For purposes of this brochure, the “Adviser” or “PEI” means Private Equity Investors, Inc., a Delaware corporation, together (where the context permits) with its affiliates that provide advisory services to and/or receive advisory fees from the Funds (as defined below). Such affiliates may or may not be under common control with Private Equity Investors, Inc., but possess a substantial identity of personnel and/or equity owners with Private Equity Investors, Inc. These affiliates may be formed for tax, regulatory or other purposes in connection with the organization of the Funds (as defined below) or may serve as general partners of the Funds. The Adviser currently provides investment supervisory services to two investment vehicles - Private Equity Investment Fund IV, L.P., and Private Equity Investment Fund V, L.P. (the “Funds”) that are exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”). In accordance with the Funds’ respective investment objectives, investments are generally made in U.S. private equity funds (the “Underlying Funds”), including venture capital, buyout, growth equity, and mezzanine funds, and in portfolios of privately held direct investments. The Adviser’s advisory services consist of investigating, identifying and evaluating investment opportunities, structuring, negotiating and making investments on behalf of the Funds, managing and monitoring the performance of such investments and disposing of such investments. The Adviser may serve as the investment adviser or general partner to the Funds in order to provide such services. The Adviser provides investment supervisory

services to each Fund in accordance with the limited partnership agreement (or analogous organizational document) of such Fund or separate investment and advisory, investment management or portfolio management agreements (each, an “Advisory Agreement”). Investment advice is provided directly to the Funds, subject to the discretion and control of the applicable general partner, and not individually to the investors in the Funds. Services are provided to the Funds in accordance with the Advisory Agreements with the Funds and/or organizational documents of the applicable Fund. Investment restrictions for the Funds, if any, are generally established in the organizational or offering documents of the applicable Fund. The principal and owner of one-hundred percent (100%) of the common stock of PEI is Charles P. Stetson, Jr. (the “Principal”). The Adviser has been in business since 1992. As of December 31, 2023, the Adviser manages a total of $89,669,784 of client assets, all of which is managed on a discretionary basis.1 The managing directors of the Adviser are the Principal and David B. Parshall (the “Managing Directors”). 1 The amounts provided in this brochure with respect to the Adviser’s regulatory assets under management are estimated based on interim valuations given that the Adviser primarily manages funds of funds. These interim valuations reflect (a) the most recent valuations the Adviser has received with respect to the Funds’ underlying portfolio investments, a substantial part of which are of a date earlier than the end of the most recent calendar quarter, and (b) the Adviser’s estimates of the effects of interim developments on these valuations.