and the investment advice offered
by Darby is limited to that which is specified therein.
Darby does not manage any client assets on a wrap fee basis.
As of the date of this Brochure, Darby manages approximately $38,147,968 of client assets on a
discretionary basis and $178,219,738 of client assets on a non-discretionary basis.