Francisco Partners Management, LP

Francisco Partners Management, L.P. (together, where the context permits, with the General Partners (as defined below) and other affiliates that provide advisory services to, and/or receive management fees from, the Funds (as defined below), “FP” or the “Firm”), a registered investment adviser, provides investment advisory services to pooled investment vehicles, including domestic and foreign partnerships, that are exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”) (the “Funds” or the “FP Funds”) 1. The Funds are generally formed by an affiliate of the Firm, including general partner entities (each, a “General Partner”). FP provides discretionary investment advisory services to the Funds on behalf of the relevant General Partner. The General Partners may or may not be under common control with FP, but possess a substantial identity of personnel and/or equity owners with FP. Each General Partner operates as a single advisory business with FP and is deemed registered under the Advisers Act, in accordance with SEC guidance, pursuant to FP’s registration. FP also serves as adviser to certain investment entities that are formed for the purpose of co-investing alongside FP Funds. FP was converted to a Delaware limited partnership in 2012 but is part of a private investment firm originally founded in 1999. FP is owned by its senior management and no individual owns 25% or more of the Firm. The primary focus of FP’s investment advisory activity is researching and advising on private equity investments, often taking the form of privately negotiated instruments such as unregistered equity from both U.S. and non-U.S. issuers, including buyouts, divisional divestitures, recapitalizations, restructurings, and growth equity in technology companies for its “FP Equity Funds” (and such strategy or investment team, “FP Equity”). In addition, to extend FP’s considerable domain expertise and intellectual property into the credit markets, FP has a credit business segment (“FP Credit” and such strategy or investment team “FP Credit”) for which it provides investment advisory services to Funds focused on technology-enabled credit and other credit strategies (each an “FP Credit Fund”). The investments of the Funds are generally referred to herein as “portfolio companies.” Although the primary focus of each Fund (other than an FP Credit Fund) is on private equity investments, FP will, from time to time, recommend other types of investments, including investments in public companies, consistent with the respective Fund’s investment strategy and objectives, as described in the applicable private placement memoranda and/or governing document (including the limited partnership agreements, operating agreements, and similar governing documents) (collectively, the “Fund Documents”) of each Fund. FP generally provides investment advisory services to each Fund pursuant to a separate investment advisory agreement (each, an “Advisory Agreement”). Investment advice is provided by FP directly to the Funds, subject to the direction and control of the affiliated General Partner of such Fund. Persons or entities that invest in the Funds are referred to in this Brochure as “investors” or “limited partners.” FP provides investment advice and other services directly to the Funds and not individually to the investors of such Funds. The applicable General Partner of each Fund generally enters into side letter agreements with certain investors in the Funds, establishing rights 1 Where applicable, includes subsidiaries and alternative investment vehicles related to the Funds.

under, or supplementing or altering the terms of, the applicable Fund Documents and subscription agreements of such Fund with respect to such investors (“Side Letters”). Side Letter provisions include, among other things, different information rights, co-investment rights and other economic rights that may be material, reporting rights, excuse or exclusion rights, waiver of certain confidentiality obligations, certain rights or terms necessary in light of particular legal, regulatory or policy requirements of a particular investor, modification of representations, indemnification and/or liability and other obligations, additional obligations and restrictions with respect to structuring particular investments in light of the legal and regulatory considerations applicable to a particular investor, veto rights, and liquidity or transfer rights. In addition, FP may from time to time agree to certain matters relating to knowledge transfer, knowledge sharing, training and/or secondments with one or more investors as part of an overall firm relationship. Such additional rights, terms or conditions are generally disclosed to other investors in a given Fund, and such other investors may have the opportunity to elect certain Side Letter provisions, only in accordance with the applicable Fund Documents of that specific Fund. Also, investors will have no recourse against a Fund, the applicable Fund’s General Partner, FP or their respective affiliates in the event that certain investors receive additional or different rights or terms pursuant to such Side Letters, some of which may impact the rights and/or increase the obligations of other investors. In addition, side letter arrangements with certain investors of the Funds impose additional restrictions on investing in certain types of assets, geographies or industries in order to meet certain legal, tax, regulatory, internal policy or other requirements of such investors. While these restrictions are intended to apply solely to such investors, they may ultimately restrict the investments made by an applicable Fund. Additionally, as described in Item 11 below, from time to time, pursuant to the terms of the relevant Fund Document of the applicable Fund and FP’s policies, FP expects to provide (or to agree to provide) co-investment opportunities (including the opportunity to participate in co-invest vehicles) to other FP Funds, as well as certain other parties with which FP has a relationship, such as limited partners, other private fund sponsors, corporates, certain strategic advisors, and single investor vehicles. Any restrictions on investments in certain types of securities are established by the General Partner of the applicable Fund and are set forth in the documentation received by each limited partner prior to investment in such Fund. As of December 31, 2025, FP managed approximately $47,051,371,459 of Fund assets, all of which is managed on a discretionary 2 basis.

2 FP does not have ultimate investment discretion with respect to the assets of any Fund as such discretion is retained by the

applicable General Partner of each Fund.

