This brochure provides information about TEAM and its investment advisory business. TEAM is a Delaware limited liability company, the sole member of which is TIFF Advisory Services, LLC (“TAS”). TEAM has been registered with the SEC as an investment advisor since March 9, 2012, and serves as general partner to and the investment advisor of The TIFF Keystone Fund, L.P. (“TKF” or the “Partnership”), a Delaware limited partnership, and as the general partner to certain other investment vehicles managed by TAS. The investors in the investment funds managed or sponsored by TEAM are referred to as “investors” throughout this brochure. For information about TAS, please refer to its brochure, which provides more detail regarding TAS’ advisory business. Interests in any investment fund, including any privately offered investment fund, managed or sponsored by TEAM or an affiliate will be offered and sold only pursuant to a definitive prospectus or offering memorandum (or similar offering document), subscription materials, and organizational documents for such investment fund (collectively, “Offering Materials”). This brochure is only a summary and discloses only certain items required to be disclosed herein, and this brochure does not include all material necessary to properly evaluate an investment decision regarding any investment fund managed or sponsored by TEAM or an affiliate. Before making any investment decision regarding any investment fund managed or sponsored by TEAM or an affiliate, investors and prospective investors should carefully review the Offering Materials and should make any investment decisions solely on the basis of such Offering Materials regarding any investment fund managed or sponsored by TEAM or an affiliate. Investors in TKF are primarily foundations, endowments, other 501(c)(3) organizations, and certain other non-profit organizations (“eligible non-profit investors”). TKF largely operates on a fund-of-funds basis. In selecting money managers and funds, TEAM normally weighs a number of relevant factors and makes its selections based on a comparison of such factors. Under the terms of TKF’s Partnership Agreement, TEAM receives a management fee from TKF, as discussed further in Item 5 below. TEAM has invested certain of its assets in its general partnership interest in TKF. As general partner of TKF, TEAM is responsible for the management, operations, and investment decisions made on behalf of TKF. This includes, but is not limited to: (a) providing research and analysis and directing the formulation of investment policies and strategies for TKF and allocating TKF’s assets to the discretionary management of one or more money managers and/or underlying acquired funds; (b) identifying money managers and acquired funds that invest or trade in securities and other investments and products, determine the assets to be committed to each money manager and invest through such money managers; which investments shall be subject in each case to the terms and conditions of the respective governing documents or agreements entered into with each money manager (c) admitting limited partners and accepting additional capital contributions; (d) establishing one or more non-redeemable holdings accounts, each of which will be so denominated on the books of TKF, in connection with TKF’s non-redeemable holdings; (e) in TEAM’s sole discretion, investing a portion of TKF’s capital directly (rather than through money managers), alone or with joint venture partners; (f) purchasing or acquiring, and selling, transferring, exchanging or otherwise disposing of securities and other investments and products; (g) entering into contracts for or in connection with investments in securities and other investments and products; (h) authorizing the payment of fees and allocations of profits to money managers pursuant to the respective governing documents or agreements, and any rebates or reductions of such fees or allocations, which shall be for the benefit of TKF; (i) investing in cash (including demand deposit balances) or any short term investments, including, without limitation, U.S. government securities, money market funds or other short-term funds (including any such investments managed or sponsored by TEAM or TAS), repurchase arrangements, commercial paper, certificates of deposit and bankers' acceptances or any other securities as TEAM deems appropriate and to reinvest any income earned therein in accordance with the investment program of TKF; (j) possessing, transferring, mortgaging, pledging, assigning or otherwise dealing in, and exercising all rights, powers, privileges and other incidents of ownership or possession with respect to, securities and other property and funds held or owned by TKF; (k) lending, either with or without security, any securities, funds or other properties of TKF, including by entering into reverse repurchase agreements, and, from time to time, without limit as to the amount, borrowing or raising funds, including by entering into repurchase agreements, and securing the payment of obligations of TKF by mortgage

