# EDGAR Filing Document

**Accession Number:** 0002102111
**File Stem:** 0001213900-26-044539
**Filing Date:** 2026-4
**Character Count:** 461633
**Document Hash:** cca1e0e41b3b69e0619d7fe6ec33d6d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-044539.hdr.sgml**: 20260416

**ACCESSION NUMBER**: 0001213900-26-044539

**CONFORMED SUBMISSION TYPE**: POS AMI

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260416

**DATE AS OF CHANGE**: 20260416

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Constitution Capital Evergreen Partnership Fund, LLC
- **CENTRAL INDEX KEY:** 0002102111

**ORGANIZATION NAME:**
- **EIN:** 412902492
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** POS AMI
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24154
- **FILM NUMBER:** 26866934

**BUSINESS ADDRESS:**
- **STREET 1:** 300 BRICKSTONE SQUARE
- **STREET 2:** SUITE 700
- **CITY:** ANDOVER
- **STATE:** MA
- **ZIP:** 01810
- **BUSINESS PHONE:** 978-749-9600

**MAIL ADDRESS:**
- **STREET 1:** 300 BRICKSTONE SQUARE
- **STREET 2:** SUITE 700
- **CITY:** ANDOVER
- **STATE:** MA
- **ZIP:** 01810

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Constitution Capital Horizon Fund, LLC
- **DATE OF NAME CHANGE:** 20251218

As filed with the Securities and Exchange Commission on April 16, 2026

1940 Act File No. 811-24154

**SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**FORM N-2**

**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ☒**

 **Amendment No. 1**

**Constitution Capital Evergreen Partnership Fund, LLC**

(Exact Name of Registrant as Specified in Charter)

c/o UMB Fund Services, Inc.<br> 235 West Galena Street<br> Milwaukee, WI 53212<br> (Address of Principal Executive Offices)

414-299-2270<br> (Registrant's Telephone Number)

Ann Maurer<br> 235 West Galena Street<br> Milwaukee, WI 53212<br> (Name and Address of Agent for Service)

Copy to:

Joshua B. Deringer, Esq.<br> Faegre Drinker Biddle & Reath LLP<br> One Logan Square, Ste. 2000<br> Philadelphia, PA 19103-6996<br> 215-988-2700

and

Joshua M. Lindauer, Esq.<br> Faegre Drinker Biddle & Reath LLP<br> 1177 Avenue of the Americas, 41<sup>st</sup> Floor<br> New York NY 10036<br> 212-248-3140

☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities and Exchange Act of 1934).

☐ If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

☒ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

This Registration Statement on Form N-2 has been filed by the Registrant pursuant to Section 8(b) of the Investment Company Act of 1940, as amended (the "1940 Act"). However, units of beneficial interest ("Units") of the Registrant are not being registered under the Securities Act of 1933, as amended (the "Securities Act") because such Units will be issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act. Investments in the Registrant may only be made by natural persons or entities that are "accredited investors" within the meaning of Regulation D under the Securities Act and "qualified clients" within the meaning of Rule 205-3 under the Investment Advisers Act of 1940.

**Constitution Capital Evergreen Partnership Fund, LLC**

**<br> CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM** 

**LIMITED LIABILITY COMPANY UNITS** 

Constitution Capital Evergreen Partnership Fund, LLC (the "Fund") is a newly organized Delaware limited liability company registered under the Investment Company Act of 1940, as amended, as a non-diversified closed-end management investment company. Constitution Capital Horizon Advisor, LP serves as the investment adviser ("Adviser") of the Fund. The Adviser is an investment adviser registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended. The Fund intends to operate and be treated as a partnership for U.S. federal income tax purposes.

The Fund's investment objective is to generate long-term capital appreciation. The Fund seeks its investment objective by investing in a broad portfolio of high-quality investments in private assets that the Adviser believes provide attractive risk-adjusted return potential. Private asset investments include Secondary Investments in Portfolio Funds, and Primary Investments, each as defined below (collectively, "Private Assets"). The Fund's investments include (i) secondary purchases (i.e. purchases of existing interests that are acquired on the private secondary market) ("Secondary Investments") of closed-end private funds, which are funds relying on the exclusions under Section 3(c)(1) or 3(c)(7) of the 1940 Act, ("Portfolio Funds") managed by third-party managers ("Portfolio Fund Managers") (ii) primary investments (i.e. commitments to new private equity or other private funds) in Portfolio Funds which are sourced and diligence by the Adviser (See "Due diligence and selection of investments" beginning on page 15 of this Memorandum) ("Primary Investments"); (iii) other liquid investments, such as investments in publicly listed companies that pursue the business of private equity investing, including private equity investments that are publicly traded, listed funds of funds, alternative asset managers, holding companies, investment trusts, closed-end funds, financial institutions and other vehicles whose primary purpose is to invest in privately held companies ("Other Liquid Investments"); and (iv) short-term investments, which generally are cash equivalents that represent investments in high quality money market instruments and/or money market mutual funds (together, "Short-term Investments"). The Fund seeks to provide exposure to a broad set of managers, strategies and transaction types across multiple sectors, geographies, and vintage years (i.e., the year in which the Portfolio Fund begins investing). The Fund cannot guarantee that its investment objective will be achieved or that the Fund's portfolio design and risk monitoring strategies will be successful. Investing in the Fund involves a high degree of risk. **See *"General risks," "Investment related risks," "Business and structure related risks," "Management related risks," "Risks of investing in Private Assets," "Special risks pertaining to investments in Portfolio Funds," and "Limits of risk disclosure"*.**

This Private Placement Memorandum (the "Memorandum") applies to offerings of units of beneficial interest (the "Units") in the Fund. The initial closing date for subscriptions of the Units currently is anticipated to occur during the first half of 2026 but may occur on such later date as the Adviser may determine in its sole discretion (the "Initial Closing"). The Units will be issued at their current net asset value per Unit, generally as of the first day of each calendar month. No holder of Units (each a "Member") will have the right to require the Fund to redeem its Units. Investments in the Fund may be made only by "Eligible Investors" as defined herein. See "Eligible Investors."

If you purchase Units of the Fund, you will become bound by the terms and conditions of the Limited Liability Company Agreement of the Fund (the "LLC Agreement").

Units are speculative and illiquid securities involving substantial risk of loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The Fund does not intend to list the Units on any securities exchange and the Fund does not expect a secondary market in the Units to develop. An investment in the Fund may not be suitable for investors who may need the money they invest in a specified timeframe.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Units are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the LLC Agreement**. **Although the Fund may offer to repurchase Units from time to time, Units will not be redeemable at a Member's option nor will they be exchangeable for shares of any other fund. As a result, an investor may not be able to sell or otherwise liquidate his or her Units.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **The Adviser anticipates recommending that, under normal market circumstances, the Fund conduct repurchase offers of no more than 5% of the Fund's net assets each quarter.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Units are appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment and for whom an investment in the Fund does not constitute a complete investment program.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **The Fund's Units have no history of public trading.** 

This Memorandum concisely provides information that you should know about the Fund before investing and you should retain it for future reference. Additional information about the Fund, including the Fund's statement of additional information (the "SAI"), dated January 9, 2026, has been filed with the Securities and Exchange Commission (the "SEC"). You can request a copy of this Memorandum, the SAI and the Fund's annual and semi-annual reports, when available, without charge by writing to the Fund, c/o Ultimus Fund Solutions, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246-0707, or by calling 855-551-2276. The SAI is incorporated by reference into this Memorandum in its entirety. The SAI and other information about the Fund is available on the SEC's website (*http://www.sec.gov*). The address of the SEC's internet site is provided solely for the information of prospective investors and is not intended to be an active link.

You should not construe the contents of this Memorandum as legal, tax or financial advice. You should consult with your own professional advisors as to legal, tax, financial, or other matters relevant to the suitability of an investment in the Fund. You should rely only on the information contained in this Memorandum and the SAI. The Fund has not authorized anyone to provide you with different information. You should not assume that the information provided by this Memorandum is accurate as of any date other than the date shown below. **Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this Memorandum is truthful or complete. Any representation to the contrary is a criminal offense.**

This Memorandum is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

The Fund's Units have not been and will not be registered with the SEC under the Securities Act of 1933, as amended (the "1933 Act"), and are being offered and sold in privately placed transactions in reliance on an exemption from Registration under Section 4(a)(2) of the 1933 Act and Rule 506 of Regulation D promulgated thereunder.

**The Fund's Units do not represent a deposit or an obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.** 

The date of this Memorandum is April 16, 2026.

**Table of Contents**

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|  | **Page** |
| [Summary of terms and conditions](#pro_001) | 1 |
| [Summary of fund expenses](#pro_002) | 9 |
| [Use of proceeds](#pro_003) | 11 |
| [Investment objective and strategies](#pro_004) | 11 |
| [Private equity market overview](#pro_005) | 13 |
| [Investment process overview](#pro_006) | 14 |
| [Due diligence and selection of investments](#pro_007) | 15 |
| [Investment policies](#pro_008) | 16 |
| [General risks](#pro_009) | 17 |
| [Business and structure related risks](#pro_010) | 22 |
| [Management related risks](#pro_011) | 24 |
| [Investment related risks](#pro_012) | 25 |
| [Risks of Investing in Private Assets](#pro_013) | 33 |
| [Special risks pertaining to investments in Portfolio Funds](#pro_014) | 35 |
| [Risks specific to secondary investments](#pro_015) | 39 |
| [Limits of risk disclosure](#pro_016) | 39 |
| [Management of the Fund](#pro_017) | 40 |
| [Investment Management Fee](#pro_018) | 42 |
| [<u>Placement agent</u>](#pro_019) | 44 |
| [Administration](#pro_020) | 45 |
| [Custodian](#pro_021) | 46 |
| [Fund expenses](#pro_022) | 46 |
| [Voting](#pro_023) | 47 |
| [Conflicts of interest](#pro_024) | 48 |
| [Outstanding securities](#pro_025) | 49 |
| [Repurchases of Units](#pro_026) | 49 |
| [Transfers of Units](#pro_027) | 50 |
| [Calculation of net asset value; valuation](#pro_028) | 51 |
| [Certain U.S. federal income tax considerations](#pro_029) | 52 |
| [ERISA considerations](#pro_030) | 60 |
| [Eligible investors](#pro_031) | 61 |
| [Additional information](#pro_032) | 62 |
| [Summary of the LLC Agreement](#pro_033) | 63 |
| [Reports to Members](#pro_034) | 64 |
| [Fiscal year](#pro_035) | 65 |
| [Independent registered public accounting firm; legal counsel](#pro_036) | 65 |
| [Inquiries](#pro_037) | 65 |
| [APPENDIX A – PRIOR PERFORMANCE OF SIMILAR ACCOUNTS](#pro_038) | A-1 |

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i

**Summary of terms and conditions**

This is only a summary and does not contain all of the information that you should consider before investing in the Fund. Before investing in the Fund, you should carefully read the more detailed information appearing elsewhere in this Memorandum, the SAI and the LLC Agreement.

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| **The Fund** | The Constitution Capital Evergreen Partnership Fund, LLC (the "Fund") is a Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the "Investment Company Act") as a non-diversified closed-end management investment company. The Fund was organized as a Delaware limited liability company on November 24, 2025. |
|  | **The Fund is an appropriate investment only for those investors who can tolerate a high degree of risk and do not require a liquid investment.** |
| **Investment objective and strategies** | The Fund's investment objective is to generate long-term capital appreciation. The Fund seeks its investment objective by investing in a broad portfolio of high-quality investments in private assets that the Adviser believes provide attractive risk-adjusted return potential. Private asset investments include Secondary Investments in Portfolio Funds and Primary Investments, each as defined below (collectively, "Private Assets"). The Fund defines "high-quality investments" as investments that reflect the Fund's target underlying investment attributes, including but not limited to, (i) well-established leaders/investment teams, (ii) organizational depth, (iii) sector-focused managers or managers with defined specialties, (iv) industries or sub-industries with secular tailwinds, (v) diversified portfolios (vi) demonstrated value creation and operating capabilities, and (vii) demonstrated track record of investment success. High-quality investments relate to the investment universe of companies that the Adviser deems to be of high-quality and not the credit rating of the Fund's investments. These target underlying investment attributes, in addition to strategy- and security-specific considerations, inform how the Adviser approaches its assessment of investments in Private Assets. |

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| The Fund's investments (together "Fund Investments") include (i) secondary purchases (i.e. purchases of existing interests that are acquired on the private secondary market) ("Secondary Investments") of closed-end private funds, which are funds relying on the exclusions under Section 3(c)(1) or 3(c)(7) of the 1940 Act, ("Portfolio Funds") managed by third-party managers ("Portfolio Fund Managers"); (ii) primary investments (i.e. commitments to new private equity or other private funds) in Portfolio Funds ("Primary Investments"); (iii) other liquid investments, such as investments in publicly listed companies that pursue the business of private equity investing, including private equity investments that are publicly traded, listed funds of funds, alternative asset managers, holding companies, investment trusts, closed-end funds, financial institutions and other vehicles whose primary purpose is to invest in privately held companies ("Other Liquid Investments"); and (iv) short-term investments (together, "Short-term Investments"). The Fund generally expects to allocate 80% or more of its assets to Private Assets, 0% to 20% of its assets to Other Liquid Investments and 0% to 20% of its assets to Short-term Investments.  |
| The Fund seeks to provide exposure to a broad set of managers, strategies and transaction types across multiple sectors, geographies, and vintage years (i.e., the year in which a Portfolio Fund begins investing) including Private Assets that represent a broad spectrum of types of private equity and other private asset opportunities (e.g., buyout, growth capital, special situations, and private credit). |
| Additionally, (i) the Fund may make investments outside of the United States, (ii) the Fund's investment strategies may involve exposure to foreign currencies; (iii) the Fund may seek to hedge all or a portion of the Fund's foreign currency risk; and (iv) the Fund may hedge all or a portion of its currency exposures. |
| The Fund is permitted to borrow money or issue debt securities in an amount up to 33⅓% of its total assets in accordance with the Investment Company Act. The Fund intends to establish a credit line to borrow money for a range of purposes, including to provide liquidity for capital calls by Portfolio Funds, to satisfy tender requests, to manage timing issues in connection with the inflows of additional capital and the acquisition of Fund Investments and to otherwise satisfy Fund obligations. There is no assurance, however, that the Fund will be able to timely repay any borrowings under such credit line, which may result in the Fund incurring leverage on its portfolio investments from time to time. To enhance the Fund's liquidity, particularly in times of possible net outflows through the repurchase of Units by periodic tender offers to Members, the Adviser may sell certain of the Fund's assets. |
| The Fund holds liquid assets and intends to hold such liquid assets ("Liquid Assets") including cash and cash equivalents, liquid credit investments and other credit instruments, and Short-Term Investments. Over time, during normal market conditions, it is generally not expected that the Fund will hold more than 20% of its net assets in Liquid Assets for extended periods of time. For temporary defensive purposes, liquidity management or in connection with implementing changes in the asset allocation, the Fund may hold a substantially higher amount of Liquid Assets. |
| There can be no assurance that the investment objective of the Fund will be achieved or that the Fund's portfolio design and risk monitoring strategies will be successful. See "*Investment policies*." |

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| **Risk factors** | An investment in the Fund involves substantial risks and special considerations. A discussion of the risks associated with an investment in the Fund can be found under "*General risks*," "*Investment related risks*," "*Business and structure related risks*," "*Management related risks*," "*Risks of investing in Private Assets*," "*Special risks pertaining to investments in Portfolio Funds,*" and "*Limits of risk disclosure*." |
| **Management** | The Fund's Board of Managers (the "Board") has overall responsibility for the management and supervision of the business operations of the Fund. See "*Management of the Fund - The Board of Managers*." To the extent permitted by applicable law, the Board may delegate any of its rights, powers, and authority to, among others, the officers of the Fund, any committee of the Board or the Adviser. |
| **The Adviser** | Pursuant to an investment management agreement (the "Investment Management Agreement"), Constitution Capital Horizon Advisor, LP, an investment adviser registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), serves as the Fund's investment adviser (the "Adviser"). |
| **Fund administration** | The Fund has retained UMB Fund Services, Inc. (the "Administrator") to provide it with certain administrative services. The Fund compensates the Administrator for these services and reimburses the Administrator for certain of its out-of-pocket expenses. See "*Fees and expenses*" below. |
| **Transfer agency** | The Fund has retained Ultimus Fund Solutions LLC (the "Transfer Agent") to act as the Fund's transfer agent. The Fund compensates the Transfer Agent for these services. |
| **Fees and expenses** | On an ongoing basis, the Fund bears its own operating expenses (including, without limitation, its offering expenses). A more detailed discussion of the Fund's expenses can be found under "*Fund expenses.*" |
|  | *Investment Management Fee*. The Fund pays the Adviser an investment management fee (the "Investment Management Fee") in consideration of the advisory and other services provided by the Adviser to the Fund. The Fund pays the Adviser a monthly Investment Management Fee equal to 1.50% on an annualized basis of the greater of (i) the Fund's net asset value as of the beginning of the month and (ii) the Fund's net asset value less cash and cash equivalents plus the total of all commitments made by the Fund that have not yet been drawn for investment as of the beginning of the month. The Investment Management Fee is paid to the Adviser out of the Fund's assets, and therefore decreases the net profits or increases the net losses of the Fund. For purposes of determining the Investment Management Fee payable to the Adviser for any month, net asset value is calculated prior to any reduction for any fees and expenses of the Fund for that month, including, without limitation, the Investment Management Fee payable to the Adviser for that month. See "*Investment Management Fee*." |

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| *Expense Limitation Agreement*. The Adviser has entered into an expense limitation agreement and reimbursement agreement (the "Expense Limitation Agreement") with the Fund, whereby, for at least one-year from the date of the commencement of operations, the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses of the Fund (excluding organizational and offering costs, taxes, interest, brokerage commissions, certain transaction related expenses, any acquired fund fees and expenses, the Incentive Fee, expenses incurred in connection with any merger or reorganization, and extraordinary expenses) do not exceed 2.50% of the average monthly net assets of the Units (the "Expense Limit"). Because taxes, interest, brokerage commissions, certain transaction-related expenses, any acquired fund fees and expenses, the Incentive Fee, expenses incurred in connection with any merger or reorganization, and extraordinary expenses are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) are expected to exceed 2.50%. The Expense Limitation Agreement automatically renews for consecutive one-year terms unless terminated by the Fund or Adviser, however during the initial one-year term, the Expense Limitation Agreement may only be terminated by the Board of Managers of the Fund (the "Board"). For a period not to exceed three years from the date on which a Waiver is made, the Manager may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit. Any recoupment would be limited to the lesser of (1) the expense limitation in effect at the time of waiver, or (2) the expense limitation in effect at the time of recoupment. See "*Fund expenses.*" |
| *Incentive Fee.*At the end of each calendar quarter (and at certain other times), the Adviser is entitled to receive an amount (the "Incentive Fee") equal to 5% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account (as defined below). For the purposes of the Incentive Fee, the term "net profits" means the amount by which the net asset value of the Fund on the last day of the relevant period exceeds the net asset value of the Fund as of the commencement of the same period, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (which, for this purpose shall not include any organizational and offering expenses, distribution and/or Member servicing fees, litigation, any extraordinary expenses or Incentive Fee and any amount contributed to or withdrawn from the Fund by Members). See "*Incentive Fee*." |
| The Fund maintains a memorandum account (the "Loss Recovery Account"), which had an initial balance of zero and (i) increases upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreases (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. Members of the Fund benefit from the Loss Recovery Account in proportion to their holdings of Units. |

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|  | *Administration Fee*. The Administrator provides the Fund certain administration and accounting services. In consideration for these services, the Administrator is paid a monthly fee calculated based upon the average net asset value of the Fund, subject to a minimum monthly fee (the "Administration Fee"). The Administration Fee is paid to the Administrator out of the assets of the Fund and therefore decreases the net profits or increases the net losses of the Fund. The Fund also reimburses the Administrator for certain out-of-pocket expenses. See "*Administration*."<br>*Administrative Services Agreement*. The Adviser has entered into an administrative services agreement (the "Administrative Services Agreement") with the Fund effective December 31, 2025, whereby the Adviser is responsible for performing, overseeing, or arranging for the performance of certain administrative services necessary to support the day-to-day operations of the Fund. Costs incurred by the Adviser to perform such administrative services are reasonably allocated by the Adviser to the Fund on the basis of an allocation methodology that is deemed to be reasonable by the Adviser. The Administrative Services Agreement remains in effect unless so terminated by the Adviser or the Fund.<br>The Fund accrues for amounts due to the Adviser under the terms of the Administrative Services Agreement monthly and pays the Adviser quarterly. |
| **Distributions** | The Board has the right to cause distributions to be made in cash or in-kind to the Members in its sole discretion. Whether or not these distributions are made, however, each Member may be liable each year for applicable U.S. federal, state and local income taxes on the Member's allocated share of the Fund's taxable income. See "*Taxes*" below. |
| **Eligible Investors** | Each prospective investor in the Fund will be required to certify that it is a "qualified client" within the meaning of Rule 205-3 under the Advisers Act and an "accredited investor" within the meaning of Rule 501 under the Securities Act of 1933, as amended (the "Securities Act"). The criteria for qualifying as a "qualified client" and "accredited investor" are set forth in the subscription documents that must be completed by each prospective investor. The "qualified client" and "accredited investor" criteria will apply to all investors and will not be waived. |
|  | In addition, Units are generally being offered only to investors that are U.S. persons for U.S. federal income tax purposes. Investors who meet such qualifications are referred to in this Memorandum as "Eligible Investors." The qualifications required to invest in the Fund appear in subscription documents that must be completed by each prospective investor. Existing Members who request to purchase additional Units will be required to qualify as "Eligible Investors" and to complete an additional investor certification prior to any additional purchase. Shares are being offered pursuant to Rule 506(c) of Regulation D under the Securities Act ("Rule 506(c)"). The Fund, the Placement Agent or financial intermediaries (i.e., sub-placement agents) that enter into an agreement with the Placement Agent for the sale of Units must take reasonable steps to verify that each prospective investor or existing Members, as applicable, qualifies as an accredited investor. An investment in the Fund may not be appropriate for certain types of tax-exempt entities, including charitable remainder unitrusts. Tax-exempt entities should consult with their tax advisers prior to making an investment in the Fund. |

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|  | **To the extent the Fund identifies any Member holding Units that was not an Eligible Investor at the time of acquiring such Units, the Fund reserves the right to (i) cause a mandatory redemption of all or some of the Units of such Member, or any person acquiring Units from or through such Member, (ii) retain any unrealized gains or profits associated with Units held by such Member and/or (iii) take any other action the Board determines to be appropriate in light of the circumstances.** |
| **Purchasing Units** | The minimum initial investment in the Fund by any investor is $25,000. However, the Fund, in its sole discretion, may accept investments below this minimum. |
|  | Units will generally be offered for purchase as of the first day of each calendar month, except that Units may be offered more or less frequently as determined by the Board in its sole discretion. |
|  | Subscriptions are generally subject to the receipt of cleared funds on or prior to the acceptance date set by the Fund and notified to prospective investors. Pending any closing, funds received from prospective investors will be placed in an account with Ultimus Fund Solutions, LLC, the Fund's transfer agent (the "Transfer Agent"). On the date of any closing, the balance in the account with respect to each investor whose investment is accepted will be invested in the Fund on behalf of such investor.<br>The Fund may also offer Units to feeder vehicles primarily created to hold the Fund's Units, which in turn offer interests in themselves to investors; it is expected that such offerings would be conducted pursuant to exceptions to registration under the Securities Act and not as a part of this offering. Such feeder vehicles may have additional costs and expenses, which would be disclosed in connection with the offering of their interests. It is anticipated that the Fund will serve as an investment vehicle for an unaffiliated Collective Investment Trust ("CIT") and that initially the CIT will own the majority of Units in the Fund. |
|  | A prospective investor must submit a completed subscription document on or prior to the acceptance date set by the Fund and notified to prospective investors. The Fund reserves the right to accept or reject, in its sole discretion, any request to purchase Units at any time. The Fund also reserves the right to suspend or terminate offerings of Units at any time. Additional information regarding the subscription process is set forth under "*Purchasing Units.*" |
| **Initial Closing** | It is anticipated that the initial closing will occur during the first half of 2026 ("Initial Closing Date"). The purchase price of Units on the Initial Closing Date will be based on the net asset value per Unit as of the date such Units are purchased. Fractions of Units will be issued to one one-thousandth of a Unit. |

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| **Repurchase Offers** | **The Fund is not a liquid investment**. No Member will have the right to require the Fund to redeem its Units. The Fund from time to time may offer to repurchase Shares pursuant to written tenders by the Members. |
|  | The Adviser anticipates recommending to the Board that, under normal market circumstances, the Fund conduct repurchase offers of no more than 5% of the Fund's net assets on or about each January 1, April 1, July 1, and October 1. In certain circumstances, however, the Adviser may recommend to the Board that the Fund conduct a repurchase offer of more than 5% of the Fund's net assets. |
|  | Any repurchases of Units will be made at such times and on such terms as may be determined by the Board from time to time in its sole discretion. The Fund may also elect to repurchase less than the full amount that a Member requests to be repurchased. In determining whether the Fund should offer to repurchase Units from Members of the Fund pursuant to repurchase requests, the Board may consider, among other things, the recommendation of the Adviser as well as a variety of other operational, business and economic factors. |
|  | Under certain circumstances, the Board may offer to repurchase Units at a discount to their prevailing net asset value. In addition, the Board may under certain circumstances elect to postpone, suspend or terminate an offer to repurchase Units. See "*Repurchases of Units*." |
|  | A Member who tenders some but not all of its Units for repurchase will be required to maintain a minimum account balance of $10,000. Such minimum ownership requirement may be waived by the Board, in its sole discretion. Subject to certain requirements under the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder, the Fund reserves the right to reduce the amount to be repurchased from a Member so that the required capital balance is maintained. |
|  | A 2.00% early repurchase fee will be charged by the Fund with respect to any repurchase of Units from a Member at any time prior to the day immediately preceding the one-year anniversary of the Member's purchase of the Units. Units tendered for repurchase will be treated as having been repurchased on a "first in - first out" basis. An early repurchase fee payable by a Member may be waived by the Fund in circumstances where the Board determines that doing so is in the best interests of the Fund. To the extent the Fund determines to waive, impose scheduled variations of, or eliminate an early repurchase fee, it will do so consistently with the requirements of Rule 22d-1 under the Investment Company Act, and the Fund's waiver of, scheduled variation in, or elimination of, the early repurchase fee will apply uniformly to all members regardless of share class. See "*Repurchases of Units*." |

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---

| | |
|:---|:---|
| **Transfer restrictions** | A Member may assign, transfer, sell, encumber, pledge or otherwise dispose of (each, a "transfer") Units only (i) by operation of law pursuant to the death, divorce, insolvency, bankruptcy, or adjudicated incompetence of the Member; or (ii) under other limited circumstances, with the consent of the Board (which may be withheld in its sole discretion and is expected to be granted, if at all, only under extenuating circumstances). Notice to the Fund of any proposed transfer must include evidence satisfactory to the Board that the proposed transferee, at the time of the transfer, meets any requirements imposed by the Fund with respect to investor eligibility and suitability. See "*Eligible investors.*" Such notice of a proposed transfer of Units must also be accompanied by properly completed subscription documents in respect of the proposed transferee. In addition, in connection with any request to transfer Units, the Fund may require the Member requesting the transfer to obtain, at the Member's expense, an opinion of counsel selected by the Fund as to such matters as the Fund may reasonably request. |
|  | Each transferring Member and transferee may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Fund in connection with the transfer. See "*Transfers of Units*." |
|  | The Fund does not currently intend to list Units on any exchange. As a result, Members should look to the Fund's tender offer as their sole means of liquidating their investment, which may be limited as described above. Additional information regarding Unit repurchases is set forth under "*Repurchases of Shares."* **Accordingly, you should consider that you may not have access to the funds you invest in the Fund for an indefinite period of time.** |
| **Taxes** | The Fund intends to operate and be treated as a partnership for U.S. federal income tax purposes. Assuming this will be the case, the Fund will not be subject to U.S. federal income tax, and each Member, in computing its own U.S. federal income tax liability, will be required to take into account its allocable share of the Fund's items of income, gain, loss, deduction and credit, regardless of whether it has received any distributions from the Fund. |
|  | For a discussion of certain tax risks and considerations relating to an investment in the Fund see "*Tax Reports*" below, *"General risks, Legal, tax and regulatory risks"* and "*Certain U.S. federal income tax considerations*." |
|  | Prospective investors should consult their own tax advisors with respect to the specific U.S. federal, state, local, U.S. and non-U.S. tax consequences, including applicable tax reporting requirements. |
| **Tax reports** | The Fund will furnish members with Schedules K-1 each year reflecting any dividends, interest income, capital gains or losses, ordinary income, and deductible expenses of the Fund. |
| **Reports to Members** | Members will receive an unaudited semi-annual and an audited annual report within 60 days after the close of the period for which the report is being made, or as otherwise required by the Investment Company Act. Members also will be sent reports regarding the Fund's operations each quarter. See *"Reports to Members*." |
| **Fiscal and tax year** | The Fund's fiscal year is the 12-month period ending on March 31. The Fund's taxable year is the 12-month period ending on December 31. |
| **Term** | The Fund's term is perpetual unless the Fund is otherwise terminated under the terms of the LLC Agreement. |

---

**Summary of fund expenses**

The following table illustrates the expenses and fees that the Fund expects to incur and that Members can expect to bear directly or indirectly.

---

| | |
|:---|:---|
| **MEMBER TRANSACTION EXPENSES** | |
| **Member Fees** | |
| &nbsp;&nbsp;&nbsp;Maximum Early Repurchase Fee (as a percentage of repurchased amount)<sup>(1)</sup> | 2.00% |

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---

| | |
|:---|:---|
| **ANNUAL EXPENSES (as a percentage of the Fund's net assets attributable to Units)<sup>(2)</sup>**  | |
| &nbsp;&nbsp;&nbsp; Investment Management Fee<sup>(3)</sup> | 1.50% |
| &nbsp;&nbsp;&nbsp; Other Expenses<sup>(4)</sup> | 0.80% |
| &nbsp;&nbsp;&nbsp; Fees and Interest Payments on Borrowed Funds<sup>(4)</sup> | 0.00% |
| &nbsp;&nbsp;&nbsp; Acquired Fund Fees and Expenses<sup>(5)</sup> | 2.00% |
| &nbsp;&nbsp;&nbsp; Incentive Fees<sup>(6)</sup> | 0.00% |
| **Total Annual Expenses**<sup>(7)</sup>** | 4.30% |
| &nbsp;&nbsp;&nbsp; Fee Waiver and/or Expense Reimbursements<sup>(7)</sup> | (0.00) % |
| **Total Annual Fund Operating Expenses (after Fee Waiver and/or Expense Reimbursements)** | 4.30% |

---

(1) A 2.00% early repurchase fee payable to the Fund will be charged with respect to the repurchase of a Member's
Units at any time prior to the day immediately preceding the one-year anniversary of a Member's purchase of the Units (on a "first
in-first out" basis). An early repurchase fee payable by a Member may be waived by the Fund, in circumstances where the Board determines
that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Member. In addition,
under certain circumstances the Board may offer to repurchase Units at a discount to their prevailing net asset value. See "*Repurchases of Units*."

(2) Amount assumes estimated net assets of
 approximately $130 million as of December 31, 2026. There can be no assurance that the Fund
 will reach estimated net assets of approximately $130 million during this timeframe.

(3) The Fund pays an Investment Management Fee equal to 1.50% on an annualized basis of the greater of (i)
the Fund's net asset value as of the beginning of the month and (ii) the Fund's net asset value less cash and cash equivalents
plus the total of all commitments made by the Fund that have not yet been drawn for investment as of the beginning of the month. For purposes
of determining the Investment Management Fee payable to the Adviser for any month, the net asset value will be prior to any reduction
for any fees and expenses of the Fund for that month, including, without limitation, the Investment Management Fee payable to the Adviser
for that month. See "*Investment Management Fee*" for additional information.

(4) "Other Expenses" and "Fees and Interest Payments on Borrowed Funds" are based
on estimated amounts for the current fiscal year. "Other Expenses" include, among other things, professional fees and other
expenses that the Fund will bear, including initial and ongoing offering costs and fees and expenses of the Administrator, transfer agent
and custodian.

(5) Members also indirectly bear a portion of the asset-based fees, performance or incentive fees or allocations
and other expenses incurred by the Fund as an investor in the Portfolio Funds. Generally, asset-based fees payable in connection with
Portfolio Fund investments will range from 1% to 2% (annualized) of the commitment amount of the Fund's investment, and performance
or incentive fees or allocations are typically 10% to 20% of a Portfolio Fund's net profits annually, although it is possible that
such amounts may be exceeded for certain Portfolio Fund Managers. The "Acquired Fund Fees and Expenses" disclosed above, however,
do not reflect any performance-based fees or allocations paid by the Portfolio Funds that are calculated solely on the realization and/or
distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed in kind, as such fees and allocations
for a particular period may be unrelated to the cost of investing in the Portfolio Funds. "Acquired Fund Fees and Expenses"
are estimated for the Fund's current fiscal year.

(6) At the end of each calendar quarter of the Fund (and at certain other times), the Adviser (or, to the
extent permitted by applicable law, an affiliate of the Adviser) will be entitled to receive an Incentive Fee equal to 5.00% of the excess,
if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account. For
the purposes of the Incentive Fee, the term "net profits" shall mean the amount by which the net asset value of the Fund on
the last day of the relevant period exceeds the net asset value of the Fund as of the commencement of the same period, including any net
change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (which, for this purpose shall not include any organizational and offering expenses, distribution and/or Member servicing fees, litigation,
any extraordinary expenses or Incentive Fee and any amount contributed to or withdrawn from the Fund by Members). See "*Incentive Fee*."

(7) The Adviser has entered into an expense limitation agreement and reimbursement
 agreement (the "Expense Limitation Agreement") with the Fund that is effective for one-year from the
 date of the commencement of operations and automatically renews from year-to-year thereafter, whereby, the Adviser
 has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a "Waiver"),
 if required to ensure the Total Annual Expenses of the Fund (excluding organizational and offering costs, taxes,
 interest, brokerage commissions, certain transaction related expenses, the Incentive Fee, any acquired fund fees
 and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses) do
 not exceed 2.50% of the average monthly net assets of the Fund (the "Expense Limit"). The Expense Limitation
 Agreement automatically renews for consecutive one-year terms unless terminated by the Fund or Adviser, however
 during the initial one-year term, the Expense Limitation Agreement may only be terminated by the Board. For a period
 not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed,
 provided it is able to effect such recoupment and remain in compliance with the Expense Limit. Any recoupment would
 be limited to the lesser of (1) the expense limitation in effect at the time of waiver, or (2) the expense limitation
 in effect at the time of recoupment. *See "Expense Limitation and Reimbursement Agreement."* 

The purpose of the table above is to assist prospective investors in understanding the various fees and expenses Members will bear directly or indirectly. For a more complete description of the various fees and expenses of the Fund, see "*Investment Management Fee,*" "*Administration,*" "*Custodian*," "*Fund expenses*," "*Repurchases of Units*" and "*Purchasing Units.*"

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that all distributions are reinvested at net asset value and that the percentage amounts listed under Total Annual Expenses remain the same in the years shown. The assumption in the hypothetical example of a 5% annual return is required by regulation of the SEC applicable to all registered investment companies. The assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of Units.

**EXAMPLE:** You would pay the following expenses based on a $1,000 investment in the Fund, assuming a 5% annual return**:**

---

| | | | |
|:---|:---|:---|:---|
| **1 YEAR** | **3 YEARS** | **5 YEARS** | **10 YEARS** |
| $43 | $130 | $219 | $445 |

---

The example is based on the annual fees and expenses set out on the table above and should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown. Moreover, the rate of return of the Fund may be greater or less than the hypothetical 5% return used in the example. A greater rate of return than that used in the example would increase the dollar amount of the asset-based fees paid by the Fund, as well as the effect of the Incentive Fee.

**Use of proceeds**

The proceeds from the sale of Units of the Fund, not including the Fund's fees and expenses (including, without limitation, offering expenses), will generally be invested by the Fund in accordance with the Fund's investment objective and strategies within one month after receipt of such proceeds, however, the Fund may be delayed up to an additional two months depending on market conditions and the timing and availability of suitable investments.

See "*Purchasing Units —Purchase terms*." Delays in investing the Fund's assets may occur (i) because of the time typically required to complete private equity transactions (which may be considerable), (ii) because certain Portfolio Funds selected by the Adviser may provide infrequent opportunities to purchase their securities, and/or (iii) because of the time required for Portfolio Fund Managers to invest the amounts committed by the Fund.

Subject to applicable law, the Fund may maintain a portion of its assets in cash or such short-term securities or money market funds to meet operational needs, for temporary defensive purposes, or to maintain liquidity. The Fund may be prevented from achieving its objective during any period in which the Fund's assets are not substantially invested in accordance with its principal investment strategies.

**Investment objective and strategies**

**Investment objective and strategies**

The Fund's investment objective is to generate long-term capital appreciation. The Fund seeks to achieve its investment objective by investing in a broad portfolio of Private Assets that the Adviser believes provide attractive risk-adjusted return potential.

The Fund intends to provide Members with an opportunity to gain access to a broad range of high-quality Private Assets that are typically only available to larger institutional investors. The Fund defines "high-quality investments" as investments that reflect the Fund's target underlying investment attributes, including but not limited to, (i) well-established leaders/investment teams, (ii) organizational depth, (iii) sector-focused managers or managers with defined specialties, (iv) industries or sub-industries with secular tailwinds, (v) diversified portfolios, (vi) demonstrated value creation and operating capabilities, and (vii) demonstrated track record of investment success. High-quality investments relate to the investment universe of companies that the Adviser deems to be of high-quality and not the credit rating of the Fund's investments.

The Fund provides an opportunity for Members to potentially achieve attractive risk-adjusted returns by investing in the private equity asset class while relying on the skills, experience, and relationships of the Adviser. The Adviser aims to use its perspective on the future prospects of various private markets strategies, geographies, and transaction types and to match them with attractive investment opportunities in order to achieve the investment objective of the Fund. The Adviser believes that its investment process is a key part of its successful formula providing investors with efficient and targeted access to an optimized portfolio of Private Assets. The Fund invests in what the Adviser believes to be the highest quality opportunities while seeking to create over the long-term a varied portfolio across companies, industries, managers, and vintage years.

In pursuing the Fund's investment objective, the Adviser seeks to invest in (i) Secondary Investments; (ii) Primary Investments; (iii) Other Liquid Investments; and (iv) Short-term Investments.

The Adviser will not cause the Fund to engage in certain negotiated investments alongside affiliates unless the Fund's investment is in accordance with the Fund's order granting an exemption from Section 17 of the Investment Company Act or unless such investments are not prohibited by Section 17(d) of the Investment Company Act or interpretations of Section 17(d) as expressed in SEC no-action letters or other available guidance.

The Fund may indirectly make investments outside of the United States. The Fund's non-U.S. investments are expected to reside primarily in Europe and Asia and, to a lesser extent in Latin America and the Middle East. The Fund's investment and strategies involve exposure to foreign currencies. The Fund may seek to hedge all or a portion of the Fund's foreign currency risk. Depending on market conditions and the views of the Adviser, the Fund may or may not hedge all or a portion of its currency exposures.

The Adviser manages the Fund's asset allocation and investment decisions with a view towards managing liquidity and maintaining a high level of investment in Private Assets. The Fund's asset allocation and amount of Private Assets may be based, in part, on anticipated future capital calls and distributions from such investments. This may result in the Fund making commitments to Private Assets in an aggregate amount that exceeds the total amounts invested by Members in the Fund at the time of such commitment (i.e., to "over-commit"). The Adviser may also take other anticipated cash flows into account, such as those relating to new subscriptions into the Fund, the repurchase of Units through periodic tenders by Members and any distributions made to Members. To forecast portfolio cash flows, the Adviser utilizes quantitative and qualitative factors, including historical private equity data, actual portfolio observations and qualitative forecasts by the Adviser. The Fund will maintain cash, cash equivalents, borrowings or other liquid assets in sufficient amounts, in the Adviser's judgment, to satisfy capital calls from Portfolio Funds.

