Items 4.A. and 4.B. TELEO Capital Management LLC, a Delaware limited liability company (the “Adviser”), was formed in December 2018 and filed to become a registered investment adviser with the United States Securities and Exchange Commission (“SEC”) on June 24, 2021. George Kase, Andres Martinez, and Robb Warwick are the Adviser’s founding partners and principal owners (collectively, the “Principals”). The Adviser, together with its advisory affiliates (“TELEO Capital”), provides investment advisory services on a discretionary basis to privately offered pooled investment vehicles (each, a “Fund” and together with any future private investment fund to which TELEO Capital provides investment advisory services, the “Funds”). To facilitate investment by certain investors, TELEO Capital may create one or more feeder funds or parallel funds or alternative vehicles. TELEO Capital also provides advisory services to special purpose vehicles, each of which was formed to invest in a single portfolio company (each, an “SPV” and together with any future special purpose vehicles to which TELEO Capital provides investment advisory services, the “SPVs”, and together with the Funds, “Advisory Clients” and each, an “Advisory Client”). TELEO Capital provides discretionary investment management services through affiliated general partners and managing members of the Advisory Clients (each, a “General Partner” and collectively, the “General Partners”). Each General Partner is subject to the Investment Advisers Act of 1940, as amended (the “Advisers Act”) pursuant to the Adviser’s registration in accordance with SEC guidance. This brochure describes the business practices of the General Partners, which operate as a single advisory business together with the Adviser. The Advisory Clients are private equity funds that invest through negotiated transactions in operating entities, generally referred to herein as “portfolio companies.” TELEO Capital’s investment advisory services to the Advisory Clients consists of private company investing, primarily through acquiring, holding, and disposing of equity securities issued by private companies, with a principal focus on companies organized in, or that have substantial operations in or contacts within, North America. TELEO Capital’s advisory services to the Advisory Clients are provided pursuant to the terms of the applicable term sheets, management services agreements, limited partnership agreements or other operating agreements or governing documents (collectively, “Governing Documents”). Advisory Client investors (each, an “Investor” and collectively, “Investors”) generally cannot obtain services tailored to their individual specific needs. Certain Advisory Clients, or their respective General Partner, have entered into side letter agreements or other similar agreements (“Side Letters”) with certain Investors that have the effect of establishing rights (including economic or other terms) under, or altering or supplementing the terms of, the relevant Governing Documents with respect to such Investor. In connection with investment opportunities presented to the Advisory Clients, TELEO Capital may determine, from time to time, that it is in the Advisory Clients’ best interests to invite certain Investors or third parties to participate in such investment opportunities. For example, TELEO Capital may determine that the amount of an investment opportunity exceeds the amount appropriate for an Advisory Client. In addition, there may be strategic considerations to include an Investor or third party as a co-investor including, but not limited to, relevant knowledge of an industry, geographic region or contacts with prospective managers, board members or advisors. Before making any investment available to a potential co-investor, TELEO Capital will consider whether offering such opportunity would present a conflict with the Advisory Clients. In general, (i) no Investor has a right to participate in any co-investment opportunity, (ii) decisions regarding whether and to whom to offer co-investment opportunities are made in the sole discretion of TELEO Capital, (iii) co-investment opportunities typically will be offered to some and not other

Investors, in the sole discretion of TELEO Capital, and Investors may be offered a smaller amount of co-investment opportunities than originally requested, (iv) certain persons other than Investors will, from time to time be offered co-investment opportunities, in the sole discretion of TELEO Capital, and (v) co-investors will generally purchase their interests in a portfolio company at the same time as the Funds or will, on occasion, purchase their interests from the applicable Advisory Clients after such Advisory Clients have consummated their investment in the portfolio company. In addition, non-binding acknowledgements by TELEO Capital of interest expressed by Investors in co-investment opportunities (such as Side Letter acknowledgments) do not require TELEO Capital to notify such Investors in the event that there is a co-investment opportunity. In exercising its discretion to allocate a particular co-investment opportunity among potential co- investors, TELEO Capital may consider some or all of a wide range of factors, which include, but are not limited to, one or more of the following:
• TELEO Capital’s evaluation of the potential co-investor’s level of interest in certain investment opportunities such as interest in a particular type of security (including subordinated debt investments), industry or geography or ability to hold multiple security types in the same investment (e.g., equity and debt);
• TELEO Capital’s evaluation of the size and financial resources of the potential co- investor;
• TELEO Capital’s evaluation of the preferred size co-investment of the potential co- investor;
• TELEO Capital’s evaluation of the size of the potential co-investor’s commitment or potential commitment in current, previous or future Advisory Clients;
• TELEO Capital’s perception of the ability of that potential co-investor to efficiently and expeditiously participate in the investment opportunity (including an ability to quickly provide an indication of interest and an ability to quickly close the investment);
• TELEO Capital’s perception of the requirements or expectations of the co-investor in evaluating and managing an investment opportunity, such as the extent of due diligence to be conducted and any post-investment reporting, governance or monitoring requirements;
• Any confidentiality concerns TELEO Capital has that may arise in connection with providing specific information relating to the investment opportunity in order to permit such potential co-investor to evaluate the investment opportunity, such as those applicable under the Freedom of Information Act or similar regulations;
• TELEO Capital’s perception of its past experiences with the potential co-investor, such as the willingness or ability of the potential co-investor to respond promptly and/or affirmatively to previously offered investment opportunities;
• Any history of the potential co-investor bringing investment opportunities to TELEO Capital;
• TELEO Capital’s perception of whether the potential co-investor may present any special legal, regulatory, reporting, public relations, media or other burdens;
• TELEO Capital’s evaluation of whether the profile or characteristics of the potential co-investor may have a positive or negative impact on the viability or terms of the proposed investment opportunity and the ability of the Advisory Clients to take advantage of the proposed investment opportunity, including TELEO Capital’s perception of the target company’s preferences (for example, based upon the identity of the potential co-investor, the co-investor’s beneficial owners or the co-investor’s jurisdiction and experience in or knowledge of the industry); and
• Whether TELEO Capital believes, in its sole discretion, that allocating investment opportunities to a potential co-investor will help establish, recognize, strengthen and/or cultivate relationships that may provide longer-term benefits to current or future Advisory Clients and/or TELEO Capital. TELEO Capital does not participate in wrap free programs. As of December 31, 2023, TELEO Capital manages approximately $572,007,880 in regulatory assets under management on a discretionary basis.