General Description and Principal Owners. Alcion Ventures, Limited Partnership (“Alcion” or the “Firm”), including its affiliated general partner entities, is a privately held real estate investment management firm. Formed in December 2004, Alcion provides investment advisory services primarily to pooled investment vehicles (each a "Fund," and together the “Funds”) that are excluded from the definition of “investment company” under the Investment Company Act of 1940, as amended, and which securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”). Alcion also may provide advisory services through co-investment vehicles or separately managed accounts to institutional clients (each an “Account” and collectively the "Accounts"). The portfolio overseen by Alcion is generally composed of office, residential, retail, industrial, land, hotel, and debt investments throughout the United States and parts of Canada. Alcion is a Delaware limited partnership. The principal owners of Alcion are Martin Zieff, Mark Potter, and Eugene DelFavero (the “Principals”). The Principals own in excess of 95% of the Alcion equity interests, with the remaining ownership held by a strategic partner. Alcion is managed and directed by the Principals. Advisory Services Offered. Alcion’s primary business is providing investment advisory services to its clients, the Funds. Each Fund is a traditional closed-end pooled investment fund with unspecified real estate investments to be selected by the Fund’s general partner with the assistance of Alcion. The Funds invest in and own real estate through their ownership of equity interests in limited partnerships,

limited liability companies, and other vehicles. Each Fund is available for investment only via a “private offering” and is intended only for investment by “accredited investors,” as those terms are defined under the Securities Act. Alcion provides advice relating to the identification, acquisition, management, monitoring, and disposition of investments and investment opportunities for the Funds. In addition, Alcion may provide investment management advice on both a discretionary and non-discretionary basis to co-investment vehicles and institutional clients. Non-discretionary services may include strategic advice and oversight relating to specific real estate assets owned by the client through its ownership of equity interests in limited partnerships, limited liability companies, and other vehicles. As of December 31, 2023, Alcion Real Estate Partners, L.P. and Alcion Real Estate Partners Parallel Fund, L.P. have been fully liquidated. Tailoring to Individual Needs and Investment Restrictions. Alcion tailors advisory services to the specific needs of the Funds, co-investment vehicles and institutional clients to address particular legal or tax concerns. For example, if a Fund’s investors are non-U.S. persons, that Fund may require advice regarding investment structures to address specific U.S. tax issues. The Funds contain specific investment limitations and parameters for investment that are set forth in their respective offering documents. Assets Under Management. As of December 31, 2023, Alcion’s assets under management were $331,262,984, consisting of $324,307,702 (Discretionary basis) and $6,955,282 (Non- Discretionary basis).