The Fund may establish a credit line to borrow money for a range of purposes, including to provide liquidity for capital calls by Portfolio Funds, to satisfy tender requests, to manage timing issues in connection with the inflows of additional capital and the acquisition of Fund Investments and to otherwise satisfy Fund obligations. There is no assurance, however, that the Fund will be able to timely repay any borrowings under such credit line, which may result in the Fund incurring leverage on its portfolio investments from time to time. Under the Investment Company Act, the Fund is not permitted to borrow for any purposes if, immediately after such borrowing, the Fund would have asset coverage (as defined in the Investment Company Act) of less than 300% with respect to indebtedness. This means that at the time the borrowing is made, the value of the Fund's borrowings may not exceed one-third the value of the Fund's total assets (including such borrowings), or 50% of the Fund's net assets. None of the foregoing Investment Company Act requirements apply to Portfolio Funds in which the Fund invests unless such Portfolio Funds are registered under the Investment Company Act. To enhance the Fund's liquidity, particularly in times of possible net outflows through the repurchase of Units by periodic tender offers to Members, the Adviser may sell certain of the Fund's assets.

The Board may modify the borrowing policies of the Fund, including the purposes for which borrowings may be made, and the length of time that the Fund may hold portfolio securities purchased with borrowed money. The rights of any lenders to the Fund to receive payments of interest or repayments of principal are senior to those of the Members and the terms of any borrowings may contain provisions that limit certain activities of the Fund. The Fund also may borrow money from banks or other lenders for temporary purposes in an amount not to exceed 5% of the Fund's assets. Such temporary borrowings are not subject to the asset coverage requirements discussed above.

The Fund holds Liquid Assets and intends to hold such Liquid Assets to the extent required for purposes of liquidity management and compliance with applicable law. Over time, during normal market conditions, it is generally not expected that the Fund will hold more than 20% of its net assets in Liquid Assets for extended periods of time. For temporary defensive purposes, liquidity management or in connection with implementing changes in the asset allocation, the Fund may hold a substantially higher amount of Liquid Assets.

While this Memorandum contains generalized discussions about the Adviser's current expectations with respect to the make-up of the portfolio of the Fund, many factors may contribute to changes in emphasis in the construction of the portfolio, including changes in market or economic conditions or regulations as they affect various industries and sectors and changes in the political or social situations in particular jurisdictions. The Adviser may modify the implementation of the Fund's investment strategies, portfolio allocations, investment processes and investment techniques based on market conditions, changes in personnel or as the Adviser otherwise deems appropriate.

**No guarantee or representation is made that the investment program of the Fund or any Portfolio Fund will be successful, that the various Portfolio Funds selected will produce positive returns or that the Fund will achieve its investment objective.**

**Private equity market overview**

**Private equity asset class**

Private equity is a common term for investments that are typically made in non-public companies through privately negotiated transactions. Private equity investments may be structured using a range of financial instruments, including common and preferred equity, convertible securities, senior debt, subordinated debt and warrants or other derivatives, depending on the strategy of the investor and the financing requirements of the company.

Private equity funds, often organized as limited partnerships, are the most common vehicles for making private equity investments. In such funds, investors usually commit to contribute up to a certain amount of capital as and when requested by the fund's manager or general partner. The general partner then makes private equity investments on behalf of the fund, typically according to a pre-defined investment strategy and time horizon. The fund's investments are usually realized, or "exited" after a two to six year holding period through a private sale, an initial public offering (IPO) or a recapitalization, and the proceeds are distributed to the fund's investors. The funds themselves typically have a duration of ten to twelve years.

The private equity market is diverse and can be divided into several different segments, each of which may exhibit distinct characteristics based on combinations of various factors. These include the type and financing stage of the investment, the geographic region in which the investment is made and the vintage year.

Investments in private equity have increased significantly over the last 35 years, driven principally by large institutional investors seeking increased returns and portfolio efficiency. It is now common for large pension funds, endowments, and other institutional investors to dedicate several percentage points of their overall portfolios to private equity.

**Private equity investment types**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Portfolio Funds.* Private asset funds are commingled, professionally-managed investment vehicles
that generally acquire various portfolios of private assets within a defined strategy. Investors have traditionally gained access to private
investments through commitments to closed-ended, blind pool funds with a typical defined life of ten to twelve years. Investors in a private
asset fund must maintain reserves of cash to finance such private asset fund's capital calls for acquisitions, expenses, and other
obligations during the first three to five years of the private asset fund's life; cash is returned by a private asset fund to its
investors over the life of such private asset fund as investments are liquidated.

The Fund makes Primary Investments and Secondary Investments in private equity funds managed by various experienced Portfolio Fund Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Secondary Investments are interests in existing private equity funds that are acquired in privately negotiated
transactions, typically after the end of the private equity fund's fundraising period. The Fund also invest in Secondary Investment
transactions that are being led by a Portfolio Fund's general partner, including end-of life transactions, which seek to partner
investors, such as the Fund, with Portfolio Fund Managers to provide structured and holistic liquidity solutions to all the limited partners
in a Portfolio Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Primary Investments are interests or investments in newly established private equity funds. The Fund's
investments in Portfolio Funds, including Secondary Investments, are expected to focus on experienced managers with efficient capital
deployment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Listed private equity.* Listed private equity investments are private equity investments that are
publicly traded and gain access to underlying private assets through investments in listed entities that invest in private transactions
or private funds or that earn fees and/or carried interest from such assets. Historically, the prices of listed private equity investments
have been sensitive to economic conditions and, at certain times, could be purchased at discounts relative to similar assets in private
transactions.

**Private equity financing stages**

In the private equity asset class, the term "financing stage" is used to describe investments (or funds that invest) in companies at a certain stage of development. The different financing stages have distinct risk, return and correlation characteristics and play different roles within a varied private equity portfolio. Private equity investments can be broken down generally into three financing stages: buyout, growth capital, venture capital and special situations. These categories may be further subdivided based on the investment strategies that are employed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Buyouts.* Equity investments in which a mature company is acquired from current shareholders are
classified as buyouts. Buyout investments may focus on small-, mid- or large-capitalization companies, and such investments collectively
represent a majority of the capital deployed in the overall private equity market. The use of debt financings, or leverage, is prevalent
in buyout transactions - particularly in the large-cap segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Venture capital and growth capital.* Venture capital is characterized by equity investments in early
through late-stage startup companies with high potential growth. Growth equity investors target companies that require additional capital
to expand their businesses but are typically more mature than the recipients of traditional venture capital. Such companies might be in
a high growth phase but have largely mitigated the basic technology risk in their business plan.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* *Special situations.* Encompasses a broad range of investments including operational turnarounds,
distressed debt, distressed financial assets, ''rescue'' financings and high yielding credit-oriented strategies.

**Investment process overview**

**Portfolio planning**

The Fund is a non-diversified fund. The Adviser has developed a target framework for the Fund's long-term variation across Primary Investments and Secondary Investments. The Fund also seeks to provide variation across industry, geography, and vintage years with respect to individual investments. The strategy of the Fund is expected to generate more consistent returns and lower volatility compared to what might be expected from a more concentrated portfolio.

**Investment selection**

The Adviser employs a detailed underwriting process focused on identifying investment firms with strong investment teams, demonstrated sourcing and value-creation capabilities, and a track record of investment success. Each aspect of analyzing an opportunity including the team, strategy, sector focus or defined specialty, historical investment performance, sourcing capabilities, value creation capabilities, legal, environment, social and governance, other aspects of the opportunity, and portfolio fit, includes both qualitative and quantitative analyses. An investment opportunity requires a rigorous multi-stage investment committee approval process to ensure the Adviser invests in high-conviction opportunities.

**Due diligence and selection of investments**

The Adviser has developed a structured investment process through years of shared alternative asset investing experience. The Adviser's due diligence process provides a guideline for sourcing, evaluating, selecting, and monitoring investments for the Fund. Throughout the due diligence process, the Adviser focuses on both qualitative and quantitative factors surrounding the specific investment, the broader market environment, and the structure of the investment opportunity from a legal and tax perspective to optimize portfolio returns and minimize potential risks. The Adviser follows a multi-step investment and due diligence process, which provides consistency and accountability to fulfil the Fund's investment strategy and generate strong, reliable returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *Generate Deal Flow*. The Adviser maintains a vast network of relationships with general partners
and fund managers supported by a long operating history with strong returns. The Adviser's extensive industry relationships provide
access to exclusive, hard-to-access, Primary investments. The Adviser also maintains close contact with third parties such as placement
agents and industry brokers to supplement the Adviser's proprietary deal flow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Screening*. For prospective investment opportunities in which the applicable deal team wants to
formally initiate due diligence, the deal team presents the investment case to the Adviser's Investment Committee ("Investment
Committee" or "IC").

The initial screening process includes an analysis of the specific deal attributes, history of the operating fund, and industry analysis to identify merits and potential issues around the specific investment opportunity. A tax and legal assessment is also prepared, outlining the proposed tax treatment and legal terms of the investment to confirm appropriate structure for the Fund. The Investment Committee reviews the opportunity and ultimately determines if the investment would be a potential fit for the portfolio and proceeds to further due diligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Primary diligence*. Upon Investment Committee approval, the deal team continues diligence on the
investment and prepares a significantly more detailed IC memorandum for the IC's review. The second IC memorandum summarizes interim
diligence findings and includes information and analysis gathered from meetings with management, industry research, third-party diligence
materials, and tax-related determinations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Primary Investment & Secondary Investment diligence specifically includes (1) validation of the proposed
partnership investment's merits, (2) quantitative evaluation of the fund manager's track record, (3) analysis of any changes
from the fund manager's prior strategy, (4) extensive reference checks on the key individuals at the fund manager, (5) evaluation
of the management team's organizational depth and adequacy, (6) interviews with other investors, (7) review and negotiation of key
terms and investment provisions, (8) evaluation of conflicts of interest, (9) validation of the documentation and actual cash flows for
a sample of underlying investments, and (10) determination of tax structuring and suitability for the RIC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Final Diligence*. Upon approval from the IC after the second IC meeting, confirmatory due diligence
is conducted and a final IC memorandum, a culmination of all due diligence efforts is presented to the IC with a final recommendation.
The deal team concludes any outstanding diligence items as well as answers any specific questions from the prior IC meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Closing.* The deal team implements closing procedures as soon as the transaction is approved by
the IC. The deal team works with legal counsel to negotiate and execute the appropriate legal documentation. Checklists are utilized to
ensure that all investment procedures are properly completed prior to closing. All key due diligence materials and legal files are stored
for future reference.

Post investment, the Adviser continues to be proactive in monitoring investments, including regular interaction with companies and general partners represented in the portfolio, in order to identify any issues that may arise and maintain a proactive approach to addressing any new investment opportunities.

**Investment policies**

**Portfolio and liquidity management**

The Adviser uses a range of techniques to seek to reduce the risk associated with the Fund's investment strategy. These techniques may include, without limitation: (1) Investing broadly across Portfolio Funds, Portfolio Fund Managers, strategies and transaction types across multiple sectors, geographies, and vintage years; and (2) actively managing cash and liquid assets.

The Adviser manages the Fund's portfolio with a view towards managing its liquidity, while maintaining a high investment level.

Accordingly, the Adviser may make investments and commitments based, in part, on anticipated future distributions from investments. The Adviser also takes other anticipated cash flows into account, such as those relating to new subscriptions, the tender of Units by Members and any distributions made to Members. To forecast portfolio cash flows, the Adviser utilizes quantitative and qualitative factors, including historical private equity data, actual portfolio observations and qualitative forecasts by the Adviser's and its affiliates' investment professionals. See "*Investment process overview - Portfolio planning*."

The Fund holds liquid assets to the extent required for purposes of liquidity management and compliance with the Investment Company Act. Over time, during normal market conditions, it is generally not expected that the Fund will hold more than 20% of its net assets in cash or cash equivalents for extended periods of time. To enhance the Fund's liquidity, particularly in times of possible net outflows through the tender of Units by Members, the Adviser may sell certain of the Fund's assets on the Fund's behalf.

There can be no assurance that the objective of the Fund with respect to liquidity management will be achieved or that the Fund's portfolio design and risk management strategies will be successful. Prospective investors should refer to the discussion of the risks associated with the investment strategy and structure of the Fund found under "*General risks*," "*Investment related risks*," and "*Limits of risk disclosure*."

**Borrowing by the Fund**

The Fund may borrow money to pay operating expenses, including, without limitation, investment management fees, or to purchase portfolio securities, to fund repurchase of Units or for other portfolio management purposes. Such borrowing may be accomplished through credit facilities or derivative instruments or by other means. The use of borrowings for investment purposes involves a high degree of risk. Under the Investment Company Act, the Fund is not permitted to borrow for any purposes if, immediately after such borrowing, the Fund would have asset coverage (as defined in the Investment Company Act) of less than 300% with respect to indebtedness or less than 200% with respect to preferred stock. The Investment Company Act also provides that the Fund may not declare distributions or purchase its Units (including through repurchase offers) if, immediately after doing so, it will have an asset coverage of less than 300% or 200%, as applicable. The foregoing requirements do not apply to Portfolio Funds in which the Fund invests unless such Portfolio Funds are registered under the Investment Company Act. The Board may modify the borrowing policies of the Fund, including the purposes for which borrowings may be made, and the length of time that the Fund may hold portfolio securities purchased with borrowed money. The rights of any lenders to the Fund to receive payments of interest or repayments of principal will be senior to those of the Members and the terms of any borrowings may contain provisions that limit certain activities of the Fund.

**Hedging techniques**

From time to time in its sole discretion, the Adviser may employ various hedging techniques in an attempt to reduce certain potential risks to which the Fund's portfolio may be exposed. These hedging techniques may involve the use of derivative instruments, including swaps and other arrangements such as exchange-listed and over-the-counter put and call options, rate caps, floors and collars, and futures and forward contracts. The Fund may also purchase and write (sell) options contracts on swaps, commonly referred to as "swaptions."

To the extent that the Fund's potential exposure in a transaction involving options, rate caps, floors or collars, or futures or forward contracts is covered by the segregation of cash or liquid assets or otherwise, the Fund believes that such instruments do not constitute senior securities under the Investment Company Act and, accordingly, will not treat them as being subject to the borrowing restrictions of the Fund.

There are certain risks associated with the use of such hedging techniques. See "*Investment related risks - Derivative instruments*" and "*Investment related risks - Currency risk*."

**Temporary and defensive strategies**

The Fund may, from time to time in its sole discretion, take temporary or defensive positions in cash, cash equivalents, other short-term securities or money market funds to attempt to reduce volatility caused by adverse market, economic, or other conditions. Any such temporary or defensive positions could prevent the Fund from achieving its investment objective. In addition, subject to applicable law, the Fund may, in the Adviser's sole discretion, hold cash, cash equivalents, other short-term securities or investments in money market funds pending investment in order to fund anticipated repurchases, expenses of the Fund or other operational needs, or otherwise in the sole discretion of the Adviser.

**General risks**

The following are certain risk factors that relate to the operations and terms of the Fund. These considerations, which do not purport to be a complete description of any of the particular risks referred to or a complete list of all risks involved in an investment in the Fund, should be carefully evaluated before determining whether to invest in the Fund.

**The Units are speculative and illiquid securities involving substantial risk of loss. An investment in the Fund is appropriate only for those investors who do not require a liquid investment, for whom an investment in the Fund does not constitute a complete investment program, and who fully understand and are capable of assuming the risks of an investment in the Fund.**

**Closed-end fund; liquidity limited to periodic repurchase of Units**

The Fund is a non-diversified, closed-end management investment company designed primarily for long-term investors, and is not intended to be a trading vehicle. The Fund is not a liquid investment and you should not invest in this Fund if you need a liquid investment. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis at a price based on net asset value. In order to be able to meet daily redemption requests, mutual funds are subject to more stringent liquidity requirements than closed-end funds. In particular, a mutual fund generally may not invest more than 15% of its net assets in illiquid securities. In contrast, the majority of the Fund's investments are illiquid.

The Fund does not intend to list its Units for trading on any national securities exchange. There is no secondary trading market for Units, and none is expected to develop. Units are, therefore, not readily marketable. Because the Fund is a closed-end investment company, its Units are not redeemable at the option of Members and they are not exchangeable for Units of any other fund. Although the Board may, in its sole discretion, cause the Fund to offer to repurchase outstanding Units at their net asset value (after all applicable fees), or, in certain circumstances, at a discount, and the Adviser intends to recommend that, in normal market circumstances, the Board conduct repurchase offers of no more than 5% of the Fund's net assets quarterly on or about each January 1, April 1, July 1 and October 1, Units are considerably less liquid than shares of funds that trade on a stock exchange, or shares of open-end registered investment companies. It is possible that the Fund may be unable to repurchase all of the Units that an investor tenders due to the illiquidity of the Fund Investments or if the Members request the Fund to repurchase more Units than the Fund is then offering to repurchase. The Board may determine not to conduct a tender offer. There can be no assurance that the Fund will conduct repurchase offers in any particular period and Members may be unable to repurchase Units for an indefinite period of time.

There will be a substantial period of time between the date as of which Members must submit a request to have their Units repurchased and the date they can expect to receive payment for their Units from the Fund. Members whose Units are accepted for repurchase bear the risk that the Fund's net asset value may fluctuate significantly between the time that they submit their repurchase requests and the date as of which such Units are valued for purposes of such repurchase. Members will have to decide whether to request that the Fund repurchase their Units without the benefit of having current information regarding the value of Units on a date proximate to the date on which Units are valued by the Fund for purposes of effecting such repurchases. See "*Repurchases of Shares*."

In considering whether to repurchase Units during periods of financial market stress, the Board may offer to repurchase Units at a discount to their prevailing net asset value that appropriately reflects market conditions, subject to applicable law. Further, repurchases of Units, if any, may be suspended, postponed or terminated by the Board under certain circumstances. See "*Tender/Repurchase Procedures*" An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of Units and the underlying investments of the Fund. Additionally, because Units are not listed on any securities exchange, the Fund is not required, and does not intend, to hold annual meetings of its Members unless called for under the provisions of the Investment Company Act.

**Payment in-kind for repurchased Units**

The Fund generally expects to satisfy a Member's repurchase request. See "*Repurchases of Shares.*" However, there can be no assurance that the Fund will have sufficient cash to pay for Units that are being repurchased or that it will be able to liquidate investments at favorable prices to pay for repurchased Units. The Fund has the right to distribute securities as payment for repurchased Units in unusual circumstances, including if making a cash payment would result in a material adverse effect on the Fund. For example, the Fund may receive securities from a Fund Investment that are illiquid or difficult to value. In such circumstances, the Adviser would seek to dispose of these securities in a manner that is in the best interests of the Fund, which may include a distribution in-kind to the Fund's Members. In the event that the Fund makes such a distribution of securities, Members will bear any risks of the distributed securities and may be required to pay a brokerage commission or other costs in order to dispose of such securities.

**Non-Diversified Status**

The Fund is a "non-diversified" management investment company. Thus, there are no percentage limitations imposed by the Investment Company Act on the Fund's assets that may be invested, directly or indirectly, in the securities of any one issuer. Consequently, if one or more Fund Investments are allocated a relatively large percentage of the Fund's assets, losses suffered by such Fund Investments could result in a higher reduction in the Fund's capital than if such capital had been more proportionately allocated among a larger number of investments. The Fund may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company.

**Legal, tax and regulatory risks**

Legal, tax and regulatory changes could occur during the term of the Fund which may materially adversely affect the Fund. For example, the regulatory and tax environment for leveraged investors and for private markets funds generally is evolving, and changes in the direct or indirect regulation or taxation of leveraged investors or private markets funds may materially adversely affect the ability of the Fund to pursue its investment strategies or achieve its investment objective. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") was signed into law on July 21, 2010 and significantly revises and expands the rulemaking, supervisory and enforcement authority of U.S. federal bank, securities and commodities regulators. The implementation of the Dodd-Frank Act requires the adoption of various regulations and the preparation of reports by various agencies over a period of time. It is unclear how these regulators will continue to exercise these powers and whether they will undertake rulemaking, supervisory or enforcement actions that would adversely affect the Fund or investments made by the Fund. There can be no assurance that future regulatory actions authorized by the Dodd-Frank Act will not significantly reduce the profitability of the Fund by increasing transaction and/or regulatory compliance costs.

In addition, it is possible that government regulation of various types of derivative instruments and/or regulation of certain market participants' use of the same, may limit or prevent the Fund from using such instruments as a part of its investment strategy, and could ultimately prevent the Fund from being able to achieve its investment objective. It is impossible to fully predict the effects of past, present or future legislation and regulation by multiple regulators in this area, but the effects could be substantial and adverse. It is possible that legislative and regulatory activity could limit or restrict the ability of the Fund to use certain instruments as a part of its investment strategy.

Rule 18f-4 under the Investment Company Act prescribes specific value-at-risk leverage limits for certain derivatives users. In addition, Rule 18f-4 requires certain derivatives users to adopt and implement a derivatives risk management program (including the appointment of a derivatives risk manager and the implementation of certain testing requirements), and prescribes reporting requirements in respect of derivatives. Subject to certain conditions, if a fund qualifies as a "limited derivatives user," as defined in Rule 18f-4, it is not subject to the full requirements of Rule 18f-4. In connection with the adoption of Rule 18f-4, the SEC rescinded certain of its prior guidance regarding asset segregation and coverage requirements in respect of derivatives transactions and related instruments. With respect to reverse repurchase agreements or other similar financing transactions in particular, Rule 18f-4 permits a fund to enter into such transactions if the fund either (i) complies with the asset coverage requirements of Section 18 of the Investment Company Act, and combines the aggregate amount of indebtedness associated with all reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the relevant asset coverage ratio, or (ii) treats all reverse repurchase agreements or similar financing transactions as derivatives transactions for all purposes under Rule 18f-4. The Fund has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. The Fund intends to be a limited derivatives user under Rule 18f-4 of the Investment Company Act. As a limited derivatives user, the Fund's derivatives exposure, excluding certain currency and interest rate hedging transactions, may not exceed 10% of its net assets. This restriction is not fundamental and may be changed by the Fund without a shareholder vote. Rule 18f-4 under the Investment Company Act may require the Fund to observe more stringent asset coverage and related requirements than were previously imposed by the Investment Company Act, which could adversely affect the value or performance of the Fund. Limits or restrictions applicable to the counterparties or issuers, as applicable, with which the Fund may engage in derivative transactions could also limit or prevent the Fund from using certain instruments. Under Rule 18f-4, the Fund may enter into an unfunded commitment agreement that is not a derivatives transaction, such as a capital commitment to a Portfolio Fund, if the Fund reasonably believes, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as they come due.

There is also uncertainty with respect to legislation, regulation and government policy at the federal, state and local levels, notably as respects U.S. trade, tax, healthcare, immigration, foreign and government regulatory policy. To the extent the U.S. Congress or presidential administration implements additional changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, healthcare, tax rates, the U.S. regulatory environment and inflation, among other areas. As some policy changes have been recently implemented and other policy changes have not yet been finalized, it cannot be known whether the Fund and its investments or future investments may be positively or negatively affected, or the impact of continuing uncertainty. Each prospective investor should also be aware that developments in the tax laws of the United States or other jurisdictions where the Fund or its underlying Portfolio Funds invest could have a material effect on the tax consequences to the shareholders. In the event of any such change in law, each shareholder is urged to consult its own tax advisers.

**Tax Characterization.** The Fund intends to take the position that the Fund is properly treated as a partnership for U.S. federal income tax purposes. In order to be treated as a partnership, the Fund will impose limitations on the transferability of Units. Such limitations may result in illiquidity of the Units and delays in the ability to transfer.

Under such limitations, any transfer of Units generally requires express written consent of the Fund. Further, all transfers of Units must be: (i) transfers of Units to an entity controlled by the transferor, but only if the basis of the transferee is determined in whole or in part by reference to the basis in the hands of the transferor; (ii) transfers at death of the Member; (iii) transfers between members of a family; (iv) transfers involving distributions from a retirement plan qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended (the "Code"), or an individual retirement account; (v) transfers of more than 2% of the total interests in partnership capital or profits; and (vi) transfers of Units of one or more partners representing in the aggregate 50% or more of the total interests in partnership capital and profits in one transaction or a series of related transactions. This would be sufficient to avoid treatment of the Fund as a publicly traded partnership, taxable as a corporation, assuming that a beneficial interest in the Units will not be traded or otherwise marketed on or through an "established securities market" within the meaning of Section 7704(b) of the Code and the Treasury Regulations promulgated thereunder. Second, each beneficial owner (including the initial transferee) of Units will be required, by its acceptance of a beneficial interest in Units to make certain certifications, representations and warranties. If such representations, warranties and covenants are not complied with, or if similar restrictions are not followed by holders of the Units, then the Fund could become a publicly traded partnership, and thereby become subject to an entity level income tax.

**Members Taxed on Profits Whether or Not Distributed**. A taxable Member will be required to include in its taxable income the Member's allocable share of the Fund's taxable income, whether or not any amounts are distributed by the Fund to such Member. Accordingly, Members may incur tax liabilities as a result of being allocated taxable income from the Fund without receiving current cash distributions with which to pay their taxes.

**Schedule K-1 May Be Delayed.** The Fund may be unable to provide a final Schedule K-1 to Members for any given year by April 15 of the following year. In the event that it cannot, Members may be required to obtain an extension of the filing date for their income tax returns at the federal, state and local levels.

**Limitations on Certain Deductions.** Applicable income tax laws may limit a Member's ability to deduct the Member's allocable share of the Fund's expenses and capital losses (if any).

**Unrelated Business Taxable Income of a Tax-Exempt Organization.** The Fund expects to generate income treated as "unrelated business taxable income" ("UBTI"), which is generally taxable to a tax- exempt organization. A direct investment in the Fund therefore is generally not suitable for charitable remainder trusts, individual retirement accounts ("IRAs") and other tax-exempt investors that wish to avoid earning UBTI.

**Entity-Level Audits.** The Internal Revenue Service (the "IRS") generally is permitted to determine adjustments to items of income, gain, deduction, loss or credit of the Fund, and assess and collect taxes attributable thereto (including any applicable penalties and interest), at the Fund level. Any person who is a Member in the year of the adjustment may indirectly bear the economic burden of any taxes assessed or collected at the Fund level (initially determined at the highest rate of tax applicable to an individual or corporation in effect for the reviewed year) regardless whether such person was a Member during any reviewed year. It is expected that the Fund will be permitted to reduce the underpayment of taxes owed by the Fund, including to the extent that the Fund demonstrates such taxes are allocable to a Member that would not owe any tax by reason of its tax status or the character of income is subject to a lower rate of tax. The Fund may also have the ability to avoid such entity-level tax assessment or collection by electing to issue a statement to each person who was a Member during the reviewed year with that Member's share of such adjustment, resulting in such Member being required to take into account any such adjustment for the taxable year which includes the date such statement was furnished. In such case, the reviewed year Members will also incur a two-percentage point increase to the interest rate that would otherwise have been imposed on their underpayment of taxes. The Fund will designate the Adviser as its tax representative, who will have the sole authority to act on behalf of the Fund with respect to dealings with the IRS.

**State Income Tax Returns.** Members may be required to file income tax returns with and pay income taxes to one or more states in which they do not reside as a result of the Fund's investments. Such taxes (if any) may be creditable against a Member's income tax liability on the same income in the Member's state of residence.

**Changes in Applicable Tax Laws.** Changes in applicable tax laws could affect, perhaps adversely, a Member's tax consequences of an investment in the Fund.

Certain additional tax risks associated with an investment in the Fund are discussed in "Certain U.S. federal income tax considerations."

**Private Offering Exemption** 

This offering has not been registered under the 1933 Act, in reliance, in part, on the exemptive provisions of Section 4(a)(2) of the 1933 Act and Rule 506(c) of Regulation D promulgated thereunder. Pursuant to Rule 506(c) all investors in a Fund must be "accredited investors" as defined in Rule 501(a) of Regulation D, and the Fund, the Placement Agent or financial intermediaries (i.e., sub-placement agents) that enter into an agreement with the Placement Agent for the sale of Units must take reasonable steps to verify that each prospective investor or existing Member, as applicable, qualifies as an accredited investor at the time Units are purchased. The Fund may utilize both the "safe harbor" verification provisions of Rule 506(c) and/or the "principle-based methods of verification" under Rule 506(c)that allow for verification on grounds that are reasonable in the context of the particular facts and circumstances of each purchaser and transaction ("Principle Based Verification"). While the Fund intends to comply with Rule 506(c) at all times, it may be difficult for the Fund to ensure full compliance as SEC guidance on compliance with the applicable verification methodologies evolves and regulatory actions in this area increase over time. Failure of the Fund to comply with Rule 506(c) or any other securities rules or regulations applicable to the offering of Units could result in regulatory enforcement actions and/or monetary claims against the Fund that could affect the ability of the Fund to operate and cause losses to the Fund and its Members.

**Substantial repurchases**

Substantial requests for the Fund to repurchase Units could require the Fund to liquidate certain of its investments more rapidly than otherwise desirable in order to raise cash to fund the repurchases and achieve a market position appropriately reflecting a smaller asset base. This could have a material adverse effect on the value of the Units. See "*General risks — Closed-end fund; liquidity limited to periodic repurchases of Units.*"

**Temporary Investments**

Delays in investing the net proceeds of the offering of Units may impair the Fund's performance. The Fund cannot assure you it will be able to identify any investments that meet its investment objective or that any investment that the Fund makes will produce a positive return. The Fund may be unable to invest the net proceeds of the Fund's offering on acceptable terms within the time period that the Fund anticipates or at all, which could harm the Fund's financial condition and operating results.

Before making investments, the Fund may invest the net proceeds of the Fund's offering primarily in cash, cash equivalents, U.S. government securities, money market funds, repurchase agreements, and other high-quality debt instruments maturing in one year or less from the time of investment ("Temporary Investments"). This will produce returns that are significantly lower than the returns that the Fund expects to achieve when the Fund's portfolio is fully invested in securities meeting the Fund's investment objective. As a result, any distributions that the Fund pays while the Fund's portfolio is not fully invested in securities meeting its investment objective may be lower than the distributions that the Fund may be able to pay when the Fund portfolio is fully invested in securities meeting the Fund's investment objective.

**Dilution from subsequent offerings of Units**

The Fund may accept additional subscriptions for Units as determined by the Board, in its sole discretion. Additional purchases will dilute the indirect interests of existing Members in the Fund Investments prior to such purchases, which could have an adverse impact on the existing Members' interests in the Fund if subsequent Fund Investments underperform the prior investments. Further, in certain cases Portfolio Fund Managers may structure performance-based compensation similarly to the Fund, with such compensation being paid only if gains exceed prior losses (i.e., if the value surpasses a previous "high-water mark"). New purchases of Units will dilute the benefit of such compensation structures to existing Members.

**Valuations of Fund Investments; valuations subject to adjustment**

The valuations reported by the Portfolio Fund Managers, based upon which the Fund determines its month-end net asset value and the net asset value per Unit may be subject to later adjustment or revision. For example, fiscal year-end net asset value calculations of the Fund Investments may be revised as a result of audits by their independent auditors. Other adjustments may occur from time to time. Because such adjustments or revisions, whether increasing or decreasing the net asset value of the Fund at the time they occur, relate to information available only at the time of the adjustment or revision, the adjustment or revision may not affect the amount of the repurchase proceeds of the Fund received by Members who had their Units repurchased prior to such adjustments and received their repurchase proceeds, subject to the ability of the Fund to adjust or recoup the repurchase proceeds received by Members under certain circumstances as described in "*Repurchases of Shares.*" As a result, to the extent that such subsequently adjusted valuations from the Portfolio Fund Managers or revisions to the net asset value of a Fund Investment or direct private equity investment adversely affect the Fund's net asset value, the outstanding Units may be adversely affected by prior repurchases to the benefit of Members who had their Units repurchased at a net asset value higher than the adjusted amount. Conversely, any increases in the net asset value resulting from such subsequently adjusted valuations may be entirely for the benefit of the outstanding Units and to the detriment of Members who previously had their Units repurchased at a net asset value lower than the adjusted amount. The same principles apply to the purchase of Units. New Members may be affected in a similar way.

The valuations of Units may be significantly affected by numerous factors, some of which are beyond the Fund's control and may not be directly related to the Fund's operating performance. These factors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in regulatory policies or tax guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in earnings or variations in operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the value of the Fund Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting guidelines governing valuation of the Fund Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any shortfall in revenue or net income or any increase in losses from levels expected by investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• departure of the Adviser or certain of its respective key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic trends and other external factors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of a major funding source.

**Large Shareholder Concentration Risk**

It is anticipated that the Fund will serve as an investment vehicle for an unaffiliated Collective Investment Trust ("CIT") and that initially the CIT will own the majority of Units in the Fund. Large Members may present a risk should they redeem their entire holdings at once if the underlying holdings of the Fund are concurrently experiencing a liquidity risk.

**Business and structure related risks**

**Reliance on the Adviser**

The Adviser has full discretionary authority to identify, structure, allocate, execute, administer, monitor and liquidate Fund Investments and, in doing so, has no responsibility to consult with any Member. Accordingly, an investor in the Fund must rely upon the abilities of the Adviser, and no person should invest in the Fund unless such person is willing to entrust all aspects of the investment decisions of the Fund to the Adviser.

**Reliance on the key personnel**

The Fund depends on the investment expertise, skill and network of business contacts of the Adviser. The Adviser evaluates, negotiates, structures, executes, monitors and services Fund Investments. The Fund's future success will depend to a significant extent on the continued service and coordination of the Adviser and its investment management team. The departure of certain key personnel of the Adviser or its affiliates could have a material adverse effect on the Fund's ability to achieve its investment objective.

The Fund's ability to achieve its investment objective depends on the Adviser's ability to identify, analyze, invest in, finance and monitor Portfolio Funds and portfolio companies that meet the Fund's investment criteria. The Adviser's capabilities in structuring the investment process, providing competent, attentive and efficient services to the Fund, and facilitating access to financing on acceptable terms depend on the employment of investment professionals in an adequate number and of adequate sophistication to match the corresponding flow of transactions. To achieve the Fund's investment objective, the Adviser may need to hire, train, supervise and manage new investment professionals to participate in the Fund's investment selection and monitoring process. The Adviser may not be able to find investment professionals in a timely manner or at all. Failure to support the Fund's investment process could have a material adverse effect on the Fund's business, financial condition and results of operations.

The Adviser depends on the relationships of it and of the Adviser's affiliates with private equity sponsors, investment banks and commercial banks, and the Fund will rely to a significant extent upon these relationships to provide the Fund with potential investment opportunities. If the Adviser or its affiliates fail to maintain their existing relationships or develop new relationships with other sponsors or sources of investment opportunities, the Fund may not be able to grow its investment portfolio. In addition, individuals with whom the Adviser and its affiliates have relationships are not obligated to provide the Fund, the Adviser or any of their affiliates with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities for the Fund.

**Competition for investment opportunities**

The Fund will compete for investments with other investment funds (including registered investment companies, private equity funds, mezzanine funds and collateralized loan obligation (CLO) funds), as well as traditional financial services companies such as commercial banks, finance companies, business development companies (BDCs), small business investment companies (SBICs) and other sources of funding. Moreover, alternative investment vehicles, such as hedge funds, have begun to invest in areas in which they have not traditionally invested, including making investments in private U.S. companies. As a result of these new entrants, competition for investment opportunities in private U.S. companies may strengthen. Many of the Fund's competitors are substantially larger and have considerably greater financial, technical and marketing resources than the Fund. For example, some competitors may have a lower cost of capital and access to funding sources that are not available to the Fund. In addition, some of the Fund's competitors may have higher risk tolerances or different risk assessments than the Fund. These characteristics could allow competitors to consider a wider variety of investments, establish more relationships and offer better pricing and more flexible structuring than the Fund is able to do. As a result, the Fund may lose investment opportunities if it does not match its competitors' pricing, terms and structure.

If the Fund is forced to match its competitors' pricing, terms and structure, it may not be able to achieve acceptable returns on its investments or may bear substantial risk of capital loss.

**Valuation of Fund Investments uncertain**

Under the Investment Company Act, the Fund is required to carry Fund Investments at market value or, if there is no readily available market value, at fair value as determined by the Adviser, in accordance with the Fund's valuation procedures, which have been approved by the Board. There is not a public market or active secondary market for many of the Fund's Private Assets. Rather, many of the Fund Investments may be traded on a privately negotiated over-the-counter secondary market for institutional investors. As a result, the Fund values these securities at fair value as determined in good faith by the Adviser in accordance with the valuation procedures that have been approved by the Board.

The determination of fair value, and thus the amount of unrealized losses the Fund may incur in any year, is to a degree subjective, and the Adviser has a conflict of interest in making the determination. The Fund values these securities monthly at fair value determined in good faith by the Adviser in accordance with the valuation procedures that have been approved by the Board. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, the Fund's determinations of fair value may differ materially from the values that would have been used if a ready market for these non-traded securities existed. Due to this uncertainty, the Fund's fair value determinations may cause the Fund's net asset value on a given date to understate or overstate materially the value that the Fund may ultimately realize upon the sale of one or more Fund Investments. The Fund will only value investments in private companies at NAV if permitted by applicable accounting standards. See "*Calculation of net asset value*."

**Amount or frequency of distributions not guaranteed**

The Fund expects to pay distributions out of assets legally available for distribution from time to time, at the sole discretion of the Board. Nevertheless, the Fund cannot assure Members that the Fund will achieve investment results that will allow the Fund to make a specified level of cash distributions or year-to-year increases in cash distributions. The Fund's ability to pay distributions may be adversely affected by the impact of the risks described in this Memorandum. All distributions will depend on the Fund's earnings, its net investment income, its financial condition, and such other factors as the Board may deem relevant from time to time.

In the event that the Fund encounters delays in locating suitable investment opportunities, the Fund may return all or a substantial portion of the proceeds from the offering of Units in anticipation of future cash flow, which may constitute a return of your capital and will lower your tax basis in your Units. A return of capital generally is a return of your investment rather than a return of earnings or gains derived from the Fund's investment activities and will be made after deduction of the fees and expenses payable in connection with the proceeds from the offering of Units, including any fees payable to the Adviser.

**Uncertain source and quantity of funding**

Proceeds from the sale of Units will be used for the Fund's investment opportunities, operating expenses and for payment of various fees and expenses such as the Investment Management Fee and other fees. Any working capital reserves the Fund maintains may not be sufficient for investment purposes, and it may require debt or equity financing to operate. Accordingly, in the event that the Fund develops a need for additional capital in the future for investments or for any other reason, these sources of funding may not be available to the Fund. Consequently, if the Fund cannot obtain debt or equity financing on acceptable terms, the ability to acquire investments and expand operations will be adversely affected. As a result, the Fund would be less able to achieve portfolio diversification and the investment objective, which may negatively impact the Fund's results of operations and reduce the Fund's ability to make distributions to Members.

**Fluctuations in performance**

The Fund could experience fluctuations in its performance due to a number of factors, including, but not limited to, the Fund's ability or inability to make investments in companies that meet the Fund's investment criteria, the interest rate payable on the debt securities the Fund acquires, the level of the Fund's expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Fund encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods.

**Cybersecurity risk**

As part of its business, the Adviser processes, stores and transmits large amounts of electronic information, including information relating to the transactions of the Fund and personally identifiable information of the Members. Similarly, service providers of the Adviser or the Fund, especially the Fund's Administrator, may process, store and transmit such information. The Adviser has procedures and systems in place that they believe are reasonably designed to protect such information and prevent data loss and security breaches. However, such measures cannot provide absolute security. The techniques used to obtain unauthorized access to data, disable or degrade service, or sabotage systems change frequently and may be difficult to detect for long periods of time. Hardware or software acquired from third parties may contain defects in design or manufacture or other problems that could unexpectedly compromise information security. Network connected services provided by third parties to the Adviser may be susceptible to compromise, leading to a breach of the Adviser's networks. The Adviser's systems or facilities may be susceptible to employee error or malfeasance, government surveillance, or other security threats. Online services provided by the Adviser to the Members may also be susceptible to compromise. Breach of the Adviser's information systems may cause information relating to the transactions of the Fund and personally identifiable information of the Members to be lost or improperly accessed, used or disclosed.

The service providers of the Adviser and the Fund are subject to the same electronic information security threats as the Adviser. If a service provider fails to adopt or adhere to adequate data security policies, or in the event of a breach of its networks, information relating to the transactions of the Fund and personally identifiable information of the Members may be lost or improperly accessed, used or disclosed.

The loss or improper access, use or disclosure of the Adviser's or the Fund's proprietary information may cause the Adviser or the Fund to suffer, among other things, financial loss, the disruption of its business, liability to third parties, regulatory intervention or reputational damage. Any of the foregoing events could have a material adverse effect on the Fund and the Members' investments therein.

