Broadcrest Asset Management, LLC: investment adviser

Each Fund's investment objectives and limitations are described in the respective Fund's confidential private placement memorandum (the "PPM"), which is provided to each prospective Fund investor prior to their investment. As of December 31, 2025, Broadcrest had $415,493,095 in assets under management, all on a discretionary basis.

Those fees are separate and distinct from the fees and expenses charged by Broadcrest. Neither Broadcrest nor its supervised persons accept any compensation for the sale of investment products, including asset-based sales charges. The Firm reserves the right to amend the foregoing expense procedures in its sole discretion.

Broadcrest evaluates a broad array of opportunities utilizing industry specialists, business owners and other sources. The intrinsic value of each potential investment is evaluated fundamentally on an absolute basis. The analysis includes examination of a company’s on- and off-balance sheet assets and liabilities, its management team, strategic direction, and competitive position. Particular emphasis is placed on a company’s ability to generate cash, deployment of cash and the existence of any substantial, unrecognized assets. Broadcrest generally will conduct its own research and may conduct in-person visits with management. The independent analysis may be supplemented by other sources of research and analysis; however, Broadcrest may place greater weight upon its own research and judgment, as compared to that provided by third parties. The Fund may use a broad range of investment techniques to generate profit and to control risk, as more fully described in the respective PPM’s. There can be no assurance that a Fund’s investment objectives will be achieved or that the Funds will be profitable, and investment results may vary substantially over time. A Fund may lose all or a substantial portion of its investments, and investors in the Funds must be prepared to bear the risk of a complete loss of their investments. The purchase of partnership interest involves significant risks and other important factors relating to investments in limited partnerships generally, and relating to the structure and investment objective, approach and strategies of the Fund in particular. The following is an explanation of the material risks that Broadcrest believes are associated with its investment strategy. Unless otherwise stated, each risk applies to all of the Funds. Further discussion of these and other risks associated with an investment in each Fund are set forth in the applicable Fund’s PPM or other offering documents. The following risk factors do not purport to be a complete list or explanation of all the risks associated with an investment in one or more of the Funds. Equity Markets and Stock Price Volatility U.S. and foreign equities markets have experienced tumultuous times in the past reflected in highly volatile market prices for listed securities. Certain factors often have a significant impact on the market price of securities owned by a fund, and, consequently, may adversely affect a fund’s portfolio, such as general economic data, interest and currency rate fluctuations, announcements of technological innovations, developments in patent or other proprietary rights, public concern or perception of issues relating to the safety of products developed by a company, announcements of collaborative partners, issues relating to government regulation, loss or gain of key employees in research and/or operations, fluctuations in companies’ operating results, future sales of common stock, analysts’ comments, including changes in recommendations, and general market conditions. The Funds invest in securities which may be more volatile and carry more risk than some other forms of investment. Security prices in general can decline over short or even extended periods of time and such declines can be significant. Illiquid Portfolio Investments; Lack of Current Distributions An investment in the Funds should be viewed as illiquid. It is uncertain as to when profits, if any, will be realized. Losses on unsuccessful investments may be realized before gains on successful investments are realized. For private holdings, the return of capital and the realization of gains, if any, generally will occur only upon the partial or complete disposition of a portfolio company or an investment in a portfolio company. While such a disposition may occur at any time, it is generally expected that they will not occur for a number of years after the initial investment and there is no guarantee that such a disposition can be made during the term of the Fund.

