# EDGAR Filing Document

**Accession Number:** 0002079872
**File Stem:** 0001213900-26-024614
**Filing Date:** 2026-3
**Character Count:** 50901
**Document Hash:** 46ccce45138cb84dcafe9184a6be073b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-024614.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001213900-26-024614

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAZ GP Stakes Fund
- **CENTRAL INDEX KEY:** 0002079872

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289412
- **FILM NUMBER:** 26730698

**BUSINESS ADDRESS:**
- **STREET 1:** ONE RIVERWAY, SUITE 2000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056
- **BUSINESS PHONE:** 713-403-8250

**MAIL ADDRESS:**
- **STREET 1:** ONE RIVERWAY, SUITE 2000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056

?xml version='1.0' encoding='ASCII'?

**As filed with the Securities and Exchange Commission on March 6, 2026**

**Securities Act File No. 333-289412**

**Investment Company Act File No. 811-24111**

**U.S. SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-2**

**☒ Registration Statement Under the Securities Act of 1933 Pre-Effective Amendment No. Post-Effective Amendment No. 1**

**and/or**

**☒ Registration Statement Under the Investment Company Act of 1940**

**Amendment No. 4**

**CAZ GP STAKES FUND**

(Exact name of Registrant as specified in Charter)

**One Riverway, Suite 2000, Houston, Texas 77056**

(Address of principal executive offices)

Registrant's Telephone Number, including Area Code: **(713) 403-8250**

**Christopher A. Zook**

**CAZ Investments LP**

**One Riverway, Suite 2000**

**Houston, Texas 77056**

(Name and address of agent for service)

COPY TO:

**Thomas J. Friedmann, Esquire**

**Matthew J. Carter, Esquire**

**Alexander C. Karampatsos, Esquire**

**Dechert LLP**

**One International Place, 40th Floor**

**100 Oliver Street**

**Boston, Massachusetts 02110-2605**

**Approximate Date of Commencement of Proposed Public Offering: As soon as practicable after the effective date of this Registration Statement.**

☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

☒ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis
in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection
with a dividend reinvestment plan.

☐ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.

☐ Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.

☐ Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.

It is proposed that this filing will become effective (check appropriate box):

☐ when declared effective pursuant to Section 8(c) of the Securities Act

☐ immediately upon filing pursuant to paragraph (b) of Rule 486

☐ on (date) pursuant to paragraph (b) of Rule 486

☐ 60 days after filing pursuant to paragraph (a) of Rule 486

☐ on (date) pursuant to paragraph (a) of Rule 486

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

☒ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and
the Securities Act registration statement number of the earlier effective registration statement for the same offering is: 333-289412.

Check each box that appropriately characterizes the Registrant:

☒ 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 Exchange Act of 1934 ("Exchange Act").

☐ 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 Securities Act.

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

**EXPLANATORY NOTE**

This Post-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File Nos. 333-289412 and 811-24111) (the "Registration Statement") of CAZ GP Stakes Fund (the "Registrant") is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act"), solely for the purpose of updating exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No. 1 consists only of a facing page, this explanatory note and Part C of the Registration Statement. This Post-Effective Amendment No. 1 does not modify any other part of the Registration Statement and pursuant to Rule 462(d) under the Securities Act, shall become effective immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.

