Fund Solutions
Tailored Solutions for End of Fund Life Situations
Our Fund Solutions practice provides advisory and discretionary asset management
services to assist general partners and investment managers manage end of fund life
challenges in a manner that rationalises cost structures, provides additional runway fordivestments and seeks to maximise investor value.

How We Can Help
High-Cost Structures
The cost of maintaining the existing
fund structure at the end of its life isoften prohibitive.

Kroll acts as Voluntary Liquidator or Liquidating Trustee towind down end of life funds, generally reducing operating
costs by removing audit requirements, regulatory andother administrative fees in certain circumstances

Need for Additional Runway
The investment thesis has taken longer
to implement and there is further value
to be created.

Kroll assists in seeking to extend the fund life, manage
divestment strategies, conduct portfolio sales andimplement secondary market sales.

Asset Underperformance
Assets may be underperforming andrequire restructuring to improve value.

Kroll provides hands-on operational and financial
restructuring support with the goal of improving asset
values and preparing those assets for sale.

Redemption Pressure
Investors seeking to redeem are puttingpressure on expediated/fire sale of assets.

Engaging Kroll to manage the fund at the end of its life
alleviates redemption pressure and aims to provide
protection to investment managers.

Proactive management of end of fund life issues can help to protect a manager’s reputation and can improve
the prospects of future fund-raising activities. The end of fund life often presents a timely opportunity to realignpriorities and incentives. Engaging independent and experienced professionals such as Kroll to manage thewind down of a fund provides an opportunity to reset incentives for managers, align priorities and establishes
a flexible platform to divest the remaining assets of a fund in a cost efficient manner.

Our Services
Through a dedicated asset management platform, Kroll manages assets held for third parties in pooled
investment vehicles. These asset management platforms are registered with the U.S. Securities and Exchange
Commission (SEC), the Cayman Islands Monetary Authority and the Financial Services Commission ofMauritius.*

Solvent Wind Downs and Liquidating Trusts
Solvent wind down or liquidating trust of funds that are nearing the end of their life, including:• Extending the fund’s life to allow for the divestment over a suitable period of time
• Rationalisation of cost structures and consolidation of service providers to Kroll• Implementing realisation strategies for substantial underlying investments• Completion of all statutory and regulatory requirements to close the fund
• Distribution of final assets/realisations to investors
The remaining fund assets are held under a new structure that provides runway for them to be realised
over a reasonable period of time in order to seek to maximise value for investors while investment managers
act in an advisory capacity overseeing the wind down of the fund.

Fund Management
Advisory and discretionary asset management services for illiquid or distressed investments, including:• Acting as sub-manager or advisor• Restructuring single investments• Licensed to act as investment manager*• Managing portfolio realisations• Developing and implementing
divestment strategies• Secondary market transactions• Realignment of incentives withinvestment managers and investors• Valuations• Transaction opinions

RestructuringOperational and financial restructuring of portfolio companies, including:• Acting as Independent Financial Advisor,
Chief Restructuring Officer, Director,Monitoring Accountant, Legal Representativeor Liquidator to improve control over financeand reporting functions• Cash and working capital management• Capital raising and injections• Streamlining organisation and overhead costs• Debt advisory services• Sale of businesses and assets• Monitoring investments*We are registered with the SEC as a Registered Investment Advisor for U.S. based entities, the Cayman Islands Monetary Authority as a registered person
under the Securities and Investment Business Law (2019 Revision), the Financial Services Commission of Mauritius.

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Credentials
Gottex GroupEFA Dynamic Trade Finance Fund,EFA Dynamic Fund II,​LH Asian Trade Finance FundWhite OakFund Wind Down

Fund Wind Down
Fund Wind Down
Investments in Fund: 8Industries: Natural Resources,
Fund of Funds, Finance
AUM: USD 163 million
Regions: Cayman Islands, British
Virgin Islands, South America

Scipion African
Opportunities Fund

Investments in Fund: 7Industries: Commercial, RealEstate, Agriculture
AUM: USD 35 million
Regions: Asia, Africa,
Latin America, Eastern Europe

LyonRoss

Fund Wind Down
Fund Wind Down
Investments in Fund: 11Industries: Food and Agriculture,Metals and Mining, Financial
AUM: USD 25 million
Regions: Cayman Islands,UK Europe, Africa

India Agri Business Fund

Replacement General Partner |Investment Manager
Investments in Fund: 6
Industries: Food and Agribusiness
AUM: USD 150 million
Regions: Mauritius, India

Investments in Fund: 5Industries: Oil and Gas,
Steel Manufacturing
AUM: USD 86 million
Regions: Cayman Islands, U.S.

Flagship Funds

Replacement General Partner |Investment ManagerInvestments in Fund: 9Industries: Fund of Fund
Investments, Loan Origination,
Arbitration Claim
AUM: USD 60 million
Regions: Cayman Islands, U.S.

Investments in Fund: 7Industries: Medical Technology,
Aquaculture, Fintech, Water Bottling
AUM: USD 100 million
Regions: Cayman Islands, Singapore,
People’s Republic of China

Asia Strategic Capital FundARC Capital

Replacement Manager
Investments in Fund: 4Industries: Industrials
AUM: USD 100 million
Regions: Cayman Islands, Asia
Pacific, Australia, India

Replacement Manager
Investments in Fund: 6Industries: Pharmaceutical,Education, RetailAUM: USD 186 million
Regions: People’s Republic of China

Disclaimer: The use of display of other parties’ trade names, trademarks or service marks is solely for illustrative purposes and is not intended to imply asendorsement or sponsorship by such entities. The inclusion of the engagements on this page does not imply any particular outcome of Kroll’s services.

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Our Team
Cosimo Borrelli
Managing Director
Hong Kong+852 9492 6393
cosimo.borrelli@kroll.com

Jason Kardachi
Managing Director
Singapore+65 9101 2123
jason.kardachi@kroll.com

Mitchell MansfieldManaging Director
Cayman Islands+1 345 323 3278
mitchell.mansfield@kroll.com

Disclaimer: All information provided in and through these materials is provided “as is”, with no guarantee of completeness, accuracy, and timeliness, or of theresults obtained from the use of this information. Each prospective client should consult its own legal, financial, accounting, tax and other advisors as to theadvisability of engaging Kroll to provide the services described in these materials. Any “case studies” or specific engagements described herein are provided
for informational purposes only and are not intended as, and should not be construed as, representative of Kroll’s typical engagements (or as implying thatany particular outcomes were obtained in such cases or engagements).
Prospective clients should bear in mind that past or projected performance is not necessarily indicative of future results, and there can be no assurances that
Kroll, in providing the services described in these materials, will be able to implement its investment strategy or approach, achieve certain results or avoid
losses. The information provided herein does not constitute investment advice and does not take into account the particular investment objectives orfinancial circumstances of any specific person who may receive it. Additional information is available upon request.

About KrollAs the leading independent provider of risk and financial advisory solutions, Kroll leverages our unique insights, data and technology to help clients stay ahead of complex
demands. Kroll’s global team continues the firm’s nearly 100-year history of trusted expertise spanning risk, governance, transactions and valuation. Our advanced solutions
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M&A advisory, capital raising and secondary market advisory services in the United States are provided by Kroll Securities, LLC (member FINRA/SIPC). M&A advisory,
capital raising and secondary market advisory services in the United Kingdom are provided by Kroll Securities Ltd., which is authorized and regulated by the Financial
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