The information contained herein is qualified in its entirety by the relevant Fund Documents and further details about such fees and expenses are contained in the applicable Fund Documents. Management Fee As compensation for investment advisory services rendered to the Funds, FP receives from each Fund an annual management fee typically calculated based on committed capital or remaining invested capital with respect to each Fund, payable either: (i) quarterly (in advance); or (ii) semiannually (with each installment representing a payment in arrears for the one quarter-month period preceding the due date and in advance for the five and three quarter-month period following the due date). Installments of the management fee payable for any period other than a full quarterly or semi-annual period are adjusted on a pro rata basis according to the actual number of days in such period. Upon termination of an Advisory Agreement, management fees that have been prepaid but have not been earned are generally returned on a prorated basis. Management fees paid by a Fund are indirectly borne by the investors in such Fund. As described below, FP is permitted to reduce or waive the management fee in some circumstances in connection with the receipt by FP or its related persons of various fees paid by actual or prospective portfolio companies. Unless otherwise agreed with a Fund’s investors, management fees will continue to be payable during any term extensions. The Fund Documents set forth the full list of terms under which management fees will be reduced, offset or otherwise be limited, and consequently limited partners should expect to bear the full specified management fees rate in the Fund Documents until they are reduced in the circumstances and on the date(s) specified therein. The Fund Documents provide the General Partner with wideranging authority to make determinations, including those related to investment purchases and dispositions (and their timing), valuation, and other matters that have the potential to affect the compensation of the General Partner and its affiliates. In making such determinations, the General Partner is subject to potential conflicts of interest. For example, the potential to earn additional compensation can create an incentive for the General Partner to make investments and to hold investments longer than otherwise would be the case in the absence of the Fund’s management fee and carried interest compensation arrangements. Transaction fees and other fees and expenses allocated to a portfolio company at the time of investment are generally capitalized into the amount of invested capital. Accordingly, to the extent that management fees are calculated based on invested capital, this would increase the amount of management fees paid to FP. Please see “Fee Structure” in Item 11 below for a further discussion of management fees and associated conflicts of interest. The management fee is also generally subject to waiver or reduction by the General Partner of such Fund, in its sole discretion. The fee structures described herein may be modified from time to time and fees may differ from one Fund to another, as well as among investors in the same Fund. Certain waived portions of the management fee are treated by the Fund Document of the relevant Fund as a deemed capital contribution by the relevant General Partner, which is effectively

invested in the relevant Fund on such General Partner’s behalf. Any such contribution reduces the amount of capital contributions the relevant General Partner would otherwise be required to contribute to the relevant Fund. Any balance of fees or waivers eligible for offset against the management fee which have not been offset by the subsequent reduction of the management fee prior to the dissolution of a Fund shall be paid by the General Partner to the investors. Carried Interest Funds will also allocate a portion of their investment profits to their General Partners, as a “Carried Interest,” as discussed in Item 6 below. Each General Partner of a Fund is a related person of FP. Carried Interest paid by a Fund is indirectly borne by investors in such Fund and certain Funds and investors in such Funds may incur lower or no Carried Interest. Related Services FP and its affiliates typically perform management, advisory, transaction-related services, financial advisory, and other services (“Related Services”) for actual or prospective portfolio companies or other deal-related investment vehicles of the Funds, including services in connection with mergers, acquisitions, add-on acquisitions, financings, refinancings, dividend recapitalizations, public offerings, sales, credit origination, loan syndication, loan arrangement, loan servicing, and similar transactions. FP and its affiliates, from time to time, receive cash, equity, and other non-cash fees, and reimbursements for certain out-of-pocket expenses, for such Related Services which have historically and could in the future exceed the management fee. In certain cases, such fees will be paid in securities of portfolio companies or investment vehicles (or rights thereto) or otherwise. Although Related Services fees are in addition to the management fees paid by the Funds, FP will, in some circumstances, reduce future management fees in connection with the receipt of these Related Services fees. The calculation of such reduction varies from Fund to Fund and is described in the applicable Fund Document. Additionally, any placement fees paid by the Funds in connection with arranging the Funds result in a reduction of management fees. All such reductions will be credited on a regular basis and, in general, in the subsequent quarterly or six-month period, as applicable. To the extent any such credit would reduce the management fee for a given management fee period below zero, such credit will be carried forward for future application. To the extent any such excess remains unapplied upon dissolution of a Fund, each limited partner of such Fund generally will receive its share of such unapplied excess, unless such limited partner elects not to receive its share. Generally, the portion of the fees subject to offset allocable to capital invested by a Fund, co-investment vehicle or third party investor that does not pay management fees or to capital committed by an investor that does not pay management fees will be retained by FP and such amounts will not offset the management fee. The amount of these fees is disclosed in the annual financial statements of the applicable Fund. Even in circumstances where transaction fees would be completely offset against management fees under the Fund Documents, a General Partner’s or its affiliates’ receipt of transaction fees when due from portfolio companies provides a benefit to a General Partner or its affiliates in that it generally results in earlier availability of such amounts relative to management fee due dates.

