General Information This brochure is prepared in accordance with the requirements of Rule 203-1 under the Investment Advisers Act of 1940 (“Advisers Act”) and Form ADV. The information herein responds to specific information required by the rule, and Form ADV, and does not contain all of the terms of an investment in any of the Funds (as defined below). Investors should refer to the information in the Organizational Documents (as defined below) for additional information on an investment in any of the Funds. Our Firm For purposes of this brochure, “Parthenon” or the “Firm” means PCP Managers, L.P., a Delaware limited partnership, PCP Managers II, L.P., a Delaware limited partnership, and PCap Company, LLC, a Delaware limited liability company, together (where the context permits) with our affiliated general partners of the Funds (as defined below) and other affiliates that provide investment advisory services to the Funds and other clients. The principal owners of Parthenon are David J. Ament and Brian P. Golson (the “Managing Partners”). The Firm is led by the Managing Partners. Parthenon provides investment advisory and management services to pooled investment vehicles that makes private equity investments in growth oriented middle market companies (the “Equity Funds”), primarily through equity recapitalizations that are executed in close partnership with strong, well-aligned management teams and in which the Firm typically has significant influence. The Firm also intends to provide investment advisory services to pooled investment vehicles that that will pursue a middle market opportunistic credit strategy (the “Credit Funds”), which seek investments structured primarily as originations, participations or assignments of secured and unsecured loans and equity co-investment opportunities in middle market growth companies, including transactions in companies in which the Equity Funds invest or have invested (collectively, “Loan Transactions”). The Equity Funds and the Credit Funds are referred to herein as the “Funds”. The Firm conducts its investment advisory services through PCP Managers, L.P. and PCP Managers II, L.P. and their respective officers and employees. Parthenon also provides non-discretionary investment sourcing services to institutional clients through separate accounts (“SMAs”) and may in the future provide discretionary advisory services to SMAs. As of the date of this brochure, Parthenon provides non-discretionary sourcing services to one SMA that seeks investments structured primarily as Loan Transactions. The Firm focuses on the following industry sectors: financial services; healthcare services; and business and technology services. Nature of Our Clients Parthenon provides discretionary investment management services through affiliated general partners of the Funds. The Funds are typically United States (“U.S.”) limited partnerships and other investment

vehicles that are not registered or required to be registered under the U.S. Investment Company Act of 1940, as amended (“Investment Company Act”) and the securities of which are not registered or required to be registered under the U.S. Securities Act of 1933, as amended (“Securities Act”), and are privately placed to qualified investors in the U.S. and elsewhere. Persons and entities that invest in the Funds are referred to in this brochure as “investors” or “limited partners.” Parthenon provides investment advice and other services directly to the Funds and not individually to the investors in the Funds. Parthenon also provides non-discretionary investment sourcing services to institutional clients and intends to provide such services on a discretionary basis to institutional clients in the future. Parthenon does not currently participate as manager in any wrap fee programs. Types of Advisory Services Offered Discretionary investment management services are provided to the Funds in accordance with the terms of private placement memoranda and relevant offering materials and organizational documents, including limited partnership agreements, advisory agreements and/or side letter agreements negotiated with investors in the applicable Fund (such documents collectively, a Fund’s “Organizational Documents”). The terms upon which Parthenon or its affiliates serve as investment manager of a Fund are established at the time each Fund is established and are generally set out in the Organizational Documents. These terms vary among each Fund and potentially restrict investments in accordance with the Organizational Documents of the applicable Fund. Parthenon also provides non-discretionary investment sourcing services to institutional clients and may offer similar services to SMAs on a discretionary basis in the future. The terms on which investment sourcing services are provided to a SMA are set out in the advisory agreement with the underlying client (“SMA Agreement”). SMAs overseen by Parthenon have investment strategies or investment objectives similar to or different from the investment strategies and objectives of one or more Funds. For example, Parthenon currently provides non-discretionary investment sourcing services with respect to a SMA that invests primarily in Loan Transactions with the portfolio companies of the Equity Funds. The investment strategy, investment objectives and general terms of a SMA arrangement vary from other SMA arrangements or the terms of any Fund, including, for example, some arrangements are non-discretionary or otherwise restrict investments in accordance with the terms of the SMA Agreement. Assets Under Management As of December 31, 2023, Parthenon managed $12,945,838,299 of client assets on a discretionary basis. This includes approximately $5.7 billion of unfunded committed capital to the Funds from their investors as of such date.