HRTG GPE, LLC

Introduction HRTG GPE, LLC (“HRTG”), a Delaware limited liability company, seeks to compound capital over the long-term by pursuing long-term collaborations with business partners who are specialists in various forms of investments. These collaborations can take many shapes – some are passive investments alongside owner-operators; some by direct investments in operating companies; some with skilled operators in real estate or different forms of private investments; some in coinvestments alongside trusted partners; and, occasionally, investments in funds where appropriate. For purposes of this Brochure, the “Adviser” means HRTG, together (where the context permits) with HRTG Management, L.P. (“HRTG Management”) and HRTG GPE KY, LLC (“HRTG KY”). The firm was founded on January 28, 2010 and is privately-held. The principal owner of HRTG is Montague Island LLC. The majority of each of HRTG Management and HRTG is owned, directly or indirectly, by senior members of management, longtime employees of HRTG Management, and certain of their related estate-planning vehicles. The principal owners of HRTG Management are Keith Johnson and Kevin Kelly. The principal owner of HRTG KY is HRTG. HRTG Management and HRTG KY are under common control with HRTG, and HRTG Management possesses a substantial identity of personnel with HRTG. HRTG Management has responsibility for the day-to-day operations of the Investment Vehicles (as defined below) advised by HRTG, and HRTG KY is the investment manager of certain Investment Vehicles advised by HRTG. Types of Advisory Services HRTG provides investment advisory services to, and is general partner of, various investment funds that are primarily structured as limited partnerships and may be domiciled in the United States or abroad, at the discretion of the Adviser. The “Main Fund” consists of feeder funds (“Feeder Funds”) and master funds (“Master Funds”) in a multi-master/multi-feeder structure, pursuing a global investment program, as described further in Item 8. In addition to the Main Fund, the Adviser has also established, and may establish in the future, investment funds that are intended to pursue multiple co-investment opportunities generated in connection with the Main Fund (each, a “CIF”). The Adviser also from time to time provides advisory services to special purpose vehicles established for the purpose of making co-investments separate from the CIFs (the “SPEs”), as further described in Item 11 below. The Main Fund, CIFs and the SPEs are referred to throughout this Brochure as the “Funds” and, collectively with all other co-investment or special purposes vehicles established by the Adviser, as “Investment Vehicles.” For the avoidance of doubt, references throughout this Brochure to “Funds,” “Investment Vehicles,” “CIFs,” and “SPEs” shall not be deemed to include any investment funds or vehicles advised by an invested manager (as defined in Item 8 - Investments in Underlying Managers). Investment advisory and supervisory services are provided by HRTG to the Funds pursuant to and in accordance with the respective limited partnership agreements and other governing documents of the Funds (the “Partnership Agreements”) and consist of investigating, identifying and evaluating investment opportunities, structuring, negotiating and making investments on behalf of the Funds, managing and monitoring the performance of such investments and disposing of such investments. Investors in the Funds should review the Funds’ offering and organizational materials for more detailed information.

A significant portion of the investment portfolios of the Funds consists of interests in private investment vehicles (e.g., investment funds, co-investments, and joint ventures) or accounts (collectively, “underlying funds”) managed by third parties or other investment advisers (collectively, “underlying managers”). The investment portfolios of the Funds also include other assets, including, but not limited to, publicly traded securities of operating businesses, structured credit, debt securities, investment contracts, derivatives, swaps, options, commodities, digital assets, currencies, real estate, fixed income securities, securities traded over the counter, and private or restricted securities acquired that are held directly by the Funds, held by the Funds in brokerage accounts or held in separate accounts owned by the Funds and managed by the Adviser or by underlying managers. HRTG has delegated responsibility for the day-to-day operations of the Funds to HRTG Management, which is an affiliated advisory company and relying advisor. HRTG has not, however, delegated to HRTG Management the authority to make actual investment acquisition and disposition decisions or to select third party managers or investment vehicles with or in whom to invest. HRTG may replace HRTG Management from time to time in its sole discretion and may assign to HRTG Management the right to receive advisory fees and reimbursements otherwise payable to HRTG by the Funds. The Funds are exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) and their securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”). Investment advice is provided directly to the Funds and not individually to the investors in the Funds. Services are provided to the Funds in accordance with the Partnership Agreements and, if applicable, the private placement memorandum of the applicable Fund(s) (each, a “PPM”). Investment restrictions for the Funds, if any, are generally established in the Partnership Agreements and PPMs (collectively with any other organizational or offering documents of a Fund, a Fund’s “Governing Documents”). The Adviser may, in its sole discretion, establish “Affiliated Funds” (as defined in Item 11 below) at any time, including vehicles utilizing non-partnership structures such as managed accounts. The Funds may also make use of “pooling vehicles” through which one or more entities or accounts makes investments in underlying funds or other assets. Wrap Fee Programs The Adviser does not sponsor wrap fee programs. Discretionary Assets Under Management As of December 31, 2025, the Adviser managed a total of $27,095,397,281 of client assets on a discretionary basis.

Advisory Fees As compensation for investment supervisory services rendered to the Main Fund, the Adviser will be entitled to receive advisory fees (“Advisory Fees”) from the Main Fund, payable quarterly in advance on the first day of each calendar quarter, and calculated as a percentage of the

