WhoWeAre GranitePartners(“theAdviser”),aDelawarelimitedliabilitycompany,wasfoundedinMay of2002inSt.Cloud,Minnesota,whereitmaintainsitsrecords.TheAdviseralsomaintains officesinNorthfieldandMinneapolis,Minnesota.TheprincipalownersareRickBauerly, MichelleBauerly-Kopel,andGregSchumacher(“Partners”). OurteamofPartnersisadiversegroupofexperiencedprofessionalswhoarecommittedto the success of our portfolio investments. The Partners have accumulated more than four decades of experience in their roles as investor, entrepreneur, financial adviser, managementconsultant,operatingmanager,andboardmember,andarewell-positioned tosupporttheneedsofagrowingbusiness.
ThePartnershaveexperienceacrossthefullbusinesslifecycle,fromstartup,togrowth,to middlemarket,toFortune1000companiesaswellasawiderangeofindustriesandacross the core management functions. Additionally, the Partners have advanced training and educationinbusiness,marketing,finance,publicpolicy,andaccounting.
DescriptionofAdvisoryServices PrivateEquityFunds The Adviser provides investment management and advisory services (“Services”) to private equity funds (“Private Funds”) that are exempt from registration under the Investment Company Act of 1940 and whose securities are not registered under the SecuritiesActof1933.
TheServicesarefocusedexclusivelyonthePrivateFundsthatinvestthroughnegotiated transactions in operating entities (“Portfolio Companies”). The Services provided by the Adviserconsistofevaluatinginvestmentopportunities,negotiatinginvestments,managing and monitoring investments and partnering with the management teams of the Portfolio Companiestoexecutegrowthstrategiesandpotentiallyachievedispositionofinvestments.
TheAdvisercurrentlyservesastheManagingMembertothePrivateFunds.
TheexistingPrivateFunds,notincludingGraniteEquityLLCandGraniteEquityAssociates LLC, are not accepting additional Investors. Granite Equity LLC and Granite Equity Associates LLC may, from time to time, add additional Investors. The Adviser may form newPrivateFundsinthefuture.ThePrivateFundsareinvestedexclusivelyinnon-public PortfolioCompanies.WheninvestinginPortfolioCompanies,thePartnersoftheAdviser may serve on the board of directors of a Portfolio Company in order to influence the governanceofthePortfolioCompany.TheAdvisergenerallyseekstomakeinvestmentsin companies in attractive industries

with manageable risks and open opportunities with revenuesof$10to$100millionandEBITDAof$1to$10million.ThePortfolioCompanies must also be located within drive time of the Adviser’s offices and have a strong management team interested in partnering and co-investing with the Adviser. The PortfolioCompaniesmustalsohaveastrategicplanwiththepotentialforprovidingstrong returnstostockholdersandstakeholders.ThePrivateFundsmayalsobereferredtointhis Brochureas“Clients.” TheAdviserprovidesServicestothefollowingPrivateFunds: § GraniteEquityLLC(FundIII) § GraniteEquityAssociatesLLC(FundIII) § GraniteDebtFundLLC The Adviser generally offers advice on portfolio investments that fall within each respective Private Fund’s investment strategy and objectives as described in its private placement memorandum and/or other governing documents (which may include limited liabilitycompanyagreements,subscriptionagreementsandsimilarinstruments).
The Adviser may, from time to time, establish Private Funds for the sole purpose of allowing certain Investors to invest alongside one or more of the Private Funds in a particular investment opportunity (a “Co-Investment Fund”). Co-Investment Funds are typicallylimitedtoinvestingintheparticularPortfolioCompanyrelatedtothetransaction forwhichtheywereorganized.Asageneralmatter,investmentsinCo-InvestmentFunds willbemadeunderthesametermsandconditionsandbemadeonthesamedateofthe investmentsintheapplicablePrivateFund.
PrivateFundsmakeprimarilylong-termprivateequityandequity-relatedinvestments,as wellasonoccasion,investmentsindebtinstrumentsforthePortfolioCompanies.
AdviceisprovideddirectlytothePrivateFunds,subjecttothediscretionandcontrolofthe AdviserandnotindividuallytotheInvestorsofthePrivateFunds.Servicesareprovidedin accordance with the Investment Management Agreement and the Private Fund’s Limited Liability Company (“LLC”) Agreement as detailed in the relevant private placement memorandum and/or organizational documents. Investment restrictions, if any, are generallydescribedintheorganizationaldocumentsoftheapplicablePrivateFund.
AssetsunderManagement As of December 31, 2023, the Adviser maintained $1,382,338,954 in assets under managementonadiscretionarybasis.Assetsundermanagement,inaccordancewiththe InvestmentAdvisersAct,arecalculatedbyaddingthefairmarketvalueoftheinvestment assetsplustheremaininguncalledcapital.