Limited partners will not receive interest or other compensation for the time period between transaction fee receipt and the later date of offset of the relevant amounts (if any) against the relevant management fees. FP and its affiliates provide capital markets services to the Funds and their portfolio companies (“FP Capital Markets Services”) and may receive finder, placement, underwriting, syndication, solicitation, financial advisory, consulting, structuring, offering, arranging, financing, servicing and administration fees and/or other similar fees, spreads, discounts, commissions and concessions, bonuses, retainers and reimbursement of expenses for such FP Capital Markets Services (collectively, “Capital Markets Fees”) subject to the terms and conditions of each Fund’s Fund Documents. For certain Funds, in accordance with such Fund’s Fund Documents, such Capital Markets Fees will not reduce the management fee payable to FP or its affiliates by such Fund. For the avoidance of doubt, the management fee is not reduced by any fees: (i) paid to FP or its personnel in respect of Related Services after a Fund has exited (or is in the process of exiting) an investment; (ii) that accrue to the benefit of former FP employees or other persons who are or become unaffiliated with FP (even if any such fee is earned during their tenure with FP); or (iii) that accrue to the benefit of FP employees or other persons who are affiliated with FP prior to their association with FP (even if any fee received in kind is realized or otherwise converted to cash during their tenure with FP). Certain other fees and reimbursements that are generally not considered a Related Service fee and do not reduce the management fee payable by a Fund include, but are not limited to, the following: (i) fees or expenses borne by a Fund directly; and (ii) any amounts paid by a former portfolio company, such as directors’ fees a former portfolio company pays an FP employee who remains on the company’s board of directors following the Fund’s disposition of its investment in the company. From time to time, FP may, in its sole discretion, agree to pay a portion of a Related Service fee received from an actual or prospective portfolio company to a third party (“Third Party Fee”), such as a consultant, advisor, finder, broker, investor, co-investor or investment bank. In such event, the Third Party Fee is not a fee that FP is entitled to retain and therefore, FP is not required under the terms of the applicable Fund Document to share such Third Party Fee with the Funds. In many cases, with respect to the implementation of the arrangements described above, there is not an independent third party involved on behalf of the relevant portfolio company. FP and/or its affiliates have discretion over whether to charge Related Services fees or other compensation to a portfolio company and, if so, the rate, timing, and amount of such fees or other compensation. The ability to charge such compensation generally will give rise to potential conflicts of interest between the Funds, on the one hand, and FP and its affiliates, on the other hand as discussed in Item 11 below. Expenses In addition to the management fee and Carried Interest payable to FP and the General Partners, respectively, each Fund bears certain expenses. As is typical for private investment funds, the

Funds likely bear additional and greater expenses, directly or indirectly, than many other pooled investment products, such as mutual funds. As set forth more fully in the applicable Fund Document of each Fund and as allocated according to such Fund Documents and FP’s policies, each Fund, unless otherwise noted in the following list, bears all expenses relating to such Fund’s activities, investments and business to the extent not reimbursed by a portfolio company, including: • fees, costs, expenses, liabilities and obligations attributable to structuring, organizing, acquiring, identifying, sourcing, pursuing, negotiating, investigating (and conducting diligence with respect to), developing, researching, financing (including the costs and expenses incurred in obtaining, negotiating, entering into, effecting, maintaining, varying or terminating such borrowings and commitments and interest arising therefrom), refinancing, holding, managing, operating, valuing, dissolving, winding up, liquidating, terminating, restructuring, taking public or private, selling or otherwise disposing of such Fund’s investments (including follow-on investments); • fees, costs and expenses attributable to FP Capital Markets; • recruiting fees, background checks, and relocation expenses related to consultants and portfolio company personnel; • expenses incurred in connection with the disposition of investments (including closing, execution and other transaction costs); • expenses and fees generated in the course of organizing, maintaining, administering, restructuring, operating, and negotiating joint ventures arrangements or platform investments; • expenses related to the organization and formation of certain “special purpose vehicles” or similar structuring vehicles created for purposes of accommodating certain tax, legal, and regulatory considerations of investors (“SPVs”) incurred solely for the benefit of the SPV will typically be borne by the SPV, and indirectly, the investors thereof; • expenses of the types borne by a Fund but associated with any feeder fund (including those formed for the benefit of employees and affiliates of such Fund) or similar vehicle organized to facilitate the participation of certain investors in the Fund (including, without limitation, expenses of accounting and tax services) may be borne solely by the Fund and indirectly, the investors thereof (under certain circumstances, even if such investors do not participate in any such feeder fund or similar vehicle); • expenses of a feeder fund and any intermediate entities through which such feeder fund invests in a Fund (including those related to operation, winding up, dissolution and liquidation of, and all taxes incurred in connection with, related to or imposed on that the General Partner determines are attributable to) will typically be borne by the limited partners participating in such feeder fund and partnership expenses and organizational expenses of a Fund will be shared pro rata by the feeder funds that invest in such Fund; • extraordinary expenses and other similar fees and expenses, including such fees and expenses, or other liabilities or obligations, incurred for transactions not consummated including those for which co-investment may have been contemplated (“Broken Deal Expenses”) (including, among other things, certain legal, accounting, transaction, advisory, consulting, other similar fees paid to FP or FP’s affiliates or other third party expenses (including amounts payable to FPO (as defined below)), any travel and travelrelated expenses, all fees, costs and expenses of lenders, investment banks, and all other