aggregate capital account balances of the investors in the Feeder Funds as of such date. The Main Fund has two series of investor interests, “Series A Interests” and “Series B Interests” (each, a “Series”). Series A and Series B Interests bear Advisory Fees at different rates. Investors who make (or increase) a capital commitment to the Main Fund will be required to designate the Series to which all or a portion of any such capital commitment is made at the time of their subscription or increase. The Adviser may elect from time to time to offer additional Series and/or restrict the offering of new interests in the Main Fund to only one or more Series. Advisory Fees will be calculated taking into account any contributions, distributions or withdrawals as of such date. A pro-rated Advisory Fee will be assessed on any capital contributions to the Main Fund accepted as of any date other than the first day of a fiscal quarter. The Adviser is authorized to, and does, deduct any and all fees and expenses (including, with respect to the Main Fund, the Advisory Fee) when due from the assets of the Funds. Amounts corresponding to those payments will be automatically deducted from the capital accounts of the investors. Proportionate shares of fees and expenses paid by the Master Funds (including, e.g., advisory and performance fees and expenses of underlying managers) are borne by investors in the Feeder Funds. With respect to any withdrawal from the Main Fund, Advisory Fees and a reasonable share of expenses, which will be determined by HRTG in good faith, will continue to be paid or accrued on the assets of a withdrawing investor’s account and will be calculated based on the investor’s liquidating sub-account created in connection with the withdrawal, if any. Advisory Fees will not be refunded in connection with a withdrawal. The process of withdrawal and the associated fees and expenses are described in detail in the Governing Documents and should be reviewed by investors prior to their investment. At the annual election of the Adviser, all or a portion of the Advisory Fees may be replaced by a special priority allocation and distribution of Feeder Fund profits to the Adviser. Pursuant to such election, the Adviser may be required to return distributions received in lieu of the Advisory Fee if the Feeder Funds fail to generate sufficient items of profit. The precise amount of, and the manner and calculation of, the Advisory Fees for the Main Fund are established by the Adviser and are set forth in the Partnership Agreements and/or Governing Documents of the Feeder Funds, and may be modified from time to time. Fees may differ among investors in the Feeder Funds (in addition to Advisory Fee differences as between the Series, as noted above). The Adviser may, in its sole discretion and at any time, waive all or any portion of the Advisory Fee with respect to certain investors, including investors who are employees, former employees, or employees of related persons or former related persons of the Adviser. Any such waiver will reduce the overall Advisory Fees paid to the Adviser, but will not reduce the fees paid by any investor whose fees are not waived or otherwise specifically reduced. The existing CIFs and SPEs do not, as of the date of this Brochure, pay the Adviser any Advisory Fees. However, the CIFs and certain SPEs have charged, and may in the future charge, carried interest, which is described in Item 6 below. Any carried interest owed by investors in a CIF or SPE was, or will be, paid by deducting such amounts from the investors’ capital accounts if and when due in accordance with the terms of such CIF’s or SPE’s Governing Documents. The fee terms of any CIF or SPE, including any Advisory Fees and carried interest, will be negotiated on a vehicle-by-vehicle basis and will be described in the Governing Documents of each CIF and SPE. These fees could include asset-based fees and expense reimbursements, carried interest, performance fees or such other fees as may be negotiated with the Adviser from time to time.

Except as described in the Governing Documents of the applicable CIF or SPE, the Adviser will not be required to charge fees to CIFs and SPEs and fees paid by the CIFs and SPEs will not offset the Advisory Fees payable by any Fund. Advisory Fee Offsets The Advisory Fees payable by the Main Fund to HRTG will be reduced by an aggregate amount equal to one hundred percent of any transaction, commitment, break-up, advisory, syndication, guarantee, directors, officers, management and other fees (net of any applicable expenses) paid by an underlying fund or portfolio company to HRTG (or any managing member of HRTG) that would not, if earned directly by a Feeder Fund, cause such Feeder Fund to cease to qualify as an “investment partnership” under the U.S. Internal Revenue Code of 1986, as amended (the “Code”). For the avoidance of doubt, any such fees paid to HRTG or any managing member of HRTG after the Main Fund has exited (or is in the process of exiting) an investment do not reduce the Advisory Fee. The Advisory Fees will not be offset by directors’ fees received from a publicly traded issuer, provided that the fees do not exceed the fees paid to the company’s outside directors generally. From time to time, the Adviser may maintain any fees received that are subject to offset in accounts that bear interest before the amount of such fees offset the Advisory Fee. Any such interest does not reduce the Advisory Fees or otherwise benefit the Main Fund or its investors. The Advisory Fees paid by the Main Fund will generally also be reduced by: (1) the amount of fees paid by the Main Fund to placement agents, if any, in connection with the offer and sale of interests in the Feeder Funds and (2) the amount, in the aggregate, that specified Main Fund expenses (as specified in the Main Fund’s Partnership Agreements) exceed 0.05 percent of the Main Fund’s net asset value as of the end of the applicable fiscal year. Expenses The Governing Documents for each Fund set forth the fees and expenses related to the Funds, including methods of allocation of those fees and expenses between HRTG and the Funds (and therefore the investors). Prospective investors should carefully review those documents prior to making an investment in the Funds. Each Fund will bear all expenses relating to it that are not otherwise borne by the underlying funds or companies in which such Fund invests (“portfolio companies”), including, but not limited to:

out-of-pocket expenses associated with the organization of HRTG, its affiliates, a Holding/Pooling Vehicle (as defined below) or the Funds, or the syndication of interests therein and any costs and expenses incurred in connection with the preparation of amendments to documentation of HRTG, its affiliates or the Funds; fees of third-party administrators, managers, advisors and service providers (including industry experts) as well as legal, accounting, audit, valuation (including fairness opinions, such as those obtained in connection with secondary transactions or continuation vehicles), tax, regulatory, compliance/advisory, quality control and assurance (including due diligence visits to any of the foregoing), depositary, custodial, registered agent and other professional fees (including all costs and expenses associated with the registration of securities under applicable securities laws); consulting fees relating to services rendered to, or related to the operations of, the Funds or any special purpose vehicles and/or any holding entities (e.g., “blockers”), “below-the-fund” feeder entities, special purpose vehicles or other investment conduits (“Holding/Pooling Vehicles”);