 **Arbitration Risk**

By purchasing Units of the Fund, you are bound by the arbitration provisions contained in the Fund's LLC Agreement which limits your ability to bring class action lawsuits or seek remedy on a class basis, subject to applicable law. By purchasing Units of the Fund, Members agree to be bound by the arbitration provisions contained in the Fund's LLC Agreement (the "Arbitration Provision"), subject to applicable law. Specifically, the Arbitration Provision requires that the sole and exclusive forum and remedy for resolution of a claim be final and binding arbitration. Such Arbitration Provision applies to all claims that are related to the Fund, including with respect to this offering, the Fund's holdings, the Fund's Units, the Fund's ongoing operations and the management of its investments, among other matters and limit the ability of Members to bring class action lawsuits or similarly seek remedy on a class basis. Furthermore, because the Arbitration Provision is contained in the LLC Agreement, such Arbitration Provision will also apply to any purchasers of shares in a secondary transaction.

**Management related risks**

**Incentive Fee**

Any Incentive Fee payable by the Fund that relates to an increase in value of Fund Investments may be computed and paid on gain or income that is unrealized. If a Fund Investment decreases in value, it is possible that the unrealized gain previously included in the calculation of the Incentive Fee will never become realized. The Adviser is not obligated to reimburse the Fund for any part of the Incentive Fee it received that was based on unrealized gain never realized as a result of a sale or other disposition of a Fund Investment at a lower valuation in the future, and such circumstances would result in the Fund paying an Incentive Fee on income or gain the Fund never received.

In addition, the Incentive Fee payable by the Fund to the Adviser may create an incentive for the Adviser to make investments on the Fund's behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement.

**Divergence of resources**

Neither the Adviser nor its affiliates, including individuals employed by the Adviser or its affiliates, are prohibited from raising money for and managing another investment entity that makes the same types of investments as those the Fund will target. As a result, the time and resources that these individuals may devote to the Fund may be diverted. In addition, the Fund may compete with any such investment entity for the same investors and investment opportunities. Affiliates of the Adviser, whose primary businesses include the origination of investments, engage in investment advisory business with accounts that compete with the Fund. Affiliates of the Adviser have no obligation to make their originated investment opportunities available to the Adviser or to the Fund**.**

**Transactions with affiliates**

Affiliates of the Adviser engage in financial advisory activities that are independent from, and may from time to time conflict with, those of the Fund or Fund Investments. In the future, there may be instances in which the interests of such affiliates conflict with the interests of the Fund or Fund Investments. Affiliates of the Adviser may provide services to, invest in, advise, sponsor and/or act as investment manager to investment vehicles and other persons or entities (including prospective investors in the Fund Investments) which (i) may have structures, investment objectives and/or policies that are similar to (or different than) those of the Fund, (ii) may compete with the Fund for investment opportunities, and (iii) may co-invest with the Fund in certain transactions. The Fund has received exemptive relief from the SEC that permits the Fund to participate in certain negotiated co-investments alongside other funds managed by the Adviser or certain of its affiliates, subject to certain conditions. A copy of the Fund's application for exemptive relief, including all of the conditions, and the related order are available on the SEC's website at <u>http://www.sec.gov</u>. In addition, affiliates of the Adviser and their respective clients may themselves invest in securities that would be appropriate for the Fund's investments and may compete with the Fund Investments for investment opportunities. The Fund may invest in entities that are affiliates of or are managed by the Adviser, including in respect of which it or its affiliates may receive investment management, advisory or other fees, in addition to those payable by the Fund. The Adviser or its affiliates may earn fees from Fund Investments or the Fund for the provision of advice on mergers, acquisitions, add-on acquisitions, re-financings, public offerings, sales and similar transactions.

**Investment related risks**

This section discusses the types of investments that may be made, directly or indirectly, by the Fund and some of the risks associated with such investments. It is possible that the Fund will make an investment that is not described below, and any such investment will be subject to its own particular risks.

**Restrictions on raising capital and borrowing**

The Fund may issue "senior securities," as defined in the Investment Company Act (including borrowing money from banks or other financial institutions) only in amounts such that the Fund's asset coverage, as defined in the Investment Company Act, equals at least 200% after such incurrence or issuance. Compliance with these requirements may unfavorably limit the Fund's investment opportunities and reduce its ability in comparison to other companies to profit from favorable spreads between the rates at which it can borrow and the rates at which it can lend. The Fund may borrow for investment purposes.

**Limited operating history of Fund Investments**

**Unspecified investments; dependence on the Adviser**

The Adviser has complete discretion to select the Fund Investments as opportunities arise. The Fund and, accordingly, Members, must rely upon the ability of the Adviser to identify and implement Fund Investments consistent with the Fund's investment objective. Members will not receive or otherwise be privy to due diligence or risk information prepared by or for the Adviser in respect of the Fund Investments. The Adviser has the authority and responsibility for asset allocation, the selection of Fund Investments and all other investment decisions for the Fund. The success of the Fund depends upon the ability of the Adviser to develop and implement investment strategies that achieve the investment objective of the Fund. Members have no right or power to participate in the management or control of the Fund or the Fund Investments, or the terms of any such investments. There can be no assurance that the Adviser will be able to select or implement successful strategies or achieve its investment objective.

**Nature of Portfolio Companies**

The Fund may be exposed to, through its Portfolio Funds, investments in various companies, ventures and businesses ("Portfolio Companies"). This may include Portfolio Companies in the early phases of development, which can be highly risky due to the lack of a significant operating history, fully developed product lines, experienced management, or a proven market for their products. The Fund Investments may also include Portfolio Companies that are in a state of distress or which have a poor record and which are undergoing restructuring or changes in management, and there can be no assurances that such restructuring or changes will be successful. The management of such Portfolio Companies may depend on one or two key individuals, and the loss of the services of any of such individuals may adversely affect the performance of such Portfolio Companies.

**Control positions**

The Portfolio Funds may take control positions in Portfolio Companies. The exercise of control over a company imposes additional risks of liability for environmental damage, product defects, failure to supervise management, violation of governmental regulations and other types of liability in which the limited liability characteristic of a corporation may be ignored, which would increase the Fund's possibility of incurring losses.

**Leverage**

The Portfolio Fund Managers and (subject to applicable law) the Fund may employ leverage through borrowings or derivative instruments, and are likely to directly or indirectly acquire interests in companies with highly leveraged capital structures. If income and appreciation on investments made with borrowed funds are less than the cost of the leverage, the value of the relevant portfolio or investment will decrease. Accordingly, any event that adversely affects the value of a Fund Investment will be magnified to the extent leverage is employed. The cumulative effect of the use of leverage by the Fund or the Portfolio Funds in a market that moves adversely to the relevant investments could result in substantial losses, exceeding those that would have been incurred if leverage had not been employed.

The Fund intends to secure a committed, secured line of credit (the "Facility") in the future.

**Derivative instruments**

Some or all of the Portfolio Fund Managers and (subject to applicable law) the Fund may use options, swaps, futures contracts, forward agreements and other derivatives contracts. Transactions in derivative instruments present risks arising from the use of leverage (which increases the magnitude of losses), volatility, the possibility of default by a counterparty, and illiquidity. Use of derivative instruments for hedging or speculative purposes by the Fund or the Portfolio Fund Managers could present significant risks, including the risk of losses in excess of the amounts invested. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract. See "*Investment related risks - Hedging."*

 

 

**Publicly Traded Equity Securities Risk**

Stock markets are volatile, and the prices of equity securities fluctuate based on changes in a company's financial condition and overall market and economic conditions. Although common stocks have historically generated higher average total returns than fixed-income securities over the long-term, common stocks also have experienced significantly more volatility in those returns and, in certain periods, have significantly underperformed relative to fixed-income securities. Common stocks of companies that operate in certain sectors or industries tend to experience greater volatility than companies that operate in other sectors or industries or the broader equity markets. For example, publicly traded equity securities of private equity funds and private equity firms tend to experience greater volatility than other companies in the financial services industry and the broader equity markets. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Fund. A common stock may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. The value of a particular common stock held by the Fund may decline for a number of other reasons which directly relate to the issuer, such as management performance, financial leverage, the issuer's historical and prospective earnings, the value of its assets and reduced demand for its goods and services. Also, the prices of common stocks are sensitive to general movements in the stock market and a drop in the stock market may depress the price of common stocks to which the Fund has exposure. Common stock prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Common equity securities in which the Fund may invest are structurally subordinated to preferred stock, bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and are therefore inherently more risky than preferred stock or debt instruments of such issuers.

**Other Publicly Listed Securities**

The Fund may make investments in publicly listed companies whose primary business is managing investments in private markets and in publicly traded vehicles whose primary purpose is to invest in or lend capital to privately held companies.

Publicly traded private markets investments generally involve publicly listed companies that pursue the business of private equity investing, including listed private equity companies, listed funds of funds, alternative asset managers, holding companies, investment trusts, closed-end funds, financial institutions and other vehicles whose primary purpose is to invest in, lend capital to or provide services to privately held companies.

Publicly traded private markets funds are typically regulated vehicles listed on a public stock exchange that invest in private markets transactions or funds. Such vehicles may take the form of corporations, BDCs, unit trusts, publicly traded partnerships, or other structures, and may focus on mezzanine, infrastructure, buyout or venture capital investments.

Publicly traded private market investments may also include investments in publicly listed companies in connection with a privately negotiated financing or an attempt to exercise significant influence on the subject of the investment. Publicly traded private equity investments usually have an indefinite duration.

Publicly traded private market investments occupies a small portion of the private markets universe, including only a few professional investors who focus on and actively trade such investments. As a result, relatively little market research is performed on publicly traded private markets companies, only limited public data may be available regarding these companies and their underlying investments, and market pricing may significantly deviate from published net asset value. This can result in market inefficiencies and may offer opportunities to specialists that can value the underlying private markets investments.

Publicly traded private markets investments are typically liquid and capable of being traded daily, in contrast to direct investments and private equity funds, in which capital is subject to lengthy holding periods. Accordingly, publicly traded private markets transactions are significantly easier to execute than other types of private markets investments, giving investors an opportunity to adjust the investment level of their portfolios more efficiently.

**Economic, political, and legal risks**

The Fund Investments include indirect investments in a number of countries, including countries in emerging markets, exposing investors to a range of potential economic, political and legal risks, which could have an adverse effect on the Fund. These may include but are not limited to declines in economic growth, inflation, deflation, the imposition of tariffs, currency revaluation, nationalization, expropriation, confiscatory taxation, governmental restrictions, adverse regulation, social or political instability, negative diplomatic developments, military conflicts and terrorist attacks.

Prospective investors should note that the private equity markets in countries where Fund Investments are made may be significantly less developed than those in the United States. Certain investments may be subject to extensive regulation by national governments and/or political subdivisions thereof, which could prevent the Fund or the Portfolio Funds from making investments they otherwise would make, or cause them to incur substantial additional costs or delays that they otherwise would not suffer. Such countries may have different regulatory standards with respect to insider trading rules, restrictions on market manipulation, shareholder proxy requirements and/or disclosure of information. In addition, the laws of various countries governing business organizations, bankruptcy and insolvency may make legal action difficult and provide little, if any, legal protection for investors, including the Fund and the Portfolio Funds. Any such laws or regulations may change unpredictably based on political, economic, social and/or market developments.

**Fixed-Income Securities Risks**

Fixed-income securities in which the Fund may invest are generally subject to the following risks:

<u>Interest Rate Risk</u>. The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Interest rates in the United States and many other countries have risen in recent periods and may continue to rise or remain elevated in the future. Because longer-term inflationary pressure may result from the U.S. government's fiscal policies, the Fund may experience higher interest rates over its investment horizon. To the extent the Fund or a Fund Investment borrows money to finance its investments, the Fund's or a Fund Investment's performance will depend, in part, upon the difference between the rate at which it borrows funds and the rate at which it invests those funds. In periods of rising interest rates, the Fund's or a Fund Investment's cost of funds could increase. Adverse developments resulting from changes in interest rates could have a material adverse effect on the Fund's or a Fund Investment's financial condition and results of operations. In addition, a decline in the prices of the debt the Fund or a Fund Investment owns could adversely affect the Fund's net asset value. Changes in market interest rates could also affect the ability of operating companies in which the Fund or a Fund Investment invests to service debt, which could materially impact the Fund or a Fund Investment may invest, thus impacting the Fund.

There is a risk that interest rates will rise, which will likely drive down prices of bonds and other fixed-income securities. The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund's investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund's net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by the Adviser. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities.

The Fund may invest in variable and floating rate debt instruments, which generally are less sensitive to interest rate changes than longer duration fixed rate instruments but may decline in value in response to rising interest rates if, for example, the rates at which they pay interest do not rise as much, or as quickly, as market interest rates in general.

Conversely, variable and floating rate instruments generally will not increase in value if interest rates decline. To the extent the Fund holds variable or floating rate instruments, a decrease in market interest rates will adversely affect the income received from such securities, which may adversely affect the net asset value of the Fund's Units.

<u>Issuer and Spread Risk</u>. The value of fixed-income securities may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage, reduced demand for the issuer's goods and services, historical and prospective earnings of the issuer and the value of the assets of the issuer. In addition, wider credit spreads and decreasing market values typically represent a deterioration of a debt security's credit soundness and a perceived greater likelihood of risk or default by the issuer.

<u>Credit Risk</u>. Credit risk is the risk that one or more fixed-income securities in the Fund's portfolio will decline in price or fail to pay interest or principal when due because the issuer of the security experiences a decline in its financial status. Credit risk is increased when a portfolio security is downgraded or the perceived creditworthiness of the issuer deteriorates. To the extent the Fund invests in below investment grade securities, it will be exposed to a greater amount of credit risk than a fund that only invests in investment grade securities. In addition, to the extent the Fund uses credit derivatives, such use will expose it to additional risk in the event that the bonds underlying the derivatives default. The degree of credit risk depends on the issuer's financial condition and on the terms of the securities.

<u>Prepayment or "Call" Risk</u>. During periods of declining interest rates, borrowers may exercise their option to prepay principal earlier than scheduled. For fixed rate securities, such payments often occur during periods of declining interest rates, forcing the Fund to reinvest in lower yielding securities, resulting in a possible decline in the Fund's income and distributions to members. This is known as prepayment or "call" risk. Below investment grade securities frequently have call features that allow the issuer to redeem the security at dates prior to its stated maturity at a specified price (typically greater than par) only if certain prescribed conditions are met (i.e., "call protection"). For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be increased.

<u>Reinvestment Risk</u>. Reinvestment risk is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio's current earnings rate.

<u>Duration and Maturity Risk</u>. The Fund has no set policy regarding the duration or maturity of the fixed-income securities it may hold. In general, the longer the duration of any fixed-income securities in the Fund's portfolio, the more exposure the Fund will have to the interest rate risks described above. The Adviser may seek to adjust the portfolio's duration or maturity based on its assessment of current and projected market conditions and any other factors that the Adviser deems relevant. There can be no assurance that the Adviser's assessment of current and projected market conditions will be correct or that any strategy to adjust the portfolio's duration or maturity will be successful at any given time.

**SOFR risk**

The Secured Overnight Financing Rate ("SOFR") is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data. SOFR is calculated and published by the Federal Reserve Bank of New York. Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from the London Interbank Offered Rate ("LIBOR"). LIBOR was intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It was a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR was intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR's history or otherwise. Levels of SOFR in the future, including following the discontinuation of LIBOR, may bear little or no relation to historical levels of SOFR, LIBOR or other rates.

**Currency risk**

The Fund's portfolio will include indirect investments in a number of different currencies. Any returns on, and the value of such investments may, therefore, be materially affected by exchange rate fluctuations, local exchange control, limited liquidity of the relevant foreign exchange markets, the convertibility of the currencies in question and/or other factors. A decline in the value of the currencies in which the Fund Investments are denominated against the U.S. Dollar may result in a decrease the Fund's net asset value. The Adviser may or may not elect to hedge the value of investments made by the Fund against currency fluctuations, and even if the Adviser deems hedging appropriate, it may not be possible or practicable to hedge currency risk exposure. Accordingly, the performance of the Fund could be adversely affected by such currency fluctuations.

**Eurozone risk**

The Fund may invest indirectly from time to time in European companies and assets and companies and assets that may be affected by the Eurozone economy. Ongoing concerns regarding the sovereign debt of various Eurozone countries, including the potential for investors to incur substantial write-downs, reductions in the face value of sovereign debt and/or sovereign defaults, as well as the possibility that one or more countries might leave the European Union ("EU") or the Eurozone create risks that could materially and adversely affect the Fund Investments. Sovereign debt defaults and EU and/or Eurozone exits could have material adverse effects on the Fund's investments in European companies and assets, including, but not limited to, the availability of credit to support such companies' financing needs, uncertainty and disruption in relation to financing, increased currency risk in relation to contracts denominated in Euros and wider economic disruption in markets served by those companies, while austerity and/or other measures introduced to limit or contain these issues may themselves lead to economic contraction and resulting adverse effects for the Fund. Legal uncertainty about the funding of Euro denominated obligations following any breakup or exits from the Eurozone, particularly in the case of investments in companies and assets in affected countries, could also have material adverse effects on the Fund.

**Non-U.S. Investments Risk**

The Fund, indirectly through Portfolio Funds, may invest in companies that are organized or headquartered or have substantial sales or operations outside of the United States, its territories, and possessions. Such investments may be subject to certain additional risk due to, among other things, potentially unsettled points of applicable governing law, the risks associated with fluctuating currency exchange rates, capital repatriation regulations (as such regulations may be given effect during the term of the Fund or client portfolio), the application of complex U.S. and non-U.S. tax rules to cross-border investments, possible imposition of non-U.S. taxes on investors with respect to the income, and possible non-U.S. tax return filing requirements. The foregoing factors may increase transaction costs and adversely affect the value of the Fund's portfolio investments.

Additional risks of non-U.S. investments include but are not limited to: (a) economic dislocations in the host country; (b) less publicly available information; (c) less well-developed regulatory institutions; and (d) greater difficulty of enforcing legal rights in a non-U.S. jurisdiction. Moreover, non-U.S. portfolio investments and companies may not be subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those that apply to U.S. portfolio investments and companies. In addition, laws and regulations of foreign countries may impose restrictions that would not exist in the United States and may require financing and structuring alternatives that differ significantly from those customarily used in the United States. No assurance can be given that a change in political or economic climate, or particular legal or regulatory risks, including changes in regulations regarding foreign ownership of assets or repatriation of funds or changes in taxation might not adversely affect an investment by the Fund.

Increased tensions between Russia and Ukraine have escalated into an armed conflict given Russia's invasion of Ukraine in February 2022. The conflict involving these two countries and the recent outbreak of hostilities between them may escalate or result in more widespread conflict. Such hostilities, and the threat of wider-spread hostilities, could lead to disruption, instability and volatility in global markets and commodity prices, economies and industries that could negatively impact the Fund's business, results of operations and financial condition. The conflict has already resulted in significant volatility in certain equity, debt and currency markets, material increases in commodity prices, such as oil and natural gas, and economic uncertainty. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future, could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long the armed conflict and related events will last cannot be predicted. These tensions and any related events could have significant impact on Fund performance and the value of an investment in the Fund.

**Foreign Currency Risk**

Because the Fund may have exposure to securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities held by the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies, which means that the Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Adviser may, but is not required to, elect for the Fund to seek to protect itself from changes in currency exchange rates through hedging transactions depending on market conditions. In addition, certain countries, particularly emerging market countries, may impose foreign currency exchange controls or other restrictions on the transferability, repatriation or convertibility of currency.

**Yield and Ratings Risk**

The yields on debt obligations are dependent on a variety of factors, including general market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody's, S&P and Fitch, which are described in Appendix A to the SAI, represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and interest rate may have different market prices. Subsequent to its purchase by the Fund, a rated security may cease to be rated. The Adviser will consider such an event in determining whether the Fund should continue to hold the security.

**U.S. Debt Securities Risk**

U.S. debt securities generally involve lower levels of credit risk than other types of fixed income securities of similar maturities, although, as a result, the yields available from U.S. debt securities are generally lower than the yields available from such other securities. Like other fixed income securities, the values of U.S. debt securities change as interest rates fluctuate. On August 5, 2011, S&P lowered its long-term sovereign credit rating on U.S. debt securities to AA+ from AAA. The downgrade by S&P and any future downgrades by other rating agencies could increase volatility in both stock and bond markets, result in higher interest rates and higher Treasury yields and increase borrowing costs generally. These events could have significant adverse effects on the economy generally and could result in significant adverse impacts on securities issuers and the Fund. The Adviser cannot predict the effects of these or similar events in the future on the U.S. economy and securities markets or on the Fund's portfolio.

**Recent market events risk**

Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist trade measures, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate taxes. The scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market's expectations. The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in the world economy and markets generally. As a result of increasingly interconnected global economies and financial markets, the value and liquidity of the Fund's investments may be negatively affected by events impacting a country or region, regardless of whether the Fund invests in issuers located in or with significant exposure to such country or region.

The world has been susceptible to epidemics/pandemics, most recently COVID-19, which has been designated as a pandemic by the World Health Organization. Any outbreak of COVID-19 or other existing or new epidemics/pandemics, or the threat thereof, together with any resulting restrictions on travel or quarantines imposed, has had, and will continue to have, an adverse impact on the economy and business activity globally (including in the countries in which the Fund invests), and thereby is expected to adversely affect the performance of the Fund's investments and the Fund's ability to fulfill its investment objectives. Furthermore, the rapid development of epidemics/pandemics could preclude prediction as to their ultimate adverse impact on economic and market conditions, and, as a result, presents material uncertainty and risk with respect to the Fund and the performance of its investments.

Recently, the United States has enacted or proposed to enact significant new tariffs, and various federal agencies have been directed to further evaluate key aspects of U.S. trade policy, which could potentially lead to significant changes to current policies, treaties, and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global trade, in particular, trade between the impacted nations and the U.S.; global financial markets' stability; and global economic conditions. These events could, in turn, adversely affect the Fund and the performance of its investments.

The impairment or failure of one or more banks with whom the Fund transacts may inhibit the Fund's or a Portfolio Fund's ability to access depository accounts. In such cases, the Fund or a Portfolio Fund may be forced to delay or forgo investments, resulting in lower Fund performance. In the event of such a failure of a banking institution where the Fund or a Portfolio Fund or other Fund Investment holds depository accounts, access to such accounts could be restricted and U.S. Federal Deposit Insurance Corporation ("FDIC") protection may not be available for balances in excess of amounts insured by the FDIC. In such instances, the Fund or a Portfolio Fund or other Fund Investment may not recover such excess, uninsured amounts.

The failure of certain financial institutions, namely banks, may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. The failure of a bank (or banks) with which the Fund and/or the Fund Investments have a commercial relationship could adversely affect, among other things, the Fund and/or the Fund Investment's ability to pursue key strategic initiatives, including by affecting the Fund's or a Fund Investment's ability to borrow from financial institutions on favorable terms.

Additionally, if the sponsor of Portfolio Fund has a commercial relationship with a bank that has failed or is otherwise distressed, the Portfolio Fund or its Portfolio Companies may experience issues receiving financial support from the sponsor to support its operations or consummate transactions, to the detriment of their business, financial condition and/or results of operations.

**Hedging**

The Fund may seek to hedge against interest rate and currency exchange rate fluctuations and credit risk by using structured financial instruments such as futures, options, swaps and forward contracts, subject to the requirements of the Investment Company Act. Use of structured financial instruments for hedging purposes may present significant risks, including the risk of loss of the amounts invested. Defaults by the other party to a hedging transaction can result in losses in the hedging transaction. Hedging activities also involve the risk of an imperfect correlation between the hedging instrument and the asset being hedged, which could result in losses both on the hedging transaction and on the instrument being hedged. Use of hedging activities may not prevent significant losses and could increase losses. Further, hedging transactions may reduce cash available to pay distributions to Members. See "*Investment related risks - Derivative instruments*."

**Risks relating to accounting, auditing and financial reporting, etc.**

The legal, regulatory, disclosure, accounting, auditing and reporting standards in certain of the countries in which the Fund Investments (both direct and indirect) may be made may be less stringent and may not provide the same degree of protection or information to investors as would generally apply in the United States. Although the Fund uses U.S. GAAP, the assets, liabilities, profits and losses appearing in published financial statements of the Fund Investments may not reflect their financial position or operating results as they would be reflected under U.S. GAAP. Accordingly, the net asset value of the Fund published from time to time may not accurately reflect a realistic value for any or all of the investments.

Certain Fund Investments may be in Portfolio Companies that do not maintain internal management accounts or adopt financial budgeting, internal audit or internal control procedures to standards normally expected of companies in the United States. Accordingly, information supplied to the Fund and the Portfolio Funds may be incomplete, inaccurate and/or significantly delayed. The Fund and the Portfolio Funds may therefore be unable to take or influence timely actions necessary to rectify management deficiencies in such Portfolio Companies, which may ultimately have an adverse impact on the net asset value of the Fund.

**Risks of Investing in Private Assets**

**Risks of Private Equity Strategies**

The Fund's investment portfolio will include investments in Portfolio Funds, which will hold securities issued primarily by private companies. Operating results for private companies in a specified period will be difficult to predict. Such investments involve a high degree of business and financial risk that can result in substantial losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Buyout Investment Risks</u>. Buyout transactions may result in new enterprises that are subject to
extreme volatility, require time for maturity and may require additional capital. In addition, they frequently rely on borrowing significant
amounts of capital, which can increase profit potential but at the same time increase the risk of loss. Leveraged companies may be subject
to restrictive financial and operating covenants. The leverage may impair the ability of these companies to finance their future operations
and capital needs. Also, their flexibility to respond to changing business and economic conditions and to business opportunities may be
limited. A leveraged company's income and net assets will tend to increase or decrease at a greater rate than if borrowed money
was not used. Although these investments may offer the opportunity for significant gains, such buyout investments involve a high degree
of risk that can result in substantial losses, which risks generally are greater than the risks of investing in public companies that
may not be as leveraged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Venture Capital Risks</u>. Venture capital investments are in private companies that have limited operating
history, are attempting to develop or commercialize unproven technologies or to implement novel business plans or are not otherwise developed
sufficiently to be self-sustaining financially or to become public. Although these investments may offer the opportunity for significant
gains, such investments involve a high degree of risk that can result in substantial losses, which risks generally are greater than the
risks of investing in public or private companies that may be at a later stage of development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Special Situations Risks</u>. The special situations strategies invest in companies that may be in
transition, out of favor, financially leveraged, stressed or distressed, or potentially troubled and may be or have recently been involved
in major strategic actions, restructurings, bankruptcy, reorganization, or liquidation. These companies may be experiencing, or are expected
to experience, financial difficulties that may never be able to overcome. The securities of such companies are likely to be particularly
risky investments although they also may offer the potential for correspondingly high returns. Such companies' securities may be
considered speculative, and the ability of such companies to pay their debts on schedule could be affected by adverse interest rate movements,
changes in the general economic climate, economic factors affecting a particular industry or specific developments within such companies.
Such investments could, in certain circumstances, subject a Portfolio Fund or the Fund to certain additional potential liabilities.

Numerous other risks also arise in the workout and bankruptcy contexts. In addition, there is no minimum credit standard that is a prerequisite to an investment in any instrument and a significant portion of the obligations and preferred stock acquired in special situations investments may be rated below investment grade or unrated.

**Competition for Access to Private Equity Investment Opportunities**

There can be no assurance that the Adviser will be able to secure interests on behalf of the Fund in all of the investment opportunities that it identifies for the Fund, or that the size of the interests available to the Fund will be as large as the Adviser would desire. Moreover, as a registered investment company, the Fund is required to make certain public disclosures and regulatory filings regarding its operations, financial status, portfolio holdings, etc. While these filings are designed to enhance investor protections, Portfolio Fund Managers and certain private companies may view such filings as contrary to their business interests and deny access to the Fund; but may permit other, non-registered funds or accounts, managed by the Adviser or its affiliates, to invest. As a result, the Fund may not be invested in certain Portfolio Funds that are held by other unregistered funds or accounts managed by the Adviser or its affiliates, even though those investments would be consistent with the Fund's investment objective.

In addition, certain provisions of the Investment Company Act prohibit the Fund from engaging in transactions with the Adviser and its affiliates; however; unregistered funds also managed by the Adviser are not prohibited from the same transactions. The Investment Company Act also imposes significant limits on co-investments with affiliates of the Fund. The Adviser has received an exemptive order from the SEC, which the Fund may also rely on, that expands the Fund's ability to co-invest alongside its affiliates in privately negotiated investments. However, the exemptive order contains certain conditions that may limit or restrict the Fund's ability to participate in an investment or participate in an investment to a lesser extent. An inability to receive the desired allocation to potential investments may affect Fund's ability to achieve the desired investment returns.

**Risks Associated with Secondary Investments**

The Fund may make Secondary Investments in Portfolio Funds by acquiring the interests in the Portfolio Funds from existing investors in such Portfolio Funds (and not from the Portfolio Fund itself). In such instances, as the Fund will not be acquiring such interests directly from the Portfolio Fund, it is generally not expected that the Fund will have the opportunity to negotiate the terms of the interests being acquired, other than the purchase price, or other special rights or privileges. There can be no assurance as to the number of Secondary Investment opportunities that will be presented to the Fund.

In addition, valuation of Secondary Investments in Portfolio Funds may be difficult, as there generally will be no established market for such investments or for the privately-held portfolio companies in which such Portfolio Funds may own securities. Moreover, the purchase price of Secondary Investments in such Portfolio Funds generally will be subject to negotiation with the sellers of the interests and there is no assurance that the Fund will be able to purchase interests at attractive discounts to net asset value, or at all. The overall performance of the Fund will depend in large part on the acquisition price paid by the Fund for its Secondary Investments, the structure of such acquisitions and the overall success of the Portfolio Fund.

At times, the Fund may have the opportunity to acquire a portfolio of Portfolio Fund interests from a seller, on an "all or nothing" basis. In some such cases, certain of the Portfolio Fund interests may be less attractive than others, and certain of the Portfolio Fund Managers may be more familiar to the Adviser than others or may be more experienced or highly regarded than others. In such cases, it may not be possible for the Fund to carve out from such purchases those Secondary Investments which the Adviser considers (for commercial, tax legal or other reasons) less attractive.

In the cases where the Fund acquires an interest in a Portfolio Fund through a Secondary Investment, the Fund may acquire contingent liabilities of the seller of such interest. More specifically, where the seller has received distributions from the Portfolio Fund and, subsequently, that Portfolio Fund recalls one or more of these distributions, the Fund (as the purchaser of the interest to which such distributions are attributable and not the seller) may be obligated to return the monies equivalent to such distribution to the Portfolio Fund. While the Fund may, in turn, make a claim against the seller for any such monies so paid, there can be no assurances that the Fund would prevail on such claim.

**In-Kind Distributions from Portfolio Funds**

The Fund may receive in-kind distributions of securities from Portfolio Funds. There can be no assurance that securities distributed in kind by Portfolio Funds to the Fund will be readily marketable or saleable, and the Fund may be required to hold such securities for an indefinite period and/or may incur additional expense in connection with any disposition of such securities.

**Special risks pertaining to investments in Portfolio Funds**

This section discusses certain risks related to the fact that the Fund invests in Portfolio Funds.

**Investments in the Portfolio Funds generally; dependence on the Portfolio Fund Managers**

Because the Fund invests in Portfolio Funds, a Member's investment in the Fund will be affected by the investment policies and decisions of the Portfolio Fund Manager of each Portfolio Fund in direct proportion to the amount of Fund assets that are invested in each Portfolio Fund. The Fund's net asset value may fluctuate in response to, among other things, various market and economic factors related to the markets in which the Portfolio Funds invest and the financial condition and prospects of issuers in which the Portfolio Funds invest. Certain risks related to the investment strategies and techniques utilized by the Portfolio Fund Managers are described under "*Investment related risks*" above. The success of the Fund depends upon the ability of the Portfolio Fund Managers to develop and implement strategies that achieve their investment objectives. Members will not have an opportunity to evaluate the specific investments made by the Portfolio Funds or the Portfolio Fund Managers, or the terms of any such investments. In addition, the Portfolio Fund Managers could materially alter their investment strategies from time to time without notice to the Fund. There can be no assurance that the Portfolio Fund Managers will be able to select or implement successful strategies or achieve their respective investment objectives.

**Portfolio Funds not registered**

The Fund is registered as an investment company under the Investment Company Act. The Investment Company Act is designed to afford various protections to investors in pooled investment vehicles. For example, the Investment Company Act imposes limits on the amount of leverage that a registered investment company can assume, restricts layering of costs and fees, restricts transactions with affiliated persons and requires that the investment company's operations be supervised by a board of managers, a majority of whose members are independent of management. However, most of the Portfolio Funds in which the Fund invests are not subject to the provisions of the Investment Company Act. Many Portfolio Fund Managers may not be registered as investment advisers under the Advisers Act. As an indirect investor in the Portfolio Funds managed by Portfolio Fund Managers that are not registered as investment advisers, the Fund will not have the benefit of certain of the protections of the Advisers Act.

The Portfolio Funds generally are exempted from regulation under the Investment Company Act because they permit investment only by investors who meet very high thresholds of investment experience and sophistication, as measured by net worth. The Fund's investment qualification thresholds are generally lower. As a result, the Fund provides an avenue for investing in Portfolio Funds that would not otherwise be available to certain investors. This means that investors who would not otherwise qualify to invest in largely unregulated vehicles will have the opportunity to make such an investment through the Fund.

In addition, the Portfolio Funds typically do not maintain their securities and other assets in the custody of a bank or a member of a securities exchange, as generally required of registered investment companies, in accordance with certain SEC rules. A registered investment company which places its securities in the custody of a member of a securities exchange is required to have a written custodian agreement, which provides that securities held in custody will be at all times individually segregated from the securities of any other person and marked to clearly identify such securities as the property of such investment company and which contains other provisions designed to protect the assets of such investment company. The Portfolio Funds in which the Fund will invest may maintain custody of their assets with brokerage firms which do not separately segregate such customer assets as would be required in the case of registered investment companies, or may not use a custodian to hold their assets. Under the provisions of the Securities Investor Protection Act of 1970, as amended, the bankruptcy of any brokerage firm used to hold Portfolio Fund assets could have a greater adverse effect on the Fund than would be the case if custody of assets were maintained in accordance with the requirements applicable to registered investment companies. There is also a risk that a Portfolio Fund Manager could convert assets committed to it by the Fund to its own use or that a custodian could convert assets committed to it by a Portfolio Fund Manager to its own use. There can be no assurance that the Portfolio Fund Managers or the entities they manage will comply with all applicable laws and that assets entrusted to the Portfolio Fund Managers will be protected.

Prospective investors should understand that the Fund is an appropriate investment only for investors who can tolerate a high degree of risk, including lesser regulatory protections in connection with the Fund's investments in Portfolio Funds than might normally be available through investments in registered investment company vehicles.

**Portfolio Funds are generally non-diversified**

While there are no regulatory requirements that the investments of the Portfolio Funds be diversified, some Portfolio Funds may undertake to comply with certain investment concentration limits. Portfolio Funds may at certain times hold large positions in a relatively limited number of investments. Portfolio Funds may target or concentrate their investments in particular markets, sectors or industries. Those Portfolio Funds that concentrate in a specific industry or target a specific sector will also be subject to the risks of that industry or sector, which may include, but are not limited to, rapid obsolescence of technology, sensitivity to regulatory changes, minimal barriers to entry and sensitivity to overall market swings. As a result, the net asset values of such Portfolio Funds may be subject to greater volatility than those of investment companies that are subject to diversification requirements and this may negatively impact the net asset value of the Fund.

**Portfolio Funds' securities are generally illiquid**

The securities of the Portfolio Funds in which the Fund invests or plans to invest will generally be illiquid. Subscriptions to purchase the securities of Portfolio Funds are typically subject to restrictions or delays. Similarly, the Fund may not be able to dispose of Portfolio Fund interests that it has purchased in a timely manner and, if adverse market conditions were to develop during any period in which the Fund is unable to sell Portfolio Fund interests, the Fund might obtain a less favorable price than that which prevailed when it acquired or subscribed for such interests, and this may negatively impact the net asset values of the Fund.

**Portfolio Fund operations not transparent**

The Adviser does not control the investments or operations of the Portfolio Funds. A Portfolio Fund Manager may employ investment strategies that differ from its past practices and are not fully disclosed to the Adviser and that involve risks that are not anticipated by the Adviser. Some Portfolio Fund Managers may have a limited operating history and some may have limited experience in executing one or more investment strategies to be employed for a Portfolio Fund. Furthermore, there is no guarantee that the information given to the Administrator and reports given to the Adviser with respect to the Fund Investments will not be fraudulent, inaccurate or incomplete.

**Valuation of the Fund's interests in Fund Investments**

The valuation of the Fund's investments in Fund Investments is ordinarily determined based upon net asset values or valuations provided by the Portfolio Fund Managers of such Fund Investments which are generally not audited. A majority of the securities in which the Fund Investments invest will not have a readily ascertainable market price and will be valued by the Portfolio Fund Managers. In this regard, a Portfolio Fund Manager may face a conflict of interest in valuing the securities, as their value may affect the Portfolio Fund Manager's compensation or its ability to raise additional funds. No assurances can be given regarding the valuation methodology or the sufficiency of systems utilized by any Fund Investment, the accuracy of the valuations provided by the Portfolio Fund Managers, that the Portfolio Fund Managers will comply with their own internal policies or procedures for keeping records or making valuations, or that the Fund Investments' policies and procedures and systems will not change without notice to the Fund. As a result, valuations of the securities may be subjective and could prove in hindsight to have been wrong, potentially by significant amounts.

The Adviser has established a committee (the "Valuation Committee") to oversee the valuation of the Fund Investments pursuant to procedures adopted by the Board. The members of the Valuation Committee may face conflicts of interest in overseeing the valuation of the Fund Investments, as the value of the Fund Investments will affect the Adviser's compensation. The Fund expects to estimate the fair value of its investments in Fund Investments using the net asset value of the Fund Investments as reported by the Portfolio Fund Managers. The Fund will consider whether an adjustment to the most recent net asset value of its investments in Fund Investments is necessary based on available information to estimate a net asset value. The valuations provided by Portfolio Fund Managers may provide a basis for those valuations.

A Portfolio Fund Manager's information could be inaccurate due to fraudulent activity, misvaluation or inadvertent error. In any case, the Fund may not uncover errors for a significant period of time. Even if the Adviser elects to cause the Fund to sell its interests in such a Fund Investment, the Fund may be unable to sell such interests quickly, if at all, and could therefore be obligated to continue to hold such interests for an extended period of time. In such a case, the Portfolio Fund Manager's valuations of such interests could remain subject to such fraud or error and the Valuation Committee may, in its sole discretion, determine to discount the value of the interests or value them at zero.

Members should be aware that situations involving uncertainties as to the valuations by Portfolio Fund Managers could have a material adverse effect on the Fund if the Portfolio Fund Manager's, the Adviser's or the Fund's judgments regarding valuations should prove incorrect. Prospective investors who are unwilling to assume such risks should not make an investment in the Fund.

**Portfolio Funds' Underlying Investments**

The investments made by the Portfolio Funds will entail a high degree of risk and in most cases be highly illiquid and difficult to value. Unless and until those investments are sold or mature into marketable securities they will remain illiquid. As a general matter, companies in which the Portfolio Fund invests may face intense competition, including competition from companies with far greater financial resources; more extensive research, development, technological, marketing and other capabilities; and a larger number of qualified managerial and technical personnel.

A Portfolio Fund Manager may focus on a particular industry or sector, which may subject the Portfolio Fund, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of industries. Likewise, a Portfolio Fund Manager may focus on a particular country or geographic region, which may subject the Portfolio Fund, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of geographic regions. In addition, Portfolio Funds may establish positions in different geographic regions or industries that, depending on market conditions, could experience offsetting returns.

The Fund will not obtain or seek to obtain any control over the management of any portfolio company in which any Portfolio Fund may invest. The success of each investment made by a Portfolio Fund will largely depend on the ability and success of the management of the portfolio companies in addition to economic and market factors.

**Multiple levels of fees and expenses**

Although in many cases investor access to the Portfolio Funds may be limited or unavailable, an investor who meets the conditions imposed by a Portfolio Fund may be able to invest directly with the Portfolio Fund. By investing in Portfolio Funds indirectly through the Fund, the investor bears asset-based and performance-based fees charged by the Fund, in addition to any asset-based fees and performance-based fees and allocations at the Portfolio Fund level. Moreover, an investor in the Fund bears a proportionate share of the fees and expenses of the Fund (including, among other things and as applicable, offering expenses, operating costs, sales charges, brokerage transaction expenses, management fees, distribution fees, administrative and custody fees, and tender offer expenses) and, indirectly, similar expenses of the Portfolio Funds. Thus, an investor in the Fund may be subject to higher operating expenses than if he or she invested in a Portfolio Fund directly or in a closed-end fund that did not invest through Portfolio Funds.

