New Leaf is a venture capital firm that was founded in 2005 and provides investment advisory services to various investment funds sponsored or organized by New Leaf (the “Funds”). The principal owners of New Leaf are Ron Hunt and Vijay Lathi. A related person of New Leaf generally acts as the general partner of (or in another equivalent management position for) each Fund. References to New Leaf in this Brochure include, as the context requires, affiliates through which New Leaf provides investment advisory services or that act in any capacity referenced in the previous sentence. References to “person” in this Brochure include, as the context permits, natural persons and entities. New Leaf focuses primarily on equity investments in venture and growth-stage healthcare and life sciences companies. Fund investments typically take the form of venture capital or growth capital transactions in private companies, or as structured transactions in small capitalization public companies. Although the primary focus of each Fund is on venture capital and growth equity investments in companies based in the U.S., New Leaf may from time to time recommend other types of investments (such as publicly traded equity, selective early-stage investments in privately-held companies or investments in companies outside of the U.S.) to the extent consistent with the respective Fund’s investment strategy and objectives and its Governing Documents (as defined below). New Leaf’s advisory services consist of: (i) investigating, identifying and evaluating investment opportunities; (ii) structuring, negotiating and making investments on behalf of the

Funds; (iii) managing and monitoring the performance of such investments; and (iv) exiting such investments on behalf of the Funds. New Leaf’s advisory services to each Fund are subject to the specific investment objectives and restrictions applicable to such Fund, as set forth in each Fund’s limited partnership agreement, confidential private placement memorandum and other governing documents (collectively, the “Governing Documents”). Investors and prospective investors in each Fund should refer to the Governing Documents of that Fund for information on the investment objectives and investment restrictions with respect to that Fund. There can be no assurance that any of the Funds’ investment objectives will be achieved. In accordance with common industry practice, one or more of the Funds or their general partners may enter into “side letters” or similar agreements with certain investors pursuant to which the Fund or its general partner grants the investor specific rights, benefits, or privileges that are not made available to investors generally. Such “side letters” or similar agreements generally are disclosed only to investors in the applicable Fund that have separately negotiated with New Leaf for the right to review such “side letters” or similar agreements. New Leaf does not participate in any wrap fee programs. New Leaf manages assets of the Funds on a discretionary basis in accordance with the terms and conditions of each Fund’s Governing Documents. New Leaf does not manage client assets on a non-discretionary basis. As of December 31, 2022, New Leaf’s regulatory assets under management were $605,472,129.