banking, brokerage, registration, qualification, finders, private-placement, depositary and similar fees or commissions, as well as all out-of-pocket costs and expenses associated with due diligence (including third-party diligence software and service providers) on investment opportunities or managers (whether consummated or not); transfer, capital and other taxes, as well as charges, duties and fees; any out-of-pocket costs (including broken-deal, unconsummated deal and similar fees and costs, costs of data, research, market intelligence, expert network and similar services, costs and expenses incurred in assisting a portfolio company with legal, compliance, tax, accounting and other operational matters, and any costs or expenses that are passed through to a Fund by a portfolio company for any reason at any time, which could be greater than a Fund’s pro rata share) incurred in developing, evaluating, acquiring, holding, monitoring, selling or otherwise managing or disposing, or hedging against changes in the value, of the Funds’ assets or obligations, as well as out-of-pocket travel expenses (including private and charter plane costs) incurred in exploring, researching, investigating, evaluating, structuring or monitoring investments or investment opportunities (whether consummated or not), including, for the avoidance of doubt, any costs or expenses that are passed through to the Funds by a portfolio company for any reason at any time; costs and expenses associated with the organization and maintenance of Investment Vehicles (including CIFs and SPEs), alternative investment vehicles or other Funds or vehicles managed by the Adviser or an affiliate thereof, regardless of whether such vehicle completes an investment, including with respect to each of the foregoing, the portion of any such fees, costs and expenses that may otherwise be allocable to a Fund; costs and expenses associated with any reorganization, recapitalization, redomiciliation or restructuring of a Fund, the Affiliated Funds (as defined in Item 11 below), the Holding/Pooling Vehicles and/or similar vehicles, whether currently existing or formed in the future, whether consummated or not, and any amendments to the constituent documents relating thereto; costs and expenses associated with the organization and maintenance of (including amendments to any documentation related to) any Holding/Pooling Vehicles; insurance premiums (including premiums for cybersecurity insurance and premiums for insurance purchased and maintained in connection with the indemnification of the Funds, HRTG (or any member, employee or agent thereof) in its capacity as the general partner of the Funds, certain affiliates of HRTG in their capacity as such, or any other person in connection with the investments/activities of the Funds, including service by such person, at the request of HRTG, as an officer or director of a portfolio company, as described in the Partnership Agreements); indemnification of persons to whom the Funds have undertaken an indemnification obligation, costs of actual, threatened, or otherwise anticipated (or that HRTG believes may be threatened or otherwise anticipated) litigation, arbitration, mediation, court action, or other adjudicative proceeding, judgments and settlements and other extraordinary expenses, including, with respect to each of the foregoing, the portion of any such fees, costs and expenses that may otherwise be allocable to the other Funds; fees, costs and expenses of preparing and distributing financial statements, other reports, notices and disclosures and responding to investor information requests (including any costs involved in conforming to investor-requested reporting templates) as well as the fees, costs and expenses of legal and other professional advisors incurred in connection therewith;

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Methods of Analysis and Investment Strategies Investment Approach of the Main Fund The Main Fund is a private, evergreen investment partnership with no fixed termination date. The Main Fund seeks long-term capital appreciation by investing across a range of asset classes, including public and private equity, real estate, and credit, and does so without fixed allocation targets or broad diversification requirements. The investment team does not manage separate investment programs or separately managed accounts. Instead, by focusing on a single portfolio of its highest conviction ideas, the Adviser believes it can concentrate its efforts more effectively and better deliver long-term returns for investors. The Main Fund typically maintains a concentrated portfolio, with capital allocated to investments in which the Adviser has a high degree of conviction. The Adviser may also establish smaller positions to evaluate new investment ideas or relationships; these positions are subject to the same monitoring and evaluation processes as larger positions, and the allocation of capital may be adjusted based on ongoing assessment. Collaborating with third parties is a central component of the Adviser’s investment approach. The Adviser maintains a network of company builders, management teams and investment partners

across disciplines, and may engage in various forms of partnership, including passive investments alongside owner-operators, direct investments in operating companies, co-investments alongside third parties and, in certain cases, investments in private investment funds managed by third parties. Public Equity The Adviser’s public equity portfolio approach is based on active management combined with passive management or indexing. Public equity investments typically (but do not necessarily) include small/microcap mandates, sector-focused investments, concentrated global or regional stock pickers, country-specific specialists, and indexed or benchmark-sensitive strategies (primarily for rebalancing purposes). Long-biased and long-short managers, whose returns are generated through stock selection and who typically express a moderate level of market correlation, are also grouped into the public equity portfolio. The Funds also acquire public securities directly as a result of distributions in kind from their underlying managers, initial public offerings of private companies in which the Funds hold securities or as consideration in connection with other forms of investment exits. Finally, the Adviser causes the Funds to invest directly in public equity when it determines that an opportunity warrants such a purchase and is consistent with the Funds’ investment strategy. Such direct acquisitions and all dispositions of direct public equity holdings will be conducted by an unaffiliated broker-dealer, whose fees and commissions will be borne by the Fund. The Funds’ brokerage procedures are described below in Item 12. Private Equity Private equity is comprised principally of three styles of investing—buyout, growth equity, and venture capital. The Adviser generally seeks to invest directly or indirectly in private securities and other unlisted instruments when it determines that an opportunity warrants such a purchase and is consistent with the Funds’ investment strategy. In some instances, this may be done with, or alongside, underlying managers who operate in niches and employ distinctive investment approaches with respect to private equity. Real Assets Real assets generally (but do not necessarily) consist of real estate, natural resources, energy, commodity, infrastructure, and other investments in tangible assets. Cash/Uncorrelated/Fixed Income Strategies The uncorrelated portion of the portfolio generally encompasses a broad range of strategies and disciplines. This asset class typically (but does not necessarily) includes arbitrage, distressed debt, event-driven, fundamental credit, low-beta long-short, macroeconomic, multi-strategy and volatility strategies, which the Adviser may pursue directly or through, or alongside, underlying managers. Fixed income investments typically (but do not necessarily) consist of U.S. treasuries and agencies, inflation-protected securities, commercial paper, high grade corporate debt, and other structured debt instruments, whether held directly by the Funds or through, or alongside,