Each Portfolio Fund generally will be subject to a performance-based fee or allocation irrespective of the performance of other Portfolio Funds and the Fund generally. Accordingly, a Portfolio Fund Manager to a Portfolio Fund with positive performance may receive performance-based compensation from the Portfolio Fund, and thus indirectly from the Fund and its Members, even if the overall performance of the Fund is negative. Generally, asset-based fees payable to Portfolio Fund Managers of the Portfolio Funds will range from 1% to 2.5% (annualized) of the commitment amount of the Fund's investment, and performance-based fees or allocations are typically 20%, although it is possible that such amounts may be exceeded for certain Portfolio Fund Managers. The performance-based compensation received by a Portfolio Fund Manager also may create an incentive for that Portfolio Fund Manager to make investments that are riskier or more speculative than those that it might have made in the absence of such performance-based compensation.

Investors that invest in the Fund through financial advisers or intermediaries may also be subject to account fees or charges levied by such parties. Prospective investors should consult with their respective financial advisers or intermediaries for information regarding any fees or charges that may be associated with the services provided by such parties.

**Inability to vote**

To the extent that the Fund owns less than 5% of the voting securities of each Portfolio Fund, it may be able to avoid that any such Portfolio Fund is deemed an "affiliated person" of the Fund for purposes of the Investment Company Act (which designation could, among other things, potentially impose limits on transactions with the Portfolio Funds, both by the Fund and other clients of the Adviser). To limit its voting interest in certain Portfolio Funds, the Fund may enter into contractual arrangements under which the Fund irrevocably waives its rights (if any) to vote its interests in a Portfolio Fund. These voting waiver arrangements may increase the ability of the Fund and other clients of the Adviser to invest in certain Portfolio Funds. However, to the extent the Fund contractually forgoes the right to vote the securities of a Portfolio Fund, the Fund will not be able to vote on matters that require the approval of such Portfolio Fund's investors, including matters which may be adverse to the Fund's interests.

There are, however, other statutory tests of affiliation (such as on the basis of control), and, therefore, the prohibitions of the Investment Company Act with respect to affiliated transactions could apply in certain situations where the Fund owns less than 5% of the voting securities of a Portfolio Fund. If the Fund is considered to be affiliated with a Portfolio Fund, transactions between the Fund and such Portfolio Fund may, among other things, potentially be subject to the prohibitions of Section 17 of the Investment Company Act notwithstanding that the Fund has entered into a voting waiver arrangement.

**Consortium or offsetting investments**

The Portfolio Fund Managers may invest in consortia, which could result in increased concentration risk where multiple Portfolio Funds in the Fund's portfolio each invest in a particular underlying company. In other situations, Portfolio Funds may hold economically offsetting positions. To the extent that the Portfolio Fund Managers do, in fact, hold such offsetting positions, the Fund's portfolio, considered as a whole, may not achieve any gain or loss despite incurring fees and expenses in connection with such positions. In addition, Portfolio Fund Managers are compensated based on the performance of their portfolios. Accordingly, there often may be times when a particular Portfolio Fund Manager may receive incentive compensation in respect of its portfolio for a period even though the Fund's net asset values may have decreased during such period. Furthermore, it is possible that from time to time, various Portfolio Fund Managers selected by the Adviser may be competing with each other for investments in one or more markets.

**Limitations on ability to invest in Portfolio Funds**

Certain Portfolio Fund Managers' investment approaches can accommodate only a certain amount of capital. Portfolio Fund Managers typically endeavor not to undertake to manage more capital than such Portfolio Fund Manager's approach can accommodate without risking a potential deterioration in returns. Accordingly, each Portfolio Fund Manager has the right to refuse to manage some or all of the Fund's assets that the Adviser may wish to allocate to such Portfolio Fund Manager. Further, continued sales of Units would dilute the indirect participation of existing Members with such Portfolio Fund Manager.

In addition, it is expected that the Fund will be able to make investments in particular Portfolio Funds only at certain times, and commitments to Portfolio Funds may not be accepted (in part or in their entirety). As a result, the Fund may hold cash or invest any portion of its assets that is not invested in Portfolio Funds in cash equivalents, short-term securities or money market securities pending investment in Portfolio Funds. To the extent that the Fund's assets are not invested in Portfolio Funds, the Fund may be unable to meet its investment objective.

**Indemnification of Portfolio Funds and Portfolio Fund Managers**

The Fund may agree to indemnify certain of the Portfolio Funds and the Portfolio Fund Managers and their respective officers, directors, and affiliates from any liability, damage, cost, or expense arising out of, among other things, acts or omissions undertaken in connection with the management of Portfolio Funds. If the Fund were required to make payments (or return distributions received from such Portfolio Funds) in respect of any such indemnity, the Fund could be materially adversely affected.

**Termination of the Fund's interest in a Portfolio Fund**

A Portfolio Fund may, among other things, terminate the Fund's interest in that Portfolio Fund (causing a forfeiture of all or a portion of such interest) if the Fund fails to satisfy any capital call by that Portfolio Fund or if the continued participation of the Fund in the Portfolio Fund would have a material adverse effect on the Portfolio Fund or its assets.

**Risks specific to secondary investments**

**General risks of secondary investments**

The overall performance of the Fund's secondary investments will depend in large part on the acquisition price paid, which may be negotiated based on incomplete or imperfect information. Certain secondary investments may be purchased as a portfolio, and in such cases the Fund may not be able to exclude from such purchases those investments that the Adviser considers (for commercial, tax, legal or other reasons) less attractive. Where the Fund acquires a Portfolio Fund interest as a secondary investment, the Fund will generally not have the ability to modify or amend such Portfolio Fund's constituent documents (e.g., limited partnership agreements) or otherwise negotiate the economic terms of the interests being acquired. In addition, the costs and resources required to investigate the commercial, tax and legal issues relating to secondary investments may be greater than those relating to primary investments.

 **Competition for secondary investments**

There is significant competition for secondary investments. Many institutional investors, including fund-of-funds entities, as well as existing investors of Portfolio Funds may seek to purchase secondary investments of the same Portfolio Fund which the Fund may also seek to purchase. In addition, some Portfolio Fund Managers have become more selective by adopting policies or practices that exclude certain types of investors, such as fund-of-funds. These Portfolio Fund Managers also may be partial to secondary investments being purchased by existing investors of their Portfolio Funds. In addition, some secondary opportunities may be conducted pursuant to a specified methodology (such as a right of first refusal granted to existing investors or a so-called "Dutch auction," where the price of the investment is lowered until a bidder bids and that first bidder purchases the investment, thereby limiting a bidder's ability to compete for price) which can restrict the availability of those opportunities for the Fund. Where a right of first refusal exists, the Fund may be unable to complete a purchase transaction if the subject Portfolio Fund or its existing investors chooses to exercise a right of first refusal, or there may be transaction delays in waiting for the right of first refusal period to close. No assurance can be given that the Fund will be able to identify secondary investments that satisfy the Fund's investment objective or, if the Fund is successful in identifying such secondary investments, that the Fund will be permitted to invest, or invest in the amounts desired, in such secondary investments.

**Contingent liabilities associated with secondary investments**

Where the Fund acquires a Portfolio Fund interest as a secondary investment, the Fund may acquire contingent liabilities associated with such interest. Specifically, where the seller has received distributions from the relevant Portfolio Fund and, subsequently, that Portfolio Fund recalls any portion of such distributions, the Fund (as the purchaser of the interest to which such distributions are attributable) may be obligated to pay an amount equivalent to such distributions to such Portfolio Fund. While the Fund may be able, in turn, to make a claim against the seller of the interest for any monies so paid to the Portfolio Fund, there can be no assurance that the Fund would have such right or prevail in any such claim.

**Risks relating to secondary investments involving syndicates**

The Fund may acquire secondary investments as a member of a purchasing syndicate, in which case the Fund may be exposed to additional risks including (among other things): (i) counterparty risk, (ii) reputation risk, (iii) breach of confidentiality by a syndicate member and (iv) execution risk.

**Secondary Investments Purchased at a Negotiated Discount**

Secondary Investments purchased at a discount to fair value will be marked up to their fair value in accordance with the procedures outlined in "Calculation of Net Asset Value; Valuation" beginning on page 51 of this Memorandum when the Fund determines its NAV for the month that the transaction closed in, resulting in an unrealized gain. Such unrealized gains will increase the Fund's NAV and performance by the difference between the fair value of the Secondary Investment and the negotiated purchase price of the Secondary Investment. Risks associated with the third-party fund manager's reported valuations, to the extent that they are used as an input in determining fair value of Secondary Investments, are included in "Special risks pertaining to investments in Portfolio Funds – Valuation of the Fund's interests in Fund Investments" beginning on page 36 of this Memorandum. To the extent any gains on the Secondary Investment, including the gains resulting from negotiated purchases at a discount, are realized, the tax impact to shareholders is disclosed in "Certain U.S. Federal Income Tax Considerations" beginning on page 52 of this Memorandum.

**Limits of risk disclosure**

The above discussions and the discussions in the SAI relating to various risks associated with the Fund, Fund Investments, and Units are not, and are not intended to be, a complete enumeration or explanation of the risks involved in an investment in the Fund. Prospective investors should read this entire Memorandum, the SAI, and the LLC Agreement and should consult with their own advisers before deciding whether to invest in the Fund. In addition, as the Fund's investment program or market conditions change or develop over time, an investment in the Fund may be subject to risk factors not currently contemplated or described in this Memorandum.

**In view of the risks noted above, the Fund should be considered a speculative investment and prospective investors should invest in the Fund only if they can sustain a complete loss of their investment.**

**No guarantee or representation is made that the investment program of the Fund or any Portfolio Fund will be successful, that the various Portfolio Funds or Fund Investments selected will produce positive returns or that the Fund will achieve its investment objective.**

**Management of the Fund**

**The Board of Managers**

The Board has overall responsibility for the management and supervision of the business operations of the Fund on behalf of the Members. A majority of Managers of the Board are and will be persons who are not "interested persons," as defined in Section 2(a)(19) of the Investment Company Act (the "Independent Managers"). To the extent permitted by the Investment Company Act and other applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, any committee of the Board, service providers or the Adviser. See "*BOARD OF MANAGERS AND OFFICERS*" in the Fund's SAI for the identities of the Managers and executive officers of the Fund, brief biographical information regarding each of them, and other information regarding the election and membership of the Board.

**The Adviser**

Pursuant to the Investment Management Agreement, Constitution Capital Horizon Advisor, LP, an investment adviser registered under the Advisers Act, serves as the Fund's Adviser. The Adviser's principal address is 300 Brickstone Square, 7<sup>th</sup> Floor, Andover, Massachusetts 01810.

The Adviser is comprised of over 70 individuals with substantial private equity investment experience (approximately 28 dedicated investment professionals (the "Investment Team")) based in New York, Boston, and London. Collectively, the private equity professionals have over 600 years of private market experience. The Adviser partners with institutions, advisors and individuals throughout the world to customize solutions that address their needs for income, growth and capital preservation. The Investment Team's depth and experience has allowed the Firm to deliver what we believe to be highly attractive portfolios for our clients, strong absolute and relative returns and exceptional client service. The Adviser has a deep network of relationships across private equity with whom we invest. Including past experience, the Investment Team has completed over 360 individual investments. Since inception of the firm in 2008, the Investment Team has managed commitments of approximately $6.8 billion, and has invested in over 100 direct investments and has invested in over 100 funds.

The Adviser and its affiliates serve as investment advisers to other funds that have investment programs which are similar to the investment program of the Fund and the Adviser and/or its affiliates may in the future serve as an investment adviser or otherwise manage or direct the investment activities of other registered and/or private investment companies and/or private funds with investment programs similar to the investment program of the Fund. See "*Conflicts of interest.*"

**Adviser management team**

The personnel who currently have primary responsibility for the day-to-day management of the Fund are:

**Daniel M. Cahill \| Chief Executive Officer**

Prior to co-founding Constitution Capital in 2008, Mr. Cahill was Head of Standard Life Investments Private Equity USA. Previously, he was a founding member of Wilton Asset Management, a private equity fund of funds business at State Street Global Advisors. Mr. Cahill started his private equity career at GE Capital's Corporate Finance Group where he became Vice President and was responsible for originating, structuring and negotiating leveraged buyouts, recapitalizations and growth equity transactions. Mr. Cahill earned his BS in Business Administration from Oswego University, received his MBA from Binghamton University and is a graduate of GE's Financial Management Program.

**Robert M. Hatch \| Managing Partner**

Mr. Hatch was one of the founding partners of Constitution Capital in 2008. Prior to joining Constitution Capital, Mr. Hatch was an Investment Director at Standard Life Investments Private Equity USA. Previously, Mr. Hatch worked at Argo Global Capital, a private equity firm with $475 million under management. Mr. Hatch began his career in the investment banking group of State Street Corporation. Mr. Hatch earned his MBA from The Tuck School of Business at Dartmouth and his undergraduate degree from Harvard University in Applied Mathematics and Statistics, cum laude. Mr. Hatch is a CFA charterholder.

**Vicente Miguel T. Ramos \| Managing Partner**

Mr. Ramos was one of the founding partners of Constitution Capital in 2008. Prior to joining Constitution Capital, he was an Investment Director at Standard Life Investments Private Equity USA. Previously, Mr. Ramos worked at Lehman Brothers. Mr. Ramos began his career in the investment banking group at State Street Corporation where he focused on private placements and M&A transactions. Mr. Ramos earned his MBA from The Tuck School of Business at Dartmouth and his undergraduate degree from Dartmouth College where he completed a double major in Economics and Engineering Sciences. Mr. Ramos is a CFA charterholder.

**Alexander R. Tatum \| Partner**

Mr. Tatum was one of the founding members of Constitution Capital in 2008. Prior to joining Constitution Capital, Mr. Tatum was an Investment Manager at Standard Life Investments Private Equity USA. Previously, he was a financial analyst with Goldman Sachs. Mr. Tatum began his career with SunTrust Robinson Humphrey as a financial analyst in their investment banking division. Mr. Tatum earned his MBA from The Tuck School of Business at Dartmouth and his undergraduate degree from Bowdoin College where he completed a major in Economics.

**Christopher S. Faucher \| Managing Director**

Mr. Faucher is responsible for screening, evaluating, negotiating and monitoring private equity and credit investments. Prior to joining Constitution Capital in November 2015, Mr. Faucher was a Management Consultant at RSM US (formerly McGladrey). Mr. Faucher earned his undergraduate degree from Elon University with a major in Finance and graduated cum laude. Mr. Faucher is a CFA charterholder.

The Statement of Additional Information provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers and the portfolio managers' ownership of securities in the Fund.

**Investment Management Agreement**

The Investment Management Agreement became effective on December 31, 2025 and will continue in effect for an initial two-year term. Thereafter, the Investment Management Agreement will continue in effect from year to year provided such continuance is specifically approved at least annually by (i) the vote of a majority of the outstanding voting securities of the Fund, or a majority of the Board, and (ii) the vote of a majority of the Independent Managers of the Fund, cast in person at a meeting called for the purpose of voting on such approval. See "*Voting.*" The Investment Management Agreement will terminate automatically if assigned (as defined in the Investment Company Act) and is terminable at any time without penalty by vote of a majority of members of the Fund's Board or by vote of a majority of the outstanding voting securities of the Fund on sixty (60) days written notice to the Adviser, or by the Adviser at any time without the payment of any penalty, on sixty (60) days written notice to the Fund. A discussion regarding the basis for the Board's most recent approval of the Investment Management Agreement will be included in the Fund's first annual or semiannual report to Members.

The Investment Management Agreement provides that, in the absence of willful misfeasance or gross negligence of its obligations to the Fund, the Adviser and any partner, director, officer or employee of the Adviser, or any of their affiliates, executors, heirs, assigns, successors or other legal representatives, will not be liable for any error of judgment, for any mistake of law or for any act or omission by the person in connection with the performance of services to the Fund. The Investment Management Agreement also provides for indemnification, to the fullest extent permitted by law, by the Fund, of the Adviser, or any partner, director, officer or employee of the Adviser, and any of their affiliates, executors, heirs, assigns, successors or other legal representatives, against any liability or expense to which the person may be liable that arises in connection with the performance of services to the Fund, so long as the liability or expense is not incurred by reason of the person's willful misfeasance or gross negligence of its obligations to the Fund. Such indemnification includes losses sustained by the Adviser or its affiliates as an indemnitor under any sub-servicing or other agreement entered into by the Adviser for the benefit of the Fund to the extent that such losses relate to the Fund and the indemnity giving rise to the losses is not broader than that granted by the Fund to the Adviser or its affiliates pursuant to the Investment Management Agreement. The Fund has the right to consent before the Adviser settles or consents to the settlement of a claim involving such indemnitor losses (but such consent right will not affect the Adviser's entitlement to indemnification).

**Investment Management Fee**

The Fund pays the Adviser an investment management fee (the "Investment Management Fee") in consideration of the advisory and other services provided by the Adviser to the Fund. Pursuant to the Investment Management Agreement, the Fund pays the Adviser a monthly Investment Management Fee equal to 1.50% on an annualized basis of the greater of (i) the Fund's net asset value as of the beginning of the month and (ii) the Fund's net asset value less cash and cash equivalents plus the total of all commitments made by the Fund that have not yet been drawn for investment as of the beginning of the month. For purposes of calculating the Investment Management Fee, a commitment is defined as a contractual obligation to acquire an interest in, or provide the total commitment amount over time to, a Fund Investment, when called by the Fund Investment. The Investment Management Fee is paid to the Adviser out of the Fund's assets and decreases the net profits or increases the net losses of the Fund. "Net asset value" means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund; provided that, for purposes of determining the Investment Management Fee payable to the Adviser for any month, net asset value will be calculated prior to any reduction for any fees and expenses of the Fund for that month, including, without limitation, the Investment Management Fee payable to the Adviser for that month. The Investment Management Fee will be computed as of the last day of each month, and will generally be due and payable in arrears.

During the current fiscal year, the basis for the Investment Management Fee could be larger than the Fund's net asset value due to unfunded commitments to invest in Fund Investments. Investors are advised that the actual amount of unfunded commitments will be disclosed in the Fund's published financial statements.

A portion of the Investment Management Fee may be paid to brokers or dealers that assist in the distribution of Units, including brokers or dealers that may be affiliated with the Adviser.

**Incentive Fee**

In addition, at the end of each calendar quarter (and at certain other times), the Adviser is entitled to receive an amount (the "Incentive Fee") equal to 5% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account (as defined below). For the purposes of the Incentive Fee, the term "net profits" means the amount by which the net asset value of the Fund on the last day of the relevant period exceeds the net asset value of the Fund as of the commencement of the same period, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (which, for this purpose shall not include any organizational and offering expenses, distribution and/or Member servicing fees, litigation, any extraordinary expenses or Incentive Fee and any amount contributed to or withdrawn from the Fund by Members). The Fund maintains a memorandum account (the "Loss Recovery Account"), which had an initial balance of zero and (i) increases upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreases (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. Members will benefit from the Loss Recovery Account in proportion to their holdings of Units.

**Incentive Fee Examples**

Example 1 illustrates the calculation of the Fund's net profits with respect to Units and resulting Incentive Fee for a fiscal year. For illustrative purposes, assume (a) no Units are tendered for repurchase throughout the hypothetical fiscal year; (b) no new Units are issued during such fiscal year other than in connection with the reinvestment of dividends; (c) all dividends paid during such fiscal year are reinvested in additional Units; and (d) the balance in the Loss Recovery Account maintained for such Class at the beginning of the fiscal year equals $0.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Example 1** | &nbsp;&nbsp;**Example 1** |
| &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;Net asset value of the Fund on April 1<sup>st</sup> |
| &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;Realized or unrealized increase in the fair market value of the Fund's investments from April 1<sup>st</sup> to March 31<sup>st</sup> |
| &nbsp;&nbsp;$(1575000) | &nbsp;&nbsp;Aggregate Investment Management Fees accrued during fiscal year |
| &nbsp;&nbsp;$(750000) | &nbsp;&nbsp;Aggregate operating expenses accrued during fiscal year |
| &nbsp;&nbsp;$107675000 | &nbsp;&nbsp;Net asset value of the Fund on March 31<sup>st</sup> prior to accrual of Incentive Fee (i.e., April 1<sup>st</sup> net asset value increased by investment profits and decreased by Investment Management Fees and operating expenses borne by the Fund) |
| &nbsp;&nbsp;$7675000 | &nbsp;&nbsp;Net profits for fiscal year (i.e., the excess of March 31<sup>st</sup> net asset value of $107,675,000 over April 1<sup>st</sup> net asset value of $100,000,000) |
| &nbsp;&nbsp;$383750 | &nbsp;&nbsp;Incentive Fee payable to the Adviser |

---

Example 2 illustrates the increase in the balance of the Fund's Loss Recovery Account at the end of a fiscal year in which the Fund experienced net losses. For illustrative purposes, assume (a) no Units are tendered for repurchase throughout the hypothetical fiscal year; (b) no new Units are issued during such fiscal year other than in connection with the reinvestment of dividends; (c) all dividends paid during such fiscal year are reinvested in additional Units; and (d) the balance in the Loss Recovery Account maintained at the beginning of the fiscal year equals $0.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Example 2** | &nbsp;&nbsp;**Example 2** |
| &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;Net asset value of the Fund on April 1<sup>st</sup> |
| &nbsp;&nbsp;$(7800000) | &nbsp;&nbsp;Realized or unrealized decrease in the fair market value of the Fund's investments from April 1<sup>st</sup> to March 31<sup>st</sup> |
| &nbsp;&nbsp;$(1441500) | &nbsp;&nbsp;Aggregate Investment Management Fees accrued during fiscal year |
| &nbsp;&nbsp;$(758500) | &nbsp;&nbsp;Aggregate operating expenses accrued during fiscal year |
| &nbsp;&nbsp;$90000000 | &nbsp;&nbsp;Net asset value of the Fund on March 31<sup>st</sup> (i.e., April 1<sup>st</sup> net asset value decreased by investment losses and further decreased by Investment Management Fees and operating expenses borne by the Fund) |
| &nbsp;&nbsp;$(10000000) | &nbsp;&nbsp;Net losses for fiscal year (i.e., the excess of April 1<sup>st</sup> net asset value of $100,000,000 over March 31<sup>st</sup> net asset value of $90,000,000) |
| &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;Loss Recovery Account balance as of March 31<sup>st</sup>, reflecting the addition of the Fund's net losses for the fiscal year |
| &nbsp;&nbsp;$0 | &nbsp;&nbsp;Incentive Fee payable to the Adviser |

---

Example 3 illustrates the adjustment to the Fund's Loss Recovery Account at the end of a fiscal year in which the Fund has realized net profits. For illustrative purposes, assume (a) no Units are tendered for repurchase throughout the hypothetical fiscal year; (b) no new Units are issued during such fiscal year other than in connection with the reinvestment of dividends; (c) all dividends paid during such fiscal year are reinvested in additional Units; and (d) the balance in the Loss Recovery Account maintained at the beginning of the fiscal year equals $10,000,000.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Example 3** | &nbsp;&nbsp;**Example 3** |
| &nbsp;&nbsp;$90000000 | &nbsp;&nbsp;Net asset value of the Fund on April 1<sup>st</sup> |
| &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;Balance of the Loss Recovery Account on April 1<sup>st</sup> |
| &nbsp;&nbsp;$11150000 | &nbsp;&nbsp;Realized or unrealized increase in the fair market value of the Fund's investments from April 1<sup>st</sup> to March 31<sup>st</sup> |
| &nbsp;&nbsp;$(1443625) | &nbsp;&nbsp;Aggregate Investment Management Fees accrued during fiscal year |
| &nbsp;&nbsp;$(716375) | &nbsp;&nbsp;Aggregate operating expenses accrued during fiscal year |
| &nbsp;&nbsp;$99000000 | &nbsp;&nbsp;Net asset value of the Fund on March 31<sup>st</sup> (i.e., April 1<sup>st</sup> net asset value increased by investment profits and decreased by Investment Management Fees and operating expenses borne by the Fund) |
| &nbsp;&nbsp;$9000000 | &nbsp;&nbsp;Net profits for fiscal year (i.e., the excess of March 31<sup>st</sup> net asset value of $99,000,000 over April 1<sup>st</sup> net asset value of $90,000,000) |
| &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;Loss Recovery Account balance as of March 31<sup>st</sup> (i.e., reflecting the subtraction of net profits of $9,000,000 from the April 1<sup>st</sup> balance of $10,000,000) |
| &nbsp;&nbsp;$0 | &nbsp;&nbsp;Incentive Fee payable to the Adviser (no Incentive Fee is payable because the balance in the Loss Recovery Account is still positive) |

---

Example 4 illustrates the impact of maintaining a single Loss Recovery Account as a whole rather than separate loss recovery accounts for each individual Member. For illustrative purposes, assume (a) no Units are tendered for repurchase throughout the hypothetical fiscal year; (b) no new Units are issued during such fiscal year other than in connection with the reinvestment of dividends; (c) all dividends paid during such fiscal year are reinvested in additional Units; and (d) the balance in the Loss Recovery Account maintained at the beginning of such fiscal year equals $0.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Example 4** | &nbsp;&nbsp;**Example 4** |
| &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;Net asset value of the Fund on April 1<sup>st</sup> ($10 per Unit) |
| &nbsp;&nbsp;$120000000 | &nbsp;&nbsp;Net asset value of the Fund on January 31<sup>st</sup> ($12 per Unit). On February 1<sup>st</sup>, Member X acquires Units of at $12 per Unit. |
| &nbsp;&nbsp;$110000000 | &nbsp;&nbsp;Net asset value of the Fund on March 31<sup>st</sup> prior to calculation of the Incentive Fee ($11 per Unit) |
| &nbsp;&nbsp;$10000000 | &nbsp;&nbsp;Net profits for the fiscal year ended March 31<sup>st</sup> |
| &nbsp;&nbsp;x 5% | &nbsp;&nbsp;Amount of Incentive Fee rate |
| &nbsp;&nbsp;$500000 | &nbsp;&nbsp;Incentive Fee payable to the Adviser ($0.05 per Unit). |
| &nbsp;&nbsp;$109500000 | &nbsp;&nbsp;Net asset value of the Fund on March 31<sup>st</sup> after deduction of the Incentive Fee ($10.95 per Unit). Member X bears a $0.05 per Unit Incentive Fee notwithstanding that the Units for which Member X subscribed on February 1<sup>st</sup> have lost value since the date of Member X's initial investment. |

---

For purposes of determining the Fund's net asset value, the Incentive Fee will be calculated and accrued as an expense of the Fund (as if the last day of each month is the end of the Fund's fiscal year).

**Placement Agent**

Foreside Financial Services, LLC, a wholly-owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group) (the "Placement Agent"), whose principal business address is Three Canal Plaza, Portland, Maine 04101, acts as Placement Agent to the Fund on a best-efforts basis, subject to various conditions, pursuant to a Private Placement Agency Agreement (the "Placement Agency Agreement") between the Fund and the Distributor.

Neither the Placement Agent nor any other party is obligated to purchase any Units from the Fund. There is no minimum aggregate number of Units required to be purchased.

The Placement Agent may enter into agreements with selected broker-dealers, banks or other financial intermediaries for distribution of Units of the Fund. The Adviser and/or its affiliates may make payments to selected affiliated or unaffiliated third parties (including the parties who have entered into sub-distribution agreements with the Placement Agent) from time to time in connection with the sale of Units and/or the services provided to Members. These payments will be made out of the Adviser's and/or its affiliates' own assets and will not represent an additional charge to the Fund. The amount of such payments may be significant in amount and the prospect of receiving any such payments may provide such third parties or their employees with an incentive to favor sales of Units over other investment options.

Investors who purchase units through financial intermediaries will be subject to the procedures of those intermediaries through which they purchase units, which may include charges, investment minimums, cutoff times and other restrictions in addition to, or different from, those listed herein. Information concerning any charges or services will be provided to customers by the financial intermediary through which they purchase units. Investors purchasing units of the Fund through financial intermediaries should acquaint themselves with their financial intermediary's procedures and should read this Memorandum in conjunction with any materials and information provided by their financial intermediary. The Placement Agent does not receive compensation from the Fund for its distribution services, but may receive compensation for its distribution services from the Adviser.

Pursuant to the Placement Agency Agreement, the Placement Agent is solely responsible for the costs and expenses incurred in connection with (i) its qualification as a broker-dealer under state or federal laws and (ii) the promotion of the offering of Units. The Placement Agency Agreement also provides that the Fund will indemnify the Placement Agent and its affiliates and certain other persons against certain liabilities. The indemnification will not apply to actions of the Placement Agent, its affiliates and each of their respective members, managers, directors, officers, employees, and representatives in cases of their willful misconduct, bad faith, reckless disregard or gross negligence in the performance of their duties under the Placement Agency Agreement.

**Administration**

The Fund has retained the Administrator, UMB Fund Services, Inc., whose principal business address is 235 West Galena Street, Milwaukee, WI 53212, to provide administrative services, and to assist with operational needs. The Administrator provides such services to the Fund pursuant to an administration agreement between the Fund and the Administrator (the "Administration Agreement"). The Administrator is responsible directly or through its agents for, among other things, providing the following services to the Fund, as applicable: (1) providing certain administrative, clerical and bookkeeping services; (2) providing accounting services; (3) computing the net asset value of the Fund in accordance with U.S. GAAP and procedures defined in consultation with the Adviser; (4) overseeing the preparation of semi-annual and annual financial statements of the Fund in accordance with U.S. GAAP, and quarterly reports of the operations of the Fund; (5) supervising regulatory compliance matters and preparing certain regulatory filings; and (6) performing additional services, as agreed upon, in connection with the administration of the Fund. The Administrator may from time to time delegate its responsibilities under the Administration Agreement to one or more parties selected by the Administrator, including its affiliates or affiliates of the Adviser.

In consideration for these services, the Administrator is paid a monthly fee calculated based upon the average net asset value of the Fund, subject to a minimum monthly fee (the "Administration Fee"). The Administration Fee is paid to the Administrator out of the assets of the Fund and therefore decreases the net profits or increases the net losses of the Fund. The Administrator is also reimbursed by the Fund for out-of-pocket expenses relating to services provided to the Fund. The Administration Fee and the other terms of the Administration Agreement may change from time to time as may be agreed to by the Fund and the Administrator.

The Administration Agreement provides that the Administrator's cumulative liability to the Fund for a calendar year will be limited in relation to the fees and expenses charged by the Administrator in the relevant calendar year. In addition, the Administrator shall have no liability for any error of judgment or mistake of law or for any loss or damage resulting from the performance or nonperformance of its duties unless solely caused by or resulting from the willful misconduct or gross negligence of the Administrator, its officers or employees. In addition, the Administrator will not be liable for any special, indirect, incidental, punitive or consequential damages, including lost profits, of any kind whatsoever (including, without limitation, attorneys' fees) under any provision of the Administration Agreement or for any such damages arising out of any act or failure to act thereunder.

The Administration Agreement also provides that the Fund shall indemnify and hold the Administrator and its directors, officers, agents, and employees harmless from all loss, cost, damage and expense, including reasonable fees and expenses for counsel, incurred by the Administrator resulting from any claim, demand, action or suit in connection with the Administrator's acceptance of the Administration Agreement, any action or omission by the Administrator in the performance of its duties as administrator of the Fund, or as a result of acting upon instructions reasonably believed by it to have been duly authorized by the Fund or upon reasonable reliance on information or records given or made by the Fund or the Adviser. The indemnification will not apply to actions of the Administrator, its officers, or employees in cases of their own willful misconduct or gross negligence.

**Transfer Agent** 

Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45249, provides certain transfer agency services to the Fund pursuant to a Transfer Agency Agreement between the Fund and the Transfer Agent (the "Transfer Agency Agreement"). For its services, the Fund pays the Transfer Agent a fee for its transfer agency services. The Fund also reimburses the Transfer Agent for certain out-of-pocket expenses incurred on the Fund's behalf. The fees are accrued and paid monthly by the Fund.

The Transfer Agent's services include, but are not limited to: (1) maintaining a list of Members and generally performing all actions related to the issuance and repurchase of Units, if any, including delivery of trade confirmations and capital statements; and (2) providing transfer agency services and services related to the payment of distributions.

**Custodian**

UMB Bank, n.a. (the "Custodian") serves as the primary custodian of the assets of the Fund and may maintain custody of such assets with U.S. and non-U.S. sub-custodians (which may be banks and trust companies), securities depositories and clearing agencies in accordance with the requirements of Section 17(f) of the Investment Company Act and the rules thereunder. Assets of the Fund are not held by the Adviser or commingled with the assets of other accounts other than to the extent that securities are held in the name of the Custodian or U.S. or non-U.S. sub-custodians in a securities depository, clearing agency or omnibus customer account of such custodian. The Custodian's principal business address is 928 Grand Boulevard, Kansas City, MO 64106.

**Fund expenses**

The Fund pays all of its expenses and/or reimburses the Adviser or its affiliates to the extent they have previously paid such expenses on behalf of the Fund. The expenses of the Fund include, but are not limited to, any fees and expenses in connection with the offering and issuance of Units; all fees and expenses reasonably incurred in connection with the operation of the Fund such as direct and indirect expenses related to the assessment of prospective investments (whether or not such investments are consummated), investment structuring, corporate actions, travel associated with due diligence and monitoring activities and enforcing the Fund's rights in respect of the Fund Investments; quotation or valuation expenses; the Investment Management Fee, the Incentive Fee and the Administration Fee; costs incurred under the Administrative Services Agreement; brokerage commissions; interest and fees on any borrowings by the Fund; professional fees (including, without limitation, expenses of consultants, experts and specialists); research expenses; fees and expenses of outside tax or legal counsel (including fees and expenses associated with the review of documentation for prospective investments by the Fund), including foreign counsel; accounting, auditing and tax preparation expenses; fees and expenses in connection with repurchase offers and any repurchases or redemptions of Units; taxes and governmental fees (including tax preparation fees); fees and expenses of any custodian, sub-custodian, transfer agent, and registrar, and any other agent of the Fund; all costs and charges for equipment or services used in communicating information regarding the Fund's transactions with any custodian or other agent engaged by the Fund, as applicable; bank service fees; costs and expenses relating to any amendment of the LLC Agreement or other organizational documents of the Fund; expenses of preparing, amending, printing, and distributing the Memorandum, SAI, and any other sales material (and any supplements or amendments thereto), reports, notices, websites, other communications to Members, and proxy materials; expenses of preparing, printing, and filing reports and other documents with government agencies; expenses of Members' meetings, including the solicitation of proxies in connection therewith; expenses of corporate data processing and related services; Member recordkeeping and account services, fees, and disbursements; expenses relating to investor and public relations; fees and expenses of the members of the Board who are not employees of the Adviser or its affiliates; insurance premiums; Extraordinary Expenses (as defined below); and all costs and expenses incurred as a result of dissolution, winding-up and termination of the Fund. The Fund may need to sell portfolio securities to pay fees and expenses, which could cause the Fund to realize taxable gains.

"Extraordinary Expenses" means all expenses incurred by the Fund, as applicable, outside of the ordinary course of its business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute and the amount of any judgment or settlement paid in connection therewith, or the enforcement of the Fund's rights against any person or entity; costs and expenses for indemnification or contribution payable by the Fund to any person or entity (including, without limitation, pursuant to the indemnification obligations described under "*Summary of the LLC Agreement - Limitation of liability; indemnification*"); expenses of a reorganization, restructuring or merger, as applicable; expenses of holding, or soliciting proxies for, a meeting of Members (except to the extent relating to items customarily addressed at an annual meeting of a registered closed-end management investment company); and the expenses of engaging a new administrator, custodian, transfer agent or escrow agent.

The Adviser bears all of its own routine overhead expenses, including rent, utilities, salaries, office equipment and communications expenses. In addition, the Adviser is responsible for the payment of the compensation and expenses of those members of the Board and officers of the Fund affiliated with the Adviser, and making available, without expense to the Fund, the services of such individuals, subject to their individual consent to serve and to any limitations imposed by law.

The Adviser and its affiliates may be entitled to receive topping, break-up, monitoring, directors' organizational, set-up, advisory, investment banking, syndication and other similar fees in connection with the purchase, monitoring or disposition of Fund Investments or from unconsummated transactions. Any such fees earned in respect of the Fund Investments shall be for the benefit of the Fund.

The Fund Investments bear various fees and expenses in connection with their operations. These fees and expenses are similar to those incurred by the Fund. In addition, the Fund Investments generally may pay asset-based fees to their Portfolio Fund Managers and generally may pay performance-based fees or allocations to their Portfolio Fund Managers, which effectively reduce the investment returns of the Fund Investments. These expenses, fees, and allocations are in addition to those incurred by the Fund directly. As an investor in the Fund Investments, the Fund bears a portion of the expenses and fees of the Fund Investments. Such indirect fees and expenses are borne by the Fund. The Fund's fees and expenses will decrease the net profits or increase the net losses of the Fund that are credited to or debited against each Member's account.

**Expense Limitation and Reimbursement Agreement**

The Adviser has entered into an expense limitation agreement and reimbursement agreement (the "Expense Limitation Agreement") with the Fund that is effective for one-year from the date of the commencement of operations and automatically renews from year-to-year thereafter, whereby, the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses of the Fund (excluding organizational and offering costs, taxes, interest, brokerage commissions, certain transaction related expenses, the Incentive Fee, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses) do not exceed 2.50% of the average monthly net assets of the Fund (the "Expense Limit"). Because taxes, interest, brokerage commissions, certain transaction related expenses, any acquired fund fees and expenses, the Incentive Fee, expenses incurred in connection with any merger or reorganization, and extraordinary expenses are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) are expected to exceed 2.50%. The Expense Limitation Agreement automatically renews for consecutive one-year terms unless terminated by the Fund or Adviser, however during the initial one-year term, the Expense Limitation Agreement may only be terminated by the Board of Managers of the Fund. For a period not to exceed three years from the date on which a Waiver is made, the Manager may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit. Any recoupment would be limited to the lesser of (1) the expense limitation in effect at the time of waiver, or (2) the expense limitation in effect at the time of recoupment.

**Voting**

Each Member will have the right to cast a number of votes, based on the value of such Member's Units, at any meeting of Members called by the (i) Board or (ii) Members holding at least a majority of the total number of votes eligible to be cast by all Members. Except for the exercise of such voting privileges, Members will not be entitled to participate in the management or control of the Fund's business, and may not act for or bind the Fund.

**Conflicts of interest**

The Fund may be subject to a number of actual and potential conflicts of interest, including, but not limited to, those set forth in further detail below.

**Affiliates**

The Adviser and its affiliates engage in financial advisory activities that are independent from, and may from time to time conflict with, those of the Fund. In the future, there might arise instances where the interests of such affiliates conflict with the interests of the Fund. The Adviser and its affiliates may provide services to, invest in, advise, sponsor and/or act as investment manager to investment vehicles and other persons or entities (including prospective investors in the Fund) which may have structures, investment objectives and/or policies that are similar to (or different than) those of the Fund; which may compete with the Fund for investment opportunities; and which may, subject to applicable law, co-invest with the Fund in certain transactions. The Fund has received exemptive relief from the SEC that permits the Fund to participate in certain negotiated co-investments alongside other funds managed by the Adviser or certain of its affiliates, subject to certain conditions. A copy of the Fund's application for exemptive relief, including all of the conditions, and the related order are available on the SEC's website at <u>http://www.sec.gov</u>. In addition, the Adviser, its affiliates and their respective clients may themselves invest in securities that would be appropriate for the Fund or the Portfolio Funds and may compete with the Portfolio Funds for investment opportunities. By acquiring Units of the Fund, each Member will be deemed to have acknowledged the existence of any such actual and potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest.

Although the Adviser and its affiliates seek to allocate investment opportunities among the Fund and their other clients in a fair and reasonable manner, there can be no assurance that an investment opportunity which comes to the attention of the Adviser or its affiliates will be appropriate for the Fund or will be referred to the Fund. The Adviser and its affiliates are not obligated to refer any investment opportunity to the Fund.

The directors, partners, trustees, managers, members, officers and employees of the Adviser and their affiliates may buy and sell securities or other investments for their own accounts (including through funds managed by the Adviser or its affiliates). As a result of differing trading and investment strategies or constraints, investments may be made by directors, partners, trustees, managers, members, officers and employees that are the same, different from or made at different times than investments made for the Fund. To reduce the possibility that the Fund will be materially adversely affected by the personal trading described above, each of the Fund and the Adviser have adopted codes of ethics (collectively, the "Codes of Ethics") in compliance with Section 17(j) of the Investment Company Act that restricts securities trading in the personal accounts of investment professionals and others who normally come into possession of information regarding the portfolio transactions of the Fund. The Codes of Ethics are available on the EDGAR Database on the SEC's Internet site at *http://www.sec.gov*, and copies may be obtained, after paying a duplicating fee, by email at publicinfo@sec.gov.