upon, or pledge or hypothecation of, all or any part of the property of TKF; (l) opening, maintaining and closing accounts, including margin and custodial accounts, with brokers, which power shall include the authority to issue all instructions and authorizations to brokers regarding the securities and/or other investments or money therein; paying, or authorizing the payment and reimbursement of, brokerage commissions that may be in excess of the lowest rates available that are paid to brokers who execute transactions for TKF and who supply, or pay for (or rebate a portion of TKF's brokerage commissions to TKF for payment of) the cost of, brokerage, research or execution services utilized by TKF; provided, that TKF does not pay a rate of commissions in excess of what is competitively available under the circumstances from comparable brokerage firms for comparable services, taking into account various factors, such as commission rates, reliability, financial stability, strength of the broker and ability of the broker to efficiently execute transactions, the broker's systems, facilities and record-keeping, and the broker's provision or payment of the costs of research and other services or property that are of benefit to TKF or such other factors TEAM deems relevant; provided, further, that TEAM shall have no duty to seek competitive bids from comparable brokerage firms (m) opening, maintaining and closing accounts, including custodial accounts, with banks, including banks located outside the United States, and drawing checks or other orders for the payment of monies; (n) borrowing funds and pledging TKF assets when deemed appropriate by TEAM, including for the purpose of making investments and meeting withdrawal requests which would otherwise result in the premature liquidation of investments; (o) combining purchase or sale orders on behalf of TKF with orders for other accounts or funds managed by TEAM or TAS and allocating the securities or other assets so purchased or sold, on an average-price basis or by any other method of fair allocation as determined by TEAM, among such accounts; (p) organizing one or more corporations or other entities formed to address regulatory or tax issues, manage financing arrangements, limit TKF’s liability, hold record title as nominee for TKF to securities or other assets or funds of TKF, or for other reasons; (q) retaining and compensating investment consultants selected by TEAM to provide assistance to TEAM in identifying money managers and investment opportunities; (r) liquidating securities that have been distributed to TKF in kind and make distributions in respect of a withdrawal, in cash or in kind; (s) retaining any firm, entity or person (including an affiliate) as TEAM may, in its sole and absolute discretion, select from time to time, at the expense of TKF, for the purpose of maintaining TKF's books and records and performing administrative services on behalf of TKF, including, but not limited to, tax and accounting functions (any such person, firm or entity providing such services from time to time being herein called the "Administrator"); (t) causing TKF to engage in agency, agency cross and principal transactions with other accounts or funds managed by TEAM or TAS to the extent permitted by applicable securities laws; (u) maintaining for the conduct of TKF's affairs one or more offices and in connection therewith rent or acquire office space, and do such other acts as TEAM may deem necessary or advisable in connection with the maintenance and administration of TKF; (v) engaging personnel, whether part-time or full time, attorneys and independent accountants or such other persons as TEAM may deem necessary or advisable; (w) employing or engaging on an arm’s length basis any person to perform services for, or furnish goods to, TKF and dismissing (with or without cause), on behalf of TKF, any such person; (x) prosecuting and defending any and all actions and proceedings at law or in equity relating to TKF or any of its assets before any governmental or administrative or other regulatory agency, body or commission or any arbitrator; (y) purchasing and maintaining insurance coverage on behalf of TKF, TEAM and TAS, which coverage may be joint insurance with affiliates, affiliated funds or others if appropriate; (z) doing any and all acts on behalf of TKF as it may deem necessary or advisable in connection with the maintenance and administration TKF, and exercising all rights of TKF, with respect to its interest in any person or entity, including, without limitation, the voting of limited partnership interests or shares of the entities managed by money managers, participation in arrangements with creditors, the institution and settlement or compromise of suits and administrative proceedings and other like or similar matters; and (aa) authorizing any member, managing board member, officer, employee or agent of TEAM or agent or employee of TKF to act for and on behalf of TKF in all matters incidental to the foregoing. As of December 31, 2023, TEAM managed $1,758,203,761 billion in client assets, all of which were managed on a discretionary basis.