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FP’s investment strategies are discussed within this Item 8. Each Fund’s Fund Document sets forth the terms of an investment in the Fund and identifies the Fund’s investment objectives along with risk factors. The information contained herein is qualified in its entirety by the relevant Fund Documents. The Fund Documents contain additional information on the risks associated with an investment in the respective Funds and should be reviewed in full by any prospective investor. Investment Strategies and Methods of Analysis The Firm has developed extensive intellectual property across a wide range of technology sectors, including, but not limited to, application software, infrastructure software, internet, communications, semiconductors and capital equipment, systems, security, healthcare technology, financial technology, education technology, and industrial technology, all of which is used to support the FP Funds in the analysis and understanding of the companies and debt instruments in which the FP Funds invest. This focused approach allows FP to develop proprietary investment ideas and maintain specialized networks to assist in the evaluation of potential equity and credit investment opportunities. FP Equity: FP Equity’s strategy is to invest in equity securities of technology companies. FP Equity seeks to provide transformational capital in situations involving operational complexity, strategic change or other business inflection points and typically invests in public company buyouts, divisional divestitures, private company recapitalizations, growth equity, and sponsored M&A transactions. FP Credit: FP Credit’s strategy is primarily focused on technology-enabled credit opportunities across three sub-strategies: (1) proprietary origination; (2) opportunistic; and (3) stressed/distressed. FP Credit leverages the FP Equity platform to identify and, on occasion, support the evaluation of attractive credit opportunities. In evaluating potential portfolio companies, FP conducts extensive due diligence to analyze, among other aspects, a company’s market and competitive position within that market, cost and revenue drivers, management teams, intellectual property, potential growth opportunities, and potential sources of investment exit. Both the FP Equity investment committee (the “Equity IC”) and the FP Credit investment committee (the “Credit IC”) generally meet on a weekly basis to discuss potential and pending investment and divestment opportunities for the FP Equity Funds or the FP Credit Funds, respectively. FP Equity or FP Credit investment teams conduct a detailed review of the relevant investment opportunity or transaction to facilitate an in-depth discussion with the Equity IC or Credit IC, as applicable, regarding the target company or business, the investment thesis, and transaction tactics. The Equity IC and the Credit IC generally conduct multiple reviews of a particular investment opportunity or transaction prior to investment as well as during investment and at the time of exit.

Risk Factors Investing in the Funds involves a substantial degree of risk. A Fund may lose all or a substantial portion of its capital in investments and investors in Funds must be prepared to bear the risk of loss of their investments in a Fund. There can be no assurance that the Funds’ investment objectives will be achieved or that an investor will receive a return of its capital. Any losses incurred by investors in a Fund will be borne solely by such investors and not by FP or its affiliates; therefore, any losses of FP and its affiliates in such Fund will be limited to losses attributable to their ownership interests in such Fund in their capacity as investors in the Fund. In addition, material risks relating to the investment strategies and methods of analysis described above include the following, each of which is described in the applicable Fund Document. As noted above, FP encourages prospective investors to carefully review the full description of risk factors presented in the applicable Fund Document prior to making a decision to invest in a Fund. Lastly, please also refer to Item 11 for a discussion of conflicts of interest relevant to FP’s operation as an investment adviser to the FP Funds. Risks Applicable to Investment Management Generally Business Risks; Future and Past Performance. Although FP and certain investment professionals of each General Partner have extensive investment experience, any past activities and/or performance results (including, in certain instances, at prior firm(s)) are not necessarily indicative of the future activities, results or performance of an FP Fund. There can be no assurance that a Fund will be able to (i) successfully identify, make, and realize any investment, (ii) successfully implement a Fund’s investment strategy or (iii) generate returns for its investors or the General Partner (or that such returns will be commensurate with the risks associated with an investment in a Fund). While the General Partners aim for returns commensurate with the risks undertaken, achieving any targeted internal rate of return, avoiding losses, making distributions or returning capital from a Fund is not guaranteed. An investment in a Fund, which inherently involves the risk of loss of capital, should only be considered by persons or entities who can afford a loss of their entire investment. Dynamic Investment Strategy; Future Investment Techniques and Instruments. Subject to the terms of the Fund Documents and applicable law, whether or not specifically described herein, the Funds may employ a variety of investment techniques and invest in instruments that FP believes will help achieve the Funds’ investment objectives. Such investments may entail risks not described herein. New investment strategies and techniques may not be thoroughly tested in the market before being employed and may not perform as anticipated for reasons within or outside of FP’s control. In the event such an investment is unsuccessful, this could result in losses to the Funds and the investors. In addition, any new investment strategy or technique developed by the Funds may be more speculative than previous investment strategies and techniques that have already been used and may involve material and as-yet-unanticipated risks that could increase the risk of an investment in the Funds.

Valuation of Assets. There is no actively traded market for some of the securities or financial instruments owned by the Funds. The fair market value of all investments or of property received in exchange for any investments will be determined by FP in accordance with the Fund Documents. Valuations are generally subject to multiple levels of review for approval and ensuring that portfolio investments are fairly valued is an important focus of FP. However, the process of valuing securities or financial instruments for which reliable market quotations are not available is based on inherent uncertainties. The fair market value of an investment may not reflect the price at which the investment could be sold in the market, and the difference between fair market value and the ultimate sale price could be material. The valuation of such investments will be determined by the General Partner in accordance with procedures set forth in the Fund Documents and FP’s policies. With respect to the Funds, the exercise of discretion in valuation by FP, subject to any limitations thereon provided in the Fund Documents, may give rise to conflicts of interest, as valuations (including, for instance, determination of when an investment should be written down or written off) impact FP’s track record and the performance-based compensation allocation in certain Funds is calculated based, in part, on these valuations and such valuations affect the amount and timing of performance-based compensation and calculation of management fees. In particular, the General Partner will face incentives to minimize permanent write-offs of a Funds’ investments, in order to accelerate and increase the payment of Carried Interest and increase the amount of management fees payable. The criteria used by the General Partner in valuing an investment or determining whether an investment is subject to a permanent write-off, have the potential to be subjective, to be influenced by market information and other factors, and to vary over time. There can be no assurance that a third party or investor would agree with the substance or timing of the General Partner’s determination that an investment should be permanently written-off, and the General Partner is not obligated to follow any third party methodology in making its determination on whether an investment should be written-off or whether value can be recovered during the Fund’s holding period. As a general matter, the standards for determining whether an investment should be permanently written-off are intended to be high, and not to apply to investments experiencing partial or temporary declines in value. See also Item 5 above for additional information. In the event that a Fund makes any distribution in kind to investors, the fair market value of such property is expected to be determined by the General Partner, subject to the terms and conditions of the Fund Documents. As there is no guarantee that such valuations will reflect the value for such assets that would be achieved if such assets were sold to a third party, investors in each Fund may not necessarily receive the price for such assets that they would otherwise have received if such assets were sold in a third party sale. If the valuations made by the General Partner are higher than what could have been received if such investments were disposed of to third parties, held to maturity, or otherwise disposed of in another manner, the amount of Carried Interest received by FP, or the timing of receipt of Carried Interest, could be higher and earlier in time than it would have been in such circumstances. Value of a Fund’s Collateral. Evaluating the potential value of a Fund’s collateral involves a high degree of subjectivity and uncertainty, in part due to the fact that companies in technology, technology-enabled, and other growth industries operate in a rapidly evolving marketplace in