underlying managers or vehicles. The Adviser has, and may in the future, employ a mix of active and passive management in fixed income. Investment Approach of the CIFs and SPEs Certain CIFs have been, and will in the future be, established to invest in opportunities sourced for the Main Fund. CIFs generally act as “spill over” vehicles and participate solely to the extent the Main Fund has satisfied its investment appetite with respect to each applicable investment. Such CIFs have and are also permitted to invest in secondary or follow-on opportunities where the Main Fund has previously invested, but for which the Adviser determines the Main Fund has no additional capacity as of such date. In addition, certain SPEs (including those that pay carried interest) have been, and will in the future be formed to make investments alongside other Funds. Please see “Conflicts with Respect to the Allocation of Investment Opportunities” and “Conflicts with Respect to the Allocation of Follow-On Opportunities” in Item 11 for additional details on how the Adviser allocates investment opportunities, including follow-on opportunities to CIFs and SPEs. As a result of rebalancing and shifting asset allocations, a determination that the Main Fund or a CIF has no additional appetite for any investment as of any given date will not determine the allocation of additional capacity of the investment in the future. The election of any Fund to participate or not participate in a given investment opportunity will not prevent or ensure the right of such Fund to participate in any future opportunities with respect to such investment. In each case, CIFs and SPEs are permitted to invest in any of the asset classes or forms of investments (including direct investment in public and private securities and underlying managers) as the Main Fund. As a result of the investment approach of the CIFs and SPEs, the Adviser generally will not manage the asset allocation or liquidity of the CIFs and SPEs, and the CIFs and SPEs will only participate in a limited set of the opportunities offered to the Main Fund. The portfolio of a CIF or SPE will be concentrated in a limited number of investments, increasing the vulnerability of such CIF’s or SPE’s portfolio as compared with a portfolio that is more diversified. Investors should refer to the “Risks of the Funds” and “Risks of the CIFs and SPEs” sections below for further information. Many of the risks described herein as applicable to CIFs also apply to SPEs. Risks of the Funds Investing in securities involves a substantial degree of risk. The Funds may lose all or a substantial portion of their investments and investors in the Funds must be prepared to bear the risk of a complete loss of their investments. The Adviser’s investment approach with respect to the Funds is opportunistic and does not focus on any one investment strategy. For these reasons, the following list of risks generally does not discuss specific risks or other considerations associated with specific types of investments. For additional discussion of the risks applicable to a Fund, please refer to the Governing Documents for such Fund. General Risks Associated with Investments The performance of the Funds’ investments, and therefore the value of the Funds, will be subject to many factors over which the Funds have limited or no control and which involve a high degree of business and financial risk. The possibility of loss of the Funds’ capital, including the complete loss of capital, will exist, and investors should not invest in the Funds unless they can bear the consequences of such loss.

The Funds are subject to few restrictions on the types of investments that they are permitted to make. The Funds’ investments are expected to span a broad range of asset classes, geographies, strategies, and sectors. In addition, the Funds are expected to follow very long-term investment strategies and generally have no set dissolution dates. Identifying and participating in attractive investment opportunities and balancing investments across multiple asset classes, geographies, strategies, and sectors over a time period that is intended to span several decades is difficult. There is no assurance that the Funds’ investments will be profitable. Any return on investment to the investors will depend upon successful investment decisions made on behalf of the Funds by the Adviser. Many investment decisions by the Adviser will be dependent upon the ability of its members and agents to obtain relevant information from multiple sources (including nonpublic sources) and synthesize significant amounts of information relating to the wide range of permissible investments. The Adviser often will be required to make decisions without complete information or in reliance upon information provided by third parties that is impossible or impracticable to verify. The performance of each investment will depend upon many factors beyond the Adviser’s control. For example, the Funds are expected to invest a significant portion of their capital in funds or other pooled investment vehicles managed by persons other than the members of the Adviser. In addition, the Funds hold minority positions in portfolio companies or acquire securities that are subordinated vis-a-vis other securities as to economic, management or other attributes. Underlying funds and portfolio companies may have substantial variations in operating results from period to period, face intense competition and experience failures or substantial declines in value at any stage. General Economic and Market Conditions General economic or market conditions can adversely affect the investments made by the Funds. In addition, increases in interest rates or a downturn or contraction in the economy, in the capital markets, or in certain industries or geographic regions could restrict the availability of suitable investment opportunities for the Funds and/or the opportunity to obtain liquidity from such investments, each of which would prevent the Funds from meeting their investment objectives. A general economic downturn could also result in the diminution or loss of the investments made by the Funds and an increase in the number of withdrawal requests from investors. Force Majeure Risk The Funds and their investments may be affected by force majeure events (i.e., events beyond the control of the party claiming that the event has occurred, including, without limitation, acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, war, terrorism, nationalization of industry and labor strikes). Force majeure events could adversely affect the ability of the Funds, their investments or a counterparty to perform its obligations. The liability and cost arising out of a failure to perform obligations as a result of a force majeure event could be considerable and could be borne by the Funds or their investments. Certain force majeure events, such as war or an outbreak of an infectious disease, could have a broader negative impact on the global or local economy, thereby affecting the Funds. Additionally, a major governmental intervention into an industry, including the nationalization of an industry or the assertion of control, could result in a loss to the Funds if investments are affected, and any compensation provided by the relevant government may not be adequate. Any of the foregoing may therefore adversely affect the performance of the Funds and their investments.