Expenses incurred with respect to the Fund Investments are generally allocated among the Fund and the Adviser's and its affiliates' other clients participating in such investments. With respect to each Fund Investment in which any co-investor of the Adviser or its affiliates co-invests with one or more funds (including the Fund) or separate accounts managed by the Adviser or its affiliates, investment expenses or indemnification obligations related to such investments are generally borne by such funds (including the Fund) or separate accounts and such co-investor(s) in proportion to the capital committed by each to such investment.

Broken deal expenses are generally allocated entirely to funds (including the Fund) or separate accounts discretionarily managed by the Adviser or its affiliates that would be allocated the relevant potential, but ultimately unconsummated, investment and not to any co-investor of the Adviser or its affiliates allocated to such proposed investment. Discretionarily managed funds (including the Fund) or separate accounts managed by the Adviser or its affiliates typically have priority allocation rights to investments whilst co-investors have no such rights but typically participate to enable a transaction considered beneficial for the discretionarily managed funds (including the Fund) or separate accounts managed by the Adviser or its affiliates participating therein as such funds' and separate accounts' collective appetite alone is typically insufficient to consummate such transactions. Accordingly, amongst such discretionarily managed funds (including the Fund) or separate accounts managed by the Adviser or its affiliates, each shall bear the entire amount of broken deal expenses incurred, in proportion to the capital they would have committed to the contemplated unconsummated investment, save for certain initial stage broken deal expenses which may be allocated to funds (including the Fund) and separate accounts managed by the Adviser or its affiliates (and not to co-investors of the Adviser and its affiliates) based on such funds' and accounts' investment objectives rather than a planned allocation to an investment.

Notwithstanding the above, the Adviser or its affiliates may enter into separate arrangements with clients and co-investors in connection with the payment of investment related expenses (including broken deal expenses); such arrangements shall not disadvantage any discretionarily managed funds or separate accounts managed by the Adviser or its affiliates.

**Allocation of the Adviser's and its affiliates' time**

The Fund substantially relies on the Adviser to manage the day-to-day activities of the Fund and to implement the Fund's investment strategy. The Adviser and certain of its affiliates are presently, and plan in the future to continue to be, involved with activities which are unrelated to the Fund. For example, the Adviser and its affiliates are not restricted from forming additional investment funds, from entering into other investment advisory relationships or from engaging in other business activities, even though such activities may be in competition with the Fund and/or may involve substantial time and resources of the Adviser. These activities could be viewed as creating a conflict of interest in that the time and effort of the Adviser, its affiliates and each of their officers and employees will not be devoted exclusively to the Fund's business but will be allocated between the Fund and the management of the assets of other advisees of the Adviser and its affiliates. The Adviser and its employees will devote only as much of their time to the Fund's business as the Adviser and its employees, in their judgment, determine is reasonably required, which may be substantially less than their full time. Therefore, the Adviser, its employees and certain affiliates may experience conflicts of interest in allocating management time, services and functions among the Fund and any other business ventures in which they or any of their key personnel, as applicable, are or may become involved. This could result in actions that are more favorable to other affiliated entities than to the Fund.

Nevertheless, the Fund believes that the members of the Adviser's senior management and the other key professionals have sufficient time to fully discharge their responsibilities to the Fund and to the other businesses in which they are involved. The Fund believes that its affiliates and executive officers will devote the time required to manage the business and expect that the amount of time a particular executive officer or affiliate devotes to the Fund will vary during the course of the year and depend on the Fund's business activities at the given time.

**Compensation arrangements**

The Adviser receives fees from the Fund in return for its services, and these fees could influence the advice provided by the Adviser. Among other matters, the compensation arrangements could affect the Adviser's judgment with respect to offerings of equity by the Fund, which allow the Adviser to earn increased Investment Management Fees.

**Outstanding securities**

There were no outstanding securities as of the date of the Memorandum.

**Repurchases of Units**

**No right of redemption**

**The Fund is not a liquid investment.** No Member (or other person holding Units acquired from a Member) will have the right to require the Fund to redeem or repurchase its Units. No public market exists for Units, and none is expected to develop. Consequently, Members may not be able to liquidate their investment other than as a result of repurchases of Units by the Fund, as described below.

**Periodic repurchases**

The Board, from time to time and in its sole discretion, may determine to cause the Fund to offer to repurchase Units from Members, including the Adviser and its affiliates, pursuant to written tenders by Members.

The Adviser anticipates recommending to the Board that, under normal market circumstances, the Fund conduct repurchase offers of no more than 5% of the Fund's net assets quarterly on or about each January 1, April 1, July 1, and October 1. In certain circumstances, however, the Adviser may recommend to the Board that the Fund conduct a repurchase offer of more than 5% of the Fund's net assets.

The Fund will make repurchase offers, if any, to all holders of Units.

Subject to the considerations described above, the aggregate value of Units to be repurchased at any time will be determined by the Board in its sole discretion, and such amount may be stated as a percentage of the value of the Fund's outstanding Units. Therefore, the Fund may determine not to conduct a repurchase offer at a time that the Fund normally conducts a repurchase offer. The Fund may also elect to repurchase less than the full amount that a Member requests to be repurchased. If a repurchase offer is oversubscribed by Members, the Fund will repurchase only a *pro rata* portion of the Units tendered by each Member.

In determining whether the Fund should offer to repurchase Units from its Members pursuant to written requests, the Board will consider the recommendation of the Adviser. The Board also may consider the following factors, among others, in determining whether to repurchase Units and the amount of Units to be repurchased:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether any Members of the Fund have requested to tender Units to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the working capital and liquidity requirements of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the relative sizes of the repurchase requests and the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the past practice of the Fund in repurchasing Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the condition of the securities markets and the economy generally, as well as political, national or international
developments or current affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the anticipated U.S. federal income tax consequences of any proposed repurchases of Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's investment plans, the liquidity of its assets (including fees and costs associated with
liquidating Fund Investments), and the availability of information as to the value of its interests in underlying Portfolio Companies,
Portfolio Funds and other Fund Investments.

As described above, in certain circumstances the Board may determine not to conduct a repurchase offer, or to conduct a repurchase offer of no more than 5% of the Fund's net assets each quarter. In particular, during periods of financial market stress, the Board may determine that some or all of the Fund Investments cannot be liquidated at their fair value, making a determination not to conduct repurchase offers more likely.

As an alternative, during such periods the Board may offer to repurchase Units at a discount to their prevailing net asset value that appropriately reflects market conditions, subject to applicable law (a "Discount Repurchase Offer"). The benefit of any Units repurchased at a discount will be for the account of the Fund.

**Mandatory redemption by the Fund**

In accordance with the terms and conditions of the LLC Agreement, the Fund may cause a mandatory redemption of all or some of the Units of a Member, or any person acquiring Units from or through a Member, at net asset value in accordance with the LLC Agreement and Section 23 of the Investment Company Act and Rule 23c-2 thereunder.

**Transfers of Units**

No person shall become a substituted Member of the Fund without the consent of the Fund, which consent may be withheld in its sole discretion. Units held by Members may be transferred only: (i) by operation of law in connection with the death, divorce, bankruptcy, insolvency, or adjudicated incompetence of the Member; or (ii) under other limited circumstances, with the consent of the Board (which may be withheld in its sole discretion and is expected to be granted, if at all, only under extenuating circumstances).

Notice to the Fund of any proposed transfer must include evidence satisfactory to the Board that the proposed transferee, at the time of transfer, meets any requirements imposed by the Fund with respect to investor eligibility and suitability. See "Eligible Investors." Notice of a proposed transfer of a Unit must also be accompanied by a properly completed investor application in respect of the proposed transferee. In connection with any request to transfer Units, the Fund may require the Member requesting the transfer to obtain, at the Member's expense, an opinion of counsel selected by the Fund as to such matters as the Fund may reasonably request. The Board generally will not consent to a transfer of Units by a Member (i) unless such transfer is to a single transferee, or (ii) if, after the transfer of the Units, the balance of the account of each of the transferee and transferor is less than $10,000. Each transferring Member and transferee may be charged reasonable expenses, including, but not limited to, attorneys' and accountants' fees, incurred by the Fund in connection with the transfer.

Any transferee acquiring Units by operation of law in connection with the death, divorce, bankruptcy, insolvency, or adjudicated incompetence of the Member, will be entitled to the allocations and distributions allocable to the Units so acquired, to transfer the Units in accordance with the terms of the LLC Agreement and to tender the Units for repurchase by the Fund, but will not be entitled to the other rights of a Member unless and until the transferee becomes a substituted Member as specified in the LLC Agreement. If a Member transfers Units with the approval of the Board, the Fund shall as promptly as practicable take all necessary actions so that each transferee or successor to whom the Units are transferred is admitted to the Fund as a Member.

By purchasing Units, each Member agrees to indemnify and hold harmless the Fund, the Board, the Adviser, and each other Member, and any affiliate of the foregoing against all losses, claims, damages, liabilities, costs, and expenses (including legal or other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs, and expenses or any judgments, fines, and amounts paid in settlement), joint or several, to which such persons may become subject by reason of or arising from any transfer made by that Member in violation of the LLC Agreement or any misrepresentation made by that Member in connection with any such transfer.

**Calculation of net asset value; valuation**

The Fund calculates its net asset value as of the close of business on the last business day of each calendar month and at such other times as the Board shall determine, including in connection with repurchases of Units (each, a "Determination Date"). In determining its net asset value, the Fund values its investments as of the relevant Determination Date. The net asset value of the Fund equals, unless otherwise noted, the value of the total assets of the Fund, less all of its liabilities, including accrued fees and expenses, each determined as of the relevant Determination Date.

The Adviser oversees the valuation of the Fund's investments on behalf of the Fund. The Board has approved valuation procedures for the Fund (the "Valuation Procedures"). The valuation of the Fund's investments is performed in accordance with Financial Accounting Standards Board's Accounting Standards Codification 820 - Fair Value Measurements and Disclosures.

The Valuation Procedures provide that the Fund will value its Fund Investments at fair value.

Securities traded on one or more of the U.S. national securities exchanges, the Nasdaq Stock Market or any foreign stock exchange will be valued based on their respective market price adjusted for potential restrictions on the transfer or sale of such securities.

Debt instruments for which market quotations are readily available are typically valued based on such market quotations. In validating market quotations the Adviser considers different factors such as the source and the nature of the quotation in order to determine whether the quotation represents fair value. The Adviser makes use of reputable financial information providers in order to obtain the relevant quotations.

For debt and equity securities which are not publicly traded or for which market prices are not readily available (unquoted investments) the fair value is determined in good faith. In determining the fair values of these investments, the Adviser typically applies widely recognized market and income valuation methodologies including, but not limited to, earnings and multiple analysis, discounted cash flow method and third party valuations. In order to determine a fair value, these methods are applied to the latest information provided by Portfolio Fund Managers related to the underlying Portfolio Companies or other business counterparties (e.g., debt agents) such as last twelve months or forecast/budgeted EBITDA, sales, net income figures or forecast cash flows. Where available, the Fund may also utilize a NAV reported by a Portfolio Fund Manager as a practical expedient for fair value. Such information may be provided by Portfolio Fund Managers monthly, quarterly, or at another frequency. If the most recent NAV is reported as of a date which does not align with the valuation date for the Fund, the Adviser will assess whether an adjustment to the most recently reported NAV is justified. For investments where NAV as a practical expedient is not able to be utilized, the Fund will follow established procedures relating to valuing Level 3 investments.

Due to the inherent uncertainty in determining the fair value of investments for which market values are not readily available the fair values of these investments may fluctuate from period to period. In addition, such fair value may differ materially from the values that may have been used had a ready market existed for such investments and may significantly differ from the value ultimately realized by the Fund.

Assets and liabilities initially expressed in foreign currencies will be converted into U.S. Dollars using foreign exchange rates provided by a recognized pricing service.

The Adviser and its affiliates act as investment advisers to other clients that may invest in securities for which no public market price exists. Valuation determinations by the Adviser or its affiliates for other clients may result in different values than those ascribed to the same security owned by the Fund. Consequently, the fees charged to the Fund may be different than those charged to other clients, since the method of calculating the fees takes the value of all assets, including assets carried at different valuations, into consideration.

Expenses of the Fund, including the Investment Management Fee, are accrued on a monthly basis on the Determination Date and taken into account for the purpose of determining the Fund's net asset value.

Prospective investors should be aware that situations involving uncertainties as to the value of portfolio positions could have an adverse effect on the Fund's net asset value and the Fund if the judgments of the Board or the Adviser regarding appropriate valuations should prove incorrect.

Fund Investments are generally valued based on the latest net asset value reported by the Portfolio Fund Manager. Any cash flows since the reference date of the last net asset value for a Fund Investment received by the Fund from a Portfolio Fund Manager until the Determination Date are recognized by (i) adding the nominal amount of the investment related capital calls and (ii) deducting the nominal amount of investment related distributions from the net asset value as reported by the Portfolio Fund Manager.

In addition to tracking the net asset value plus related cash flows of such Fund Investment, the Adviser also tracks valuation relevant information relating to the assets held by each Fund Investment which is reasonably available at the time the Fund values its investments. The Adviser considers such information and may conclude in certain circumstances that the information provided by the Portfolio Fund Manager does not represent the fair value of a particular asset held by a Fund Investment. If the Adviser concludes in good faith that the latest net asset value reported by a Portfolio Fund Manager does not represent fair value (e.g., there is more current information regarding a portfolio asset which significantly changes its fair value) the Adviser will make a corresponding adjustment to reflect the current fair value of such asset within such Fund Investment. If the Fund's NAV is adjusted after a Member has received their Units upon purchase or received repurchase proceeds in a repurchase offer, the adjustment will not, in most cases, result in an adjustment to the number of Units received by the Member in a purchase or a Member's repurchase proceeds in a repurchase offer. In determining the fair value of assets held by a Fund Investment, the Adviser applies valuation methodologies as outlined above.

Notwithstanding the above, Portfolio Fund Managers may adopt a variety of valuation bases and provide differing levels of information concerning Fund Investments and there will generally be no liquid markets for such investments. Consequently, there are inherent difficulties in determining the fair value that cannot be eliminated. Neither the Board nor the Adviser will be able to confirm independently the accuracy of valuations provided by the Portfolio Fund Managers (which are generally unaudited).

Due to the inherent uncertainty in determining the fair value of investments for which market values are not readily available the fair value of these investments may fluctuate from period to period. In addition, such fair value may differ materially from the values that may have been used had a ready market existed for such investments and may significantly differ from the value ultimately realized by the Fund.

**Certain U.S. federal income tax considerations**

**Introduction**

The following is a summary of certain federal income tax considerations that may be relevant to U.S. persons considering an investment in the Fund. Except where specifically addressing considerations applicable to tax-exempt investors, the discussion assumes that each Member is an individual who is a citizen or resident of the United States. It is impractical to set forth all aspects of federal income tax law that may bear upon a Member's Units. The tax considerations discussed below are necessarily general and may vary depending upon a Member's particular circumstances. Members should carefully review the tax considerations summarized below with their own independent tax advisor as to the tax consequences to them of an investment in the Fund based on their particular circumstances. The Fund has not sought an opinion of legal counsel or a ruling from the Internal Revenue Service ("IRS") as to any federal income tax matters.

The discussion of the federal income tax considerations below is based upon the Code, the Treasury regulations promulgated under the Code ("Treasury Regulations"), administrative rulings and other pronouncements, and court decisions, each in effect as of the date hereof. The existing law, as currently interpreted, is subject to change by either new legislation, or by differing interpretations of existing law in regulations, administrative pronouncements or court decisions, any of which could, by retroactive application or otherwise, adversely affect a Member's investment in the Fund. In particular, various aspects of recently enacted federal income tax legislation are anticipated to be the subject of future IRS guidance and/or technical corrections that may affect the discussion below.

The tax treatment of a Member that is treated as a partnership or other pass-through entity for U.S. federal income tax purposes, and of each partner or Member thereof, will generally depend upon the status and activities of the entity and such partner or Member. A prospective investor that is treated as a partnership or other pass-through entity for U.S. federal income tax purposes should consult its tax advisor concerning the potential tax consequences of an investment in the Fund.

**The Fund**

The Fund is a limited liability company, and no election will be filed with the IRS to cause it to be classified as a corporation for federal income tax purposes. Accordingly, the Fund will be classified as a partnership for U.S. federal income tax purposes.

Under Section 7704 of the Code, a "publicly traded partnership" may be taxable as a corporation for federal income tax purposes in certain circumstances. A "publicly traded partnership" is a partnership the interests in which are traded on an established securities market or are "readily tradable on a secondary market (or the substantial equivalent thereof)." Under applicable Treasury Regulations, interests in a partnership are readily tradable on the substantial equivalent of a secondary market if, taking into account all facts and circumstances, the partners are readily able to buy, sell, exchange or redeem their interests in a manner that is economically comparable to trading on an established securities market. The applicable Treasury Regulations further provide that interests in a partnership are readily tradable on a secondary market or the substantial equivalent thereof if (i) interests in the partnership are regularly quoted by any person, such as a broker or dealer making a market in the interests; (ii) any person regularly makes available to the public bid or offer quotes with respect to interests in the partnership and stands ready to effect buy or sell transactions at the quoted prices; (iii) interest holders in the partnership have a readily available, regular, and ongoing opportunity to sell or exchange their interests in the partnership through a public means of obtaining or providing information of offers to buy, sell or exchange interests in the partnership; or (iv) prospective buyers or sellers of interests in the partnership otherwise have an opportunity to buy or sell interests in a time frame and with the regularity and continuity that is comparable to the foregoing. A plan of redemptions whereby holders of interests in a partnership have readily available, regular, and ongoing opportunities to dispose of their interests, can be substantially equivalent to a secondary market under these rules in some circumstances.

Under the Fund's LLC Agreement, transfers of Units by Members, other than repurchases by the Fund, are generally restricted to "private transfers" and other transfers that cannot cause the Fund to be a publicly traded partnership. The Treasury Regulations contain a safe harbor with respect to transfers pursuant to certain redemption plans. The Fund has imposed limitations on the transferability of Units and has structured its contemplated redemption program to meet applicable safe harbors in Treasury Regulations so that the Fund will not be treated as traded on an established securities market or the substantial equivalent thereof.

As a partnership, the Fund will not be subject to federal income tax, and it will file annual partnership information returns with the IRS, reporting the results of its operations. Due to difficulties in obtaining timely tax information from the private Portfolio Funds, the Fund may be unable to provide annual tax information to Members by April 15 of each year. In which event, Members may be required to request an extension of the time to file their personal tax returns.

Each Member will be allocated and taxed on his allocable share of the Fund taxable income and gain regardless of whether he has received or will receive any current cash distribution from the Fund. Thus, in any particular year, a Member's income tax liability attributable to an investment in the Fund may exceed the amount of cash, if any, distributed to such Member.

The Code provides for optional adjustments to the basis of partnership property upon distributions of such property to a partner (Section 734) and upon transfers of limited liability company interests, including transfers by reason of death (Section 743), provided that a partnership election has been made pursuant to Section 754. The Adviser, in its discretion, may (but, except in limited circumstances, is not required to) make such an election on behalf of the Fund. However, the Fund may be required to adjust the income tax basis of its assets under certain circumstances. In order to make any required adjustments, the Fund will require (i) a Member who receives a distribution from the Fund in connection with a complete withdrawal, (ii) a transferee of a Unit (including a transferee in case of death), and (iii) any other Member in appropriate circumstances, to provide the Fund with information regarding its adjusted tax basis in its Units.

**Income, Gain or Loss from the Fund's Investments**

The Fund's investments may generate both ordinary income and short-term and long-term capital gain or loss. To the extent that any taxable income of the Fund is characterized as capital gain or loss, a Member's share of that gain or loss will be combined with its own net long-term or short-term capital gain or loss in computing its federal income tax. A reduced federal income tax applies to net long-term capital gains realized by individuals, while short-term capital gains realized by individuals are taxed at the same rates as ordinary income. A Member's allocable share of any qualifying dividends (as defined in the Code) earned by the Fund qualifies for taxation at reduced federal income tax rates. High-income individuals are subject to a 3.8% Medicare tax (in addition to the otherwise applicable federal income tax) on their investment income and gain, with limited exceptions.

A Member generally will be unable to deduct its allocable share of any capital losses of the Fund except to the extent that such Member has capital gains from other sources in the same or subsequent years. If any investment of the Fund generates ordinary income and net capital losses, Members participating in such investment will be taxed on the ordinary income but, unless they have current capital gains, may be unable to deduct the capital losses allocable to them. Members generally cannot carry back capital losses but can carry them forward indefinitely.

The Fund's investments may be marked to market at the end of each month for financial statement presentation purposes. This treatment is inconsistent with the general tax rule that holding a security does not result in a gain or loss until the position in such security is closed by an actual sale or other disposition. The difference between accounting and tax treatment may result in substantial variation between financial statement income (or loss) and taxable income (or loss) reported by the Fund. Also, a Portfolio Fund may engage in transactions, such as straddles or wash sales, the losses from which might not be currently deductible for tax purposes, and may acquire certain securities, engage in certain "constructive sales" transactions or make certain elections that may require the Portfolio Fund (and its partners, including the Fund) to recognize income or gain before the Portfolio Fund actually sales or disposes off such securities.

A Portfolio Fund may invest in "Section 1256 Contracts." Section 1256 Contracts generally include stock index options, futures contracts, most options traded on U.S. commodity exchanges, and certain foreign currency contracts. For tax purposes, Section 1256 Contracts that remain open at year-end are treated as if they were sold at year-end at the fair market value. Subject to certain exceptions, gain or loss on Section 1256 Contracts is characterized as 60% long-term capital gain or loss and 40% short-term capital gain or loss, regardless of how long the contracts are held.

The Fund may be involved in a variety of hedging transactions to reduce the risk of changes in value in the Fund's investments. Special rules may apply to determine the tax treatment of such hedging transactions, which may affect the Fund's holding period in such investments, the characterization of gain or loss as ordinary or capital and, if capital, as long-term or short-term, the deductibility of certain costs to carry the hedge and the timing of the realization of gains or losses on the actual or deemed sale of the investments, or, in some cases, of investments or property owned by a Member outside of the Fund. For instance, gain or loss from a short sale of property generally will be considered as capital gain or loss to the extent the property used to close the short sale constitutes a capital asset in the Fund's hands. Except with respect to certain situations where the property used by the Fund to close a short sale has a long-term holding period on the date of the short sale, gains on short sales generally will be treated as short-term capital gains. These rules also may terminate the running of the holding period of "substantially identical property" held by the Fund. Moreover, a loss on a short sale will be treated as a long-term capital loss if, on the date of the short sale, "substantially identical property" has been held by the Fund for more than one year. Certain hedging transactions may cause a constructive sale of the Fund's long position that is the subject of the hedge.

A Portfolio Fund that is taxable as a partnership for U.S. federal income tax purposes might make an election under Section 475(f)(1) of the Code to mark its securities investments to market at the end of each tax year. If a Portfolio Fund makes a Section 475 election under the Code, the Portfolio Fund would treat its security positions as sold for their fair market value on the last day of the tax year, and the net gain or loss from actual and mark-to-market dispositions of securities would be taken into account as ordinary income or loss. Such treatment differs from the usual tax treatment of securities positions, which generally do not result in taxable gain or loss until they are closed by an actual sale or other disposition. Consequently, in addition to generating ordinary income rather than capital gain, this election would accelerate the timing of the Portfolio Fund's recognition of taxable income or loss with respect to its securities positions by requiring recognition of unrealized profits in open positions at year-end. However, making this election would permit the Portfolio Fund to recognize its securities trading losses as ordinary losses, rather than capital losses (the deductibility of which is limited) and without regard to wash sale or straddle rules. The Portfolio Fund would adjust its tax basis in its securities positions to reflect any gain or loss recognized as a result of marking the securities positions to market. The basis adjustments will avoid recognition of the same taxable gain or loss when the securities are ultimately sold.

A Portfolio Fund may purchase debt instruments with "market discount." Under the market discount rules, the Portfolio Fund generally will be required to treat any partial principal payment on, or gain on the sale, exchange or redemption of, a debt instrument as ordinary income to the extent of the market discount which has not previously been included in income and is treated as having accrued on such debt instrument at or prior to the time of such payment or disposition. In addition, the Portfolio Fund may be required to defer, until the maturity of a market discount bond or the earlier disposition of such debt instrument in a taxable transaction, all or a portion of the deduction of any interest expense on any indebtedness incurred or continued by the Portfolio Fund to purchase or carry a market discount bond.

A Portfolio Fund may invest in debt obligations that are in the lower rating categories or are unrated. Investments in debt obligations that are at risk of or in default present special tax issues. Tax rules are not entirely clear about issues such as when the Portfolio Fund may cease to accrue interest, original issue discount, or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, how payments received on obligations in default should be allocated between principal and income, and whether exchanges of debt obligations in a workout context are taxable. It is possible that the IRS could disagree with the Portfolio Fund's tax accounting treatment of these investments in some cases and disallow or defer claimed losses, recharacterize as taxable income or gain amounts treated by the Fund as a return of principal, or make other adjustments to the Portfolio Fund's taxable income.

A Portfolio Fund may invest in notional principal contracts, such as interest rate swaps. Payments made to the Portfolio Fund under such Financial Instruments generally are taxable as ordinary income.

Individual Members may be eligible for a deduction equal to a portion of any "qualified business income" (other than any capital gain) allocated to them by the Fund. With respect to any taxable year, the 20% deduction is subject to a cap based on a percentage of the wages paid or capital invested with respect to the applicable qualified trade or business. In view of the complexity associated with determining the amount of qualified business income and the applicable deduction limitations, there can be no assurance as to the amount of any qualified business income allocated to such Members that will be eligible for the 20% deduction in any particular year.

Members may recognize taxable gain on a Portfolio Fund's sale of real estate properties or the Fund's sale or redemption of its interest in a Portfolio Fund that invests in real estate, to the extent that the sum of the proceeds of sale plus the outstanding amount (including any accrued and unpaid interest) of any indebtedness assumed or taken subject to by the purchaser, exceeds the adjusted tax basis in the property sold. The inclusion of non-recourse liabilities in the calculation of amount realized on such sale may cause a Member to recognize taxable gain in an amount greater than the amount of cash (if any) received on the sale. Long-term capital gain realized on such sale attributable to the recapture of depreciation deductions previously claimed with respect to personal property will be taxed as ordinary income. To the extent attributable to depreciation deductions previously claimed with respect to real property, long-term capital gain allocable to non-corporate Members will be subject to tax at a maximum marginal federal income tax rate of 25% rather than 20%.

**Passive Foreign Investment Companies; Controlled Foreign Corporations**

The Fund may invest (indirectly through a Portfolio Fund) in the equity securities of a non-U.S. entity taxable as a corporation for federal income tax purposes. Such entity generally will be taxed under the income tax rules applicable to passive foreign investment companies ("PFICs"). In order to avoid adverse tax results to the Members under the PFIC rules, the Fund generally will make an election (a "QEF Election") to treat the applicable PFIC as a "qualified electing fund" or "QEF" — or, in the case of a PFIC owned by a Portfolio Fund, the Fund will attempt to have the Portfolio Fund make such a QEF Election. (Under currently proposed Treasury Regulations, however, for years beginning after the regulations become effective, future QEF Elections would need to be made at the individual partner level rather than at the partnership level if the regulations are finalized as proposed.) As to each PFIC covered by a QEF Election, each participating Member will be required to include currently in gross income, for each taxable year in which the Fund is indirectly invested in the PFIC, such Member's pro rata share of the PFIC's current earnings and profits, whether or not cash distributions of an equivalent amount are made (a "QEF Inclusion"). QEF Inclusions will be treated as long-term capital gain to the extent of the Member's pro rata share of the PFIC's net long-term capital gain, and the balance of such amounts will be treated as ordinary income. Neither capital nor ordinary losses of the PFIC will pass through to participating Members, although such losses (if any) will reduce a Member's QEF Inclusion for the applicable year. If the PFIC recognizes a net loss for a taxable year, such loss could not be carried forward for purposes of determining a Member's QEF Inclusion for a succeeding taxable year. A Member's tax basis will be increased by any QEF Inclusions, so that such amounts will not again be taxed when actually distributed to or withdrawn by the Member. Distributions or withdrawals of previously-taxed income will reduce a Member's tax basis in the PFIC.

For a QEF election to be made, the PFIC would have to agree, among other things, to provide annual U.S. tax information to the Fund. It is possible that a PFIC may be unwilling to do so. Alternatively, if the PFIC's stock is treated as "marketable stock," then the Fund may make a "mark-to-market" election. By so electing, the Fund would include in income each year as ordinary income the excess, if any, of the fair market value of its investment at the end of each taxable year over its adjusted tax basis in the PFIC, and would be permitted an ordinary loss deduction in respect of the excess, if any, of the adjusted basis of the investment over its fair market value at the end of the taxable year (but only to the extent of the net amount previously included in income as a result of the "mark-to-market" election).

In the event that the Fund acquires 10% or more (by vote or by value) of the equity securities of a non-U.S. entity taxable as a corporation for federal income tax purposes, the Fund's investment in such non-U.S. entity may be taxed, with respect to a Member owning 10% or more of the Units, under the federal income tax rules applicable to controlled foreign corporations ("CFCs"). (The CFC rules could also apply if the Fund invests in an entity taxable as a partnership that itself owns 10% or more (by vote or by value) of the equity securities of a CFC.) Generally, a CFC is any foreign corporation if more than 50% of the total combined voting power of all classes of stock of such corporation entitled to vote, or more than 50% of the total value of the stock of the corporation, is owned (directly or indirectly, and applying certain attribution rules) by one or more "U.S. Shareholders." The term "U.S. Shareholder" means a United States person who or that owns (directly or indirectly, and applying certain attribution rules) 10% or more of the stock of the CFC. Under the CFC rules, a U.S. shareholder generally is required to recognize on a current basis its respective share of a significant portion of the CFC's earnings, even if the earnings are not distributed. Moreover, gain recognized on the sale of stock in such CFC generally is treated as dividend income to the extent of any previously undistributed and untaxed earnings of the CFC.

**Basis of a Unit**

A Member's tax basis in the Member's Units will include the total amount of money contributed by the Member to the Fund, increased principally by the Member's allocable share of any Fund taxable income and gain, and decreased, but not below zero, principally by distributions from the Fund to the Member and by the Members' allocable share of Fund tax losses and deductions. In the case of certain real estate investments and investments in pass-through entities conducting trades or businesses, a Member's tax basis in the Member's Units may also include its allocable share of any nonrecourse indebtedness of the applicable Portfolio Fund. A Member will be treated for tax purposes as having only one tax basis even if the Member holds multiple Units in the Fund.

**Distributions; Repurchases**

Generally, a cash distribution to a Member, including upon a repurchase of Units, is taxable only to the extent the distribution exceeds the Member's aggregate tax basis in its Units. The amount of that excess generally would be taxable as capital gain. For these purposes, a reduction in a Member's allocable share of any nonrecourse indebtedness of a Portfolio Fund that was previously included in such Member's tax basis in its Units will be treated as a cash distribution to the Member in that amount.

Capital gain or loss on a repurchase (or other disposition) of Units generally will be long-term capital gain or loss to the extent of the portion of a Member's Units that was held for more than twelve (12) months, and short-term capital gain or loss to the extent of the portion, if any, that was held for twelve (12) months or less. A Member will begin a new holding period each time the Member makes an additional investment in the Fund for that portion of the Member's Units in the Fund.

**Limitations on Deduction of Losses and Expenses**

The deduction of Fund tax losses and expenses by a Member is subject to numerous limitations. A Member's share of Fund tax losses and expenses in any taxable year generally may be deducted only to the extent of the Member's adjusted tax basis in his/her Unit(s) at the end of that taxable year, and only to the amount the Member is considered to have "at risk" (generally, the sum of the Member's cash investment plus any borrowed amounts for which the Member is personally liable plus the Member's allocable share of any "qualified nonrecourse financing" secured by real property).

Limitations under Section 163(j) of the Code could affect the deductibility of interest expense incurred by the Fund or a Portfolio Fund in connection with a trade or business (other than trading for its own account in securities, commodities or derivatives). Interest expense that is not deductible in the current year under these rules may be carried forward to future years, but may be subject to further limitation in such years.

To the extent that the Fund reports interest expense (other than from a Portfolio Fund's business activities or real estate), a Member will be subject to the "investment interest" limitation of Code Section 163(d). Under this limitation, the deduction for investment interest is limited to net investment income (i.e., the excess of investment income over investment expenses). Net capital gain on property held for investment and dividends taxed at capital gain rates are only included in investment income if the taxpayer elects to calculate its tax on such items at ordinary rates. Non-deductible interest may be carried forward and deducted as investment interest in future taxable years, subject to the foregoing limitation. The investment interest limitation will also apply to interest payable with respect to any loans obtained by a Member to purchase a Unit. The application of the investment interest limitation to a particular Member will depend on the Member's overall tax situation and should be reviewed with the Member's personal tax advisor.

Investment expenses are not deductible by an individual taxpayer. It is possible that Investment Management Fees and other operating expenses of the Fund may be reported as nondeductible investment expenses. There also is no assurance that a taxing authority will not challenge any position taken by the Fund as to the tax treatment of any expenses that it reports as deductible business expenses.

Income and loss reported by the Fund generally will not be treated as income or loss from a passive activity for purposes of the passive activity loss limitations. Accordingly, taxable income generated by the Fund generally will not be permitted to be offset by a Member's passive activity losses from other investments, and losses generated by the Fund generally will not be affected by these limitations, based on the Treasury Regulations currently in effect. However, taxable income and loss earned by the Fund may be reported as passive activity income or loss if the underlying investments are in business activities (including investments in Asset Managers earning advisory fees) or real estate. In that event, a Member's allocable share of such passive activity loss generally will be deductible only to the extent of the Member's aggregate income from passive activities, and income from such activities generally will be passive activity income. Passive activity income and gain can be offset by passive activity losses. Any passive activity losses that cannot be deducted currently under the passive activity loss limitation may be carried forward and deducted in subsequent years to the extent of the Member's passive activity income in such years, and upon the complete taxable disposition of the passive activity investment.

In addition, the Code limits the aggregate amount of losses from trades or businesses that an individual may deduct — $250,000 for individual returns and $500,000 for joint returns, indexed for inflation — to the extent such losses exceed the individual's income from trades or businesses during the year. Any such "excess business losses" for a year are added to the individual's net operating loss carryover for the following year, the deductibility of which is subject to certain limitations.

**Foreign Tax Credits**

Certain income and gain earned by a Portfolio Fund may be subject (directly or indirectly) to non-U.S. withholding or capital gain taxes. A Member's allocable share of these foreign taxes may not be fully creditable against the Member's federal income tax liability (if any), given the complex set of limitations and restrictions on the use of foreign tax credits. In particular, a Member may use foreign tax credits to offset only the portion of its tax liability (if any) that is attributable to foreign-source income. Members should consult their tax advisors with respect to the extent to which they may claim a credit with respect to their shares of any foreign taxes allocated to them.

**Taxation of Tax-Exempt Investors**

Entities exempt from federal income taxation under Section 501(a) of the Code will be subject to taxation, under Section 511 of the Code, on their UBTI from all sources in any taxable year in which such income exceeds $1,000. The tax is imposed at such income tax rates as would be applicable to the organization if it were not otherwise exempt from taxation. If an exempt organization is a Member, it will be required to include in its computation of its UBTI, its pro rata share of the portion of the Fund's taxable income that would be taxable to the organization as UBTI if earned directly by the organization, and to file an annual return with the IRS reporting its proportionate share of UBTI earned by the Fund.

The Fund expects to generate UBTI. An investment in the Fund therefore is generally not suitable for charitable remainder trusts, IRAs and other tax-exempt investors that wish to avoid earning UBTI. A tax-exempt Member may deduct only that portion of its share of expenses and losses of the Fund that are directly attributable to the portion of its share of Fund income that is treated as UBTI. Consequently, a tax-exempt Member may be unable to deduct part of its share of expenses and losses of the Fund, even though all such items allocated to it will reduce the value of its investment in the Fund. A tax-exempt Member also may realize little or no tax benefit from foreign taxes borne by the Fund, even though such taxes also will reduce the value of its investment in the Fund.

Social clubs, voluntary benefit associations, supplemental unemployment benefit trusts, and qualified group legal services plans exempt from federal income taxation under Sections 501(c)(7), (c)(9), (c)(17), and (c)(20), respectively, of the Code are subject to different UBTI rules. These rules generally require such tax- exempt organizations to characterize income that would not otherwise be treated as UBTI (including income earned by the Fund) as UBTI, unless they comply with certain set-aside or reserve requirements. Such tax-exempt organizations are advised to consult their tax advisor concerning these rules.

Private foundations and certain private colleges and universities are subject to U.S. excise taxes on their net investment income and should consult their tax advisors concerning the applicability of such tax to an investment in the Fund.

**Tax Audits; Tax Disclosure**

The tax returns filed by the Fund (and a Portfolio Fund that is a partnership for U.S. federal income tax purposes) are subject to review by the IRS and other taxing authorities. There can be no assurance that these authorities will not make adjustments in the tax figures reported on such returns. Any adjustments resulting from an audit may require each Investor to pay additional income taxes and interest, which generally is not deductible. Generally, upon an IRS audit, the tax treatment of the applicable fund's items will be determined at the fund level, and such treatment generally will be binding on its direct and indirect Members. If the Fund's tax returns were audited, the Fund would incur legal and accounting expenses in seeking to sustain its position. The payment of these expenses would reduce cash otherwise available for distribution. In addition, Members might incur personal legal and accounting expenses in connection with any resulting tax return adjustments.

Members will not be required to receive notice of an audit of the Fund's federal income tax return, will not be entitled to participate in any such audit, and will be bound by any adjustment made in such audit. Any tax arising from an audit of the Fund's tax return, as well as any resulting interest and penalties, will generally be payable by the Fund in the year in which the determination becomes final unless the Fund elects to send statements ("Adjustment Statements") to the persons who were Members of the Fund during the audited year informing them of their Units of the adjustments made on audit. If the Fund sends Adjustment Statements, the applicable Members will generally be required to pay any tax, interest (at a rate equal to the otherwise applicable rate plus two percent (2%)), and penalties arising from such adjustments as if the adjustments were made in the audited year and any other affected year, as applicable. If instead of sending Adjustment Statements the Fund pays the tax resulting from the adjustment, the amount will be determined by applying the highest rate of tax in effect for the audited year to the net adjustment amount, subject to possible reduction, with the approval of the IRS, to account for certain types of income and for nontaxable Members. In that event, the economic burden of any such payment will be borne by the Members of the Fund in the year of payment, including the Members that would not have owed additional tax if the Fund had elected to send Adjustment Statements. (The same rules will apply to an IRS audit of a Portfolio Fund that is taxable as a partnership.) Although it is possible that the Fund will elect to send Adjustment Statements to its partners in the event of an adjustment arising out of an audit, there can be no assurance in this regard.

State income taxing jurisdictions may also enact similar provisions. The Adviser generally expects to allocate any federal income taxes (and related interest and penalties) paid or borne by the Fund to the applicable Members such that they are borne by the Members based on their ownership of Shares for the reviewed year. However, there is no guarantee that the Adviser would do so in all circumstances, and, further, even if the Adviser does seek to allocate such amounts to Members, there is no guarantee that such amounts will be recouped (particularly in the case of former Members). Any unrecovered amounts would be expenses of the Fund, the burden of which would be borne by Members based on their ownership in the Fund at the time the taxes (and related interest and penalties) are paid.

Treasury Regulations directed at abusive tax shelter activity apply to transactions not conventionally regarded as tax shelters. Among other things, the Treasury Regulations require certain disclosures by certain persons who directly or indirectly participate in a "reportable transaction," as defined. A transaction involving an actual or deemed sale of an asset generally is a reportable transaction if it generates gross tax losses (whether or not offset by income or gains) equal to or greater than certain amounts (specified below), unless the transaction comes within one of several exclusions. While the exclusions generally cover most customary trading activity, they do not cover certain types of foreign currency and arbitrage transactions, among others. For the Fund itself, the threshold for such a reportable transaction would be $2,000,000 in any single year or $4,000,000 for one or more such transactions over any six-year period. Accordingly, it is possible that the Fund may participate in one or more reportable transactions. In that event, the Fund would be required to file an IRS Form 8886 with its tax return, which may increase the likelihood of an audit, and maintain a list identifying those Members (if any) who were allocated tax losses from the reportable transaction(s) equal to or greater than the specified amounts. (The amounts are, for individual, $2,000,000 from one or more reportable transactions in any taxable year, $4,000,000 from one or more reportable transactions over any six- year period, or $50,000 of ordinary loss from any foreign currency transaction that is not otherwise excluded from the application of these rules.) A Member who is allocated tax losses from reportable transactions equal to or greater than the specified amounts must file an IRS Form 8886 with its own tax return for each year that the Member reports tax losses from the reportable transaction(s).