General Economic and Market Conditions A Fund’s performance is affected by general economic and market conditions and factors that impact a Fund’s investments, such as interest or currency rates, availability of credit, inflation rates, real or perceived adverse economic conditions, economic uncertainty, changes in laws, and national, and international political developments. These factors affect the level and volatility of securities prices and the liquidity of a Fund’s investments. Fluctuations may be temporary or may last for extended periods. Unexpected volatility or illiquidity could impair a Fund’s profitability or result in losses. Reliance on General Partner Investors are relying on the good faith, experience and expertise of the Firm and parties with which Broadcrest may contract. The professional services provided by the Firm are not exclusive to a Fund. A Fund’s investment performance could also be materially adversely affected if a key member of the Firm portfolio management team was to die, become ill or disabled, or otherwise cease to be involved in the active management of a Fund’s portfolio. Business Legal, Tax and Other Regulatory Risks Legal, tax, and regulatory changes, as well as judicial decisions, could adversely affect a Fund, the Firm and/or the investment strategies used to implement a Fund's trading program. The regulatory environment for private investment funds continues to evolve, and changes in the regulation of private investment funds can adversely affect the value of a Fund's investments and the ability of a Fund to implement its investment strategy. The financial services industry generally, and the activities of private investment funds and their investment advisers, in particular, have been the subject of increasing legislative and regulatory scrutiny. Such scrutiny increases legal, compliance, administrative, and other related burdens and costs as well as regulatory oversight or involvement in a Fund and/or the Firm or result in ambiguity or conflict among legal or regulatory schemes applicable to a Fund or the Firm. Securities and futures markets are subject to extensive statutes, regulations and margin requirements. Alternative rules or legislation regulating a Fund, or the Firm may be adopted, and the possible scope of any rules or legislation is unknown. There can be no assurances that a Fund or the Firm will not in the future be subject to regulatory review or discipline. The effects of any regulatory changes or developments on a Fund may affect the manner in which it is managed. Concentration of Holdings The Firm expects Fund portfolios to be relatively concentrated and not diversified among a larger number of issuers and industry sectors because the Fund's portfolio will focus on relatively few investments. As a result, a Fund’s investment portfolio could become concentrated in a small number of industries, geographic markets or issuers and its aggregate return may be volatile and may be affected substantially by the performance of only a few holdings. As a result of such concentration, the portfolio may exhibit more volatility or risk of loss than a portfolio with broader diversification. Investments may be Illiquid Certain investment positions in which a Fund has an interest may be illiquid. A Fund may invest in restricted or non-publicly traded securities and securities traded on non-U.S. exchanges. This could prevent a Fund from promptly liquidating unfavorable positions and subject a Fund to substantial losses. The valuation of illiquid investments is complex and uncertain, and there can be no assurance that a Fund’s valuation will accurately reflect the value that will be realized upon the eventual disposition of such investment. Such investments could impair a Fund’s ability to distribute withdrawal proceeds in a timely manner. At the discretion of the Firm, payment to a Limited Partner of that portion of withdrawal proceeds attributable to Special Investments may be delayed until such Special Investments are liquidated or deemed realized.

Leverage While the use of borrowed funds can improve the return on invested capital, such use also may increase significantly the adverse impact to which a Fund’s investment portfolio may be subject. Money borrowed for leveraging will be subject to interest costs or other costs incurred in connection with such borrowing, which may or may not be recovered by the return on the securities purchased with borrowed funds. Borrowing and the use of leverage create an opportunity for greater appreciation, but also for greater loss, in the value of a Fund’s assets. They also increase the volatility of the value of a Fund’s assets by magnifying both increases and declines in the value of such assets. Significant Positions Portfolio companies in which a Fund may invest could have a relatively small aggregate number of outstanding shares. In addition, an affiliate, or managing member of the Firm may serve on the board of directors of one or more portfolio companies. As a result, the Firm could become an insider and have access to material nonpublic information affecting the portfolio company, which may preclude a Fund from selling its position (or acquiring additional shares) at any time when the Firm otherwise believes it would be appropriate to do so. Short Sales The investment strategies employed by the Firm will involve making short sales of securities. In a short sale, the seller sells a security (or other instrument) that it does not own – typically it is borrowed from a broker-dealer. Because the seller remains liable to return the underlying investment instrument it has borrowed, the seller must purchase the borrowed investment instrument prior to the date on which delivery to the broker-dealer is required. Thus, a short sale of a security involves the risk of a theoretically unlimited increase in the market price of the security that could result in an inability to cover the short position or theoretically unlimited loss. There can be no assurance the investment instruments necessary to cover a short position will be available for purchase. As a result of the foregoing, short sales can, in certain circumstances, substantially increase the impact of adverse price movements on a Fund’s investments. Mandatory Withdrawal or Exit Under certain circumstances and upon written notice, the Firm may require a Limited Partner to withdraw a portion of funds from their Capital Account or to withdraw all such funds and exit a Fund. Such mandatory withdrawal or exit may create adverse tax and/or economic consequences to the Limited Partner depending on the timing thereof. Effect of Substantial Withdrawals Substantial withdrawals by Limited Partners within a short period of time could require a Fund to liquidate securities positions more rapidly than would otherwise be desirable, possibly reducing the value of a Fund’s assets and/or disrupting a Fund’s investment strategy. Reduction in the size of a Fund could make it more difficult to generate a positive return or to recoup losses due to, among other things, reductions in a Fund’s ability to take advantage of particular investment opportunities or decreases in the ratio of its income to its expenses. Tax Considerations Each prospective Limited Partner is urged to consult your own counsel and advisers regarding the tax consequences of acquiring, holding and disposing of an Interest.