**PART C:**

**<u>OTHER INFORMATION</u>**

Item 25. <u>Financial Statements and Exhibits</u>

---

| | | |
|:---|:---|:---|
| (1) | Financial Statements | Financial Statements |
|  | Part A: Not applicable | Part A: Not applicable |
|  | Part B: Statement of Assets and Liabilities. Financial statements indicating that the Registrant has met the net worth requirements of Section 14(a) of the Investment Company Act of 1940 are included in [Part B of the Registrant's Registrant Statement on Form N-2 SEC File No. 333-289412, filed January 16, 2026.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0002079872/000121390026005040/ea0272867-01_n2a.htm#s_013) | Part B: Statement of Assets and Liabilities. Financial statements indicating that the Registrant has met the net worth requirements of Section 14(a) of the Investment Company Act of 1940 are included in [Part B of the Registrant's Registrant Statement on Form N-2 SEC File No. 333-289412, filed January 16, 2026.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0002079872/000121390026005040/ea0272867-01_n2a.htm#s_013) |
| (2) | Exhibits: | Exhibits: |
| (a) | (1) | [Certificate of Trust (incorporated by reference from the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed August 8, 2025)](https://www.sec.gov/Archives/edgar/data/2079872/000121390025073600/ea0251449-02_ex99a1.htm) |
|  | (2) | [Initial Declaration of Trust (incorporated by reference from the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed August 8, 2025)](https://www.sec.gov/Archives/edgar/data/2079872/000121390025073600/ea0251449-02_ex99a2.htm) |
|  | (3) | [Amended and Restated Declaration of Trust (incorporated by reference from Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed October 6, 2025)](https://www.sec.gov/Archives/edgar/data/2079872/000121390025096262/ea026015301_ex99a3.htm) |
| (b) | [By-Laws (incorporated by reference from Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed October 6, 2025)](https://www.sec.gov/Archives/edgar/data/2079872/000121390025096262/ea026015301_ex99b.htm) | [By-Laws (incorporated by reference from Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed October 6, 2025)](https://www.sec.gov/Archives/edgar/data/2079872/000121390025096262/ea026015301_ex99b.htm) |
| (c) | Not applicable. | Not applicable. |
| (d) | [Second Amended and Restated Multiple-Class Plan Pursuant to Rule 18f-3 (filed herewith)](ea0280021-02_ex99d.htm) | [Second Amended and Restated Multiple-Class Plan Pursuant to Rule 18f-3 (filed herewith)](ea0280021-02_ex99d.htm) |
| (e) | [Dividend Reinvestment Plan (incorporated by reference from Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed October 6, 2025)](https://www.sec.gov/Archives/edgar/data/2079872/000121390025096262/ea026015301_ex99e.htm) | [Dividend Reinvestment Plan (incorporated by reference from Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed October 6, 2025)](https://www.sec.gov/Archives/edgar/data/2079872/000121390025096262/ea026015301_ex99e.htm) |
| (f) | Not applicable. | Not applicable. |
| (g) | [Investment Management Agreement between the Registrant and CAZ GP Stakes Adviser LLC (incorporated by reference from Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed December 12, 2025)](https://www.sec.gov/Archives/edgar/data/2079872/000121390025121105/ea0269123-01_ex99g.htm) | [Investment Management Agreement between the Registrant and CAZ GP Stakes Adviser LLC (incorporated by reference from Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed December 12, 2025)](https://www.sec.gov/Archives/edgar/data/2079872/000121390025121105/ea0269123-01_ex99g.htm) |
| (h) | (1) | [Principal Underwriting Agreement (incorporated by reference from Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed December 12, 2025)](https://www.sec.gov/Archives/edgar/data/2079872/000121390025121105/ea0269123-01_ex99h1.htm) |
|  | (2) | [Amended and Restated Rule 12b-1 Distribution Plan (filed herewith)](ea0280021-02_ex99h2.htm) |
| (i) | Not applicable. | Not applicable. |
| (j) | [Form of Custody Agreement (incorporated by reference from Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed October 6, 2025)](https://www.sec.gov/Archives/edgar/data/2079872/000121390025096262/ea026015301_ex99j.htm) | [Form of Custody Agreement (incorporated by reference from Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed October 6, 2025)](https://www.sec.gov/Archives/edgar/data/2079872/000121390025096262/ea026015301_ex99j.htm) |

---

---

| | | |
|:---|:---|:---|
| (k) | (1) | [Form of Master Services Agreement (incorporated by reference from Pre-Effective Amendment No. 3 to the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed January 16, 2026)](https://www.sec.gov/Archives/edgar/data/0002079872/000121390026005040/ea0272867-01_ex99k1.htm) |
|  | (2) | [Form of Services Agreement (incorporated by reference from Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed October 6, 2025)](https://www.sec.gov/Archives/edgar/data/2079872/000121390025096262/ea026015301_ex99k2.htm) |
|  | (3) | [Form of Expense Support Agreement (incorporated by reference from Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed October 6, 2025)](https://www.sec.gov/Archives/edgar/data/2079872/000121390025096262/ea026015301_ex99k3.htm) |
|  | (4) | [Form of Expense Support Agreement for Class E (incorporated by reference from Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed October 6, 2025)](https://www.sec.gov/Archives/edgar/data/2079872/000121390025096262/ea026015301_ex99k5.htm) |
|  | (5) | [Shareholder Services Plan for Class R (filed herewith)](ea0280021-02_ex99k5.htm) |
| (l) | [Opinion and Consent of Counsel (previously filed)](https://www.sec.gov/Archives/edgar/data/2079872/000121390026005040/ea0272867-01_ex99l.htm) | [Opinion and Consent of Counsel (previously filed)](https://www.sec.gov/Archives/edgar/data/2079872/000121390026005040/ea0272867-01_ex99l.htm) |
| (m) | Not applicable. | Not applicable. |
| (n) | [Consent of Independent Registered Public Accounting Firm (previously filed)](https://www.sec.gov/Archives/edgar/data/0002079872/000121390026005040/ea0272867-01_ex99n.htm) | [Consent of Independent Registered Public Accounting Firm (previously filed)](https://www.sec.gov/Archives/edgar/data/0002079872/000121390026005040/ea0272867-01_ex99n.htm) |
| (o) | Not applicable. | Not applicable. |
| (p) | Not applicable. | Not applicable. |
| (q) | Not applicable. | Not applicable. |
| (r) | (1) | [Code of Ethics of Registrant (incorporated by reference from Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed December 12, 2025)](https://www.sec.gov/Archives/edgar/data/2079872/000121390025121105/ea0269123-01_ex99r1.htm) |
|  | (2) | [Code of Ethics of Adviser (incorporated by reference from Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed December 12, 2025)](https://www.sec.gov/Archives/edgar/data/2079872/000121390025121105/ea0269123-01_ex99r2.htm) |
| (s) | Not applicable. | Not applicable. |
| (t) | (1) | [Powers of Attorney (incorporated by reference from Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed December 12, 2025)](https://www.sec.gov/Archives/edgar/data/2079872/000121390025121105/ea0269123-01_ex99t1.htm) |
|  | (2) | [Powers of Attorney (incorporated by reference from Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2, SEC File No. 333-289412, filed October 6, 2025)](https://www.sec.gov/Archives/edgar/data/2079872/000121390025096262/ea026015301_ex99t.htm) |