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FP currently provides discretionary investment advisory services to the Funds, which are FP’s only clients, in accordance with the terms of the relevant Fund Documents as described in Item 4 above. The Funds are generally domestic and foreign limited partnerships, limited liability companies, and other vehicles that are not registered or required to be registered under the Investment Company Act. In addition, the securities issued by the Funds are not registered or required to be registered under the Securities Act and are generally privately placed to qualified investors in the United States and elsewhere. Investment in the Funds is generally only available to institutional investors and certain high net worth investors that are “accredited investors” and/or “qualified purchasers,” within the meaning of Rule 501 of Regulation D under the Securities Act, and as defined in Section 2(a)(51) of the Investment Company Act, respectively. Investment advice is provided directly to the Funds and not individually to investors in any Fund. Investors in FP’s Funds include, among others, governmental and corporate pension and profitsharing plans, corporations, endowments, foundations, estates, private investment funds, insurance companies, sovereign wealth funds, funds of funds, family offices, trusts, and certain high net worth individuals. All investors are subject to applicable suitability requirements. Also, an FP employee who qualifies as a “knowledgeable employee” within the meaning of Rule 3c-5 of the Investment Company Act may make a capital commitment to one or more of the Funds. Additionally, other persons associated with the Firm and/or its affiliates, including the General Partners, and certain of the personnel of FPO or other service providers retained by the Firm have a capital commitment to one or more of the Funds. The Funds generally have a specified minimum investment commitment as set forth in the Fund Documents, subject to the relevant General Partner’s discretion to accept investment commitments of lesser amounts. As a general matter, there is no minimum capital commitment amount for investors in certain alternative investment vehicles or co-investment vehicles, except as required under applicable law.

FP Funds, other than Parallel Funds (as defined below), allocate a portion of their investment profits to their General Partners as a Carried Interest (as defined in Item 5) as set forth in each Fund Document and briefly discussed above in Item 5. Such allocation of profits is only made to the General Partner when specific conditions are met, including that a preferred return on such investment has been achieved. Funds also allocate a portion of their investment profits to their General Partners in relation to previous management fee waivers or reductions by the General Partner of such Fund in connection with investments made on behalf of the General Partner. The General Partners’ entitlement to performance-based allocations may create an incentive for FP to take risks in managing the Funds that it would not otherwise take in the absence of such performance-based arrangements, though FP generally considers performance-based compensation to better align its interests with those of its investors. As described above, the General Partners receive a Carried Interest allocation on certain profits of the Funds. FP also advises private funds that are not subject to management fees or performancebased compensation (the “Parallel Funds”). While this practice could present a conflict of interest, FP does not believe this arrangement poses a conflict of interest in practice because such Parallel Funds invest in parallel with the Funds that are subject to Carried Interest. Such investments are generally made and disposed of on the same terms and on a pro rata basis. The payment by some, but not all, Funds of Carried Interest, or the payment of Carried Interest at varying effective rates based on the performance of a Fund, creates an incentive for FP to disproportionately allocate time, services or functions to Funds paying Carried Interest at a higher effective rate, or to allocate investment opportunities to such Funds. Generally, and except as may be otherwise set forth in the Fund Documents of the Funds, this conflict is mitigated, at least in part, by: (i) certain limitations on the ability of FP to establish new investment funds; (ii) contractual provisions requiring certain Funds to purchase and sell investments contemporaneously; and/or (iii) contractual provisions and procedures setting forth investment allocation requirements. See also Item 11 below for additional information relating to how conflicts of interests are generally addressed by FP, including with respect to investment allocations and overlapping investment strategies.

Various FP affiliated entities are General Partners of the respective Funds. For a description of material conflicts of interest created by the relationship among FP, the Funds, the portfolio companies, the investors, and the General Partners, as well as a description of how such conflicts are addressed, see Item 11 below. Francisco Partners Operations LLP (“FP Operations”) is an FP-affiliated investment adviser that is located in the United Kingdom and registered with the Financial Conduct Authority. 3 FP is registered with the SEC as an investment adviser and is currently exempt from registration with the CFTC as a commodity trading advisor and a commodity pool operator.

3 Under a Memorandum of Understanding (“MOU”) between FP and FP Operations, FP Operations is a Participating Affiliate of

FP as that term is used in relief granted by the staff of the SEC allowing U.S. registered investment advisers to use investment advisory and trading resources of unregistered advisory affiliates subject to the regulatory supervision of the registered investment adviser. FP Operations and its employees who provide services to the Funds are considered under the MOU to be “associated persons” of FP as that term is used under the Advisers Act for purposes of FP’s required supervision. FP Operations has agreed to submit to the jurisdiction of the SEC and to the jurisdiction of the U.S. courts for actions arising under the U.S. securities laws in connection with the investment advisory services they provide for any Funds.