Broadcrest associates take active roles in portfolio companies and, as such, have been elected or appointed to sit on the boards of portfolio companies. In some instances, those associates may receive directors' fees individually. A current list of board seats held by Broadcrest associates is available upon request.

Associates of Broadcrest are required to pre-clear all personal trades in IPOs, private placements and securities held by clients of Broadcrest. Under the Code of Ethics certain classes of securities have been designated as exempt transactions, based upon a determination that these would materially not interfere with the best interest of Fund investors. The Code of Ethics requires pre-clearance of many transactions and restricts trading in close proximity to client trading activity. Because the Code of Ethics in some circumstances would permit employees to invest in the same securities as a Fund, there is a possibility that employees might benefit from market activity by a Fund in a security held by an employee. Employee trading is continually monitored under the Code of Ethics, which is designed to reasonably prevent conflicts of interest between Broadcrest and its clients. Broadcrest’s clients or prospective investors can request a copy of the Code of Ethics

Broadcrest’s primary responsibility regarding Fund transactions is to seek the best combination of price and quality of execution under the circumstances at the time of execution, based on the factors Broadcrest considers when selecting brokers to place clients’ order for execution, commonly referred to as “best execution.” When placing orders with sell-side brokers for executing transactions, Broadcrest considers all factors it deems relevant to best execution, including breadth of the market in the security, price of the security, financial condition and execution capability of the broker or dealer, confidentiality, speed of execution, ability to commit capital, brokerage research and other services and reasonableness of the commission.

In selecting brokers or dealers to execute Fund transactions and evaluating the best net price and execution available, Broadcrest receives proprietary research in the form of specific reports on securities covered by the broker and other information. Where more than one broker is believed to be capable of providing the best combination of price and execution, Broadcrest can select a broker that provides research reports and other products or services (“soft dollar benefits”) such as trading software, market forecasts, news services, subscriptions to financial publications, compilations of security prices, earnings, dividends and similar data, which provides lawful and appropriate assistance to Broadcrest in its investment evaluation and decision process on behalf of all clients. When using brokerage commissions to obtain research or other products or services, Broadcrest receives a benefit because it does not have to produce or pay for the research, products or services. Broadcrest has an incentive to select a broker-dealer based on its interest in receiving the research, rather than its clients’ interest in receiving most favorable execution. Broadcrest may cause clients to pay commissions (or markups or markdowns) higher than those charged by other broker-dealers in return for soft dollar benefits, as outlined above, and in seeking best execution in high touch orders. Broadcrest conducts periodic reviews of its broker relationship to assess the reasonableness of the cost and quality of products and services provided by the broker in relation to the value of such products and services. Broadcrest evaluates the quality, ease of use, comprehensiveness and accessibility provided by the prime broker’s trading software, fund accounting platform, portfolio management software (including data for tracking tax lots), and software for tracking Fund performance.

To the extent such funds hold publicly traded securities, the Funds will maintain brokerage accounts at a registered broker-dealer in each Fund’s name.