Background and Ownership PCMI and its affiliated advisers provide investment advisory services to private investment funds (hereinafter referred to individually as a “Fund” or “Partnership” and collectively as the “Funds”). Peppertree commenced operations in 2003. PCMI also provides services to one separate account (the “Separate Account”) and sub-advises a third-party fund (the “Sub-advised Fund”, and together with the Separate Account and the Funds, “Clients”). A separate entity established by PCMI serves as the general partner to each of the Funds, and each such general partner is included in this Form ADV as a relying adviser. See Item 10 – Other Financial Industry Activities and Affiliations for additional details. PCM Management Advisor, LLC (“PCMMA”), an indirect subsidiary of PCMI, was formed in 2022 and is entitled to receive fees that PCMI is entitled to under its agreements with its Clients. PCM Future Advisor, LLC (“PCMFA”), an indirect subsidiary of PCMI and PCMMA, was formed in 2022 and is entitled to receive fees from any Clients established after October 18, 2022. Each of PCMMA and PCMFA (collectively, the “Subsidiary Advisers”) are included in this Form ADV as a relying advisor. The general partners and the Subsidiary Advisers are each a “Relying Adviser”. PCMI is owned and controlled by F. Howard Mandel and Ryan D. Lepene. Mr. Mandel and Jeffrey J. Milius each own at least 25% of the Relying Adviser Peppertree Capital TTF, LP; Peppertree Capital III, Inc. is its general partner. Mr. Mandel and Mr. Lepene each own at least 25% of the following Relying Advisers:
• Peppertree Capital FIV, LP; Peppertree Capital IV, Inc. is its general partner;
• Peppertree Capital FV, LP, Peppertree Capital V, Inc. is its general partner;
• Peppertree Capital SDF, LLC is owned by PCMMA;
• Peppertree Capital FVI, LP; Peppertree Capital VI, Inc. is its general partner;
• Peppertree Capital FVII, LP; Peppertree Capital VII, Inc. is its general partner;
• Peppertree Capital FVIII, LP; Peppertree Capital VIII, Inc. is its general partner;
• Peppertree Capital FIX, LP; Peppertree Capital

IX, Inc. is its general partner; and
• Peppertree Capital FX, LP; Peppertree Capital X, Inc. is its general partner. Mr. Mandel and Mr. Lepene own, indirectly, at least 25% of each of PCMMA and PCMFA. Affiliated Managers Group, Inc. (“AMG”), a publicly-traded asset management company (NYSE: AMG), indirectly holds a minority interest in PCMMA and PCMFA. AMG does not hold any interest in PCMI nor any role in the day-to-day management of Peppertree. Further information on AMG is provided in Item 10 - Other Financial Industry Activities and Affiliations. Advisory Services Except for Peppertree Capital Senior Debt Fund, LP (“SDF”), the Funds are all private equity funds. Peppertree’s investment advisory services to the Funds consist of identifying and evaluating investment opportunities, negotiating investments, managing and monitoring investments and achieving disposition for such investments. As a general matter, each Fund is managed in accordance with the investment objectives, strategies and guidelines or restrictions set forth in the applicable private placement memorandum and constituent documents and is not tailored to the individual needs of any particular investor in the Fund (such investors in the Funds are referred to herein as “Investors”). Investment in a Fund does not by itself create an advisory relationship between the Investors and Peppertree. Therefore, Investors must consider whether a Fund meets their investment objectives and risk tolerance prior to investing in a Fund. Peppertree’s investment advisory services to the Separate Account and Sub-advised Fund are substantially similar to those provided to the Funds. These Client accounts are managed in accordance with the investment objectives, strategies and guidelines or restrictions set forth in the investment management agreements. Assets Under Management As of December 31, 2023, Peppertree managed $6,500,844,610 in total regulatory assets under management, of which $6,445,034,619 is managed on a discretionary basis, and $55,809,991 is managed on a non-discretionary basis.