Trading Code of Ethics and Personal Trading FP has adopted a Code of Ethics (“Code”) which sets forth standards of business conduct that FP requires of its supervised persons. The Code is intended to assist the Firm and its supervised persons in complying with the requirements of Rule 204A-1 under the Advisers Act, as well as provisions of applicable federal securities laws. The Code also sets forth personal trading policies and reporting requirements applicable to access persons and certain family members that are designed to address actual or potential conflicts of interest (or appearances of conflicts) with the Funds. The Code requires all access persons of the Firm to report relevant brokerage transactions to FP Compliance. Transactions in certain financial products, including certain mutual fund shares, U.S. government securities, and certain money market instruments are excluded from such reporting requirements. The Code also requires that access persons seek pre-clearance with respect to purchases and sales of most types of securities. These pre-clearance requirements do not apply to transactions in certain investments, including investments in accounts over which the access person has no direct or indirect investment discretion, influence or control. FP access persons who violate the Code may be subject to remedial actions, including, but not limited to, re-training, escalation to senior management, profit disgorgement, fines, censure, demotion, suspension or dismissal. FP access persons are also required to promptly report any violation of the Code of which they become aware. FP access persons are required to annually certify compliance with the Code. FP reserves the right to refine and modify the Code and its other policies and procedures over time. A copy of the Code is available to any Fund, or prospective client upon request to: compliance@franciscopartners.com. Participation or Interests in Client Transactions Certain personnel and affiliates of FP may invest in and alongside the Funds, either through the General Partners, as direct investors in the Funds, or otherwise. A Fund or its General Partner, as applicable, may reduce all or a portion of the management fee and Carried Interest related to investments held by such persons. For further details regarding these arrangements, as well as conflicts of interest presented by them, see below. Conflicts of Interest FP and its related entities engage in a broad range of activities, including investment activities for their own account and for the account of other investment funds, and providing transaction-related, investment advisory, management and other services to funds and operating companies. FP will devote such time, personnel, and internal resources as are necessary to conduct the business affairs

of the Funds in an appropriate manner, as required by the relevant Fund Document, although the Funds and their respective investments will place varying levels of demand on these over time. In the ordinary course of conducting its activities, the interests of a Fund or its investors may conflict with the interests of FP or its affiliates or one or more other Funds or with their respective affiliates. Handling of Conflicts of Interest Any of the situations discussed below subjects FP and/or its affiliates to potential conflicts of interest. FP and its affiliates will deal with conflicts of interest using their best judgment and discretion. In the case of conflicts involving the Funds, the determination as to which factors are relevant, and the resolution of such conflicts, will be made in the sole discretion of FP, except as required by the applicable Fund Documents. In resolving conflicts, FP considers various factors, including the interests of the applicable Funds with respect to the immediate issue and/or with respect to their longer-term courses of business dealing. A summary of FP’s anticipated approach for handling and/or resolving specific conflicts of interest are set forth below. The following factors may alleviate, but will not eliminate, conflicts of interest among FP and the Funds: (i) certain conflicts of interest will be addressed pursuant to set procedures, restrictions or other provisions contained in the relevant Fund Documents; (ii) FP has adopted and implemented certain policies and procedures designed to reduce certain conflicts of interest; (iii) prior to subscribing for an interest in a Fund, each investor receives relevant Fund Documents, which contain information relating to significant potential conflicts of interest arising from the proposed activities of the Fund; and (iv) an advisory board of representatives of the limited partners of each Fund (“Advisory Board”) will approve or consent to certain material conflict of interest transactions or scenarios, including those specifically delineated in the relevant Fund Documents and referred to the Advisory Board by such Fund’s General Partner. In addition, certain provisions of a Fund’s Fund Documents are designed to protect the interests of investors in situations where conflicts may exist and/or arise, although these provisions do not eliminate such conflicts. To the extent that an investment or relationship raises particular conflicts of interest, FP will review the circumstances of such investment or relationship with a view to addressing and reducing the potential for conflict. There can be no assurance, however, that FP will identify or resolve all conflicts in a manner that is favorable to the Funds, and the Funds’ investors may not be entitled to receive notice or disclosure of the actual occurrence of conflicts or have any right to consent to them as they arise. In certain instances, some of such conflicts of interest may be resolved in a manner adverse to a Fund and its ability to achieve its investment objectives. Contact the FP Compliance Department with questions or concerns not addressed below. Potential Sources of Conflicts of Interest The potential conflicts of interest encountered by a Fund include those discussed below, although the discussion below does not describe all of the potential conflicts that may be faced by the Funds. The conflicts of interest discussed below are not listed in order of importance or priority and may not consider all factors for all possible circumstances, and some conflicts of interest may be more