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The Adviser currently provides investment supervisory services to the Funds. Investment advice is provided directly to the Funds and not individually to investors in the Funds. Interests in the Funds are offered pursuant to applicable exemptions from registration under the Securities Act and the 1940 Act. Interests in the Feeder Funds generally are offered to persons that are (i) “accredited investors,” as defined in Regulation D under the Securities Act and (ii) “qualified purchasers” (as defined in the 1940 Act) or are otherwise qualified to invest in a “3(c)(7) fund,” and that meet other qualifications established by the Adviser, and may include, among others, high net worth individuals, pension plans, trusts, estates, charitable organizations, university endowments, corporations, limited partnerships and limited liability companies or other entities. Certain of the Funds are exempt from registration in reliance on Section 3(c)(1) of the 1940 Act and whose investors may not be, at the time of their investment, “qualified purchasers.” Prospective investors should note that the Governing Documents indicate that the Adviser generally requires certain minimum investment amounts for investors in the Funds. These initial investment and/or capital commitment minimums for the Funds are subject to reduction or waiver, and have been reduced or waived, at the Adviser’s sole discretion. The Governing Documents for the CIFs and SPEs contain additional restrictions on amounts that investors are permitted to commit to those vehicles.

The Adviser, or an affiliate of the Adviser, charges Series B Interests of the Main Fund a performance allocation (the “Performance Allocation”). The precise amount of, and the manner and calculation of, the Performance Allocation for Series B Interests of the Main Fund are established by HRTG, and are set forth in the Main Fund’s Governing Documents and may be modified from time to time. HRTG may at any time waive or reduce all or a portion of any Performance Allocation allocable with respect to any investor. The Adviser does not currently charge Series A Interests of the Main Fund any Performance Allocation. In addition, the Adviser, or an affiliate of the Adviser, has charged, and may in the future charge, carried interest with respect to one or more of the CIFs and SPEs. HRTG may at any time waive or reduce all or a portion of any such carried interest allocable with respect to any investor. The precise amount of, and the manner and calculation of, carried interest charged for a CIF or SPE is established by HRTG, and is set forth in the applicable Governing Documents received by each investor prior to investment in a CIF or SPE. The receipt of the Performance Allocation, carried interest or other incentive-based compensation could create a performance-based incentive for the Adviser to cause certain investment opportunities to be allocated to certain Funds in preference to other Funds that may not pay such incentive-based compensation or that pay incentive-based compensation at a lower rate (or a lower effective rate). Please see “Investors Will Experience Different After-Tax Returns” in Item 8 for additional details with respect to certain taxes that will be disregarded for purposes of calculating the Performance Allocation but that will impact returns. To the extent the Adviser charges Series A Interests a performance-based fee, it will be done in a manner that is consistent with the applicable Partnership Agreements. The Funds, to the extent charged by underlying portfolio investments, do, and will in the future, bear their share of any performance-based fee or carried interest paid in connection with such portfolio investments.

Certain members of the Board of Directors of HRTG manage other funds that charge a performance-based fee in which the Funds may invest; however, such persons do not have authority to make investment decisions for the Funds. Please see Item 11 below for additional information relating to how conflicts of interests are generally addressed by the Adviser.

Material Relationships with Related Persons HRTG (together with its subsidiaries, if applicable) serves as the general partner and investment advisor of the Funds. Day-to-day operations of the Funds have been delegated by HRTG to HRTG Management, which has substantial overlaps with HRTG in personnel. For further information about such conflicts and a description of how such conflicts are generally addressed by the Adviser, please see Item 11 below. Board of Directors Certain members of the Board of Directors of HRTG, including independent members, serve as directors, managers or officers or hold equivalent positions at other investment advisers or issuers, including entities in which the Funds hold investments. These members of the Board of Directors do not have controlling influence over the investment decisions of HRTG and are not involved in the day-to-day operations of the Adviser or the Funds. Certain of those investment advisers will compete for the same opportunities as the Funds and have invested, and will invest in the future, in the same opportunities as the Funds. Members of the Board of Directors are invested, either directly or indirectly, in one or more of the Funds and entities in which the Funds hold investments.

The Funds have also invested, and may invest in the future, in investment vehicles or issuers affiliated with a member of the Board of Directors, in which a member of the Board of Directors has invested or of which a member of the Board of Directors is an officer, director or adviser. The Funds’ investments in these vehicles results in investment management and/or performancebased fees paid to such members of the Board of Directors or the affiliates of such members of the Board of Directors, which are, except as provided in Item 5 above, charged to the Funds and can enhance the profitability of the member of the Board of Director’s own investments. This creates a potential conflict of interest, which is mitigated by the fact that such members of the Board of Directors do not have a controlling influence over the investment decisions of HRTG and are not involved in the day-to-day operations of the Adviser or the Funds. Affiliated Advisers As described above, HRTG has delegated responsibility for the day-to-day operations of the Funds to HRTG Management and HRTG KY. HRTG has not, however, delegated to HRTG Management and HRTG KY the authority to make actual investment acquisition and disposition decisions or to select third party managers or investment vehicles with or in whom to invest. HRTG Management and HRTG KY file information regarding their businesses on a single Form ADV with HRTG in reliance on applicable SEC guidance. In addition, one or more Funds has indirectly invested in Pinegrove Adviser LLC, Pinegrove Opportunity Partners LLC and Pinegrove Venture Partners, LLC, each a U.S. registered investment adviser with the SEC. The Funds have invested in investment vehicles and issuers affiliated with, managed by or in which persons who hold ownership or economic interests in the Adviser are officers, advisers, members of the Board of Directors and/or have invested or otherwise have a participation interest. The Funds also from time to time participate in transactions alongside clients of affiliated advisers (directly or through pooling vehicles). Except as otherwise described in this Brochure or agreed among the applicable parties, the Funds’ investments in these vehicles result in investment management and/or performance-based fees paid to such affiliated advisers, which will be charged to the Funds and enhance the profitability of affiliated advisers and related persons. For a description of material conflicts of interest created by the relationship among the Adviser and its affiliated advisers, as well as a description of how such conflicts are generally addressed, please see Item 11 below.

