A. General Description of Advisory Firm Palladium Equity Partners Advisor, L.L.C. (the “Registrant”), located in New York, New York, is an investment advisor to multiple pooled investment vehicles commonly known as private equity funds (collectively, the “Funds”). For purposes of this Brochure, “Palladium” or the “Firm” includes the Registrant, along with its affiliated Investment Managers and General Partners (as discussed below) and other affiliates such as Palladium Heritage Management, LLC (the “Heritage Advisor”). Palladium was founded in 1997. The Registrant was organized in May 2011, and, as of December 31, 2023, is principally owned, indirectly through controlled subsidiaries, by the most senior professionals of the Firm: Marcos A. Rodriguez (Chairman and Chief Executive Officer), Kevin L. Reymond (Vice Chairman), Adam Shebitz (Partner), Daniel Ilundain (Partner), Justin R. Green (Partner), Chris Allen (Partner), Suzanne Wong (Chief Financial Officer), and Susan Lyons (Partner). These individuals are members of the Management Committee (“Management Committee”). The Registrant is controlled by its sole member, Palladium Investment Partners, LLC, which in turn is ultimately controlled by Palladium Manager, LLC. Palladium Manager, LLC is controlled by the Management Committee and there are no non-employee members of Palladium Manager, LLC. In June 2021, affiliates of Palladium entered into a preferred equity financing transaction with certain private investment funds affiliated with Landmark Equity Advisors, LLC (collectively, “Landmark”) pursuant to which Landmark is entitled to receive, indirectly vis-à-vis their limited partnership interests in PEP Professionals Capital, L.P. (the “SPV”), a Delaware limited partnership controlled by an affiliate of Palladium, repayment proceeds representing 5% of the management fee income from the Investment Managers and 2% of the carried interest distributable with respect to certain potential future private equity funds that may be sponsored by Palladium, until such time as set forth in the governing documents of the SPV. B. Description of Advisory Services a. Advisory Services Palladium’s “Investment Managers” Palladium Capital Management IV, L.L.C., Palladium Capital Management V, L.L.C. and Palladium Capital Management VI, L.L.C. The Investment Managers are generally responsible for carrying out the day-to-day investment activities of the Funds, and each is under the common ownership of Palladium Equity Partners Advisor, L.L.C. The duties and obligations of each Investment Manager are described more specifically in the Advisory Agreement that each Investment Manager enters into with the applicable Fund. Palladium’s “General Partners” are Palladium Equity Partners IV, L.L.C., PEP Fluid G.P., L.P., PEP V GP, L.L.C., PEP VI GP, L.L.C., and Palladium Equity Partners IV CF GP, L.L.C. Each General Partner is generally responsible for the management, operation and policy of its affiliated Fund, which includes making investments on behalf of its affiliated Fund, entering into contracts on behalf of its affiliated Fund, acquiring, holding, and selling investments on behalf of its affiliated Fund, and serving as the agent designated to carry out the investment objectives

of each Fund on behalf of all partners. The duties and obligations of each General Partner are more specifically described in the Limited Partnership Agreement (“Partnership Agreement”) that all partners in the relevant Fund enter into in connection with their investment in each such Fund. b. Private Funds Palladium’s affiliated private Funds are Palladium Equity Partners IV, L.P. (“Fund IV”), Palladium Equity Partners V, L.P. (“Fund V”), Palladium Equity Partners VI, L.P. (“Fund VI”), and Palladium Equity Partners IV CF, L.P. Each of these Funds is organized as a Delaware limited partnership. Investments in each Fund are governed by such Fund’s Partnership Agreement, which include written investment guidelines that must be followed by the applicable General Partner in the course of investing on behalf of each Fund, as well as side letter agreements with particular Fund investors that require certain provisions relating to their investments in the relevant Fund. We collectively refer to the Partnership Agreements, side letter agreements and Advisory Agreement of the Fund as each Fund’s “Governing Documents.” All Funds are exempt from registration as an “investment company” under Section 3(c)(7) of the Investment Company Act of 1940 (the “Company Act”), and investments in the Funds are only offered to qualified investors via private placements of securities that are exempt from registration with the SEC under the Securities Act of 1933 (the “Securities Act”). Investment advice is provided by the Investment Managers and General Partners directly to the Funds, and not individually to the investors in the Funds. Pursuant to the Governing Documents of each Fund, investors are not permitted to impose restrictions on a Fund’s investments after such Governing Documents are finalized. The Funds invest primarily in lower middle-market private companies, with a general aim to invest in companies with annual revenues of approximately $25 million to $500 million, although from time to time certain investments fall outside this range. The Funds focus on investing in sectors including consumer/food, business and financial services, industrial and healthcare. Fund IV, Fund V, and Fund VI also focus on partnering with company founders, and on companies which Palladium believes would benefit from the growth of the U.S. Hispanic population. The investment strategy of each Fund is set forth in greater detail in its applicable offering documents and Governing Documents. Palladium does not participate in wrap fee programs. c. Co-Investment Vehicles From time to time, Palladium offers equity co-investment opportunities to invest alongside a Fund in Fund investments. Typically, such opportunities arise where the Fund’s General Partner determines that the aggregate amount to be invested would exceed the amount determined to be appropriate or applicable for the relevant Fund, pursuant to such Fund’s Governing Documents and in the related General Partner’s good faith judgment. Each Fund’s Governing Documents contain provisions addressing allocation of co-investment opportunities, and Palladium maintains written allocation policies in its compliance manual. The considerations relating to the allocation of co-investments are described in greater detail at