or less relevant or important depending upon the nature of the particular circumstances. This Brochure should be read in its entirety as other conflicts are discussed throughout. The relevant Fund Documents also discuss conflicts of interest in more detail and should also be read in their entirety. To the extent there is inconsistency as between the Fund Documents and this Brochure with respect to conflicts, the Fund Documents control. Management of the Funds FP may give advice or take actions with respect to the investments of one or more Funds that may not be given or taken with respect to other Funds with similar investment programs, objectives or strategies. As a result, Funds with similar strategies will not hold the same securities or achieve the same performance. In addition, a Fund may not be able to invest through the same investment vehicles or have access to similar credit facilities. These differences will result in variations with respect to price, leverage, and associated costs of a particular investment opportunity. Personnel of FP responsible for managing a particular Fund generally have responsibilities with respect to other Funds, including Funds that may be raised in the future. Conflicts of interest may arise in allocating time, services or functions of these FP personnel across existing and future Funds. FP personnel have an incentive to allocate more time, services or functions to Funds from which such FP personnel derive a higher economic benefit and/or to better-performing Funds. The Fund Documents of a Fund establish complex arrangements among the Funds, FP, investors, and other relevant parties. From time to time, questions may arise regarding certain parties’ rights and obligations in certain situations, some of which may not have been contemplated upon the negotiation and execution of such Fund Documents. In some instances, the operative provisions of the Fund Documents, if any, may be broad, unclear, general, conflicting, ambiguous, and vague and may allow for multiple reasonable interpretations. In other instances, there may not be a directly applicable provision. While FP will construe the relevant provisions in good faith and in a manner consistent with its fiduciary duty and legal obligations, the interpretations used may not be the most favorable to a Fund or its investors. Although the Fund Documents of the Funds generally contain broad exculpation and indemnification provisions, FP does not interpret such provisions to constitute a waiver of any person’s non-waivable federal fiduciary duties to a Fund under the Advisers Act. As described in Item 4 above, the Funds have entered, or in the future may enter, prior to the closing of such Fund, into Side Letters with one or more of the Fund’s investors which provide such investors with additional or different rights than other investors have pursuant to the Fund Documents, including, but not limited to, different information rights, co-investment rights, and liquidity or transfer rights. A Fund and one or more other Funds may be deemed or may desire to avoid being deemed to hold “plan assets” subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). With respect to ERISA considerations, FP and certain affiliates may be restricted from entering into certain transactions if the investment would trigger ERISA considerations with respect to a Fund, or may be obligated to take certain actions or refrain from taking certain actions in order to avoid an ERISA consideration with respect to such Fund.

From time to time, FP will consult with or co-invest with other parties in the private equity industry. While FP believes that such relationships will result in enhanced investment opportunities for the Funds, it is possible that certain opportunities will not be available to the Funds as a result of such relationships or, if available, such parties’ interests or its obligations to their clients may diverge from that of the Funds’. In addition, such parties may possess inside information concerning specific companies that could limit a Fund’s ability to buy or sell securities issued by such companies. The General Partner of a Fund may, in its discretion, under certain circumstances elect to increase its commitment to such Fund prior to the final close of the Fund without the consent of the limited partners. Any increased commitment by the General Partner will dilute the interests of the limited partners. To the extent that such increased commitment is implemented after a Fund has begun making investments, the General Partner would have information about the Fund’s investments, including regarding their valuation and performance expectations, which the limited partners do not have and that information may inform its decision whether to increase its capital commitment. Therefore, the General Partner would have a conflict of interest in deciding to increase its commitment because a decision to do so may result in the General Partner receiving value that would have otherwise benefitted limited partners. Advisory Board Rights Generally, each Fund has established an Advisory Board, consisting of representatives of investors. A conflict of interest may exist when some, but not all, limited partners are permitted to designate a member to the Advisory Board because, for instance, those designating limited partners will have greater information rights. The Advisory Board may also have the ability to approve conflicts of interests with respect to FP and the applicable Fund, which could be disadvantageous to investors, including those investors who do not designate a member to the Advisory Board. Representatives of the Advisory Board may have various business and other relationships with FP and its partners, personnel, and affiliates. These relationships may influence the decisions made by such members of the Advisory Board. In addition, members of one Fund’s Advisory Board may also be members of another Fund’s Advisory Board. In such instances, a conflict of interest exists because the Funds on which such overlapping Advisory Board membership exists may have conflicting interests and such Advisory Board members may be asked to provide their consent with respect to such conflicts of interest and will not recuse themselves from any such vote. Fees and Expenses The opportunity to receive fees from actual or prospective portfolio companies or other investment vehicles of a Fund creates a conflict of interest between FP, on the one hand, and such Fund and its limited partners, on the other hand, because: (1) the amounts of such fees over time are expected to be substantial; (2) the Fund and its limited partners do not have an interest in FP; and (3) the rights of the Fund and its limited partners to these fees is limited to the reduction of future management fees described above in Item 5. Also, because there is a fixed investment period when

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In general, the Funds will invest directly or indirectly in securities and other interests. The Firm does not expect the Funds to regularly engage in public securities transactions, but the Funds do engage in such transactions from time to time. FP, as an investment adviser, has a responsibility to seek to achieve “best execution,” which the SEC generally describes as executing securities transactions so that a Fund’s total costs or proceeds in each transaction are the most favorable under the circumstances, which does not mean paying the lowest possible commission cost in each instance, but also includes consideration of qualitative execution. From time to time, the Firm uses a broker to effect transactions in public securities resulting from, or in connection with, portfolio investments. These circumstances include, among other things, the distribution of securities acquired in a transaction effected on behalf of, or in connection with, portfolio investments. In these instances, FP has full discretionary authority with respect to the selection of, and commissions paid to, brokers. If the Firm determines to engage a broker, the Firm will select the broker upon consideration of the range and quality of its brokerage services, its execution capability and trade efficiency, level of trading expertise, commission rate, infrastructure, financial responsibility, responsiveness to the Firm, and other similar factors. From time to time, FP aggregates purchases and sales of publicly-traded securities for the Funds. FP typically employs this practice because larger transactions may enable it to obtain better overall prices, including lower commission costs or mark-ups or mark-downs. FP and its affiliates may combine orders on behalf of Funds with orders for other Funds for which it or its affiliates have trading authority, or in which it or its affiliates have an economic interest. In such cases, FP and its affiliates generally aggregate trade orders for publicly-traded securities so that each participating Fund will receive the average price for each execution of a transaction. To the extent FP might engage in an aggregated purchase or sale of publicly-traded securities, such aggregated order will be allocated among the applicable Funds on a pro rata basis, unless, in the General Partner’s good faith judgment, a different allocation method is more appropriate under the circumstances. Additional information with respect to investment allocation decisions is discussed above in Item 11. FP does not receive soft dollar benefits or client referrals from broker-dealers in connection with client transactions. In selecting or recommending broker-dealers, FP does not take into account whether FP has received, or may in the future receive, client referrals from such broker-dealers. FP does not currently have any Funds that engage in directed brokerage.