Trading Code of Ethics The Adviser has adopted a written Code of Ethics that is applicable to every officer or member of the Adviser (and every other person occupying a similar status or performing similar functions); every other employee of the Adviser; and every other person (i) who is subject to the Adviser’s supervision and control and (ii) who provides investment advice on behalf of the Adviser. The Code of Ethics, which is designed to comply with Rule 204A-1 under the Advisers Act, establishes guidelines for professional conduct and personal trading procedures, including certain preclearance and reporting obligations. The Adviser reserves the right to refine and modify the Code of Ethics and its other policies and procedures over time. Adviser personnel and their families

and households are permitted to purchase investments for their own accounts, subject to the Code of Ethics. Persons who are subject to the Code of Ethics are required to annually certify compliance with the Code of Ethics and file periodic reports, as required by Rule 204A-1 under the Advisers Act. A copy of the Code of Ethics is available to any client or prospective client upon request by contacting the Chief Compliance Officer of the Adviser at the address provided on the cover of this Brochure. Participation or Interest in Client Transactions Certain members, employees, former employees, affiliates and employees of affiliates of the Adviser invest in and alongside the Funds, either through the Adviser, as direct investors in the Funds or otherwise. The Adviser has reduced and may reduce all or a portion of the Advisory Fee and Performance Allocation related to investments in the Funds by certain of such persons. For further details regarding these arrangements, as well as conflicts of interest presented by them, please see “Conflicts of Interest” immediately below. Conflicts of Interest The Adviser and its principals and related entities engage in a broad range of activities, including investment activities for their own account and for the account of one or more Funds and other investment funds. In the ordinary course of conducting the Adviser’s activities, the interests of one or more Funds will at times conflict with the interests of the other Funds, the Adviser or its or their affiliates. Certain of these conflicts of interest, as well as a description of how the Adviser addresses such conflicts of interest, can be found below. The material conflicts of interest encountered by the Funds include those discussed below, although the discussion below does not necessarily describe all of the conflicts that could be faced by the Funds. Other conflicts are disclosed throughout this Brochure and the Funds’ Governing Documents, each of which should be read in its entirety for other conflicts. Resolution of Conflicts In the case of all conflicts of interest, the Adviser’s determination as to which factors are relevant, and the resolution of such conflicts, will be made using the Adviser’s best judgment, in its sole discretion. In resolving conflicts, the Adviser considers various factors, including the interests of the Funds with respect to the immediate issue and/or with respect to their longer term courses of dealing. Certain procedures for resolving specific conflicts of interest are set forth below. When conflicts arise, the following factors generally mitigate, but will not eliminate, conflicts of interest:

The Adviser will consider the appropriateness of an investment from the viewpoint of the applicable Funds;

Many conflicts of interest will generally be resolved by set procedures, restrictions or other provisions contained in the relevant Governing Documents;

The Adviser has established a Compliance Committee consisting of the Managing Members, the Chief Compliance Officer, the Chief Operating Officer, Chief Information Security Officer, the Chief Financial Officer and the Legal Directors (the “Compliance Committee”). The Compliance Committee will assess new or potential conflicts as deemed

necessary and appropriate and will be authorized to grant waivers, establish new procedures, or amend existing procedures as warranted;

Where the Adviser deems appropriate, unaffiliated third parties will be used to help resolve conflicts;

Under certain of the Partnership Agreements, certain transactions that involve conflicts of interest between the Adviser and the Funds are submitted to the Boards of Directors of the Funds (the “Board of Directors”) for resolution. However, the Board of Directors will not necessarily align with the interests of all the investors and the members of the Board of Directors are themselves subject to various conflicts of interest described in this Item 11 and elsewhere in this Brochure; and

Prior to subscribing for interests in the Funds and as deemed appropriate by the Adviser thereafter, each investor receives information relating to significant potential conflicts of interest arising from the proposed activities of the Funds in the Funds’ Governing Documents, which may be updated from time to time.

In certain instances, conflicts of interest will be resolved in a manner adverse to a Fund and its ability to achieve its investment objectives. While the Adviser endeavors to resolve all conflicts in a fair and impartial manner, there can be no assurance that its own interests will not influence its conduct and decisions. Fund 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. Conflicts with Respect to Related Party Transactions The Funds will make investments in, or otherwise enter into transactions with other issuers, affiliated funds, investment funds or accounts managed or sponsored by the Adviser or its affiliates (including Investment Vehicles), Fund investors or their affiliates and members of the Board of Directors and their affiliates (collectively with the Funds, the “Related Parties”). A Fund’s investment in these vehicles can result in investment management and/or performance-based fees paid to such Related Parties, which are charged to the Fund and can enhance the profitability of the Related Party’s own investments. Conflicts of interest arise in a number of different situations involving transactions with the Related Parties including, but not limited to, (i) when a Fund invests in or co-invests with a Related Party or a Related Party invests in the Funds, (ii) when a Fund invests in an existing investment held by a Related Party, (iii) when a Fund or Related Party invests in different securities issued by the same company, (iv) when a Fund or Related Party invests in the same or different securities issued by the same company on different terms and/or different times, and (v) when a Fund or Related Party enter into an agreement for the purchase or sale of securities. Each such transaction presents its own risks and special considerations. In general, except as otherwise set forth in the Partnership Agreements, the assessment and evaluation of such risks and considerations on behalf of each Fund is the sole responsibility of the Adviser. The Adviser will use its reasonable judgment (taking such factors into consideration as the Adviser, in its sole discretion, deems relevant) when resolving conflicts of interest that arise in connection with transactions with, involving or related to Related Parties. With respect to certain Funds, the Governing Documents require approval of investors in connection with certain transactions between the Fund and Related Parties. Such approval is generally not required where the Adviser takes reasonable steps to establish that the terms of the transaction are arm’s length (which the

