Athyrium Capital Management, LP (“ACM”) is a limited partnership under the Delaware Revised Uniform Limited Partnership Act. ACM commenced operations as an investment adviser on December 9, 2008 and its principal place of business is in New York, New York. ACM began its operations as Athyrium Capital Management, LLC, which converted from a Delaware limited liability company to a Delaware limited partnership pursuant to a Certificate of Conversion filed with the Delaware Division of Corporations on January 13, 2015. Jeffrey A. Ferrell, Jeremy D. Lack and NB Asclepius Holdings LP, an affiliate of NB Alternatives Advisers LLC, are the principal owners of ACM. For purposes of this brochure, the “Adviser” means ACM, together (where the context permits) with its affiliates that provide advisory services to and/or receive advisory fees from the Clients (as defined below). Such affiliates are generally expected to be under common control with ACM, but possess a substantial identity of personnel and/or equity owners with ACM and are subject to the same compliance manual, policies and procedures. These affiliates may be formed for tax, regulatory or other purposes in connection with the needs of the Adviser’s clients or may serve as general partners or managing members of certain of the Adviser’s clients. The Adviser provides advisory services on a discretionary basis to its clients, which may include specific tailored vehicles (the “Specific Vehicles”) and pooled investment vehicles (the “Funds,” and together with the Specific Vehicles, the “Clients”) intended for sophisticated investors and institutional investors, in accordance with the applicable limited partnership agreement (or analogous governing document) of each such Client, or separate investment and advisory or investment management agreements (each, an “Advisory Agreement”). The Adviser provides a full range of private equity style services including sourcing, due diligence, negotiation, structuring, monitoring and valuation. The Adviser specializes in the healthcare sector and is primarily focused on longer term investments including private equity, public equity and structured investments. Structured investments are investments composed

of one or more of the following instruments: convertibles, loans, bonds, preferred stock, common stock, warrants, and royalties. The Adviser will engage in primary and secondary transactions on behalf of its Clients. Investment advice is provided directly to the applicable Client and not individually to the investors in any Client. Services are provided to the Clients in accordance with the Advisory Agreements with the Clients and/or the governing documents of the applicable Client. Investment restrictions for the Clients, if any, are generally established in the organizational or offering documents of the applicable Client and/or side letter agreements negotiated with investors in the applicable Client. Clients may impose restrictions on investing in certain instruments or certain types of instruments. The Adviser provides advice to its Clients based on specific investment objectives and strategies. Under certain circumstances, the Adviser may agree to tailor advisory services to the individual needs of particular Clients. Currently, the Adviser tailors its advisory services in the following manner: by providing only a subset of services. As of December 31, 2023, the Adviser had approximately $2,889 million of Client assets under management. The Adviser has calculated this number in the same manner as it calculates regulatory assets under management for purposes of Part 1 of this Form ADV and includes the aggregate amount of capital commitments to the Funds that were contractually recallable as of such date and amounts outstanding under credit facilities of the Funds as of such date. As of December 31, 2023, the Adviser managed approximately $2,889 million on a discretionary basis and no assets on a non-discretionary basis. The Adviser considers its management of the Client accounts comprising such $2,889 million to be on a discretionary basis because the Adviser has the authority to determine the securities and other assets to be purchased and sold for such Client accounts (subject to restrictions on its activities set forth in the applicable Advisory Agreement or sub-advisory agreement, including the requirement of approval by one or more investment committees, and any written investment guidelines).