FP or its affiliates have utilized, and in the future could utilize, a placement agent to assist in the placement of investor interests in one or more of the Funds. FP would expect that any fees paid to any such placement agent generally would be in the form of a percentage of capital committed by certain investors. Any placement fees paid by the Funds results in a reduction of management fees payable to FP. As some Funds do not pay management fees, any such reduction will not benefit such Funds. Compensation to placement agents, if any, will be in accordance with Rule 206(4)-1 under the Advisers Act. For details regarding other compensation, please see Item 5 above and for details regarding economic benefits provided to FP by non-clients, including a description of related conflicts of interest, please see Item 11 above. In addition, FP, its affiliates and/or related persons may, in certain instances, receive discounts on products and services provided by portfolio companies.

Item 15. Custody

FP does not believe that there have been any legal or disciplinary events that are material to its advisory business or the integrity of its management.

The typical portfolio investments of the FP Funds (other than certain investments made by the FP Credit Funds) are generally private, illiquid, and long-term in nature. Accordingly, FP’s review of them, which is done on a quarterly basis, is not directed toward a short-term decision to dispose of securities. With respect to the FP Credit Funds, FP regularly reviews and analyzes its portfolio investments. On behalf of each General Partner, FP’s Valuation Committee, consisting of members of senior management, including the Chief Operating Officer and Chief Financial Officer, convenes on a quarterly basis to review the valuations of portfolio investments. Additionally, the portfolio investments of each Fund are continuously reviewed by a subset of FP employees, which are generally the senior investment professionals of the Firm, and portfolio reviews are conducted on a quarterly basis by FP’s investment professionals, including the Equity IC and Credit IC. FP closely monitors the portfolio companies of the Funds and generally maintains an ongoing position on the board of directors of such portfolio companies for which it has a controlling position. Additionally, the applicable Fund’s Advisory Board, and external auditor, annually review the valuations of Fund assets as prepared by the relevant General Partner. The General Partner retains ultimate responsibility for asset valuations pursuant to the terms of the relevant Fund Document. Investors in FP Funds will typically receive, among other items, a copy of audited financial statements of the Fund within 120 days after the fiscal year-end of such Fund. In addition, investors in each FP Fund will typically receive unaudited quarterly financial statements regarding such Fund following the end of each financial quarter. Investors in the Funds also receive regular reporting updates through quarterly letters, investor meetings, investment or disposition announcements, capital account statements, and other materials provided via the relevant investor portal.

FP has entered into an Advisory Agreement related to each Fund. Investment advice is provided directly to the Funds, subject to the direction and control of the relevant General Partner, and not individually to the investors in the Funds. Each Advisory Agreement, together with the management authority granted to each Fund’s General Partner pursuant to the Fund’s relevant Fund Documents, provides FP with full discretion to determine investments to be purchased and sold on behalf of the Funds and the terms of such transactions. Limitations on FP’s investment discretion, which generally involve certain diversification requirements, are set forth in the relevant Fund Documents of the Funds.

FP has adopted proxy voting policies and procedures (the “Proxy Policy”) to address how it will vote proxies for a Fund’s portfolio investments. FP defines a “proxy” to include submission of a security holder vote by proxy instrument, in person at a meeting of security holders or by written consent and does not include any action taken by FP personnel serving on the board of directors or similar body of a portfolio company or entity. FP’s proxy voting procedures seek to vote proxies in the best interest of the Fund(s). FP is responsible for voting and handling all proxies in relation to the securities held by the Funds and does so on a case-by-case basis. Generally, FP will vote in the interest of maximizing shareholder value, but under certain circumstances, when it is believed to be warranted, may not. There may be instances when FP does not vote in accordance with the Proxy Policy or refrains from voting entirely due to the specific circumstances of the portfolio company or vote in question. FP believes its interests are generally aligned with the Funds’ interests through FP’s ownership in the Funds; however, there may be situations where FP faces conflicts of interest when voting proxies. FP’s Proxy Policy is designed to address the resolution of conflicts of interest that may arise in connection with proxy voting, which includes, but is not limited to, identification of materiality and may include consultation with the applicable Fund’s Advisory Board. FP does not consider service by FP personnel on portfolio company boards or FP’s receipt of management or other fees from portfolio companies to create a material conflict of interest for voting proxies generally with respect to such companies. Funds generally may not direct how FP will vote in a particular situation. Funds and prospective clients may obtain a copy of FP’s Proxy Policy, as well as specific information as to how certain proxies for securities held in a Fund were voted, upon request from the Compliance Department at (415) 418-2900 or compliance@franciscopartners.com.

Item 18. Financial Information