Balmoral Management, a Delaware limited partnership and a registered investment adviser, and its affiliated investment advisers provide investment advisory services to affiliated private investment funds. Balmoral Management commenced operations in 2012. Balmoral Management’s clients include the following (each, a “Fund,” and together with any future private investment fund to which Balmoral Management or its affiliates provide investment advisory services, the “Private Investment Funds”):
• Balmoral Special Situations Fund III L.P. (“BSSF III”)
• Balmoral Special Situations Fund II L.P. (“BSSF II”)
• Balmoral Special Situations Fund IV L.P. (“BSSF IV”)
• Balmoral Pallet Partners II L.P. The following are the investment advisers affiliated with Balmoral Management1:
• Balmoral Capital Advisors LLC
• Balmoral Management III, L.P (“BM III”)
• Balmoral Management IV L.P. (“BM IV”)
• Balmoral Pallet Management L.P. (each and Balmoral Management, a “General Partner” and together with Balmoral Management and their affiliated entities “Balmoral”). Balmoral Funds LLC, the general partner of Balmoral Management, holds all employees and incurs operating expenses such as compensation of its employees, rent, utilities and general office expenses. Each General Partner is registered under the Investment Advisers Act pursuant to Balmoral Management’s registration in accordance with SEC guidance (i.e., relying advisers). This Brochure also describes the business practices of each General Partner, which operate as a single advisory business together with Balmoral Management. The Private Investment Funds are private equity funds and invest through negotiated transactions in operating entities. Balmoral’s investment advisory services to the Private Investment Funds consist of identifying and evaluating investment opportunities, negotiating investments, managing and monitoring investments, and achieving dispositions for such investments. Investments are made predominantly in non-public companies, although investments in public companies are permitted. Certain senior principals, and sometimes other personnel of Balmoral Management or its affiliates serve on the portfolio companies’ respective boards of directors, which allows them to have some influence and control over the management of portfolio companies held by the Private 1 All of these entities are “relying advisers” and together with Balmoral

Management are filing a single Form ADV in reliance on the SEC No Action Letter to the American Bar Association (January 18, 2012). Please see our Form ADV Part 1 at www.adviserinfo.sec.gov for additional information regarding these relying advisers. Investment Funds. Please refer to Item 5 below for information regarding compensation received for the performance of services by certain senior executives of Balmoral Management. Balmoral Management’s advisory services for Private Investment Funds are detailed in the applicable private placement memoranda and limited partnership agreements (“Offering Documents”) and are further described below under “Methods of Analysis, Investment Strategies and Risk of Loss.” Investors in the Funds participate in the overall investment program for the applicable Fund but may be excused from a particular investment due to legal, regulatory or other applicable constraints. In addition, the Funds or the General Partners are permitted to enter, as outlined in the Funds’ Offering Documents, and have entered into side letters or other similar agreements with certain investors, which have the effect of establishing rights under or altering or supplementing the relevant Limited Partnership Agreement, including by providing, among other things, different information rights, co-investment rights, liquidity or transfer rights, and other economic rights, including management fee and carried interest rights that can be material. Side letters can create conflicts of interest since they give certain investors preferential rights; however, each Private Investment Fund with side letters provide all its investors with a written summary of the side letters in place, and these rights and others are generally subject to a requirement that they be offered to all investors in the relevant Fund. As of December 31, 2023, Balmoral managed approximately $ $1,237,690,001 in Funds’ assets on a discretionary basis. Balmoral Funds LLC, a California limited liability company, acts as the general partner of Balmoral Management. Balmoral Management is primarily owned by Jonathan Victor, Samuel Victor, and Robin Nourmand. For more detailed information on the services Balmoral Management and its affiliates provide to the Funds and the underlying portfolio companies, please refer to the Funds’ Offering Documents.