A. Description of Advisory Firm 
VMG Partners II, LLC, a Delaware limited liability company (“VMG”), formed in 2011, is a San 
Francisco, California-based private equity investment advisory firm that was formed to provide 
investors with the opportunity to generate long-term capital appreciation through private equity 
and equity related investments in small-to-medium-sized companies that deal in branded consumer 
products and services companies, technology companies that support the consumer ecosystem and 
product-led  software  companies,  primarily  in  the  United  States  and  Canada.    VMG  currently 
provides investment advisory services to VMG Partners II, L.P., a Delaware limited partnership 
(together  with  any  separate  investment  vehicles  formed  from  time  to  time,  “Fund  II”),  VMG 
Partners III, L.P., a Delaware limited partnership, and VMG Partners Mentors Circle III, L.P., a 
Delaware  limited  partnership  (collectively  and  together  with  any  of  their  respective  separate 
investment vehicles formed from time to time, “Fund III”), VMG Partners IV, L.P., a Delaware 
limited partnership and VMG Partners Mentors Circle IV, L.P. (collectively and together with any 
of their respective separate investment vehicles formed from time to time, “Fund IV”), and VMG 
Partners V, L.P., a Delaware limited partnership, and VMG Partners Mentors Circle V, L.P., a 
Delaware  limited  partnership  (collectively  and  together  with  any  of  their  respective  separate 
investment vehicles formed from time to time, “Fund V” and together with Fund II, Fund III and 
Fund  IV,  the  “Consumer  Funds”).    VMG  also  provides  investment  advisory  services  to  VMG 
Catalyst,  L.P.,  a  Delaware  limited  partnership  (together  with  any  separate  investment  vehicles 
formed from time to time, “Technology Fund I”), and VMG Catalyst II, L.P., a Delaware limited 
partnership,  and  VMG  Catalyst  Mentors  Circle  II,  L.P.,  a  Delaware  limited  partnership 
(collectively and together with any of their respective separate investment vehicles formed from 
time  to  time,  “Technology  Fund  II”  and  together  with  Technology  Fund  I,  the  “Technology 
Funds”).  In addition, VMG manages co-investment vehicles which invest alongside Fund II, Fund 
III,  Fund  IV  and  Fund  V.    As  used  herein,  “VMG  Funds”  refers  to  the  Consumer  Funds,  the 
Technology  Funds  and  any  co-investment  vehicles  formed  from  time  to  time,  together  with 
subsequently sponsored funds and their related vehicles and co-investment vehicles formed from 
time  to  time,  and  any  similar  pooled  investment  vehicles  formed  or  managed  by  VMG  or  its 
affiliates.    The  general  partner  of  Fund  II  is  VMG  Partners  II  GP,  L.P.,  a  Delaware  limited 
partnership (the “Fund II General Partner”), the general partner of Fund III is VMG Partners III 
GP, L.P., a Delaware limited partnership (the “Fund III General Partner”), the general partner of 
Fund IV is VMG Partners IV GP, L.P., a Delaware limited partnership (the “Fund IV General 
Partner”),  the  general  partner  of  Fund  V  is  VMG  Partners  V  GP,  L.P.,  a  Delaware  limited 
partnership (the “Fund V General Partner”), the general partner of Technology Fund I is VMG 
Catalyst GP, L.P., a Delaware limited partnership (the “Technology Fund I General Partner”), and 
the  general  partner  of  Technology  Fund  II  is  VMG  Catalyst  II  GP,  L.P.,  a  Delaware  limited 
partnership (the “Technology Fund II General Partner”, and together with Fund II General Partner, 
Fund III General Partner, Fund IV General Partner, Fund V General Partner, and Technology Fund 
I General Partner, the “General Partners”).  The General Partners and VMG are affiliates.
                                        
                                        
                                              The 
General Partners have the power and authority to delegate the management of the VMG Funds to 
VMG.  The General Partners and each of the Consumer Funds and the Technology Funds have 
entered into management agreements with VMG to document the delegation of the management 
of each VMG Fund to VMG.  Certain investment vehicles managed by an unaffiliated third-party 
own non-control, minority, indirect interests in each of the General Partners and VMG.  VMG’s 
sole manager is VMG Management HoldCo, LLC.  VMG Management HoldCo, LLC is the sole 
member of VMG.  Michael L. Mauzé, Wayne K. Wu, Robin Tsai and Carle D. Stenmark are the 
managing members (“Managing Members”) of VMG Management Feeder GP, LLC, which is the 
general  partner  of  VMG  Management  Feeder,  L.P.,  which  is  the  managing  member  of  VMG 
Management HoldCo, LLC, the sole member of VMG. 
 
B. Types of Advisory Services Offered 
VMG  provides  advice  to  the  VMG  Funds  in  respect  of  their  investment  portfolios,  as  well  as 
certain ancillary managerial and administrative services, including, without limitation, identifying 
and screening potential investments, recommending strategies for the management and disposition 
of investments, monitoring the performance of investments, and preparing reports necessary or 
appropriate for compliance with the governing agreements of the VMG Funds.  Investments in 
VMG Funds are privately offered only to qualified investors, typically institutional investors and 
eligible  high-net-worth  individuals.    See  also  Item  4.A.  above.    In  some  cases,  private  equity 
professionals from other firms or other services professionals will also be investors in the VMG 
Funds.  
C. Services Tailored to Individual Needs of Clients 
VMG’s advisory services are geared to the management of the VMG Funds, which are tailored to 
the investment objectives, parameters and restrictions of which are disclosed to investors in the 
applicable governing agreements before they invest.  Investment restrictions applicable to specific 
VMG Funds are customarily imposed in the governing agreements for such VMG Funds, as agreed 
upon with investors. 
VMG or certain affiliates have entered, and may also in the future enter, into side letters or other 
writings with specific investors in VMG Funds which have the effect of establishing rights under, 
or altering or supplementing, the terms of the governing agreements of the VMG Funds, in respect 
of  the  investor  to  whom  such  letter  or  writing  is  addressed.    Except  to  the  extent  required  by 
applicable law, any rights established, or any terms altered or supplemented, will govern only that 
investor and not a VMG Fund as a whole.  Such side letters impose restrictions on participation in 
certain investments or types of investments made by the VMG Funds (in the event a VMG Fund 
pursues such an investment, the indirect ownership percentage of the VMG Fund’s other investors 
in such investment will be greater than their pro rata share of the VMG Fund), and also provide 
benefits to certain investors in a VMG Fund not provided to investors in such VMG Fund generally 
(for example, adjustments to fees or other economics, access to information, ability to transfer 
interests in a VMG Fund or compliance with specified laws or regulations), except as otherwise 
provided by applicable law.  Subject to applicable law, disclosure of applicable side letter practices 
is made to investors prior to their investment in the applicable VMG Fund. 
D. Client Assets 
As of December 31, 2023, VMG managed $2,961,628,228 of client assets on a discretionary basis. 
As of December 31, 2023, VMG did not manage any assets on a non-discretionary basis.