Wellspring, through its subsidiaries, provides investment advisory services to the following privately offered funds (collectively, the “Registrant Clients”):
• Wellspring Capital Partners IV, L.P. (together with its related investment vehicles, “WCP IV”);
• Wellspring Capital Partners V, L.P., Wellspring Capital Partners V (Parallel), L.P., its parallel fund, Wellspring Capital Partners V (Cayman I), L.P., Wellspring Capital Partners V (Cayman II), L.P., Wellspring Capital Partners V (Parallel) (Cayman), L.P., Wellspring Capital Partners V (Delaware I), L.P. and Wellspring Capital Partners V (Delaware II), L.P. (collectively and together with their related investment vehicles, “WCP V”); and
• CalPERS Wellspring V, L.P. (“CalPERS”). WCP IV, WCP V and CalPERS are private equity funds that focus on making investments primarily in private securities. The Registrant Clients are closed to new capital commitments. CalPERS coinvests on a pari passu basis in the same securities and the same portfolio companies as WCP V. These two funds share various expenses, including broken deal costs. CalPERS does not pay either management fees or carried interest to Wellspring or its affiliates. Wellspring provides investment advisory services to the Registrant Clients through the following wholly-controlled subsidiaries:
• Wellspring Capital Management IV LLC (“Wellspring Management IV”), which was formed in 2006 and provides investment advisory services to WCP IV; and
• Wellspring Capital Management V LLC (“Wellspring Management V”), which was formed in 2009 and provides investment advisory services to WCP V. Both Wellspring Management IV and Wellspring Management V are investment advisers that are considered “relying advisers” of Wellspring. Pursuant to SEC guidance, relying advisers are eligible to register with the SEC as investment advisers, but they rely on another adviser to file (and amend) a single umbrella registration on their behalves. Accordingly, as used in this ADV Part 2A, the terms “Registrant” and “Adviser” shall collectively refer to Wellspring, Wellspring Management IV, and Wellspring Management V. Registrant provides investment advisory

services for the Registrant Clients, each of which are privately offered funds which focus primarily on making private equity investments. The Registrant Clients may invest in non-U.S. companies and may hedge their currency risk by purchasing protection, which may take the form of put options, collars and/or forward contracts. Registrant provides investment advisory services in accordance with the constituent documents of each of the Registrant Clients. Wellspring was legally organized in 2006, but had been doing business through its predecessor entities since 1995. Wellspring is owned by Greg S. Feldman and William F. Dawson, Jr. WCP III, WCP IV, WCP V and CalPERS had initial capital commitments of approximately $2.9 billion, in the aggregate. As of December 31, 2023, the value of gross invested capital and regulatory assets under management of all Registrant Clients, each of which exclude realizations on investments prior to such date, is approximately $477,041,738 and $900,518,098, respectively. Wellspring manages all assets on a discretionary basis. Affiliates of Wellspring also serve as general partners of the Registrant Clients. In providing services to the Registrant Clients, Wellspring formulates each Registrant Client’s investment objective, directs and manages the investment and, when applicable, reinvestment of each Registrant Client’s assets, and provides periodic reports to the investors in each Registrant Client. Investment advice is provided directly to the Registrant Clients and not individually to the investors of the Registrant Clients. Wellspring manages the assets of each Registrant Client in accordance with the terms and conditions of each Registrant Client’s constituent documents, each of which contains certain restrictions on the types of assets in which the applicable Registrant Client may invest. Investors and prospective investors in a Registrant Client should refer to the applicable constituent documents for complete information on the specific terms, including investment objectives and investment restrictions, applicable to the Registrant Client. There can be no assurance that any of the Registrant Clients’ objectives will be achieved.