Each Member should consult with his own tax advisor concerning the possible application of the foregoing rules to this investment.

**State and Local Taxes**

Prospective investors should also consider potential state and local tax consequences of an investment in the Fund. A Member will generally be subject to state (and, in some cases, local) income taxes in the state in which the Member is a resident or is domiciled, but the Member also may be liable for income taxes in the state in which an applicable Portfolio Fund is doing business, even if such Member is not resident or domiciled in that state. In addition, the Fund may be required in the case of certain investments to withhold taxes from amounts allocable or distributable to the Members who or which are nonresidents of the state(s) in which the applicable Portfolio Fund is conducting a business or owns real estate. The tax treatment of particular items of income, deduction or credit under state or local law may differ materially and adversely from the federal income tax treatment of such items. Investors are urged to consult their tax advisors with respect to the state and local tax consequences of their investment.

\* \* \*

**The foregoing is a summary of some of the general tax rules and considerations affecting the Fund and does not purport to be a complete analysis of all relevant tax risks and tax considerations. Members must consult their own advisors regarding the possible applicability of state, local and foreign taxes to an investment in the Fund.**

**Other tax matters**

The preceding is a summary of some of the tax rules and considerations affecting Members and the Fund's operations, and does not purport to be a complete analysis of all relevant tax rules and considerations, nor does it purport to be a complete listing of all potential tax risks inherent in making an investment in the Fund. A Member may be subject to other taxes, including but not limited to, state and local taxes, estate and inheritance taxes, and intangible taxes that may be imposed by various jurisdictions. The Fund also may be subject to state, local, and foreign taxes that could reduce cash distributions to Members. It is the responsibility of each Member to file all appropriate tax returns that may be required. Each prospective Member is urged to consult with his tax adviser with respect to any investment in the Fund.]

**ERISA considerations**

The Employee Retirement Income Security Act of 1974, as amended ("ERISA") and the Code impose certain requirements on employee benefit plans to which ERISA applies, and on those persons who are fiduciaries with respect to such plans. The Code imposes certain requirements on certain other plans (such as individual retirement accounts and Keogh plans (and their fiduciaries)) that, although not subject to ERISA, are subject to certain similar rules of the Code (such employee benefit plans subject to ERISA and such other plans, collectively, "Plans"). In accordance with ERISA's general fiduciary standards, before investing in the Fund, a Plan fiduciary should determine whether such an investment is permitted under the governing Plan instruments and is appropriate for the Plan in view of its overall investment policy and the composition and diversification of its portfolio. Moreover, ERISA and the Code require that certain reporting and disclosure be made with respect to Plan assets, that Plan assets generally be held in trust, and that the indicia of ownership of Plan assets be maintained within the jurisdiction of district courts of the United States. Thus, a Plan fiduciary considering an investment in the Fund should consult with its legal counsel concerning all the legal implications of investing in the Fund, especially the issues discussed in the following paragraphs.

Unless statutory or administrative exemptions are available, Section 406 of ERISA and Section 4975 of the Code prohibit a broad range of transactions involving Plan assets and persons who have certain specified relationships to a Plan ("parties in interest" within the meaning of ERISA and "disqualified persons" within the meaning of the Code) and impose additional prohibitions on parties in interest and disqualified persons who are Plan fiduciaries. These prohibitions also apply with respect to any entity whose assets consist of Plan assets by reason of Plans' investment in the entity. Certain prospective Plan investors may currently maintain relationships with the Adviser and/or entities that are affiliated with the Fund, and, as a result, one or more of such entities may be deemed to be a "party in interest" or "disqualified person" with respect to (including a fiduciary of) any such prospective Plan investor. ERISA and the Code likewise prohibit a fiduciary to a Plan from, among other things, dealing with the assets of the Plan in the fiduciary's own interest or for the fiduciary's own account, and receiving consideration for the fiduciary's own personal account from any party dealing with such Plan in connection with a transaction involving the assets of the Plan. Accordingly, the Adviser and its affiliates will not have or exercise any discretion to cause a Plan to invest directly or indirectly in the Fund or provide investment advice to any Plan fiduciary concerning an investment in the Fund.

Any prospective investor in the Fund that is a Plan or other "benefit plan investor," as such term is described in Section 3(42) of ERISA and regulations issued by the U.S. Department of Labor (the "DOL"), will be required to certify as a condition of the investment that such investment was independently selected by the Plan fiduciary and not on the basis of any recommendation by the Adviser or its affiliates, and otherwise will not result in a non-exempt prohibited transaction under ERISA and/or the Code.

Because the Fund is registered as an investment company under the Investment Company Act, the assets of the Fund will not be deemed to constitute "Plan assets" of Plans that invest directly or indirectly in the Fund, as that term is described in Section 3(42) of ERISA and regulations issued by the DOL. Accordingly, solely as a result of any direct or indirect investment in the Fund by a Plan, the Adviser will not be a "fiduciary" to such Plan under ERISA or the Code, or a "party in interest" or "disqualified person" to such Plan, as a result of its role as the Adviser to the Fund. Likewise, the underlying investments and activities of the Fund will not be subject to ERISA's fiduciary requirements or the prohibited transaction restrictions of ERISA and/or the Code.

Employee benefit plans that are governmental plans (as defined in Section 3(32) of ERISA) are not subject to requirements of ERISA and the Code discussed above but may be subject to materially similar provisions of other applicable federal or state law or may be subject to other legal restrictions on their ability to invest in the Fund. Accordingly, any such governmental plans and the fiduciaries of such plans should consult with their legal counsel concerning all the legal implications of investing in the Fund.

**THE FUND'S SALE OF UNITS TO PLANS IS IN NO RESPECT A REPRESENTATION OR WARRANTY BY THE FUND, THE ADVISER OR ANY OF THEIR AFFILIATES, OR BY ANY OTHER PERSON ASSOCIATED WITH THE SALE OF THE UNITS, THAT SUCH INVESTMENT BY PLANS MEETS ALL RELEVANT LEGAL REQUIREMENTS APPLICABLE TO PLANS GENERALLY OR TO ANY PARTICULAR PLAN, OR THAT SUCH INVESTMENT IS OTHERWISE APPROPRIATE FOR PLANS GENERALLY OR FOR ANY PARTICULAR PLAN.**

**Eligible investors**

Each prospective investor in the Fund will be required to certify that it is an "accredited investor" within the meaning of Rule 501 under the Securities Act and a "qualified client" within the meaning of Rule 205-3 under the Advisers Act. The criteria for qualifying as a "qualified client" and "accredited investor" are set forth in the subscription document that must be completed by each prospective investor. The "qualified client" and "accredited investor" criteria will apply to all investors and will not be waived.

In addition, Units are generally being offered only to investors that are either (i) U.S. persons for U.S. federal income tax purposes or (ii) non-U.S. persons that meet additional eligibility standards as defined by the Fund in its sole discretion. Investors who meet such qualifications are referred to in this Memorandum as "Eligible Investors." The qualifications required to invest in the Fund will appear in subscription documents that must be completed by each prospective investor. Existing Members who request to purchase additional Units will be required to qualify as "Eligible Investors" and to complete an additional investor certification prior to any additional purchase.

Further, because Units are being offered pursuant to Rule 506(c) the Fund, the Placement Agent or financial intermediaries (i.e., sub-placement agents) that enter into an agreement with the Placement Agent for the sale of Units are required to take "reasonable steps to verify" that all purchasers of Units qualify as accredited investors at the time such Shares are purchased. To meet this requirement, individual investors (i.e., natural persons) purchasing Shares will generally be required to deliver information sufficient for the Fund to verify such investor's accredited status.

Rule 506(c) provides for both "safe harbor" verification and Principle Based Verification of accredited investor status. The SEC has and continues to issue guidance with respect to Principle Based Verification and the adequacy of particular verification procedures. Nonetheless, the Fund's use of Principle Based Verification involves more risk than if the Fund were to solely use the "safe harbor" verification provisions. See the section entitled "General Risks - Private Offering Exemption" for additional information

Each prospective investor in the Fund should obtain the advice of his, her or its own legal, accounting, tax and other advisers in reviewing documents pertaining to an investment in the Fund, including, but not limited to, this Memorandum, SAI and the LLC Agreement before deciding to invest in the Fund.

**Purchasing Units - Purchase terms**

The minimum initial investment in the Fund by any investor is $25,000. However, the Fund, in its sole discretion, may accept investments below this minimum. The purchase price of the Units is based on the net asset value per Unit as of the date such Units are purchased. Fractions of Units will be issued to one one-thousandth of a Unit.

Units will generally be offered for purchase as of the first day of each calendar month, except that Units may be offered more or less frequently as determined by the Board in its sole discretion. The Board may also suspend or terminate offerings of Units at any time.

Except as otherwise permitted by the Board, initial and subsequent purchases of Units will be payable in cash. Each initial or subsequent purchase of Units will be payable in one installment which will generally be due four business days prior to the date of the proposed acceptance of the purchase set by the Fund, which is expected to be the last day of each calendar month (the "Acceptance Date"), where funds are remitted by wire transfer. A prospective investor must also submit a completed subscription document (including investor certifications) at least five business days before the Acceptance Date. The Fund reserves the right, in its sole discretion, to accept or reject any subscription to purchase Units in the Fund at any time. Although the Fund may, in its sole discretion, elect to accept a subscription prior to receipt of cleared funds, an investor will not become a Member until cleared funds have been received. In the event that cleared funds and/or a properly completed subscription document (including investor certifications) are not received from a prospective investor prior to the cut-off dates pertaining to a particular offering, the Fund may hold the relevant funds and subscription document for processing in the next offering.

Pending any offering, funds received from prospective investors will be placed in an account with the Transfer Agent. On the date of any closing, the balance in the account with respect to each investor whose investment is accepted will be invested in the Fund on behalf of such investor.

**Additional information**

**Futures transactions**

The Fund has claimed an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act of 1974, as amended (the "CEA"), and, therefore, is not subject to registration or regulation as a commodity pool operator under the CEA. In February 2012, the Commodity Futures Trading Commission (the "CFTC") adopted certain regulatory changes that will subject the adviser of an investment company to registration as a Commodity Pool Operator ("CPO") if the investment company is unable to comply with certain trading and marketing limitations.

With respect to investments in swap transactions, commodity futures, commodity options or certain other derivatives used for purposes other than bona fide hedging purposes, an investment company must meet one of the following tests under the amended regulations in order to claim an exemption from being considered a "commodity pool" or a CPO. First, the aggregate initial margin and premiums required to establish an investment company's position in such investments may not exceed 5% of the liquidation value of the investment company's portfolio (after accounting for unrealized profits and unrealized losses on any such investments). Alternatively, the aggregate net notional value of those positions, as determined at the time the most recent position was established, may not exceed 100% of the net asset value of the investment company's portfolio (after accounting for unrealized profits and unrealized losses on any such positions). In addition to meeting one of the foregoing trading limitations, the investment company may not market itself as a commodity pool or otherwise as a vehicle for trading in the commodity futures, commodity options or swaps and derivatives markets. In the event that the Adviser was required to register as a CPO, the disclosure and operations of the Fund would need to comply with all applicable CFTC regulations. Compliance with these additional registration and regulatory requirements would increase operational expenses. Other potentially adverse regulatory initiatives could also develop. A related CFTC proposal to harmonize applicable CFTC and SEC regulations could, if adopted, mitigate certain disclosure and operational burdens if CPO registration were required.

In October 2020, the SEC adopted regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Among other things, Rule 18f-4 imposes limits on the amount of derivatives, short sales, and tender option bond transactions that the Fund can enter into; eliminates the asset segregation framework to comply with Section 18 of the Investment Company Act; treats certain derivatives as senior securities so that a failure to comply with the limits might be alleged by a regulator to be a statutory violation; and potentially requires the Fund to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund is required to comply with Rule 18f-4 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4.

**Subsidiaries**

The Fund may make investments through wholly-owned subsidiaries ("Subsidiaries"). Such Subsidiaries will not be registered under the Investment Company Act; however, the Fund will wholly own and control any Subsidiaries. The Board has oversight responsibility for the investment activities of the Fund, including its investment in any Subsidiary, and the Fund's role as sole shareholder of any Subsidiary. To the extent applicable to the investment activities of a Subsidiary, the Subsidiary will follow the same compliance policies and procedures as the Fund. The Fund would "look through" any such Subsidiary to determine compliance with its investment policies. The Fund complies with Section 8 of the Investment Company Act governing investment policies on an aggregate basis with any Subsidiary. The Fund also complies with Section 18 of the Investment Company Act governing capital structure and leverage on an aggregate basis with each Subsidiary so that the Fund treats a Subsidiary's debt as its own for purposes of Section 18. Further, each Subsidiary complies with the provisions of Section 17 of the Investment Company Act relating to affiliated transactions and custody. Any Subsidiary would use UMB Bank, n.a. as custodian. The Fund will not create or acquire primary control of any entity which engages in investment activities in securities or other assets, other than entities wholly owned by the Fund.

**Summary of the LLC Agreement**

An investor in the Fund will be a Member of the Fund and his or her rights in the Fund will be established and governed by the LLC Agreement. A prospective investor and his or her advisors should carefully review the LLC Agreement as each Member will agree to be bound by its terms and conditions. The following is a summary description of additional items and of select provisions of the LLC Agreement that may not be described elsewhere in this Memorandum. The description of such items and provisions is not definitive and reference should be made to the complete text of the LLC Agreement.

**Description of Units**

Persons who purchase Units will be Members of the Fund. The Adviser may invest in the Fund as a Member. The Fund currently offers one class of Units.

**Liability of Members**

Under Delaware law and the LLC Agreement, each Member will be liable for the debts and obligations of the Fund only to the extent of any contributions to the capital of the Fund (plus any accretions in value thereto prior to withdrawal) and a Member, in the sole discretion of the Board, may be obligated to return to the Fund amounts distributed to the Member, or the Board may reduce any amount payable by the Fund to a Member in respect of a repurchase of Units, in accordance with the LLC Agreement in certain circumstances. See "*Repurchases of Shares.*"

**Limitation of liability; indemnification**

The LLC Agreement provides that the members and former members of the Board and officers and former officers of the Fund shall not be liable to the Fund or any of the Members for any loss or damage occasioned by any act or omission in the performance of their services as such in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of their office or as otherwise required by applicable law. The LLC Agreement also contains provisions for the indemnification, to the extent permitted by law, of the members and former members of the Board and officers and former officers of the Fund (as well as certain other related parties) by the Fund (but not by the Members individually) against any liability and expense to which any of them may be liable that arise in connection with the performance of their activities on behalf of the Fund. None of these persons shall be personally liable to any Member for the repayment of any positive balance in the Member's capital account or for contributions by the Member to the capital of the Fund or by reason of any change in the federal or state income tax laws applicable to the Fund or its investors. The rights of indemnification and exculpation provided under the LLC Agreement shall not be construed so as to limit liability or provide for indemnification of the members and former members of the Board, officers and former officers of the Fund, and the other persons entitled to such indemnification for any liability (including liability under applicable federal or state securities laws which, under certain circumstances, impose liability even on persons that act in good faith), to the extent (but only to the extent) that such indemnification or limitation on liability would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of the LLC Agreement to the fullest extent permitted by law.

**Amendment of the LLC Agreement**

The LLC Agreement may generally be amended, in whole or in part, with the approval of a majority of the Board (including a majority of the Independent Managers, if required by the Investment Company Act) and without the approval of the Members unless the approval of Members is required under the Investment Company Act. However, certain amendments to the LLC Agreement involving capital accounts and allocations thereto may not be made without the written consent of each Member materially adversely affected thereby or unless each Member has received written notice of the amendment and any Member objecting to the amendment has been allowed a reasonable opportunity (pursuant to any procedures as may be prescribed by the Board) to have all of its Units repurchased by the Fund.

 **Arbitration**

Each Member agrees to submit all controversies arising between or among Members or one or more Members and the Fund in connection with the Fund or its businesses or concerning any transaction, dispute or the construction, performance or breach of this or any other agreement, whether entered into prior to, on or subsequent to the date hereof, to arbitration in accordance with the provisions set forth in the LLC Agreement. All controversies shall be determined at the election of the Fund by arbitration before an arbitration panel. *See "Business and structure related risks – Arbitration Risk."*

**Term, dissolution, and liquidation**

The Fund shall be dissolved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) upon the affirmative vote to dissolve the Fund by either (i) a majority of the members of the Board, or
(ii) Members holding at least three-quarters (3/4) of the total number of votes eligible to be cast by all Members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) as required by operation of law.

Upon the occurrence of any event of dissolution, one or more members of the Board or the Adviser, acting as liquidator under appointment by the Board (or another liquidator, if the Board does not appoint one or more members of the Board or the Adviser to act as liquidator or is unable to perform this function) is charged with winding up the affairs of the Fund and liquidating its assets. Upon the liquidation of the Fund, after establishment of appropriate reserves for contingencies in such amounts as the Board or the liquidator, as applicable, deems appropriate in its sole discretion, the Fund's assets will be distributed: (i) first to satisfy the debts, liabilities, and obligations of the Fund (other than debts to Members) including actual or anticipated liquidation expenses; (ii) next to repay debts, liabilities and obligations owing to the Members; and (iii) finally to the Members (including the Adviser) proportionately in accordance with the balances in their respective capital accounts. Assets may be distributed in-kind on a *pro rata* basis if the Board or liquidator determines that such a distribution would be in the interests of the Members in facilitating an orderly liquidation.

The Board may, in its sole discretion, and if determined to be in the best interests of the Members, distribute the assets of the Fund into and through a liquidating trust to effect the liquidation of the Fund. The use of a liquidating trust would be subject to the regulatory requirements of the Investment Company Act and applicable Delaware law, and could result in additional expenses to the Members.

**Reports to Members**

The Fund anticipates providing Members with an unaudited semi-annual and an audited annual report within 60 days after the close of the period for which the report is being made, or as otherwise required by the Investment Company Act. Members also will be provided with reports regarding the Fund's operations each quarter. The Fund will also furnish members with Schedules K-1 each year reflecting any dividends, interest income, capital gains or losses, ordinary income, and deductible expenses of the Fund.

**Fiscal year**

The Fund's fiscal year is the 12-month period ending on March 31. The Fund's taxable year is the 12-month period ending on December 31.

**Independent registered public accounting firm; legal counsel**

The Board has selected PricewaterhouseCoopers LLP, as the independent registered public accountants of the Fund.

Faegre Drinker Biddle & Reath LLP, of One Logan Square, Suite 2000, Philadelphia, PA 19103-6996, serves as counsel to the Fund and the Adviser of the Fund.

**Inquiries**

Inquiries concerning the Fund and the Units (including procedures for purchasing Units) should be directed to the Fund's transfer agent, Ultimus Fund Solutions, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246-0707 or by calling the Fund toll-free at 855.551.2276.

All dealers that buy, sell or trade the Fund's Units, whether or not participating in this offering,<br> may be required to deliver a Memorandum.

**APPENDIX A - Prior Performance of Similar Accounts**

The performance information shown below is the historical performance of funds managed by the Adviser and its affiliates that have strategies, policies and objectives that are substantially similar to those of the Fund (the "Composite"). The Composite consists of all funds under discretionary management by the Adviser and its affiliates that have investment objectives, policies and strategies substantially similar to those of the Fund.

The performance of the Composite does not represent, and is not a substitute for, the performance of the Fund, and you should not assume that the Fund will have the same future performance as the Composite. It is inappropriate and would be inaccurate for an investor to consider the Composite's performance below as being indicative of the future performance of the Fund. The Adviser has included this section because it believes that the performance information presented is sufficiently relevant, as related or supplemental information only, to merit consideration by prospective Fund investors.

The table shows performance of the Composite over time (as compared with a broad-based market index for reference). Returns for the Composite are shown both gross of fees and expenses and net of fees and expenses. Gross of fee and expense returns are returns gross of fees and expenses other than actual trading fees and expenses, and reflect all items of income, gain, and loss. Gross of fee and expense returns for the Composite reflect the impact of the actual management fees, incentive fees and operating expenses charged by underlying funds in which the Composite funds invested. Composite net of fee and expense returns are adjusted by deducting the Fund's expenses listed in its fee table (excluding acquired fund fees and expenses) from the Composite gross of fee and expense returns.

Investors should be aware that the Securities and Exchange Commission (the "SEC") uses a methodology different from that used below to calculate performance for registered funds, which could result in different performance results. Indices are unmanaged and it is not possible to invest directly in indices. As such, the index figures do not account for any fees or fund expenses.

The past performance in managing other portfolios is no guarantee of future results in managing the Fund. Please note the following cautionary guidelines in reviewing this disclosure:

&nbsp;&nbsp;&nbsp;&nbsp;· Performance figures are not the performance of the Fund. The Composite's performance shown is not
the performance of the Fund and is not an indication of how the Fund would have performed in the past or will perform in the future. The
Fund's performance in the future will be different from the Composite's performance presented, due to factors such as differences
in the cash flows, different fees, expenses, portfolio size and composition, and possibly asset allocation methodology. In particular,
the Composite's performance is not necessarily an indication of how the Fund will perform, as the portfolio is not subject to investment
limitations, leverage restrictions, diversification requirements and other restrictions imposed on investment companies by the Investment
Company Act and the Internal Revenue Code, which, if applicable, can have a negative impact on the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;· The performance shown are averages. The information below shows annual rates of return for the years
indicated, but does not reflect any volatility that may have occurred within a given period. The following table provides for the Composite's
annual rates of return for the periods indicated, net and gross of fees, as discussed above.

Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; 5 Year | &nbsp;&nbsp; 10 Year | &nbsp;&nbsp; Since Inception<sup>(1)</sup> |
| &nbsp;&nbsp; Composite Gross | &nbsp;&nbsp; 7.9% | &nbsp;&nbsp; 16.4% | &nbsp;&nbsp; 17.1% | &nbsp;&nbsp; 17.6% |
| &nbsp;&nbsp; Composite Net | &nbsp;&nbsp; 5.3% | &nbsp;&nbsp; 13.2% | &nbsp;&nbsp; 13.8% | &nbsp;&nbsp; 14.3% |
| &nbsp;&nbsp; MSCI World | &nbsp;&nbsp; 17.2% | &nbsp;&nbsp; 14.4% | &nbsp;&nbsp; 12.4% | &nbsp;&nbsp; 10.6% |
| &nbsp;&nbsp; Russell 2000 | &nbsp;&nbsp; 10.7% | &nbsp;&nbsp; 11.6% | &nbsp;&nbsp; 9.8% | &nbsp;&nbsp; 9.4% |

---

Annual Total Returns

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; 2011<sup>(1)</sup> | &nbsp;&nbsp; 2012 | &nbsp;&nbsp; 2013 | &nbsp;&nbsp; 2014 | &nbsp;&nbsp; 2015 | &nbsp;&nbsp; 2016 | &nbsp;&nbsp; 2017 | &nbsp;&nbsp; 2018 | &nbsp;&nbsp; 2019 | &nbsp;&nbsp; 2020 | &nbsp;&nbsp; 2021 | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2025<sup>(2)</sup> |
| &nbsp;&nbsp; Composite Gross | &nbsp;&nbsp; 25.8% | &nbsp;&nbsp; 15.3% | &nbsp;&nbsp; 9.1% | &nbsp;&nbsp; 17.4% | &nbsp;&nbsp; 21.2% | &nbsp;&nbsp; 11.1% | &nbsp;&nbsp; 8.0% | &nbsp;&nbsp; 13.3% | &nbsp;&nbsp; 27.5% | &nbsp;&nbsp; 38.3% | &nbsp;&nbsp; 34.3% | &nbsp;&nbsp; 17.7% | &nbsp;&nbsp; 7.7% | &nbsp;&nbsp; 4.4% | &nbsp;&nbsp; 4.6% |
| &nbsp;&nbsp; Composite Net | &nbsp;&nbsp; 23.9% | &nbsp;&nbsp; 12.2% | &nbsp;&nbsp; 6.3% | &nbsp;&nbsp; 14.0% | &nbsp;&nbsp; 17.6% | &nbsp;&nbsp; 8.2% | &nbsp;&nbsp; 5.3% | &nbsp;&nbsp; 10.2% | &nbsp;&nbsp; 23.5% | &nbsp;&nbsp; 33.4% | &nbsp;&nbsp; 29.8% | &nbsp;&nbsp; 14.4% | &nbsp;&nbsp; 5.1% | &nbsp;&nbsp; 1.9% | &nbsp;&nbsp; 2.7% |
| &nbsp;&nbsp; MSCI World | &nbsp;&nbsp; -10.3% | &nbsp;&nbsp; 15.8% | &nbsp;&nbsp; 26.7% | &nbsp;&nbsp; 4.9% | &nbsp;&nbsp; -0.9% | &nbsp;&nbsp; 7.5% | &nbsp;&nbsp; 22.4% | &nbsp;&nbsp; -8.7% | &nbsp;&nbsp; 27.7% | &nbsp;&nbsp; 15.9% | &nbsp;&nbsp; 21.8% | &nbsp;&nbsp; -18.1% | &nbsp;&nbsp; 23.8% | &nbsp;&nbsp; 18.7% | &nbsp;&nbsp; 17.4% |
| &nbsp;&nbsp; Russell 2000 | &nbsp;&nbsp; -9.8% | &nbsp;&nbsp; 16.3% | &nbsp;&nbsp; 38.8% | &nbsp;&nbsp; 4.9% | &nbsp;&nbsp; -4.4% | &nbsp;&nbsp; 21.3% | &nbsp;&nbsp; 14.7% | &nbsp;&nbsp; -11.0% | &nbsp;&nbsp; 25.5% | &nbsp;&nbsp; 19.9% | &nbsp;&nbsp; 14.8% | &nbsp;&nbsp; -20.4% | &nbsp;&nbsp; 16.9% | &nbsp;&nbsp; 11.5% | &nbsp;&nbsp; 10.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Constitution Capital Partnership Composite began July 2011.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Figure YTD as of September 30, 2025.

**STATEMENT OF ADDITIONAL INFORMATION**

**Constitution Capital Evergreen Partnership Fund, LLC**

Dated April 16, 2026

Constitution Capital Partners

300 Brickstone Square,<br> 7<sup>th</sup> Floor<br> Andover, MA 01810

Limited Liability Company Units

855.551.2276 This Statement of Additional Information ("SAI") is not a prospectus. This SAI relates to and should be read in conjunction with the Private Placement Memorandum (the "Memorandum") of Constitution Capital Evergreen Partnership Fund, LLC (the "Fund") dated April 16, 2026, as it may be further amended or supplemented from time to time. The SAI is incorporated by reference in its entirety into the Memorandum. A copy of the Memorandum may be obtained without charge by contacting the Fund at the telephone number or address set forth above.

This SAI is not an offer to sell Units of limited liability company interests in the Fund ("Units") and is not soliciting an offer to buy the Units in any state where the offer or sale is not permitted.

Capitalized terms not otherwise defined herein have the same meaning set forth in the Memorandum.

**Table of Contents**

---

| | |
|:---|:---|
| [Investment policies and practices](#sai_001) | S-1 |
| [Fundamental policies](#sai_002) | S-1 |
| [Additional information on investment techniques of the Fund and the Portfolio Funds and related risks.](#sai_003) | S-2 |
| [Board of Managers and Officers](#sai_004) | S-9 |
| [Code of Ethics.](#sai_005) | S-14 |
| [Investment management and other services](#sai_006) | S-15 |
| [Brokerage](#sai_007) | S-18 |
| [Independent registered public accounting firm; legal counsel](#sai_008) | S-18 |
| [Administrator](#sai_009) | S-18 |
| [Transfer Agent](#sai_010) | S-19 |
| [Custodian](#sai_011) | S-19 |
| [Calculation of net asset value](#sai_012) | S-19 |
| [Proxy voting policies and procedures](#sai_013) | S-19 |
| [Control persons and principal shareholders](#sai_014) | S-19 |
| [Additional Information](#sai_015) | S-19 |
| [Appendix A](#sai_016) | A-1 |
| [Appendix B](#sai_017) | B-1 |

---

S-i

**Investment policies and practices**

The investment objective and the principal investment strategies of the Fund, as well as the principal risks associated with such investment strategies, are set forth in the Memorandum. Certain additional information regarding the investment program of the Fund is set forth below.

**Fundamental policies**

The Fund's fundamental policies, which are listed below, may only be changed by the affirmative vote of a majority of the outstanding voting securities of the Fund. At the present time, the Units are the only outstanding securities of the Fund. As defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), the vote of a "majority of the outstanding voting securities of the Fund" means the vote, at an annual or special meeting of the members of the Fund (the "Members") duly called, (i) of 67% or more of the Units represented at such meeting, if the holders of more than 50% of the outstanding Units are present in person or represented by proxy or (ii) of more than 50% of the outstanding Units, whichever is less. No other policy is a fundamental policy of the Fund, except as expressly stated. Within the limits of the fundamental policies of the Fund, the management of the Fund has reserved freedom of action. The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Issue any senior security, except to the extent permitted by Section 18 of the Investment Company Act,
as interpreted, modified, or otherwise permitted by the Securities and Exchange Commission (the "SEC") or any other applicable
authority.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Borrow money, except to the extent permitted by Section 18 of the Investment Company Act, as interpreted,
modified, or otherwise permitted by the SEC or any other applicable authority. This investment restriction does not apply to borrowings
from affiliated investment companies or other affiliated persons of the Fund to the extent permitted by the Investment Company Act, the
SEC, or any other applicable authority.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Underwrite securities of other issuers, except insofar as the Fund may be deemed to be an underwriter
under the Securities Act of 1933, as amended (the "Securities Act"), in connection with the disposition of its portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Make loans, except through purchasing fixed-income securities (including whole loans, whether senior or
subordinated, "Payment-In-Kind" or "PIK" securities, other mezzanine securities or participations in any of the
foregoing), lending portfolio securities, or entering into repurchase agreements in a manner consistent with the investment policies of
the Fund, or as otherwise permitted under the Investment Company Act. This investment restriction does not apply to loans to affiliated
investment companies or other affiliated persons of the Fund to the extent permitted by the Investment Company Act, the SEC, or any other
applicable authority.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Purchase, hold or deal in real estate, except that the Fund may invest in securities that are secured
by real estate, including, without limitation, mortgage-related securities, or that are issued by companies or partnerships that invest
or deal in real estate or real estate investment trusts, and may hold and dispose of real estate acquired by the Fund as a result of the
ownership of securities or other permitted investments.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Invest in commodities and commodity contracts, except that the Fund (i) may purchase and sell non-U.S.
currencies, options, swaps, futures and forward contracts, including those related to indexes, options and options on indexes, as well
as other financial instruments and contracts that are commodities or commodity contracts, (ii) may also purchase or sell commodities if
acquired as a result of ownership of securities or other instruments, (iii) may invest in commodity pools and other entities that purchase
and sell commodities and commodity contracts, and (iv) may make such investments as otherwise permitted by the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Invest 25% or more of
 the value of its total assets in the securities of issuers that the Adviser determines are engaged in any single industry or group
 of industries, except that U.S. government securities and repurchase agreements collateralized by U.S. government securities may
 be purchased without limitation. This investment restriction does not apply to investments by the Fund in Portfolio Funds (or in
 another comparable investment pool). The Fund may invest in Portfolio Funds that may concentrate their assets in one or more industries.
 The Fund will not invest 25% or more of its assets in a Portfolio Fund that it knows or reasonably should know concentrates its assets
 in a single industry or groups of industries. The Fund will consider the investments of Portfolio Funds to determine whether it is
 in line with its own concentration policy.

With respect to these investment restrictions and other policies described in this SAI or the Memorandum, if a percentage restriction is adhered to at the time of an investment or transaction, a later change in percentage resulting from a change in the values of investments or the value of the Fund's total assets, unless otherwise stated, will not constitute a violation of such restriction or policy. The Fund's investment policies and restrictions do not apply to the activities and the transactions of the Portfolio Funds but will apply to investments made by the Fund directly (or any account consisting solely of the Fund's assets). The Fund will, however, consider the investments held by Portfolio Funds, to the extent known, in determining whether its investments are concentrated in any particular industry or groups of industries.

With respect to the fundamental restriction relating to issuing senior securities set forth above, "senior securities" are defined as any bond, debenture, note, or similar obligation or instrument constituting a security and evidencing indebtedness, and any stock of a class having priority over any other class as to distribution of assets or payment of dividends. Under the Investment Company Act, a "senior security" does not include any promissory note or evidence of indebtedness where such loan is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the issuer at the time the loan is made. A loan is presumed to be for temporary purposes if it is repaid within sixty days and is not extended or renewed.

With respect to the fundamental restriction relating to borrowing money set forth above, the Investment Company Act requires the Fund to maintain at all times an asset coverage of at least 300% of the amount of its borrowings that are indebtedness. For the purpose of borrowing money, "asset coverage" means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Certain trading practices and investments may be considered to be borrowings and thus subject to the Investment Company Act restrictions. On the other hand, certain practices and investments may involve leverage but are not considered to be borrowings under the Investment Company Act, such as the purchasing of securities on a when-issued or delayed delivery basis, entering into reverse repurchase agreements, credit default swaps or futures contracts, engaging in short sales and writing options on portfolio securities, so long as the Fund complies with an applicable exemption in Rule 18f-4.

With respect to the fundamental restriction relating to lending set forth above, the Investment Company Act does not prohibit a fund from making loans; however, SEC staff interpretations currently prohibit funds from engaging in securities lending of more than one-third of their total assets, except through the purchase of debt obligations or the use of repurchase agreements (a repurchase agreement is an agreement to purchase a security, coupled with an agreement to sell that security back to the original seller on an agreed-upon date at a price that reflects current interest rates. The SEC frequently treats repurchase agreements as loans). The Fund also will be permitted to make loans of money, including to other funds. This restriction will not be interpreted to prevent the Fund from purchasing or investing in debt obligations and loans. In addition, collateral arrangements with respect to options, forward currency and futures transactions and other derivative instruments, as well as delays in the settlement of securities transactions, will not be considered loans.

With respect to the fundamental restriction relating to commodities set forth above, the Investment Company Act does not prohibit a fund from owning commodities, whether physical commodities and contracts related to physical commodities (such as oil or grains and related futures contracts), or financial commodities and contracts related to financial commodities (such as currencies and, possibly, currency futures). If the Fund were to invest in a physical commodity or a physical commodity-related instrument, the Fund would be subject to the additional risks of the particular physical commodity and its related market.

The investment objective of the Fund is not a fundamental policy of the Fund and may be changed by the Board of Managers of the Fund (the "Board") without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding Units.

**Additional information on investment techniques of the Fund and the Portfolio Funds and related risks**

As discussed in the Memorandum, the Fund pursues its investment objective by investing its assets in (i) Secondary Investments, (ii) Primary Investments; (iii) Other Liquid Investments; and (iv) Short-term Investments. This section provides additional information about various types of investments and investment techniques that may be employed by the Fund or by Portfolio Funds in which the Fund invests. Many of the investments and techniques described in this section may be based in part on the existence of a public market for the relevant securities. To that extent, such investments and techniques are not expected to represent the principal investments or techniques of the majority of the Fund or of the Portfolio Funds; however, there is no limit on the types of investments the Portfolio Funds may make and certain Portfolio Funds may use such investments or techniques extensively. Similarly, there are few limits on the types of investments the Fund may make. Accordingly, the descriptions in this section cannot be comprehensive. Any decision to invest in the Fund should take into account (i) the possibility that the Portfolio Funds may make virtually any kind of investment, (ii) that the Fund has similarly broad latitude in the kinds of investments it may make (subject to the fundamental policies described above) and (iii) that all such investments will be subject to related risks, which can be substantial.

**Equity securities**

The Fund's and/or a Portfolio Fund's portfolio may include investments in common stocks, preferred stocks, and convertible securities of U.S. and foreign issuers. The Fund and/or a Portfolio Fund also may invest in depositary receipts relating to foreign securities. Equity securities fluctuate in value, often based on factors unrelated to the value of the issuer of the securities. Given the private markets focus of the Fund, there is expected to be no liquid market for a majority of such investments.

**Common stock**

Common stock or other common equity issued by a corporation or other entity generally entitles the holder to a pro rata share of the profits, if any, of the entity without preference over any other shareholder or claims of shareholders, after making required payments to holders of the entity's preferred stock and other senior equity. Common stock usually carries with it the right to vote and frequently an exclusive right to do so.

**Preferred stock**

Preferred stock or other preferred equity generally has a preference as to dividends and, in the event of liquidation, to an issuer's assets, over the issuer's common stock or other common equity, but it ranks junior to debt securities in an issuer's capital structure. Preferred stock generally pays dividends in cash or additional shares of preferred stock at a defined rate but, unlike interest payments on debt securities, preferred stock dividends are generally payable only if declared by the issuer's board of directors. Dividends on preferred stock may be cumulative, meaning that, in the event the issuer fails to make one or more dividend payments on the preferred stock, no dividends may be paid on the issuer's common stock until all unpaid preferred stock dividends have been paid. Preferred stock may also be subject to optional or mandatory redemption provisions.

**Fixed Income Securities**

The Fund may invest in fixed income securities. The Fund will invest in these securities when their yield and potential for capital appreciation are considered sufficiently attractive, and also may invest in these securities for defensive purposes and to maintain liquidity. Fixed income securities include, among other securities: bonds, notes and debentures issued by U.S. and non-U.S. corporations; U.S. government securities or debt securities issued or guaranteed by a non-U.S. government; municipal securities; and mortgage-backed and asset backed securities. These securities may pay fixed, variable or floating rates of interest, and may include zero coupon obligations. Fixed income securities are subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to the risk of price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness or financial condition of the issuer and general market liquidity (i.e., market risk). Certain portfolio securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to significant reductions of yield and possible loss of principal.

The Fund may invest in both investment grade and non-investment grade debt securities (commonly referred to as "junk bonds"). Investment grade debt securities are securities that have received a rating from at least one nationally recognized statistical rating organization (a "Rating Agency") in one of the four highest rating categories or, if not rated by any Rating Agency, have been determined by the Adviser to be of comparable quality. There is no minimum credit standard as a prerequisite to an investment in any security. As a result, the Fund may invest in debt securities that are rated below investment grade and are considered speculative, including distressed bonds. The Fund may invest in fixed income securities of companies in initial public offerings or shortly after those offerings are complete.

The Fund's investments in non-investment grade debt securities, including convertible debt securities, are considered by the Rating Agencies to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. Non-investment grade securities in the lowest rating categories may involve a substantial risk of default or may be in default. Adverse changes in economic conditions or developments regarding the individual issuer are more likely to cause price volatility and weaken the capacity of the issuers of non-investment grade securities to make principal and interest payments than is the case for higher grade securities. In addition, the market for lower grade securities may be thinner and less liquid than the market for higher grade securities.

**Convertible securities**

Convertible securities are bonds, debentures, notes, preferred stock, or other securities that may be converted into or exchanged for a specified amount of common equity of the same or different issuer within a specified period of time at a specified price or based on a specified formula. In many cases, a convertible security entitles the holder to receive interest or a dividend that is generally paid or accrued until the convertible security matures or is redeemed, converted or exchanged. Convertible securities have unique investment characteristics in that they generally (i) have higher yields (i.e., rates of interest or dividends) than common stocks, but lower yields than comparable non-convertible securities, (ii) are less subject to fluctuation in value than the underlying common stock into which they are convertible due to their fixed-income characteristics and (iii) provide the potential for capital appreciation if the market price of the underlying common stock increases. The Fund's and/or the Portfolio Funds' investments in convertible securities are expected to primarily be in private convertible securities but may be in public convertible securities.

The value of a convertible security is primarily a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (determined by reference to the security's anticipated worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value typically declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors may also increase or decrease the convertible security's value. If the conversion value is low relative to the investment value, the convertible security is valued principally by reference to its investment value. To the extent the value of the underlying common stock approaches or exceeds the conversion value, the convertible security will be valued increasingly by reference to its conversion value. Generally, the conversion value decreases as the convertible security approaches maturity. Where no market exists for a convertible security and/or the underlying common stock, such investments may be difficult to value. A public convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed-income security.

A convertible security may in some cases be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security is called for redemption, the holder will generally have a choice of tendering the security for redemption, converting it into common stock prior to redemption, or selling it to a third party. Any of these actions could have a material adverse effect and result in losses to the Fund.

**Bank debt transactions**

Special risks associated with investments in bank loans and participations include (i) the possible invalidation of an investment transaction as a fraudulent conveyance under relevant creditors' rights laws, (ii) so-called lender-liability claims by the issuer of the obligations, (iii) environmental liabilities that may arise with respect to collateral securing the obligations, and (iv) limitations on the ability of the Fund to directly enforce its rights with respect to participations. Successful claims in respect of such matters may reduce the cash flow and/or market value of the investment.

