New Water Capital, L.P. (“New Water” or the “Firm”) is a private equity firm that specializes in control investments in North American lower middle market companies with revenues of approximately $30 million to $300 million in the consumer products, retail, and industrial manufacturing & services industries (collectively, “Target Industries”). The Firm will focus on special situations investments, such as turnarounds, underperformers, corporate carve-outs, and companies in transition (collectively, “Special Situations”). New Water is controlled by Jason Neimark and G. Brian McGee (collectively, the “Principals”). New Water began business operations in 2014. New Water’s investment advisory business will be principally focused on providing advisory services to pooled investment vehicles (the “New Water Funds”), organized to make private equity investments in North American lower middle market companies whose complex problems mask what New Water believes to be their intrinsic value (generally referred to herein as “portfolio companies”). The New Water Funds include: New Water Capital Partners, L.P. (“Fund I”); NWC AIV, L.P., NWC Real Estate AIV, L.P., and NWE Capital Partners AIV, L.P., all alternative investment vehicles formed to facilitate certain investments made by Fund I (“Fund I AIVs”); and New Water Capital Partners II, L.P. and New Water Capital Partners II-A, L.P. (together, “Fund II”). The New Water Funds will primarily seek to acquire controlling interests in lower middle market companies within the Target Industries that are undergoing financial or operational stress. New Water will not recommend solely one particular type of security, and the portfolio investments of the New Water Funds will not be limited to companies within the Target Industries. The New Water Funds will invest in, without limitation, debt and equity securities, typically in certain special situations, including bankruptcies. Generally, a Related Person of New Water will act as the general partner of each New Water Fund, and New Water (directly or indirectly through a wholly-owned subsidiary) will serve as investment adviser to each New Water Fund. References to “New Water” in this Brochure include, as the context requires, affiliates through which New Water

provides investment advisory services or that act in any capacity referenced in the previous sentence. Each of NWC Partners GP, L.P., NWC Partners GP AIV, L.P., and NWC Partners GP II, L.P., (the “General Partners”) is subject to the Investment Advisers Act of 1940, as amended (the “Advisers Act”) pursuant to New Water’s registration in accordance with SEC guidance. This Brochure also describes the business practices of the General Partners, which operate as a single advisory business together with New Water. New Water will tailor its advisory services to the specific investment objectives and restrictions of each New Water Fund set forth in such New Water Fund’s limited partnership agreement (each, a “Partnership Agreement”) and investment management agreement. Investors and prospective investors of each New Water Fund should refer to the confidential private placement memorandum, Partnership Agreement, subscription agreement and/or other governing documents (collectively, the “Governing Documents”) of the applicable New Water Fund for complete information on the investment objectives and investment restrictions with respect to such New Water Fund. There is no assurance that any of the New Water Funds’ investment objectives will be achieved. New Water Funds and/or their general partners are permitted to enter into “side letters” or similar agreements (“Side Letters”) with certain investors pursuant to which the general partner grants the investor specific rights, benefits, or privileges (including with respect to economic or other terms) that are not made available to investors generally and that have the effect of altering or supplementing the terms of the relevant Governing Documents with respect to such investors. New Water does not participate in any advisory program under which a specified fee or fees not based directly upon transactions in a client’s account is charged for investment advisory services and the execution of client transactions (a “Wrap Fee Program”). New Water will manage all client assets on a discretionary basis in accordance with the terms and conditions of each New Water Fund’s Governing Documents. As of December 31, 2023, New Water managed approximately $470.4 million in client assets on a discretionary basis.