Adviser will presume where a Fund sells assets to a Related Party at a price equal to the Fund’s cost, inclusive of expenses, plus interest thereon, within 12 months of acquiring such assets). Funds are expected to, at times invest in conjunction with an investment by one or more Related Parties (including another Investment Vehicle), or in a transaction where a Related Party (including another Investment Vehicle) has already made an investment. Conflicts may arise in connection with such investments. In connection with these and other transactions, Related Parties and their affiliates from time to time receive transaction fees, break-up fees, directors’ fees or other compensation from investments made by the Investment Vehicles and/or Related Parties of the Funds, and the Investment Vehicles will not be entitled to any such compensation and such compensation is not expected to reduce Advisory Fees. Further, investment opportunities are from time to time appropriate for more than one Related Party at the same, different or overlapping levels of an issuer’s capital structure. Conflicts arise in determining the terms of investments, particularly where these Related Parties may invest in different types of securities in a single issuer. In the event that one Related Party has a controlling or significantly influential position in an issuer, including different contractual rights, it may or does have the ability to control the policies and operations, including the appointment of management, future issuances of securities, payment of dividends, incurrence of debt and entering into extraordinary transactions. In addition, a controlling Related Party is likely to have the ability to determine, or influence, the outcome of operational matters and to cause, or prevent, a change in control of such a company. Such management and operational decisions may, at times, be in direct conflict with other Related Parties that have invested in the same issuer and do not have the same level of control or influence over the issuer. If additional capital is necessary as a result of financial or other difficulties, or to finance growth or other opportunities, the Related Parties may or may not provide such additional capital, and, if provided, a Fund will supply such additional capital in such amounts, if any, as determined by the Adviser. In addition, a conflict arises in allocating an investment opportunity if interests in the potential investment target could be acquired by either a Fund or Related Party. In the event one Related Party is unable to fund its share of additional capital (e.g., in the event such Related Party does not have sufficient available capital), the other Related Party (including a Fund) may be obligated to fund more than its share of such amount. In such event, one Related Party will gain greater exposure to such investment than may have been intended and the other Related Party will be diluted in such investment. The returns of a Fund may be negatively impacted as a result of the foregoing. Investments by more than one Related Party in an issuer also raises the risk of using assets of a Fund of the Adviser or its affiliates to support positions taken by other Related Parties. In addition, there may be differences in timing of entry into, or exit from, an issuer for reasons such as differences in strategy, existing portfolio or liquidity needs. Where more than one Related Party invests in the same issuer, there can be no assurance that such parties will dispose of investments at the same time or on the same terms. Investments disposed of at different times will likely be disposed of at different valuations and, as a result, a Fund may realize different returns as compared to the same investment held by another Fund or other Related Party. These variations in timing may be detrimental to a Fund. In certain circumstances, if a Fund and a Related Party is participating in an investment or are contemplating participating in a prospective investment, a Fund may bear more than its pro rata share of expenses relating to such investment or prospective investment if the other Related Party does not have the resources to bear such expenses (including, for instance, as a result of insufficient reserves and/or the inability to call capital to cover such expenses) or is not otherwise permitted to bear such expenses (including, for instance, broken deal expenses).

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Brokerage Policy and Procedures The Adviser is responsible for executing securities transactions on behalf of the Funds and has adopted written policies and procedures designed to ensure that such transactions are effected in accordance with the Adviser’s fiduciary duties. In carrying out these responsibilities, the Adviser seeks to obtain best execution for the Funds, taking into account a range of factors deemed relevant to each transaction in its sole discretion.

Selection of Brokers and Dealers In selecting a broker that will effect portfolio transactions for the Funds, the Adviser seeks best execution and does not have the obligation to seek the lowest available commission cost. The Adviser may consider such factors as the broker’s ability to effect the transactions, the broker’s role in distribution of the securities on behalf of an underlying fund, the broker’s ability to sell securities prior to settlement, the broker’s facilities, reliability and financial responsibility, securities pricing and transaction expenses, execution capability, confidentiality, capital commitment, order and processing responsiveness, the broker’s effectiveness in providing market or industry information, arranging for access to an issuer’s management, investment vehicles or knowledgeable industry sources and the provision or payment of the costs of brokerage or research products or services. If the Adviser determines in good faith that the commissions charged by a broker are reasonable in relation to the value of the brokerage and research products or services provided by such broker, the Funds may pay commissions to such broker in an amount greater than the amount another broker might charge (as further described below in “Research and Soft Dollar Benefits”). In selecting a counterparty and market through which to effect a trade, and in determining whether a transaction represents the best execution, the Adviser considers a range of quantitative and qualitative factors, including but not limited to the following: size and type of transaction; access to liquidity; execution efficiency (including whether the broker is distributing the securities on behalf of an underlying fund); capital utilization; clearance and settlement capabilities; reasonableness of commission rate or spread; financial responsibility; characteristics of the market(s) in which the security may be traded; nature of post-trade settlement, custody and foreign exchange structures; and aggregation of trades. In certain cases where distributions of securities are received from an underlying fund through a particular broker, based on the other factors described in this Item 12, the Adviser may pay higher commissions to use that broker. Research and Other Soft Dollar Benefits To the extent consistent with achieving best execution, the Adviser may consider other business a particular broker or dealer may have done with the Adviser, such as identifying investment opportunities, performing investment banking services and providing other services to the Adviser or its personnel. The Adviser may “pay up” (e.g., pay a higher commission to execute a trade than the lowest available negotiated commission) using a portion of a broker-dealer’s brokerage commission (i.e., soft dollars) for brokerage and research services in accordance with Section 28(e) of the Securities Exchange Act of 1934, as amended. A broker-dealer providing such brokerage and research services may receive a commission that is in excess of the amount of commission another broker-dealer would have received for effecting that transaction provided the Adviser determines in good faith that such commission was reasonable in relation to the value of the research and brokerage services provided by the broker-dealer. Any such research service may be broadly useful and of value to the Adviser in rendering investment advice to all or a significant portion of the Funds, or may be relevant and useful for the management of one or only a few Funds’ accounts, regardless of whether such account or accounts paid commissions to the broker-dealer through which the research service was provided. A conflict of interest exists when a broker-dealer provides such research services, however, as the Adviser will have an incentive to favor such broker-dealer over others that may charge lower commissions.