In addition to the special risks generally associated with investments in bank loans described above, the Fund's investments in second-lien and unsecured bank loans will entail additional risks, including (i) the subordination of the Fund's claims to a senior lien in terms of the coverage and recovery from the collateral and (ii) with respect to second-lien loans, the prohibition of or limitation on the right to foreclose on a second-lien or exercise other rights as a second-lien holder, and with respect to unsecured loans, the absence of any collateral on which the Fund may foreclose to satisfy its claim in whole or in part. In certain cases, therefore, no recovery may be available from a defaulted second-lien loan. The Fund's investments in bank loans of below investment grade companies also entail specific risks associated with investments in non-investment grade securities.

**Derivative instruments**

Although not a principal investment strategy, the Fund or the Portfolio Funds may use financial instruments known as derivatives. A derivative is generally defined as an instrument whose value is derived from, or based upon, some underlying index, reference rate (such as interest rates or currency exchange rates), security, commodity, or other asset. Following are descriptions of certain derivatives that the Portfolio Funds may use. The same descriptions apply to the Fund, mutatis mutandis, to the extent that it engages in derivatives transactions. Certain risks associated with derivatives are described under "*Investment related risks - Derivative Instruments*" in the Memorandum.

**Options and futures**

A Portfolio Fund may utilize options contracts, futures contracts, and options on futures contracts. It also may use so-called "synthetic" options or other derivative instruments written by broker-dealers or other financial intermediaries. Options transactions may be effected on securities exchanges or in the over-the-counter market. When options are purchased over-the-counter, the Portfolio Fund's portfolio bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Such options may also be illiquid, and, in such cases, a Portfolio Fund may have difficulty closing out its position. Over-the-counter options purchased and sold by the Portfolio Fund also may include options on baskets of specific securities.

A Portfolio Fund may purchase call and put options on specific securities or currencies and may write and sell covered or uncovered call and put options for hedging purposes and non-hedging purposes to pursue its investment objective. A put option gives the purchaser of the option the right to sell, and obligates the writer to buy, the underlying security at a stated exercise price at any time prior to the expiration of the option. A call option gives the purchaser of the option the right to buy, and obligates the writer to sell, the underlying security at a stated exercise price at any time prior to the expiration of the option.

A covered call option is a call option with respect to which a Portfolio Fund owns the underlying security. The sale of such an option exposes the Portfolio Fund, during the term of the option, to possible loss of opportunity to realize appreciation in the market price of the underlying security and to the possibility that it might hold the underlying security in order to protect against depreciation in the market price of the security during a period when it might have otherwise sold the security. The seller of a covered call option assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received and gives up the opportunity for gain on the underlying security above the exercise price of the option. The seller of an uncovered call option assumes the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option.

A covered put option is a put option with respect to which the seller has a short position in the underlying security. The seller of a covered put option assumes the risk of an increase in the market price of the underlying security above the sales price (in establishing the short position) of the underlying security plus the premium received and gives up the opportunity for gain on the underlying security below the exercise price of the option. If the seller of the put option owns a put option covering an equivalent number of shares with an exercise price equal to or greater than the exercise price of the put written, the position is "fully hedged" if the option owned expires at the same time or later than the option written. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option. The seller of a put option may also be required to place cash or liquid securities in a segregated account to ensure compliance with its obligation to purchase the underlying security. The sale of such an option exposes the Portfolio Fund during the term of the option to a decline in price of the underlying security while depriving the Portfolio Fund of the opportunity to invest the segregated assets.

A Portfolio Fund may close out a position when writing options by purchasing an option on the same security with the same exercise price and expiration date as the option that it has previously written on the security. The Portfolio Fund will realize a profit or loss if the amount paid to purchase an option is less or more, as the case may be, than the amount received from the sale thereof. To close out a position as a purchaser of an option, the Portfolio Fund would generally make a similar "closing sale transaction," which involves liquidating its position by selling the option previously purchased. However, if deemed advantageous, the Portfolio Fund would be entitled to exercise the option.

A Portfolio Fund may enter into stock futures contracts, interest rate futures contracts, and currency futures contracts in U.S. domestic markets or on exchanges located outside the United States. Foreign markets may offer advantages such as trading opportunities or arbitrage possibilities not available in the United States. Foreign markets, however, may have greater risk potential than domestic markets. For example, some foreign exchanges are principal markets so that no common clearing facility exists, and an investor may look only to the broker for performance of the contract. Transactions on foreign exchanges may include both commodities that are traded on domestic exchanges and those that are not. Unlike trading on domestic commodity exchanges, trading on foreign commodity exchanges is not regulated by the U.S. Commodity Futures Trading Commission (the "CFTC"). Therefore, the CFTC does not have the power to compel enforcement of the rules of the foreign exchange or the laws of the foreign country. Moreover, such laws or regulations will vary depending on the foreign country in which the transaction occurs. For these reasons, the Portfolio Funds may not be afforded certain of the protections that apply to domestic transactions, including the right to use domestic alternative dispute resolution procedures. In particular, funds received from customers to margin foreign futures transactions may not be provided the same protections as funds received to margin futures transaction on domestic exchanges. In addition, the price of any foreign futures or option contract and, therefore, the potential profit and loss resulting from that contract, may be affected by any fluctuation in the foreign exchange rate between the time the order is placed, and the foreign futures contract is liquidated, or the foreign option contract is liquidated or exercised.

In addition to futures contracts traded on U.S. domestic markets or exchanges that are regulated by the CFTC or on foreign exchanges, Portfolio Funds may also trade certain futures either over-the-counter or on trading facilities, exempt boards of trade or electronic trading facilities that are licensed and/or regulated to varying degrees by the CFTC. In addition, certain single stock futures and narrow based security index futures may be traded over-the-counter or on trading facilities such as contract markets, derivatives transaction execution facilities and electronic trading facilities that are licensed and/or regulated to varying degrees by both the CFTC and the SEC or on foreign exchanges.

Trading in futures involves risk of loss to the Portfolio Fund that could materially adversely affect the net asset value of the Fund. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day by regulations referred to as "daily price fluctuation limits" or "daily limits." Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the trading day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting the Portfolio Fund to substantial losses, which may result in losses to the Fund.

The CFTC and certain exchanges have established (and continue to evaluate and revise) limits, referred to as "position limits," on the maximum net long or net short positions that any person or entity may hold or control in particular futures and options contracts. In addition, federal position limits apply to swaps on agricultural, energy and metals commodities that are "economically equivalent," as defined by the CFTC, to certain futures contracts. Unless an exemption applies, all positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of determining whether the applicable position limit has been exceeded. Thus, even if the Fund does not intend to exceed applicable position limits, it is possible that positions held by different clients managed by the Adviser and its affiliates may be aggregated for this purpose. Therefore, the trading decisions of the Adviser may have to be modified or positions held by the Fund may have to be liquidated in order to avoid exceeding such limits. The modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the profitability of the Fund. A violation of position limits could also lead to regulatory action materially adverse to the Fund.

Successful use of futures by a Portfolio Fund depends on its ability to correctly predict movements in the direction of the relevant market, and, to the extent the transaction is entered into for hedging purposes, to ascertain the appropriate correlation between the transaction being hedged and the price movements of the futures contract.

The prices of all derivative instruments, including futures and options prices, are highly volatile. Price movements of forward contracts, futures contracts, and other derivative contracts in which a Portfolio Fund may invest are influenced by, among other things: interest rates; changing supply and demand relationships; trade, fiscal, monetary, and exchange control programs and policies of governments; and national and international political and economic events and policies. In addition, governments from time to time intervene, directly and by regulation, in certain markets, particularly those currencies and interest rate related futures and options. Such intervention often is intended directly to influence prices and may, together with other factors, cause all of such markets to move rapidly in the same direction because of, among other things, interest rate fluctuations. Portfolio Funds are also subject to the risk of the failure of any of the exchanges on which their positions trade or of their clearinghouses.

A stock index future obligates a Portfolio Fund to pay, or entitles it to receive, an amount of cash equal to a fixed dollar amount specified in the futures contract multiplied by the difference between the settlement price of the contract on the contract's last trading day and the value of the index based on the stock prices of the securities that comprise it at the opening of trading in such securities on the next business day. An interest rate future obligates a Portfolio Fund to purchase or sell an amount of a specific debt security at a future date at a specific price. A currency future obligates a Portfolio Fund to purchase or sell an amount of a specific currency at a future date at a specific price.

**Call and put options on securities indexes**

A Portfolio Fund may purchase and sell call and put options on stock indexes listed on national securities exchanges or traded in the over-the-counter market for hedging purposes and non-hedging purposes to pursue its investment objectives. A stock index fluctuates with changes in the market values of the stocks included in the index. Accordingly, successful use by a Portfolio Fund of options on stock indexes will be subject the ability to correctly predict movements in the direction of the stock market generally or of a particular industry or market segment. This requires different skills and techniques than predicting changes in the price of individual stocks.

**Yield curve options**

A Portfolio Fund may enter into options on the yield "spread" or differential between two securities. Such transactions are referred to as "yield curve" options. In contrast to other types of options, a yield curve option is based on the difference between the yields of designated securities, rather than the prices of the individual securities, and is settled through cash payments. Accordingly, a yield curve option is profitable to the holder if this differential widens (in the case of a call) or narrows (in the case of a put), regardless of whether the yields of the underlying securities increase or decrease. The trading of yield curve options is subject to all of the risks associated with the trading of other types of options. In addition, such options present a risk of loss even if the yield of one of the underlying securities remains constant, or if the spread moves in a direction or to an extent which was not anticipated.

**Rights and warrants**

A Portfolio Fund may invest in rights and warrants. Rights (sometimes referred to as "subscription rights") and warrants may be purchased separately or may be received as part of a distribution in respect of, or may be attached to, other securities that a Portfolio Fund has purchased. Rights and warrants are securities that give the holder the right, but not the obligation, to purchase equity securities of the company issuing the rights or warrants, or a related company, at a fixed price either on a date certain or during a set period. Typically, rights have a relatively short term (e.g., two to four weeks), whereas warrants can have much longer terms. At the time of issue, the cost of a right or warrant is substantially less than the cost of the underlying security itself.

Particularly in the case of warrants, price movements in the underlying security are generally magnified in the price movements of the warrant. This effect would enable a Portfolio Fund to gain exposure to the underlying security with a relatively low capital investment but increases the Portfolio Fund's risk in the event of a decline in the value of the underlying security and can result in a complete loss of the amount invested in the warrant. In addition, the price of a warrant tends to be more volatile than, and may not correlate exactly to, the price of the underlying security. If the market price of the underlying security is below the exercise price of the warrant on its expiration date, the warrant will generally expire without value. The equity security underlying a warrant is authorized at the time the warrant is issued or is issued together with the warrant, which may result in losses to the Fund. Investing in warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security, and, thus, can be a speculative investment. The value of a warrant may decline because of a decline in the value of the underlying security, the passage of time, changes in interest rates or in the dividend or other policies of the company whose equity underlies the warrant or a change in the perception as to the future price of the underlying security, or any combination thereof. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle the holder to purchase, and they do not represent any rights in the assets of the issuer.

**Swaps**

A Portfolio Fund may enter into equity, interest rate, index, currency rate, total return and/or other types of swap agreements. These transactions are entered into in an attempt to obtain a particular return when it is considered desirable to do so, possibly at a lower cost than if a Portfolio Fund had invested directly in the asset that yielded the desired return. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than a year. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount" (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index).

**Interest rate, mortgage, and credit swaps**

A Portfolio Fund may enter into interest rate swaps. Forms of swap agreements include interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent interest rates exceed a specified rate or "cap"; interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent interest rates fall below a specified level or "floor"; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. Mortgage swaps are similar to interest rate swaps in that they represent commitments to pay and receive interest. The notional principal amount, however, is tied to a reference pool or pools of mortgages. Credit swaps involve the receipt of floating or fixed note payments in exchange for assuming potential credit losses on an underlying security. Credit swaps give one party to a transaction the right to dispose of or acquire an asset (or group of assets), or the right to receive a payment from the other party, upon the occurrence of specified credit events.

**Equity index swaps**

A Portfolio Fund may enter into equity index swaps. Equity index swaps involve the exchange by a Portfolio Fund with another party of cash flows based upon the performance of an index or a portion of an index of securities that usually includes dividends. A Portfolio Fund may purchase cash-settled options on equity index swaps. A cash-settled option on a swap gives the purchaser the right, but not the obligation, in return for the premium paid, to receive an amount of cash equal to the value of the underlying swap as of the exercise date. These options typically are purchased in privately negotiated transactions from financial institutions, including securities brokerage firms.

**Currency swaps**

A Portfolio Fund may enter into currency swaps for both hedging and non-hedging purposes. Currency swaps involve the exchange of rights to make or receive payments in specified foreign currencies. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for another designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. The use of currency swaps is a highly specialized activity that involves special investment techniques and risks. Incorrect forecasts of market values and currency exchange rates can materially adversely affect the Portfolio Fund's performance. If there is a default by the other party to such a transaction, the Portfolio Fund will have contractual remedies pursuant to the agreements related to the transaction.

**Total return swaps**

A Portfolio Fund may enter into total return swaps. In a total return swap, one party pays a rate of interest in exchange for the total rate of return on another investment. For example, if a Portfolio Fund wished to invest in a senior loan, it could instead enter into a total return swap and receive the total return of the senior loan, less the "funding cost," which would be a floating interest rate payment to the counterparty.

**Swaptions**

A Portfolio Fund may also purchase and write (sell) options contracts on swaps, commonly referred to as "swaptions." A swaption is an option to enter into a swap agreement. Like other types of options, the buyer of a swaption pays a non-refundable premium for the option and obtains the right, but not the obligation, to enter into an underlying swap on agreed-upon terms. The seller of a swaption, in exchange for the premium, becomes obligated (if the option is exercised) to enter into an underlying swap on agreed upon terms.

Certain swap agreements into which a Portfolio Fund enters may require the calculation of the obligations of the parties to the agreements on a "net basis." Consequently, the Portfolio Fund's current obligations (or rights) under such swap agreements generally will be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). The risk of loss with respect to swaps consists of the net amount of the payments that the Portfolio Fund is contractually obligated to make. If the other party to a swap defaults, the Portfolio Fund's risk of loss consists of the net amount of the payments that the Portfolio Fund contractually is entitled to receive.

**Distressed securities**

A Portfolio Fund may invest in debt or equity securities of domestic and foreign issuers in weak financial condition, experiencing poor operating results, having substantial capital needs or negative net worth, facing special competitive or product obsolescence problems, or that are involved in bankruptcy or reorganization proceedings. Investments of this type may involve substantial financial and business risks that can result in substantial or at times even total losses. Among the risks inherent in investments in troubled entities is the fact that it frequently may be difficult to obtain information as to the true condition of such issuers. Such investments also may be adversely affected by state and federal laws relating to, among other things, fraudulent transfers and other voidable transfers or payments, lender liability, and a bankruptcy court's power to disallow, reduce, subordinate, or disenfranchise particular claims. The market prices of such securities are also subject to abrupt and erratic market movements and above-average price volatility, and the spread between the bid and ask prices of such securities may be greater than those prevailing in other securities markets. It may take a number of years for the market price of such securities to reflect their intrinsic value. In liquidation (both in and out of bankruptcy) and other forms of corporate reorganization, there exists the risk that the reorganization either will be unsuccessful (due to, for example, failure to obtain requisite approvals), will be delayed (for example, until various liabilities, actual or contingent, have been satisfied), or will result in a distribution of cash or a new security the value of which will be less than the purchase price to the Portfolio Fund of the security in respect to which such distribution was made.

**Cyber security risk**

The Fund and its service providers may be prone to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption, or lose operational capacity. Breaches in cyber security include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber-attacks. Cyber security breaches affecting the Fund, the Adviser, financial intermediaries, and other third-party service providers may adversely impact the Fund. For instance, cyber security breaches may interfere with the processing of Shareholder transactions, impact the Fund's ability to calculate its net asset value, cause the release of private Shareholder information or confidential business information, impede investment activities, subject the Fund to regulatory fines or financial losses and/or cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for Portfolio Funds and for the issuers of securities in which the Fund or a Portfolio Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund to lose value.

**Board of Managers and Officers**

The business operations of the Fund are managed and supervised under the direction of the Board, subject to the laws of the State of Delaware and the Fund's limited liability company agreement ("LLC Agreement"). The Board has overall responsibility for the management and supervision of the business affairs of the Fund on behalf of its Members, including the authority to establish policies regarding the management, conduct and operation of its business. The Board exercises the same powers, authority, and responsibilities on behalf of the Fund as are customarily exercised by the board of directors of a registered investment company organized as a corporation. The officers of the Fund conduct and supervise the daily business operations of the Fund.

The members of the Board (each, a "Manager") are not required to contribute to the capital of the Fund or to hold interests therein. A majority of Managers of the Board are not "interested persons" (as defined in the Investment Company Act) of the Fund (collectively, the "Independent Managers").

The identity of Managers and officers of the Fund, and their brief biographical information, including their addresses, their year of birth and descriptions of their principal occupations during the past five years is set forth below.

The Managers serve on the Board for terms of indefinite duration. A Manager's position in that capacity will terminate if the Manager is removed or resigns or, among other events, upon the Manager's death, incapacity, retirement, or bankruptcy. A Manager may resign upon written notice to the other Managers and may be removed either by (i) the vote of at least two-thirds of the Managers not subject to the removal vote or (ii) the vote of Members holding not less than two-thirds of the total number of votes eligible to be cast by all Members of the Fund. In the event of any vacancy in the position of a Manager, the remaining Managers of the Fund may appoint an individual to serve as a Manager so long as immediately after the appointment at least two-thirds of the Managers of the Fund then serving have been elected by the Members of the Fund. The Board may call a meeting of the Members to fill any vacancy in the position of a Manager of the Fund and must do so if the Managers who were elected by the Members cease to constitute a majority of the Managers then serving on the Board.

The Board believes that each of the Managers' experience, qualifications, attributes, and skills on an individual basis and in combination with those of the other Managers lead to the conclusion that each Manager should serve in such capacity. Among the attributes common to all Managers is the ability to review critically, evaluate, question, and discuss information provided to them, to interact effectively with the other Managers, the Adviser, other service providers, counsel, and the independent registered public accounting firm, and to exercise effective business judgment in the performance of their duties as Managers. A Manager's ability to perform his or her duties effectively may have been attained through the Manager's business, consulting, and public service work; experience as a board member of non-profit entities or other organizations; education or professional training; and/or other life experiences. In addition to these shared characteristics, set forth below is a brief discussion of the specific experience, qualifications, attributes, or skills of each Manager. Specific details regarding each Manager's principal occupations during the past five years are included in the tables below. See "*Board of Managers and officers - Independent Managers*" and "*Board of Managers and officers - Interested Managers and officers*."

Daniel M. Cahill — Mr. Cahill has been a Manager since the Fund's inception. He has more than 37 years of business and financial services industry experience. He has experience in private equity investments and sits on the Constitution Capital's investment committee.

Robert M. Hatch — Mr. Hatch has been a Manager since the Fund's inception. Mr. Hatch is a Managing Partner of the Adviser, and was a founding partner of the Adviser in 2008. He has experience in private equity investments and sits on the Constitution Capital's investment committee.

Vicente Ramos — Mr. Ramos has been a Manager since the Fund's inception. Mr. Ramos is a Managing Partner of the Adviser, and was a founding partner of the Adviser in 2008. He has experience in private equity investments and sits on the Constitution Capital's investment committee.

Richard Kracum — Mr. Kracum has been a Manager since the Fund's inception. He has more than 42 years of business and financial services industry experience.

J. Michael Fields — Mr. Fields has been a Manager since the Fund's inception. He has more than 25 years of financial services industry experience.

Kevin T. McMenimen — Mr. McMenimen has been a Manager since the Fund's inception. He has more than 33 years of business experience.

Kristen M. Leopold — Ms. Leopold has been a Manager since the Fund's inception. She has more than 34 years of business, accounting and financial services industry experience.

**Independent Managers**

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| | | | | |
|:---|:---|:---|:---|:---|
| **NAME, ADDRESS AND <br> YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH <br> THE FUND** | **TERM OF <br> OFFICE\* <br> AND <br> LENGTH OF <br> TIME <br> SERVED** | **PRINCIPAL <br> OCCUPATION(S) <br> DURING <br> PAST 5 YEARS AND <br> OTHER <br> DIRECTORSHIPS\*\* <br> HELD BY <br> MANAGER** | **NUMBER OF <br> PORTFOLIOS <br> IN FUND <br> COMPLEX <br> OVERSEEN BY <br> MANAGER\*\*\*** |
| Richard Kracum<br> DOB: December 13, 1954 | Independent Manager; Nominating Committee Chairperson | Since<br> Inception | Retired (2020 – Present); Co-Founder, Wind Point Partners (Private equity firm) (1985 – 2020). Current Directorships: Nelson Global Products; B & W Communications, LLC; ANDE Corporation; Carleton College | 2 |
| J. Michael Fields<br> DOB: July 14, 1973 | Independent Manager | Since<br> Inception | Chief Operating Officer, The Strategic Group Current Directorships: Constitution Capital Access Fund; Redwood Real Estate Income Fund; Callodine Specialty Income Fund; Pursuit Asset Based Income Fund; Megacorn Fund; CIBC Private Lending Strategies; Sound Point Alternative Income Fund; RoboStrategy Inc. | 2 |
| Kevin T.<br> McMenimen<br> DOB: August 7, 1962 | Independent Manager | Since <br> Inception | Chief Financial Officer, American Seafoods (November 2017 – Present) | 2 |
| Kristen M. Leopold<br> DOB: August 25, 1967 | Independent Manager; Audit Committee Chairperson | Since<br> Inception | Chief Financial Officer; WFL Real Estate Services, LLC (Through April 2022). Current Directorships: Central Park Group Funds (11 portfolios); Blackstone Alternative Investment Fund (1 portfolio); Blackstone Private Real Estate Credit and Income Fund (1 portfolio); Macquarie Asset Management/Central Park Group Suite of Funds (10 portfolios); SEG Partners Long/Short Fund (1 portfolio). | 2 |

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\* Each Manager serves an indefinite term, until his or her successor is elected.

\*\* Includes any company with a class of securities registered pursuant to Section 12 of the Exchange Act of 1934, as amended (the "Exchange Act") or subject to the requirements of Section 15(d) of the Exchange Act or any company registered under the Investment Company Act.

\*\*\* The Fund Complex consists of the Fund and Constitution Capital Access Fund, LLC.

**Interested Managers and officers**

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| | | | | |
|:---|:---|:---|:---|:---|
| **NAME,<br> ADDRESS AND <br> YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH <br> THE FUND** | **TERM OF <br> OFFICE\* <br> AND <br> LENGTH OF <br> TIME <br> SERVED** | **PRINCIPAL <br> OCCUPATION(S)<br> DURING <br> PAST 5 YEARS AND <br> OTHER <br> DIRECTORSHIPS\*\* <br> HELD BY<br> MANAGER** | **NUMBER OF<br> PORTFOLIOS <br> IN FUND <br> COMPLEX <br> OVERSEEN BY<br> MANAGER OR <br> OFFICER\*\*\*** |
| Daniel M. Cahill<br> DOB: 07/29/1963 | Chairman, Interested Manager<sup>(1)</sup> and President | Interested Manager, Chairman and President Since Inception. | Chief Executive Officer/ Co-Founder, Constitution Capital Partners, LLC (2024 – present); Managing Partner/Co-Founder, Constitution Capital Partners, LLC (2008 – 2024) | 2 |
| Robert M. Hatch<br> DOB: 07/21/1975 | Interested Manager<sup>(1)</sup> | Since Inception | Managing Partner/Co-Founder, Constitution Capital Partners, LLC (2024 – present); Partner/Co-Founder, Constitution Capital Partners, LLC (2008 – 2024) | 2 |
| Vicente Ramos<br> DOB: 08/13/1972 | Interested Manager<sup>(1)</sup> | Since Inception | Managing Partner/Co-Founder, Constitution Capital Partners, LLC (2024 – present); Partner/Co-Founder, Constitution Capital Partners, LLC (2008 – 2024) | 2 |
| Jeff Minerva<br> DOB: 12/30/1981 | Treasurer | Since Inception | Senior Fund Controller, Constitution Capital Partners (since October 2023); Vice President, Private Equity Fund Finance, iCapital Network, Inc. (October 2020-October 2023); Vice President, iDirect Private Markets Fund (June 2021 - October 2023); Vice President, Wells Fargo Investment Institute, Inc. (August 2011-October 2020) | 2 |
| Chris Faucher<br> DOB: 02/20/1990 | Secretary | Since Inception | Managing Director, Constitution Capital Partners, LLC (since 2025), Principal, Constitution Capital Partners, LLC (2023 – 2025); Vice President, Constitution Capital Partners, LLC (2019 – 2023) | 2 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **NAME,<br> ADDRESS AND <br> YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH <br> THE FUND** | **TERM OF <br> OFFICE\* <br> AND <br> LENGTH OF <br> TIME <br> SERVED** | **PRINCIPAL <br> OCCUPATION(S)<br> DURING <br> PAST 5 YEARS AND <br> OTHER <br> DIRECTORSHIPS\*\* <br> HELD BY<br> MANAGER** | **NUMBER OF<br> PORTFOLIOS <br> IN FUND <br> COMPLEX <br> OVERSEEN BY<br> MANAGER OR <br> OFFICER\*\*\*** |
| Fred Teufel<br> DOB: 09/05/1959 | Chief Compliance Officer | Since<br> Inception | Director, Vigilant Compliance Services | 2 |

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\* Each Manager serves an indefinite term, until his or her successor is elected.

\*\* Includes any company with a class of securities registered pursuant to Section 12 of the Exchange Act or subject to the requirements of Section 15(d) of the Exchange Act or any company registered under the Investment Company Act.

\*\*\* The Fund Complex consists of the Fund and Constitution Capital Access Fund, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Messrs. Cahill, Hatch and Ramos are deemed an "interested
person" of the Fund due to each of their positions as a Managing Partner of the Adviser.

**Leadership structure and oversight responsibilities**

Overall responsibility for oversight of the Fund rests with the Board. The Fund has engaged the Adviser to manage the Fund on a day-to-day basis. The Board is responsible for overseeing the Adviser and other service providers in the operations of the Fund in accordance with the provisions of the Investment Company Act, applicable provisions of state and other laws and the LLC Agreement. The Board is currently composed of seven members, four of whom are Independent Managers. The Board will meet in-person or by videoconference at regularly scheduled meetings four times each year. In addition, the Board may hold special in-person, telephonic or videoconference meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings. The Independent Managers have also engaged independent legal counsel to assist them in performing their oversight responsibility. The Independent Managers will meet with their independent legal counsel in-person or by videoconference prior to and/or during each quarterly in-person board meeting. As described below, the Board has established an audit committee (the "Audit Committee") and a nominating committee (the "Nominating Committee") and may establish ad hoc committees or working groups from time to time to assist the Board in fulfilling its oversight responsibilities.

The Board has appointed Dan Cahill to serve in the role of Chairman. The Chairman's role is to preside at all meetings of the Board and to act as liaison with the Adviser, other service providers, counsel and other Managers generally between meetings. The Chairman serves as a key point person for dealings between management and the Managers. The Board does not currently have a lead Independent Manager. The Chairman may also perform such other functions as may be delegated by the Board from time to time. The Board has determined that the Board's leadership structure is appropriate because it allows the Board to exercise informed and independent judgment over matters under its purview and it allocates areas of responsibility among committees of Managers and the full Board in a manner that enhances effective oversight.

The Fund is subject to a number of risks, including investment, compliance, operational and valuation risks, among others. Risk oversight forms part of the Board's general oversight of the Fund and will be addressed as part of various Board and committee activities. Day-to-day risk management functions are subsumed within the responsibilities of the Adviser and other service providers (depending on the nature of the risk), which carry out the Fund's investment management and business affairs. The Adviser and other service providers employ a variety of processes, procedures, and controls to identify various events or circumstances that give rise to risks, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. The Adviser and other service providers have their own independent interests in risk management, and their policies and methods of risk management will depend on their functions and business models. The Board recognizes that it is not possible to identify all of the risks that may affect the Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects. The Board will require senior officers of the Fund, including the President, Treasurer, Secretary and Chief Compliance Officer, and the Adviser, to report to the full Board on a variety of matters at regular and special meetings of the Board, including matters relating to risk management. The Board and the Audit Committee will also receive regular reports from the Fund's independent registered public accounting firm on internal control and financial reporting matters. The Board will also receive reports from certain of the Fund's other primary service providers on a periodic or regular basis, including the Fund's distributor, administrator, and securities lending counterparty. The Board may, at any time and in its discretion, change the manner in which it conducts risk oversight.

**Committees of the Board of Managers**

**Audit Committee**

The Board has formed an Audit Committee that is responsible for overseeing the Fund's accounting and financial reporting policies and practices, its internal controls, and, as appropriate, the internal controls of certain service providers; overseeing the quality and objectivity of the Fund's financial statements and the independent audit of those financial statements; and acting as a liaison between the Fund's independent auditors and the full Board. The Audit Committee has selected Kristen Leopold, an Independent Manager, to serve in the role of Chairperson. In performing its responsibilities, the Audit Committee will select and recommend annually to the entire Board a firm of independent certified public accountants to audit the books and records of the Fund for the ensuing year and will review with the firm the scope and results of each audit. The Audit Committee currently consists of Ms. Leopold (Chair) and Messrs. Fields and McMenimen.

**Nominating Committee**

The Board has formed a Nominating Committee that is responsible for selecting and nominating persons to serve as Managers of the Fund. The Nominating Committee is responsible for both nominating candidates to be appointed by the Board to fill vacancies and for nominating candidates to be presented to Members for election. In performing its responsibilities, the Nominating Committee will consider candidates recommended by management of the Fund and by Members and evaluate them both in a similar manner, as long as the recommendation submitted by a Shareholder includes at a minimum: the name, address and telephone number of the recommending Shareholder and information concerning the Shareholder's interests in the Fund in sufficient detail to establish that the Shareholder held Units on the relevant record date; and the name, address and telephone number of the recommended nominee and information concerning the recommended nominee's education, professional experience, and other information that might assist the Nominating Committee in evaluating the recommended nominee's qualifications to serve as a manager. The Nominating Committee may solicit candidates to serve as managers from any source it deems appropriate. With the Board's prior approval, the Nominating Committee may employ and compensate counsel, consultants, or advisers to assist it in discharging its responsibilities. The Nominating Committee currently consists of each of the Fund's Independent Managers.

**Manager ownership of securities**

As of the date of this SAI, none of the Managers owns Units of the Fund.

As of the date of this SAI, the Managers and Officers of the Fund as a group owned less than one percent of the outstanding Units of the Fund.

**Independent Manager ownership of securities of the Adviser**

As of the date of this SAI, none of the Independent Managers (or their immediate family members) owned securities of the Adviser, or of an entity (other than a registered investment company) controlling, controlled by or under common control with the Adviser.

**Manager compensation**

In consideration of the services rendered by the Independent Managers, the Fund pays each Independent Manager a retainer of $50,000 per year. Managers who are interested persons are compensated by the Fund's administrator and/or its affiliates and are not separately compensated by the Fund. The Managers do not receive any pension or retirement benefits.

**Code of Ethics**

The Fund, the Adviser and the Placement Agent have each adopted a code of ethics pursuant to Rule 17j-1 of the Investment Company Act, which is designed to prevent affiliated persons of the Fund and the Adviser from engaging in deceptive, manipulative, or fraudulent activities in connection with securities held or to be acquired by the Fund. The codes of ethics permit persons subject to them to invest in securities, including securities that may be held or purchased by the Fund, subject to a number of restrictions and controls. Compliance with the codes of ethics is carefully monitored and enforced.

The codes of ethics are included as exhibits to the Fund's registration statement filed with the SEC. The codes of ethics are available on the EDGAR database on the SEC's Internet site at *http://www.sec.gov* and may also be obtained after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

**Investment management and other services**

**The Adviser**

Constitution Capital Horizon Advisor, LP (the "Adviser"), a Delaware limited partnership, serves as the investment adviser to the Fund. The Adviser is registered with the SEC under the Advisers Act. Subject to the general supervision of the Board, and in accordance with the investment objective, policies, and restrictions of the Fund, the Adviser is responsible for the management and operation of the Fund and the investment of the Fund's assets. The Adviser provides such services to the Fund pursuant to the investment management agreement (the "Investment Management Agreement").

The Investment Management Agreement became effective as of December 31, 2025 and will continue in effect for an initial two-year term. Thereafter, the Investment Management Agreement continues in effect from year to year provided such continuance is specifically approved at least annually by (i) the vote of a majority of the outstanding voting securities of the Fund, or a majority of the Board, and (ii) the vote of a majority of the Independent Trustees of the Fund, cast in person at a meeting called for the purpose of voting on such approval. See "VOTING" in the Memorandum. The Investment Management Agreement will terminate automatically if assigned (as defined in the Investment Company Act) and is terminable at any time without penalty upon 60 days' written notice to the Fund by either the Board or the Adviser. A discussion regarding the basis for the Board's approval of the Investment Management Agreement will be available in the Fund's first annual or semi-annual annual report to Members.

The Investment Management Agreement provides that, in the absence of willful misfeasance or gross negligence of its obligations to the Fund, the Adviser and any partner, director, officer or employee of the Adviser, or any of their affiliates, executors, heirs, assigns, successors or other legal representatives, will not be liable for any error of judgment, for any mistake of law or for any act or omission by the person in connection with the performance of services to the Fund. The Investment Management Agreement also provides for indemnification, to the fullest extent permitted by law, by the Fund, of the Adviser, or any partner, director, officer or employee of the Adviser, and any of their affiliates, executors, heirs, assigns, successors or other legal representatives, against any liability or expense to which the person may be liable that arises in connection with the performance of services to the Fund, so long as the liability or expense is not incurred by reason of the person's willful misfeasance or gross negligence of its obligations to the Fund. Such indemnification includes losses sustained by the Adviser or its affiliates as an indemnitor under any sub-servicing or other agreement entered into by the Adviser for the benefit of the Fund to the extent that such losses relate to the Fund and the indemnity giving rise to the losses is not broader than that granted by the Fund to the Adviser or its affiliates pursuant to the Investment Management Agreement. The Fund has the right to consent before the Adviser settles or consents to the settlement of a claim involving such indemnitor losses (but such consent right will not affect the Adviser's entitlement to indemnification).

The Fund pays the Investment Management Fee to the Adviser in consideration of the advisory and other services provided by the Adviser to the Fund. Pursuant to the Investment Management Agreement, the Fund pays the Adviser a monthly Investment Management Fee equal to 1.50% on an annualized basis of the greater of (i) the Fund's net asset value as of the beginning of the month and (ii) the Fund's net asset value less cash and cash equivalents plus the total of all commitments made by the Fund that have not yet been drawn for investment as of the beginning of the month. For purposes of calculating the Investment Management Fee, a commitment is defined as a contractual obligation to acquire an interest in, or provide the total commitment amount over time to, a Portfolio Fund, when called by the Portfolio Fund. The Investment Management Fee is paid to the Adviser out of the Fund's assets and decreases the net profits or increases the net losses of the Fund. "Net asset value" means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities, and obligations of the Fund; provided that, for purposes of determining the Investment Management Fee payable to the Adviser for any month, net asset value will be calculated prior to any reduction for any fees and expenses of the Fund for that month, including, without limitation, the Investment Management Fee payable to the Adviser for that month. The Investment Management Fee will be computed as of the last day of each month and will be due and payable in arrears.

In addition, at the end of each calendar quarter (and at certain other times), the Adviser will be entitled to receive an amount (the "Incentive Fee") equal to 5% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account (as defined below). For the purposes of the Incentive Fee, the term "net profits" means the amount by which the net asset value of the Fund on the last day of the relevant period exceeds the net asset value of the Fund as of the commencement of the same period, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (which, for this purpose shall not include any organizational and offering expenses, distribution and/or Member servicing fees, litigation, any extraordinary expenses or Incentive Fee and any amount contributed to or withdrawn from the Fund by Members).

The Fund will maintain a memorandum account (the "Loss Recovery Account"), which will have an initial balance of zero and will be (i) increased upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreased (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. Members in the Fund will benefit from the Loss Recovery Account in proportion to their holdings of Units.

The Adviser, at its expense, pays the Placement Agent a fee for certain services, including licensing employees of the Adviser as registered representatives of the Placement Agent to facilitate marketing of Units to financial intermediaries.

The Adviser has entered into an expense limitation agreement and reimbursement agreement (the "Expense Limitation Agreement") with the Fund that is effective for one-year from the effective date of the Memorandum and automatically renews from year-to-year thereafter, whereby, the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses of the Fund (excluding organizational and offering costs, taxes, interest, brokerage commissions, certain transaction related expenses, the Incentive Fee, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses) do not exceed 2.50% of the average monthly net assets of the Fund (the "Expense Limit"). Because taxes, interest, brokerage commissions, certain transaction related expenses, the Incentive Fee, any acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) are expected to exceed 2.50%. The Expense Limitation Agreement automatically renews for consecutive one-year terms unless terminated by the Fund or Adviser, however during the initial one-year term, the Expense Limitation Agreement may only be terminated by the Board of Managers of the Fund. For a period not to exceed three years from the date on which a Waiver is made, the Manager may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit. The Expense Limitation Agreement may be terminated by the Adviser or the Fund upon thirty days' written notice to the other party.

**The Portfolio Management Team**

The personnel of the Adviser who currently have primary responsibility for the day-to-day management of the Fund's portfolio (the "Portfolio Management Team") are:

**Daniel M. Cahill \| Chief Executive Officer**

Prior to co-founding Constitution Capital, Mr. Cahill was Head of Standard Life Investments Private Equity USA. Previously, he was a founding member of Wilton Asset Management, a private equity fund of funds business at State Street Global Advisors. Mr. Cahill started his private equity career at GE Capital's Corporate Finance Group where he became Vice President and was responsible for originating, structuring and negotiating leveraged buyouts, recapitalizations and growth equity transactions. Mr. Cahill earned his BS in Business Administration from Oswego University, received his MBA from Binghamton University and is a graduate of GE's Financial Management Program.

**Robert M. Hatch \| Managing Partner**

Mr. Hatch was one of the founding partners of Constitution Capital. Prior to joining Constitution Capital, Mr. Hatch was an Investment Director at Standard Life Investments Private Equity USA. Previously, Mr. Hatch worked at Argo Global Capital, a private equity firm with $475 million under management. Mr. Hatch began his career in the investment banking group of State Street Corporation. Mr. Hatch earned his MBA from The Tuck School of Business at Dartmouth and his undergraduate degree from Harvard University in Applied Mathematics and Statistics, cum laude. Mr. Hatch is a CFA charterholder.

**Vicente Miguel T. Ramos \| Managing Partner**

Mr. Ramos was one of the founding partners of Constitution Capital. Prior to joining Constitution Capital, he was an Investment Director at Standard Life Investments Private Equity USA. Previously, Mr. Ramos worked at Lehman Brothers. Mr. Ramos began his career in the investment banking group at State Street Corporation where he focused on private placements and M&A transactions. Mr. Ramos earned his MBA from The Tuck School of Business at Dartmouth and his undergraduate degree from Dartmouth College where he completed a double major in Economics and Engineering Sciences. Mr. Ramos is a CFA charterholder.

**Alexander R. Tatum \| Partner**

Mr. Tatum was one of the founding members of Constitution Capital. Prior to joining Constitution Capital, Mr. Tatum was an Investment Manager at Standard Life Investments Private Equity USA. Previously, he was a financial analyst with Goldman Sachs. Mr. Tatum began his career with SunTrust Robinson Humphrey as a financial analyst in their investment banking division. Mr. Tatum earned his MBA from The Tuck School of Business at Dartmouth and his undergraduate degree from Bowdoin College where he completed a major in Economics.

**Christopher S. Faucher \| Managing Director**

Mr. Faucher is responsible for screening, evaluating, negotiating and monitoring private equity and credit investments. Prior to joining Constitution Capital in November 2015, Mr. Faucher was a Management Consultant at RSM US (formerly McGladrey). Mr. Faucher earned his undergraduate degree from Elon University with a major in Finance and graduated cum laude. Mr. Faucher is a CFA charterholder.

