A. Firm Information Raven Capital Management LLC (the "Adviser"), a Delaware limited liability company, is an investment adviser with its principal place of business in New York, NY. The Adviser commenced operations as an investment adviser in September 2008 and is registered with the SEC as an investment adviser. Josh Green and Dimitri Cohen are the principal owners of the Adviser. B. Advisory Services Offered The Adviser provides advisory services on a discretionary basis to private investment funds (each a “Fund”) and non- discretionary advisory services to a separately managed account (the “Managed Account” and collectively with the Funds, the "Advisory Clients"), which deploy an asset-based investment strategy focusing primarily on asset-based secured debt investments, with opportunistic investments in subordinated debt, mezzanine debt, and equity. The Adviser focuses on five (5) distinct asset types: (i) Receivables/Intellectual Property; (ii) Specialty Finance; (iii) Commercial Real Estate; (iv) Transportation; and (v) Infrastructure. The Funds are intended for sophisticated investors and institutional investors. C. Client Account Management The Funds include:
• Raven Asset-Based Opportunity Fund III LP, a Delaware limited partnership (“Opportunity Fund III”);
• Raven Asset-Based Opportunity Offshore Fund III LP, a Cayman Islands limited partnership (“Opportunity Offshore Fund III”);
• Raven Asset-Based Opportunity Fund IV LP, a Delaware limited partnership (“Opportunity Fund IV”);
• Raven Asset-Based Opportunity Offshore Fund IV LP, a Cayman Islands limited partnership (“Opportunity Offshore Fund IV”);
• Raven

Asset-Based Credit Fund I LP, a Cayman Islands limited partnership (“Credit Fund I”);
• Raven Asset-Based Credit Fund II LP, a Cayman Islands limited partnership (“Credit Fund II Offshore”);
• Raven Asset-Based Credit (Onshore) Fund II LP, a Delaware limited partnership (“Credit Fund II Onshore,” and together with Credit Fund II Offshore, “Credit Fund II”);
• Raven Senior Loan Fund LLC, a Delaware limited liability company (“Senior Loan Fund”); and
• Raven Evergreen Credit Fund II LP, a Delaware limited partnership (“Evergreen Fund II”). The Managed Account’s investment objectives and the types of investments that such portfolio holds is individually negotiated and established between the Adviser and the Managed Account. The Adviser bases its advice to Advisory Clients on the investment objectives and restrictions (if any) set forth in the applicable offering memorandum, organizational documents, limited partnership agreement, investment management agreement, and/or subscription agreements, as the case may be (each, and collectively, the “Governing Documents”). D. Wrap Fee Programs The Adviser does not participate in wrap fee programs. E. Assets Under Management As of March 31, 2024, the Adviser had approximately $1,621,765,996 regulatory assets under management on a discretionary basis and $15,160,067 regulatory assets under management on a non-discretionary basis. The Adviser also manages $195,026,955 for real estate investment vehicles that are not a securities portfolio, as described in Item 10 below. As such, the real estate investment vehicles are not included as Advisory Clients in this Disclosure Brochure.