TFG Asset Management L.P., together with its affiliated management entities, affiliates that serve as general partners of certain Clients and other affiliates that provide advisory services to and/or receive advisory fees from the Funds, referred to further herein collectively as the Firm, is a global private investment firm founded by Reade Griffith and Paddy Dear in 2002. The Firm provides investment advice to investment vehicles that are exempt from registration under the Investment Company Act of 1940, as amended (the 1940 Act) and whose securities are not registered under the Securities Act of 1933, as amended (the Securities Act), or the Funds, as well as separately managed accounts. The Firm, through its affiliated entities, also provides management services to collateralized loan obligations (CLOs) and further referred to herein collectively with the Funds, separately managed accounts and any other investment vehicles advised by the Firm or its affiliates as the Clients. The Firm is an investment of and fully controlled by Tetragon Financial Group Limited, referred to further herein as Tetragon, a Guernsey closed-ended investment company traded on Euronext Amsterdam N.V. under the ticker symbol “TFG.NA” and on the Specialist Fund Segment of the main market of the London Stock Exchange under the ticker symbols “TFG.LN” and “TFGS.LN”. Tetragon Financial Management LP, referred to further herein as TFM, has been appointed as the investment manager of Tetragon. TFM is separately registered as an investment adviser under the Investment Advisers Act of 1940 (as amended (the Advisers Act)). The Firm is the broad-based asset management platform for Tetragon. The Firm manages, oversees and supervises Tetragon’s private equity investments in asset management companies. The Firm, as a unified business, seeks to enhance the value of each individual investment and the entity as a whole through a shared strategic direction and operating infrastructure encompassing critical business management functions such as risk management, investor relations, financial control, technology, and compliance/legal matters, while at the same time giving entrepreneurial independence to the managers of the underlying businesses. In light of the goal to continue to grow and diversify the Firm, the combination of a number of relatively uncorrelated businesses across different asset classes and at different stages of development under the Firm is also intended to create a collectively more robust and diversified business and income stream. At the same time, the Firm may seek to realize the enhanced value of its individual asset management companies. In connection with the operation of the Clients, the Firm is responsible for business development, marketing, legal and compliance, risk management and governance, as well as guidance on business issues faced by a new fund or vehicle and the strategic direction of such businesses. As such, the Firm is responsible for any restructuring or reorganization of these asset management businesses from time to time, any disputes or litigation with respect to the ownership arrangements of such businesses and any decision to sell or otherwise dispose of all or any portion of such businesses. The Firm provides advisory services to the Clients based on specific investment mandates, objectives and strategies set forth in each Client’s offering memorandum, limited partnership agreement or memorandum and articles of association, subscription document, investment and advisory, investment management, collateral management or portfolio management agreements or together, with other similar documents, the Governing Documents. These documents typically contain investment guidelines for and/or investment restrictions imposed on the applicable Client. Separately,

each Client may impose additional investment restrictions or guidelines. The Firm provides investment supervisory services in accordance with the terms of the Governing Documents. The Firm does not participate in wrap fee programs. The Firm’s subsidiaries include the following entities:
• Acasta Partners (Acasta) an alternative investment firm whose approach includes strategies directed at convertible bonds and volatility linked instruments, metals and mining companies and commodities, as well as fundamental and event-driven opportunities across the credit markets. The Firm owns a non-controlling interest in the business and provides infrastructure and other services to Acasta.
• Banyan Square (Banyan Square), established by the Firm in 2019, is an investment management business focused on providing non-control equity investments, as well as opportunistic investments in public equity and credit instruments.
• Contingency Capital (Contingency Capital), established by the Firm in 2020, is a global asset management business that sponsors and manages investment funds focused on credit- oriented legal assets.
• Equitix (Equitix) is an integrated core infrastructure asset management and primary project platform, with a sector focus on social infrastructure, transport, renewable power, environmental services, network utilities and data infrastructure. Equitix was established in 2007 and acquired by Tetragon in 2015. One of Equitix’s affiliates, Equitix Investment Management Limited, is authorised and regulated by the FCA.
• Hawke’s Point (Hawke’s Point), established by the Firm in 2014, is an asset management company focused on mining finance that seeks to provide strategic capital to companies in the mining and resource sectors.
• LCM (LCM), an indirect, wholly-owned subsidiary of the Firm is a specialist in below- grade U.S. broadly-syndicated leveraged loans. Currently, LCM manages loan assets exclusively through CLOs, which are long-term, multi-year investment vehicles. LCM was established in 2001.
• Tetragon Credit Partners (Tetragon Credit Partners) is a structured credit investing business focused on primary CLO control equity as well as a broader series of offerings across the CLO capital structure. Tetragon Credit Partners was founded in 2015.
• TCICM (TCICM) was established in 2017 and is a specialist in below-investment grade U.S. broadly syndicated loans and CLOs. It commenced operations in 2018 to act as a CLO collateral manager and sponsor for certain CLO investments. In connection with these CLOs, TCICM may enter into a sub-advisory arrangements with third-party CLO managers.
• Westbourne River Partners, established by the Firm in 2009, is an alternative asset management firm focused on event-driven investing in European small and mid-cap equities. The Firm also has an investment in:
• BGO (formerly BentallGreenOak) is a real estate-focused principal investing, lending and advisory firm. BGO was formed in June 2019 upon the merger of the Firm’s GreenOak Real Estate joint venture with Bentall Kennedy, an affiliate of SLC Management, a global institutional asset management arm of Sun Life Financial Inc. Tetragon owns approximately 13% of the combined entity. GreenOak Real Estate was founded in 2010. BGO is separately registered as an investment adviser with the SEC. Except where otherwise noted, information with respect to BGO is not included in this Brochure, but is otherwise available on that firm’s Form ADV. The amount of client net asset value the Firm manages on a discretionary basis is approximately $16.4 billion (as of December 31, 2023). The amount of client net asset value the Firm manages on a non-discretionary basis is approximately $170.4 million.