**Other accounts managed by the Portfolio Management Team**

The following table lists the number and types of accounts, other than the Fund, managed by the Fund's Portfolio Management Team and assets under management in those accounts, as of September 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **NAME OF <br> PORTFOLIO <br> MANAGEMENT <br> TEAM MEMBER** | **NUMBER OF OTHER ACCOUNTS <br> MANAGED AND TOTAL VALUE OF <br> ASSETS BY ACCOUNT TYPE FOR <br> WHICH THERE IS NO <br> PERFORMANCE-BASED FEE** | **NUMBER OF OTHER ACCOUNTS <br> MANAGED AND TOTAL VALUE OF <br> ASSETS BY ACCOUNT TYPE FOR <br> WHICH THERE IS NO <br> PERFORMANCE-BASED FEE** | **NUMBER OF OTHER ACCOUNTS <br> MANAGED AND TOTAL VALUE OF <br> ASSETS BY ACCOUNT TYPE FOR <br> WHICH THERE IS NO <br> PERFORMANCE-BASED FEE** | **NUMBER OF OTHER ACCOUNTS AND <br> TOTAL VALUE OF ASSETS FOR WHICH <br> ADVISORY FEE IS <br> PERFORMANCE-BASED:** | **NUMBER OF OTHER ACCOUNTS AND <br> TOTAL VALUE OF ASSETS FOR WHICH <br> ADVISORY FEE IS <br> PERFORMANCE-BASED:** | **NUMBER OF OTHER ACCOUNTS AND <br> TOTAL VALUE OF ASSETS FOR WHICH <br> ADVISORY FEE IS <br> PERFORMANCE-BASED:** |
|  | **Registered <br> investment <br> companies** | **Other pooled <br> investment <br> vehicles** | **Other <br> accounts** | **Registered <br> investment <br> companies** | **Other pooled <br> investment <br> vehicles** | **Other <br> accounts** |
| Daniel M. Cahill | 0 | 1 account, $1,492,697 | 1 account, $424,882,514 | 1 account, $868,992,149 | 18 accounts, $4,765,902,818 | 0 |
| Robert M. Hatch | 0 | 1 account, $1,492,697 | 1 account, $424,882,514 | 1 account, $868,992,149 | 18 accounts, $4,765,902,818 | 0 |
| Vicente M. Ramos | 0 | 1 account, $1,492,697 | 1 account, $424,882,514 | 1 account, $868,992,149 | 18 accounts, $4,765,902,818 | 0 |
| Alexander R. Tatum | 0 | 1 account, $1,492,697 | 1 account, $424,882,514 | 1 account, $868,992,149 | 14 accounts, $4,131,522,222 | 0 |
| Christopher S. Faucher | 0 | 0 | 0 | 1 account, $868,992,149 | 0 | 0 |

---

Table above represents regulatory assets under management.

**Conflicts of interest**

Members of the Portfolio Management Team are involved in the management of other accounts, including proprietary accounts, separate accounts, and other pooled investment vehicles. Members of the Portfolio Management Team may manage separate accounts or other pooled investment vehicles that may have materially higher or different fee arrangements than the Fund and may also be subject to performance-based fees. The side-by-side management of these separate accounts and pooled investment vehicles may raise potential conflicts of interest relating to cross trading and the allocation of investment opportunities.

The Adviser has a fiduciary responsibility to manage all client accounts in a fair and equitable manner. The Adviser seeks to provide best execution of all securities transactions and to allocate investments to client accounts in a fair and reasonable manner. To this end, the Adviser has developed policies and procedures designed to mitigate and manage the potential conflicts of interest that may arise from side-by-side management.

**Compensation of the Portfolio Management Team**

The Adviser is an affiliate of Constitution Capital Partners, LLC.

The Adviser has designed its compensation structure to encourage employee retention and alignment of interest with investors. Team members are compensated based on a base salary and an annual performance-based discretionary bonus. All professionals are paid a competitive base salary and discretionary bonus based on performing their investment duties, individual execution, and overall performance of the firm. In addition, eligible employees receive a meaningful amount of carried interest from certain clients of the Adviser's affiliates, further providing alignment of interests.

**Portfolio Management Team's ownership of securities in the Fund**

As of January 9, 2026, the following is listing the dollar range of the Units owned by each Portfolio Management Team Member.

---

| | |
|:---|:---|
| **NAME OF PORTFOLIO MANAGEMENT <br> TEAM MEMBER** | **DOLLAR RANGE OF SECURITIES <br> BENEFICIALLY OWNED BY PORTFOLIO <br> MANAGEMENT TEAM MEMBER** |
| Daniel M. Cahill | None |
| Robert M. Hatch | None |
| Vicente M. Ramos | None |
| Alexander R. Tatum | None |
| Christopher S. Faucher | None |

---

**Brokerage**

It is the policy of the Fund to obtain the best results in connection with effecting its portfolio transactions taking into account factors such as price, size of order, difficulty of execution and operational facilities of a brokerage firm and the firm's risk in positioning a block of securities. In most instances, the Fund will purchase interests in a Portfolio Fund directly from the Portfolio Fund, and such purchases by the Fund may be, but are generally not, subject to transaction expenses. Nevertheless, the Fund anticipates that some of its portfolio transactions (including investments in Portfolio Funds by the Fund) may be subject to expenses. The Fund contemplates that, consistent with the policy of obtaining the best net result, any brokerage transactions of the Fund may be conducted through affiliates of the Adviser as permitted under the Investment Company Act. Given the private equity focus of a majority of the Portfolio Funds, significant brokerage commissions are not anticipated to be paid by such funds.

**Independent registered public accounting firm; legal counsel**

PricewaterhouseCoopers LLP, has been selected as independent registered public accountants for the Fund and in such capacity will audit the Fund's annual financial statements and financial highlights.

Faegre Drinker Biddle & Reath LLP, of One Logan Square, Suite 2000, Philadelphia, PA 19103-6996, serves as counsel to the Fund and the Independent Managers.

**Administrator**

The Fund has contracted with UMB Fund Services, Inc (the "Administrator") to provide it with certain administrative and accounting services.

**Transfer Agent** 

Ultimus Fund Solutions, LLC (the "Transfer Agent") provides certain transfer agency services to the Fund. The Transfer Agent's principal business address is 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45249.

**Custodian**

UMB Bank, n.a. (the "Custodian") serves as the primary custodian of the assets of the Fund and may maintain custody of such assets with U.S. and non-U.S. sub-custodians (which may be banks, trust companies, securities depositories and clearing agencies) in accordance with the requirements of Section 17(f) of the Investment Company Act. Assets of the Fund and Portfolio Funds are not held by the Adviser or commingled with the assets of other accounts other than to the extent that securities are held in the name of the Custodian or U.S. or non-U.S. sub-custodians in a securities depository, clearing agency or omnibus customer account of such custodian. The Custodian's principal business address is 928 Grand Boulevard, 5<sup>th</sup> Floor, Kansas City, Missouri 64106.

**Calculation of net asset value**

The Fund calculates the net asset value of each class of Units as of the close of business on the last business day of each calendar month, each date that a Share is offered or repurchased, as of the date of any distribution and at such other times as the Board shall determine (each, a "Determination Date"). In determining its net asset value, the Fund values its investments as of the relevant Determination Date. The net asset value of the Fund equals, unless otherwise noted, the value of the total assets of the Fund (including the net asset value of each class of Units), less all of its liabilities, including accrued fees and expenses, each determined as of the relevant Determination Date.

**Proxy voting policies and procedures**

The Board has delegated responsibility for decisions regarding proxy voting for securities held by the Fund to the Adviser. The Adviser will vote such proxies in accordance with its proxy policies and procedures. Copies of the Adviser's proxy policies and procedures are included as Appendix B to this SAI. The Board will periodically review the Fund's proxy voting record. The Fund is required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. The Fund's Form N-PX filings will be available: (i) without charge, upon request, by calling the Fund at 855.551.2276 or (ii) by visiting the SEC's website at *www.sec.gov*.

**Control persons and principal shareholders**

As of the date of this SAI, there were no record or beneficial owners of 5% or more of the Fund.

**ADDITIONAL INFORMATION**

A registration statement on Form N-2, including amendments thereto, relating to the Units offered hereby, has been filed by the Fund with the SEC. The Memorandum and this Statement of Additional Information do not contain all of the information set forth in the registration statement, including any exhibits and schedules thereto. For further information with respect to the Fund and the Units offered hereby, reference is made to the registration statement. A copy of the registration statement may be reviewed and copied on the EDGAR database on the SEC's website at *sec.gov*. Prospective investors can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's e-mail address (<u>publicinfo@sec.gov</u>).

**<u>APPENDIX A</u>**

**DESCRIPTION OF SECURITIES RATINGS**

**<u>Short-Term Credit Ratings</u>**

An ***S&P Global Ratings*** short-term issue credit rating is generally assigned to those obligations considered short-term in the relevant market. The following summarizes the rating categories used by S&P Global Ratings for short-term issues:

"A-1" - A short-term obligation rated "A-1" is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

"A-2" - A short-term obligation rated "A-2" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

"A-3" - A short-term obligation rated "A-3" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

"B" - A short-term obligation rated "B" is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

"C" - A short-term obligation rated "C" is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

"D" - A short-term obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to "D" if it is subject to a distressed debt restructuring.

Local Currency and Foreign Currency Ratings - S&P Global Ratings' issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. A foreign currency rating on an issuer can differ from the local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency, versus obligations denominated in a foreign currency.

"NR" - This indicates that a rating has not been assigned or is no longer assigned.

 ****

***Moody's Investors Service ("Moody's")*** short-term ratings are forward-looking opinions of the relative credit risks of financial obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

"P-1" - Issuers (or supporting institutions) rated Prime-1 reflect a superior ability to repay short-term obligations.

"P-2" - Issuers (or supporting institutions) rated Prime-2 reflect a strong ability to repay short-term obligations.

"P-3" - Issuers (or supporting institutions) rated Prime-3 reflect an acceptable ability to repay short-term obligations.

"NP" - Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

"NR" - Is assigned to an unrated issuer, obligation and/or program.

***Fitch, Inc./Fitch Ratings Ltd. ("Fitch")*** short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to obligations whose initial maturity is viewed as "short-term" based on market convention.<sup>1</sup> Typically, this means up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets. The following summarizes the rating categories used by Fitch for short-term obligations:

"F1" - Securities possess the highest short-term credit quality. This designation indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

"F2" - Securities possess good short-term credit quality. This designation indicates good intrinsic capacity for timely payment of financial commitments.

"F3" - Securities possess fair short-term credit quality. This designation indicates that the intrinsic capacity for timely payment of financial commitments is adequate.

"B" - Securities possess speculative short-term credit quality. This designation indicates minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

"C" - Securities possess high short-term default risk. Default is a real possibility.

"RD" - Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

"D" - Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

"NR" - Is assigned to an issue of a rated issuer that are not and have not been rated.

The ***Morningstar*® *DBRS Ratings Limited ("Morningstar DBRS")*** short-term obligation ratings provide DBRS Morningstar's opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner. The obligations rated in this category typically have a term of shorter than one year. The R-1 and R-2 rating categories are further denoted by the subcategories "(high)", "(middle)", and "(low)".

The following summarizes the ratings used by Morningstar DBRS ****for commercial paper and short-term debt:

"R-1 (high)" - Short-term debt rated "R-1 (high)" is of the highest credit quality. The capacity for the payment of short-term financial obligations as they fall due is exceptionally high. Unlikely to be adversely affected by future events.

"R-1 (middle)" - Short-term debt rated "R-1 (middle)" is of superior credit quality. The capacity for the payment of short-term financial obligations as they fall due is very high. Differs from "R-1 (high)" by a relatively modest degree. Unlikely to be significantly vulnerable to future events.

"R-1 (low)" - Short-term debt rated "R-1 (low)" is of good credit quality. The capacity for the payment of short-term financial obligations as they fall due is substantial. Overall strength is not as favorable as higher rating categories. May be vulnerable to future events, but qualifying negative factors are considered manageable.

"R-2 (high)" - Short-term debt rated "R-2 (high)" is considered to be at the upper end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events.

"R-2 (middle)" - Short-term debt rated "R-2 (middle)" is considered to be of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events or may be exposed to other factors that could reduce credit quality.

1 A long-term rating can also be used to rate an issue with short maturity.

"R-2 (low)" - Short-term debt rated "R-2 (low)" is considered to be at the lower end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. A number of challenges are present that could affect the issuer's ability to meet such obligations.

"R-3" - Short-term debt rated "R-3" is considered to be at the lowest end of adequate credit quality. There is a capacity for the payment of short-term financial obligations as they fall due. May be vulnerable to future events, and the certainty of meeting such obligations could be impacted by a variety of developments.

"R-4" - Short-term debt rated "R-4" is considered to be of speculative credit quality. The capacity for the payment of short-term financial obligations as they fall due is uncertain.

"R-5" - Short-term debt rated "R-5" is considered to be of highly speculative credit quality. There is a high level of uncertainty as to the capacity to meet short-term financial obligations as they fall due.

"D" - A downgrade to "D" may occur when the issuer has filed under any applicable bankruptcy, insolvency or winding-up statute, or there is a failure to satisfy an obligation after the exhaustion of grace periods. Morningstar DBRS may also use "SD" (Selective Default) in cases where only some securities are impacted, such as the case of a "distressed exchange".

**<u>Long-Term Issue Credit Ratings</u>**

The following summarizes the ratings used by ***S&P Global Ratings*** for long-term issues:

"AAA" - An obligation rated "AAA" has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

"AA" - An obligation rated "AA" differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

"A" - An obligation rated "A" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

"BBB" - An obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

"BB," "B," "CCC," "CC" and "C" - Obligations rated "BB," "B," "CCC," "CC" and "C" are regarded as having significant speculative characteristics. "BB" indicates the least degree of speculation and "C" the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

"BB" - An obligation rated "BB" is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

"B" - An obligation rated "B" is more vulnerable to nonpayment than obligations rated "BB", but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

"CCC" - An obligation rated "CCC" is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

"CC" - An obligation rated "CC" is currently highly vulnerable to nonpayment. The "CC" rating is used when a default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

"C" - An obligation rated "C" is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

"D" - An obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to "D" if it is subject to a distressed debt restructuring

Plus (+) or minus (-) - Ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

"NR" - This indicates that a rating has not been assigned, or is no longer assigned.

Local Currency and Foreign Currency Ratings - S&P Global Ratings' issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. A foreign currency rating on an issuer can differ from the local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency, versus obligations denominated in a foreign currency.

 ****

***Moody's*** long-term ratings are forward-looking opinions of the relative credit risks of financial obligations with an original maturity of eleven months or more. Such ratings reflect both on the likelihood of default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. The following summarizes the ratings used by Moody's for long-term debt:

"Aaa" - Obligations rated "Aaa" are judged to be of the highest quality, subject to the lowest level of credit risk.

"Aa" - Obligations rated "Aa" are judged to be of high quality and are subject to very low credit risk.

"A" - Obligations rated "A" are judged to be upper-medium grade and are subject to low credit risk.

"Baa" - Obligations rated "Baa" are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

"Ba" - Obligations rated "Ba" are judged to be speculative and are subject to substantial credit risk.

"B" - Obligations rated "B" are considered speculative and are subject to high credit risk.

"Caa" - Obligations rated "Caa" are judged to be speculative of poor standing and are subject to very high credit risk.

"Ca" - Obligations rated "Ca" are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

"C" - Obligations rated "C" are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from "Aa" through "Caa." The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

"NR" - Is assigned to unrated obligations, obligation and/or program.

The following summarizes long-term ratings used by ***Fitch***:

"AAA" - Securities considered to be of the highest credit quality. "AAA" ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

"AA" - Securities considered to be of very high credit quality. "AA" ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

"A" - Securities considered to be of high credit quality. "A" ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

"BBB" - Securities considered to be of good credit quality. "BBB" ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

"BB" - Securities considered to be speculative. "BB" ratings indicates an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

"B" - Securities considered to be highly speculative. "B" ratings indicate that material credit risk is present

"CCC" - A "CCC" rating indicates that substantial credit risk is present.

"CC" - A "CC" rating indicates very high levels of credit risk.

"C" - A "C" rating indicates exceptionally high levels of credit risk.

Defaulted obligations typically are not assigned "RD" or "D" ratings but are instead rated in the "CCC" to "C" rating categories, depending on their recovery prospects and other relevant characteristics. Fitch believes that this approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

Plus (+) or minus (-) may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the "AAA" obligation rating category, or to corporate finance obligation ratings in the categories below "CCC".

"NR" - Is assigned to an unrated issue of a rated issuer.

The Morningstar ***DBRS*** long-term obligation ratings provide Morningstar DBRS's opinion on the risk that investors may not be repaid in accordance with the terms under which the long-term obligation was issued. The obligations rated in this category typically have a term of one year or longer. All rating categories from AA to CCC contain subcategories "(high)" and "(low)". The absence of either a "(high)" or "(low)" designation indicates the rating is in the middle of the category. The following summarizes the ratings used by Morningstar DBRS for long-term debt:

"AAA" - Long-term debt rated "AAA" is of the highest credit quality. The capacity for the payment of financial obligations is exceptionally high and unlikely to be adversely affected by future events.

"AA" - Long-term debt rated "AA" is of superior credit quality. The capacity for the payment of financial obligations is considered high. Credit quality differs from "AAA" only to a small degree. Unlikely to be significantly vulnerable to future events.

"A" - Long-term debt rated "A" is of good credit quality. The capacity for the payment of financial obligations is substantial, but of lesser credit quality than "AA." May be vulnerable to future events, but qualifying negative factors are considered manageable.

"BBB" - Long-term debt rated "BBB" is of adequate credit quality. The capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events.

"BB" - Long-term debt rated "BB" is of speculative, non-investment grade credit quality. The capacity for the payment of financial obligations is uncertain. Vulnerable to future events.

"B" - Long-term debt rated "B" is of highly speculative credit quality. There is a high level of uncertainty as to the capacity to meet financial obligations.

"CCC", "CC" and "C" - Long-term debt rated in any of these categories is of very highly speculative credit quality. In danger of defaulting on financial obligations. There is little difference between these three categories, although "CC" and "C" ratings are normally applied to obligations that are seen as highly likely to default or subordinated to obligations rated in the "CCC" to "B" range. Obligations in respect of which default has not technically taken place but is considered inevitable may be rated in the "C" category.

"D" **-** A downgrade to "D" may occur when the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the exhaustion of grace periods. Morningstar DBRS may also use "SD" (Selective Default) in cases where only some securities are impacted, such as the case of a "distressed exchange".

**<u>Municipal Note Ratings</u>**

An ***S&P Global Ratings*** U.S. municipal note rating reflects S&P Global Ratings' opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P Global Ratings' analysis will review the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization schedule - the larger the final maturity relative to other maturities, the more likely it
will be treated as a note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Source of payment - the more dependent the issue is on the market for its refinancing, the more likely
it will be treated as a note.

Municipal Short-Term Note rating symbols are as follows:

"SP-1" - A municipal note rated "SP-1" exhibits a strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

"SP-2" - A municipal note rated "SP-2" exhibits a satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

"SP-3" - A municipal note rated "SP-3" exhibits a speculative capacity to pay principal and interest.

"D" - This rating is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

 ****

***Moody's*** uses the global short-term Prime rating scale (listed above under Short-Term Credit Ratings) for commercial paper issued by U.S. municipalities and nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by an issuer's self-liquidity.

For other short-term municipal obligations, Moody's uses one of two other short-term rating scales, the Municipal Investment Grade ("MIG") and Variable Municipal Investment Grade ("VMIG") scales provided below.

Moody's uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less.

MIG Scale

"MIG-1" - This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

"MIG-2" - This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

"MIG-3" - This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

"SG" - This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

"NR" - Is assigned to an unrated obligation, obligation and/or program.

In the case of variable rate demand obligations ("VRDOs"), Moody's assigns both a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer's ability to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of the issuer or the liquidity provider to meet any purchase price payment obligation resulting from optional tenders ("on demand") and/or mandatory tenders of the VRDO. The short-term payment obligation rating uses the VMIG scale. Transitions of VMIG ratings with conditional liquidity support differ from transitions of Prime ratings reflecting the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade.

Moody's typically assigns the VMIG rating if the frequency of the payment obligation is less than every three years. If the frequency of the payment obligation is less than three years but the obligation is payable only with remarketing proceeds, the VMIG short-term rating is not assigned and it is denoted as "NR".

"VMIG-1" - This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

"VMIG-2" - This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

"VMIG-3" - This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

"SG" - This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural and/or legal protections.

"NR" - Is assigned to an unrated obligation, obligation and/or program.

**<u>About Credit Ratings</u>**

An ***S&P Global Ratings*** issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P Global Ratings' view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Ratings assigned on ***Moody's*** global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities.

 ****

***Fitch's*** credit ratings are forward-looking opinions on the relative ability of an entity or obligation to meet financial commitments. Issuer Default Ratings (IDRs) are assigned to corporations, sovereign entities, financial institutions such as banks, leasing companies and insurers, and public finance entities (local and regional governments). Issue-level ratings are also assigned and often include an expectation of recovery, which may be notched above or below the issuer-level rating. Issue ratings are assigned to secured and unsecured debt securities, loans, preferred stock and other instruments. Credit ratings are indications of the likelihood of repayment in accordance with the terms of the issuance. In limited cases, Fitch may include additional considerations (i.e., rate to a higher or lower standard than that implied in the obligation's documentation).

 ****

***Morningstar DBRS*** offers independent, transparent, and innovative credit analysis to the market. Credit ratings are forward-looking opinions about credit risk that reflect the creditworthiness of an issuer, rated entity, security and/or obligation based on Morningstar DBRS's quantitative and qualitative analysis in accordance with applicable methodologies and criteria. They are meant to provide opinions on relative measures of risk and are not based on expectations of, or meant to predict, any specific default probability. Credit ratings are not statements of fact. Morningstar DBRS issues credit ratings using one or more categories, such as public, private, provisional, final(ized), solicited, or unsolicited. From time to time, credit ratings may also be subject to trends, placed under review, or discontinued. Morningstar DBRS credit ratings are determined by credit rating committees.

**<u>APPENDIX B</u>**

**CONSTITUTION CAPITAL HORIZON ADVISOR, LP<br> (THE "FIRM")**

**VOTING POLICIES AND PROCEDURES**

**Purpose and General Statement** 

The purpose of these voting policies and procedures is to set forth the principles and procedures by which the Firm votes or gives consents with respect to the securities owned by the registered investment companies advised by the Firm (collectively, the "Funds") for which the Firm exercises voting authority and discretion (the "Votes"). For avoidance of doubt, a Vote includes any proxy and any shareholder vote or consent, including a vote or consent for a private company that does not involve a proxy. These policies and procedures have been designed to help ensure that Votes are voted in the best interests of the Funds in accordance with the Firm's fiduciary duties and Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

These voting policies and procedures are available to the Funds upon request, subject to the provision that these policies and procedures are subject to change at any time without notice.

**Policy** 

The Firm and its affiliates engage in a broad range of activities, including investment activities for their own account and for the account of other investment funds or accounts, and providing investment advisory and other services to funds and operating companies. In the ordinary course of conducting the Firm's activities, the interests of a Fund may conflict with the interests of the Firm, other Funds and/or the Firm's affiliates and their Clients. Any conflicts of interest relating to the voting of Votes, regardless of whether actual or perceived, will be addressed in accordance with these policies and procedures. The guiding principle by which the Firm votes all Votes is to vote in the best interests of each Fund by maximizing the economic value of the relevant Fund's holdings, taking into account the relevant Fund's investment horizon, the contractual obligations under the relevant advisory agreements or comparable documents, and any other relevant facts and circumstances the Firm determines to be appropriate at the time of the Vote. The Firm does not permit Voting decisions to be influenced in any manner that is contrary to, or dilutive of, this guiding principle.

It is the general policy of the Firm to vote or give consent on all matters presented to security holders in any Vote, and these policies and procedures have been designated with that in mind. However, the Firm reserves the right to abstain on any particular Vote or otherwise withhold its vote or consent on any matter if, in the judgment of the Firm's Investment Committee or the relevant Firm's investment professionals, the costs associated with voting such Vote outweigh the benefits to the relevant Funds or if the circumstances make such an abstention or withholding otherwise advisable and in the best interests of the relevant Funds.

In connection with the voting of Votes, the Firm's personnel may, in their discretion, meet with members of a company's management and discuss matters of importance to the Funds and their economic interests.

**Procedures** 

**Conflicts of Interest** 

The Firm's CCO has the responsibility to monitor Votes for any conflicts of interest, regardless of whether they are actual or perceived. All Voting decisions will require a mandatory conflicts of interest review by the CCO and/or Investment Committee in accordance with these policies and procedures, which will include consideration of whether the Firm or any investment professional or other person recommending how to vote and/or the Firm's affiliates and their Clients has an interest in how the Vote is voted that may present a conflict of interest. In addition, all Firm investment professionals are expected to perform their tasks relating to the voting of Votes in accordance with the principles set forth above, according the first priority to the best interest of the relevant Funds. If at any time any investment professional becomes aware of any potential or actual conflict of interest or perceived conflict of interest regarding any particular Voting decision, he or she should contact the CCO. If any investment professional is pressured or lobbied either from within or outside of the Firm with respect to any particular Voting decision, he or she should contact the CCO. The CCO will use his or her best judgment to address any such conflict of interest and ensure that it is resolved in accordance with his or her independent assessment of the best interests of the Funds.

**Engagement of Proxy Advisers** 

Where the CCO deems appropriate, unaffiliated third parties may be used to help resolve conflicts or to otherwise assist the Firm in fulfilling all or part of its Voting obligations. In this regard, the Firm may retain independent fiduciaries, consultants, or professionals (collectively, "Proxy Advisers") to assist with Voting decisions and/or to which Voting and/or consent powers may be delegated. In determining whether to engage (and whether to continue to retain) a Proxy Adviser, the CCO will evaluate whether the Proxy Adviser has the capacity and competency to adequately analyze the matters for which the Firm is responsible for Voting, considering such factors as the CCO deems appropriate, which may include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;• the quality of the Proxy Adviser's staffing and personnel;

&nbsp;&nbsp;&nbsp;&nbsp;• the technology and information used to form the basis of the Proxy Adviser's voting recommendations;

&nbsp;&nbsp;&nbsp;&nbsp;• the processes and methodologies the Proxy Adviser uses in formulating its voting recommendations, including
when and how the Proxy Adviser engages with issuers and third parties;

&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of the Proxy Adviser's disclosure of its processes and methodologies; and

&nbsp;&nbsp;&nbsp;&nbsp;• the Proxy Adviser's policies for identifying, disclosing and addressing potential conflicts of interest,
including conflicts that generally arise from providing proxy voting recommendations, proxy services, and related activities.

In the event the Firm retains a Proxy Adviser, the CCO will be responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;• Conducting ongoing oversight of the Proxy Adviser to ensure the Proxy Adviser continues to vote proxies
in the best interest of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;• Requesting a Proxy Adviser keep the Firm apprised of any changes or updates to the Proxy Adviser's
business so the Firm can determine whether such changes or updates are relevant to an assessment of the Proxy Adviser's ability
to provide its services;

&nbsp;&nbsp;&nbsp;&nbsp;• Confirming the Proxy Adviser has complied with the Firm's guidelines with respect to Voting; and

&nbsp;&nbsp;&nbsp;&nbsp;• Determining that the Proxy Adviser has the capacity and competency to adequately analyze proxy issues
by providing materially accurate information.

In addition, if the CCO becomes aware of potential factual errors, potential incompleteness, or potential methodological weaknesses (collectively, "Errors") in a Proxy Adviser's analysis that may materially affect one or more Votes, the CCO shall take reasonable steps to investigate the matter and confirm that the Proxy Adviser's Voting determinations are not based on Errors. As part of such investigation, the CCO shall consider any information that the CCO deems appropriate, which may include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;• the Proxy Adviser's process for ensuring that it has complete and accurate information about the
issuer and each particular matter;

&nbsp;&nbsp;&nbsp;&nbsp;• the Firm's ability, if any, to access the issuer's views about the Proxy Adviser's voting
recommendations;

&nbsp;&nbsp;&nbsp;&nbsp;• the Proxy Adviser's efforts to correct any identified material deficiencies;

&nbsp;&nbsp;&nbsp;&nbsp;• the Proxy Adviser's disclosure regarding the sources of information and methodologies used in formulating
voting recommendations and executing voting instructions; and

&nbsp;&nbsp;&nbsp;&nbsp;• the Proxy Adviser's consideration of factors unique to specific issuers and proposals when evaluating
matters subject to a shareholder vote.

**Voting** 

All Firm personnel are responsible for promptly forwarding all proxy materials, consent or voting requests or notices or materials related thereto to the CCO. The CCO shall be responsible for ensuring that each Vote is voted in a timely manner and as otherwise required by the terms of such Vote.

All Voting decisions initially are referred to the Investment Committee for a voting decision. In most cases, the investment professionals will make the decision as to the appropriate vote for any particular Vote. In making such a decision, the investment professionals may rely on any of the information and/or research available to them. If the investment professionals are making the Voting decision, the investment professionals will inform the CCO and/or Investment Committee of any such Voting decision, and if the CCO and/or Investment Committee does not object to such decision as a result of his or her (their) conflict of interest review, the Vote will be voted in such manner.

If the investment professionals and the CCO and/or Investment Committee are unable to arrive at an agreement as to how to vote, then the Firm's managing partners will then review the issues and arrive at a decision based on the overriding principle of seeking the maximization of the economic value of the relevant Funds' holdings.

**Recordkeeping** 

The Firm's Recordkeeping Policies and Procedures apply to Votes. Firm personnel should refer to the Recordkeeping Policies and Procedures for additional guidance and information.

**Responsibility:** CCO

**ADOPTED:** December 2025

**PART C: OTHER INFORMATION**

**Constitution Capital Evergreen Partnership Fund, LLC (the "<u>Registrant</u>")**

**Item 25. Financial Statements and Exhibits**

(1) Financial Statements:

Not Applicable

(2) Exhibits

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| | |
|:---|:---|
| (a)(1) | [Limited Liability Company Agreement<sup>(</sup><sup>1)</sup>](https://www.sec.gov/Archives/edgar/data/2102111/000121390026003003/ea0272146-02_ex99a1.htm) |
| (a)(2) | [Amended and Restated Limited Liability Company Agreement<sup>(</sup><sup>1)</sup>](https://www.sec.gov/Archives/edgar/data/2102111/000121390026003003/ea0272146-02_ex99a2.htm) |
| (a)(3) | [Certificate of Formation<sup>(</sup><sup>1)</sup>](https://www.sec.gov/Archives/edgar/data/2102111/000121390026003003/ea0272146-02_ex99a3.htm) |
| (a)(4) | [Certificate of Amendment to the Certificate of Formation<sup>(</sup><sup>1)</sup>](https://www.sec.gov/Archives/edgar/data/2102111/000121390026003003/ea0272146-02_ex99a4.htm) |
| (b) | Not applicable |
| (c) | Not applicable |
| (d) | Refer to Exhibit (a)(1) |
| (e) | Not applicable |
| (f) | Not applicable |
| (g) | [Investment Management Agreement<sup>(</sup><sup>1)</sup>](https://www.sec.gov/Archives/edgar/data/2102111/000121390026003003/ea0272146-02_ex99g.htm) |
| (h) | Not applicable |
| (i) | Not applicable |
| (j) | [Custody Agreement<sup>(</sup><sup>1)</sup>](https://www.sec.gov/Archives/edgar/data/2102111/000121390026003003/ea0272146-02_ex99j.htm) |
| (k)(1) | [Administration and Fund Accounting Agreement<sup>(</sup><sup>1)</sup>](https://www.sec.gov/Archives/edgar/data/2102111/000121390026003003/ea0272146-02_ex99k1.htm) |
| (k)(2) | [Transfer Agency Agreement<sup>(</sup><sup>1)</sup>](https://www.sec.gov/Archives/edgar/data/2102111/000121390026003003/ea0272146-02_ex99k2.htm) |
| (k)(3) | [Administrative Services Agreement<sup>(</sup><sup>1)</sup>](https://www.sec.gov/Archives/edgar/data/2102111/000121390026003003/ea0272146-02_ex99k3.htm) |
| (k)(4) | [Expense Limitation Agreement<sup>(</sup><sup>1)</sup>](https://www.sec.gov/Archives/edgar/data/2102111/000121390026003003/ea0272146-02_ex99k4.htm) |
| (k)(5) | [Form of Private Placement Agent Agreement<sup>(</sup><sup>1)</sup>](https://www.sec.gov/Archives/edgar/data/2102111/000121390026003003/ea0272146-02_ex99k5.htm) |
| (l) | Not applicable. |
| (m) | Not applicable. |
| (n) | Not applicable. |
| (o) | Not applicable |
| (p) | [Form Subscription Agreement<sup>(</sup><sup>1)</sup>](https://www.sec.gov/Archives/edgar/data/2102111/000121390026003003/ea0272146-02_ex99p.htm) |
| (q) | Not applicable |

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| |
|:---|
| (r)(1) |
| (r)(2) [Code of Ethics of Constitution Capital Horizon Advisor, LP<sup>(</sup><sup>1)</sup>](https://www.sec.gov/Archives/edgar/data/2102111/000121390026003003/ea0272146-02_ex99r2.htm) |

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(1) Filed
 on January 9, 2026, with Registrant's Registration Statement on Form N-2 (File
 No. 811-24154) and incorporated herein by reference.

**Item 26. Marketing Arrangements**

Not applicable.

**Item 27. Other Expenses of Issuance and Distribution of Securities Being Registered**

All figures are estimates:

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| | |
|:---|:---|
| Registration Fees | $- |
| Legal Fees | $125000 |
| Printing and Engraving Fees | $6500 |
| Blue Sky Filing Fees and Expenses | $25000 |
| Transfer Agent Fees | $36000 |
| Accounting Fees | $- |
| Manager Fees | $50000 |
| Total | $242500 |

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**Item 28. Persons Controlled by or Under Common Control With Registrant**

The Board of Managers of the Registrant is identical or substantially identical to the board of managers of certain other funds. Nonetheless, the Registrant takes the position that it is not under common control with the other funds since the power residing in the respective boards arises as a result of an official position with the respective funds.

**Item 29. Number of Holders of Securities** 

As of January 6, 2026.

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| | | |
|:---|:---|:---|
| **Title of Class** | **Number of<br> Unit holders** | **Number of<br> Unit holders** |
| Shares |  | 0 |

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**Item 30. Indemnification**

Section 3.7 of the LLC Agreement states:

Section 3.7 <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law, the Fund shall, subject to Section 3.7(b) hereof, indemnify each Manager, former Manager, officer and former officer of the Fund (including for this purpose their executors, heirs, assigns, successors or other legal representatives) from and against all losses, charges, claims, expenses, assessments, damages, costs and liabilities (collectively, "Losses"), including, but not limited to, amounts paid in satisfaction of judgments, in compromise, or as fines or penalties, and reasonable counsel fees and disbursements, incurred in connection with the defense or disposition of any action, suit, investigation or other proceeding, whether civil or criminal, before any judicial, arbitral, administrative or legislative body, in which such indemnitee may be or may have been involved as a party or otherwise, or with which such indemnitee may be or may have been threatened, while in office or thereafter, by reason of being or having been a Manager or officer of the Fund, as applicable, or the past or present performance of services to the Fund by such indemnitee, except to the extent such Losses shall have been finally determined in a non-appealable decision on the merits in any such action, suit, investigation or other proceeding to have been incurred or suffered by such indemnitee by reason of willful misfeasance or gross negligence involved in the conduct of such indemnitee's office. The rights of indemnification provided under this Section 3.7 shall not be construed so as to provide for indemnification of an indemnitee for any Losses (including any liability under federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of this Section 3.7 to the fullest extent permitted by law. Any manager of the Fund appointed by the Organizational Member prior to the effectiveness of this Agreement shall be deemed to be a "Manager" for purposes of this Section 3.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Expenses, including reasonable counsel fees and disbursements, so incurred by any such indemnitee (but excluding amounts paid in satisfaction of judgments, in compromise, or as fines or penalties), shall be paid or reimbursed by the Fund in advance of the final disposition of any such action, suit, investigation or proceeding upon receipt of an undertaking by or on behalf of such indemnitee to repay to the Fund amounts so paid if it shall ultimately be determined that indemnification of such expenses is not authorized under Section 3.7(a) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any indemnification or advancement of expenses made pursuant to this Section 3.7 shall not prevent the recovery from any indemnitee of any such amount if such indemnitee subsequently shall be determined in a final decision on the merits of any court of competent jurisdiction or appropriate arbitral body in any action, suit, investigation or proceeding involving the liability or expense that gave rise to such indemnification or advancement of expenses to be liable to the Fund or its Members by reason of willful misfeasance or gross negligence involved in the conduct of such indemnitee's office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As to the disposition of any action, suit, investigation or proceeding (whether by a compromise payment, pursuant to a consent decree or otherwise) without an adjudication or a decision on the merits by a court, or by any other body before which the action, suit, investigation or proceeding shall have been brought, that an indemnitee is liable to the Fund or its Members by reason of willful misfeasance or gross negligence involved in the conduct of such indemnitee's office, indemnification shall be provided pursuant to Section 3.7(a) hereof if (i) approved by a majority of the Managers (excluding any Manager who is seeking indemnification hereunder) upon a determination based upon a review of readily available facts (as opposed to a full trial-type inquiry) that such indemnitee acted in good faith and in the reasonable belief that the actions or omissions in question were in the best interests of the Fund and that such indemnitee is not liable to the Fund or its Members by reason of willful misfeasance or gross negligence involved in the conduct of such indemnitee's office, or (ii) the Board of Managers secures a written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry) to the effect that such indemnitee acted in good faith and in the reasonable belief that the actions or omissions in question were in the best interests of the Fund and that such indemnitee is not liable to the Fund or its Members by reason of willful misfeasance or gross negligence involved in the conduct of such indemnitee's office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In any suit brought by an indemnitee to enforce a right to indemnification under this Section 3.7 it shall be a defense that, and in any suit in the name of the Fund to recover any indemnification or advancement of expenses made pursuant to this Section 3.7 the Fund shall be entitled to recover such expenses upon a final adjudication that, the indemnitee has not met the applicable standard of conduct set forth in this Section 3.7. In any such suit brought to enforce a right to indemnification or to recover any indemnification or advancement of expenses made pursuant to this Section 3.7, the burden of proving that the indemnitee is not entitled to be indemnified, or to any indemnification or advancement of expenses, under this Section 3.7 shall be on the Fund (or any Member acting derivatively or otherwise on behalf of the Fund or its Members).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) An indemnitee may not satisfy any right of indemnification or advancement of expenses granted in this Section 3.7 or to which he, she or it may otherwise be entitled except out of the assets of the Fund, and no Member shall be personally liable with respect to any such claim for indemnification or advancement of expenses, provided that Section 3.7(e) shall not limit the rights of the Fund pursuant to Section 2.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The rights of indemnification provided hereunder shall not be exclusive of or affect any other rights to which any person may be entitled by contract or otherwise under law. Nothing contained in this Section 3.7 shall affect the power of the Fund to purchase and maintain liability insurance on behalf of any Manager, officer of the Fund or other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To the extent permitted by applicable law, the Adviser, the Placement Agent and the Administrator, and any other party serving as the investment adviser, the placement agent or administrator of the Fund or providing other services to the Fund shall be entitled to indemnification from the Fund upon such terms and subject to such conditions and exceptions, and with such entitlement to have recourse to the assets of the Fund with a view to meeting and discharging the cost thereof as may be provided under the Investment Management Agreement, the Placement Agent Agreement, the Administration Agreement or any agreement between any such party and the Fund.

In addition, the Fund's various agreements with its service providers provide for indemnification.

**Item 31. Business and Other Connections of Investment Adviser**

Information as to the directors and officers of the Registrant's investment adviser, Constitution Capital Horizon Advisor, LP (the "Investment Adviser"), together with information as to any other business, profession, vocation, or employment of a substantial nature in which the Investment Adviser, and each director, executive officer, managing member or partner of the Investment Adviser, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, managing member, partner or trustee, is included in its Form ADV as filed with the Securities and Exchange Commission (File No. 801-125940), and is incorporated herein by reference.

**Item 32. Location of Accounts and Records**

All accounts, books, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the rules promulgated thereunder are maintained at the offices of (1) the Registrant's Administrator (2) the Investment Adviser and/or (3) Registrant's counsel. The address of each is as follows:

1. UMB Fund Services, Inc. 235 West Galena Street Milwaukee, WI 53212

2. Constitution Capital Horizon Advisor, LP 300 Brickstone Square, Ste. 1001 Andover, MA 01810

3. Faegre Drinker Biddle & Reath LLP One Logan Square, Ste. 2000 Philadelphia, PA 19103-6996

**Item 33. Management Services**

Not applicable.

**Item 34. Undertakings**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Andover in the State of Massachusetts on the 16th day of April, 2026.

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| | | |
|:---|:---|:---|
| **Constitution Capital Evergreen Partnership Fund, LLC** | **Constitution Capital Evergreen Partnership Fund, LLC** | **Constitution Capital Evergreen Partnership Fund, LLC** |
| By: | /s/ Daniel M. Cahill | /s/ Daniel M. Cahill |
|  | Name: | Daniel M. Cahill |
|  | Title: | President |

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