Aggregation of Trades From time to time, the Adviser will determine that aggregating and allocating trade orders for execution is advantageous in reducing transaction costs and avoiding inequities that can arise when placing orders for publicly traded securities independently. The Adviser will avoid favoring any interest over another. For example, multiple Funds may participate in an aggregated order at the average share price to avoid price inequities that would arise from entering the orders independently. All such Funds share in the execution costs of an aggregated order pro rata based on participation. All Funds included in an aggregated transaction generally participate based on some standard criteria, such as “pro rata” or “per capita.” If an order for more than one Fund for a publicly traded security cannot be fully executed, allocation shall be made based upon the Adviser’s procedures for allocation of investment opportunities, as described in Item 11 above.

For details regarding economic benefits provided to the Adviser, or members of the Adviser, by non-clients, including a description of related material conflicts of interest and how they are addressed, please see Item 11 above. The Adviser has not entered into arrangements to compensate third parties that are not its supervised persons for investor referrals.

Oversight and Monitoring HRTG generally oversees the Funds, though responsibility for the day-to-day operations of the Funds has been delegated by HRTG to HRTG Management. The portfolio investments of the Funds are primarily reviewed by a team of investment professionals, which currently includes Keith Johnson, Managing Member, Founding Partner and Chief Executive Officer, and Kevin A. Kelly, Managing Member, Partner and Chief Investment Officer. Each Fund’s asset allocations, performance and operations (including level of risk) of portfolio investments are actively monitored throughout the year. Formal reviews of portfolio investments (which may be conducted on specified components of the portfolio, rather than the portfolio as a whole) for, among other things, continued consistency with the Funds’ investment strategies as described in Item 4, are generally conducted annually. Reporting Investors in the Funds typically receive, among other things, copies of audited financial statements of the Funds within 180 days of the fiscal year end of the Funds. HRTG Management and HRTG may from time to time, in their sole discretion, provide additional information relating to the Funds to one or more investors in the Funds as they deem appropriate.

HRTG’s general practice is not to have physical custody of client assets. However, the Adviser and its affiliates are deemed to have custody of funds and securities of the Funds because of the authority to obtain funds or securities of the Funds, for example, by deducting Advisory Fees from

a Fund’s account or otherwise withdrawing funds from a Fund’s account. All the Funds’ assets are generally held with one or more “qualified custodians” as required by Rule 206(4)-2 under the Advisers Act (the “Custody Rule”) that are unaffiliated with the Adviser. The Funds’ qualified custodian is not required to send account statements directly to the Adviser’s clients under the Custody Rule.

Investment advice is provided directly to the Funds and not individually to the investors in the Funds. Services are provided to the Funds in accordance with their Governing Documents. Investment restrictions for the Funds, if any, are generally established in the Governing Documents, and individual investors in the Funds do not have the ability to impose limitations on the Adviser’s investment authority. As explained in Item 4 above, each Fund’s investment strategy is detailed in the Fund’s Governing Documents. Prospective investors are encouraged to review the Governing Documents in their entirety and to ensure that the proposed investment is consistent with their investment goals, liquidity requirements and tolerance for risk. Investors must execute a subscription agreement and governing documents in connection with their investment in the Funds, each of which grants the Adviser a special power of attorney with respect to actions described in the Funds’ Governing Documents.

The Funds pursue both direct investments in publicly traded securities, securities of operating companies and investments in interests in other privately-offered investment funds. The investment advisers to such underlying funds will generally vote any proxies received by such funds in their own discretion. As a result, with respect to investments made through underlying funds, the Adviser has found that it infrequently has occasion to vote proxies on behalf of the Funds in connection with ownership of publicly traded securities. Where the power to vote in person or by proxy has been delegated, directly or indirectly, to the Adviser, however, the Adviser has the fiduciary obligation to (a) vote in a manner that is in the best interests of the applicable Fund, and (b) properly deal with potential conflicts of interest arising from proxy proposals. The Adviser will vote proxies related to securities held by a Fund to the extent and in a manner that in its reasonable judgment is in the best interest of such Fund. To properly deal with potential conflicts of interest, the Adviser generally will consider only those factors that relate to a Fund’s investment or that are dictated by a Fund’s written instructions, including how its vote will economically impact (short-term and long-term) and otherwise affect the value of a Fund’s investment (keeping in mind that, after conducting an appropriate cost-benefit analysis, not voting at all on a presented proposal may be in the best interest of the applicable Fund). Where a Fund directly holds voting securities of an operating company and has the power to vote in person or by proxy, the Adviser generally expects to vote on a case-by-case basis in a manner it believes will maximize a Fund’s value on its investment. There are many complexities to proxy voting, but, generally, proxy votes will be cast in favor of proposals that (i) maintain or strengthen the shared interests of shareholders and management and (ii) increase shareholder value.

Proxy votes generally will be cast against proposals having the opposite effect of those items listed above, particularly where the Adviser believes that a proposal will have a dilutive effect on the value of the underlying security. In voting proxies, the Adviser and its employees will vote (or not vote) in a prudent and timely fashion and only after evaluating the issue(s) presented on the ballot. The guidelines are not binding or exhaustive and do not include all potential voting issues. Because proxy issues and the circumstances of individual companies are so varied, there may be instances when the Adviser may not vote at all on a presented proposal or will not vote in strict adherence to these guidelines. In exercising its voting discretion, the Adviser and its employees will seek to avoid any direct or indirect conflicts of interest raised by such voting decision. A Fund generally cannot direct the Adviser’s vote. Copies of relevant proxy logs, identifying how proxies were voted in connection with the Funds and copies of proxy voting policies are available to any client or prospective client upon written request to the address listed on the cover page of this Brochure. Item 18. Financial Information

Item 19. Requirements for State-Registered Advisers