---

Item 26. <u>Marketing Arrangements</u>

The information contained under the heading "Plan of Distribution" in the prospectus that forms a part of this Registration Statement is incorporated herein by reference.

Item 27. <u>Other Expenses of Issuance and Distribution</u>

The following table sets forth the estimated expenses to be incurred in connection with the offering described in this Registration Statement:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Securities and Exchange Commission Registration Fees | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Blue Sky | &nbsp;&nbsp;$40000 |
| &nbsp;&nbsp;Printing Expenses | &nbsp;&nbsp;$5000 |
| &nbsp;&nbsp;Legal Fees and Expenses | &nbsp;&nbsp;$400000 |
| &nbsp;&nbsp;Accounting Fees | &nbsp;&nbsp;$8000 |
| &nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;$67000 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;$520000 |

---

Item 28. <u>Persons Controlled by or Under Common Control with Registrant</u>

The Registrant does not control any other person. The Registrant is not aware of any person that is directly or indirectly under common control with the Registrant, except that the Registrant may be deemed to be controlled by CAZ GP Stakes Adviser LLC, the Registrant's investment adviser and, therefore, deemed to be under common control with one or more funds deemed to be controlled by the Adviser or its affiliates. Information regarding the ownership of CAZ GP Stakes Adviser LLC is set forth in its Form ADV as filed with the SEC (File No. 801-134494).

Item 29. <u>Number of Holders of Securities</u>

As of January 31, 2026:

---

| | |
|:---|:---|
| **Title of Class** | **Number of Record Holders** |
| Class A Shares of Beneficial Interest | 0 |
| Class C Shares of Beneficial Interest | 0 |
| Class E Shares of Beneficial Interest | 0 |
| Class I Shares of Beneficial Interest | 1 |
| Class R Shares of Beneficial Interest | 0 |

---

Item 30. <u>Indemnification</u>

The Registrant's various agreements with its service providers provide for indemnification.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a trustee, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

Item 31. <u>Business and Other Connections of Investment Adviser</u>

CAZ GP Stakes Adviser LLC (the "Adviser") serves as investment adviser to the Registrant. The executive officers of the Adviser are listed in the investment adviser registration on Form ADV for the Adviser (File No. 801-134494) and are hereby incorporated herein by reference thereto.

Item 32. <u>Location of Accounts and Records</u>

Books or other documents required to be maintained by the Registrant by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder are maintained by the Registrant's custodian, Fifth Third Bank, National Association, the Registrant's administrators, FSG Operating LLC and Ultimus Fund Solutions, LLC, the Registrant's transfer agent, Ultimus Fund Solutions, LLC, and the Registrant's investment manager, CAZ GP Stakes Adviser LLC. The Registrant's corporate records are maintained at CAZ GP Stakes Adviser LLC, One Riverway, Suite 2000, Houston, Texas 77056 and its financial ledgers are maintained at Fifth Third Bank, National Association, 38 Fountain Square Plaza, Cincinnati, OH 45202.

Item 33. <u>Management Services</u>

Not Applicable

Item 34. <u>Undertakings</u>

We hereby undertake:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant undertakes to suspend the offering of its Shares until it amends the prospectus filed herewith
if (1) subsequent to the effective date of its registration statement, the net asset value declines more than ten percent from its net
asset value as of the effective date of the registration statement, or (2) the net asset value increases to an amount greater than its
net proceeds as stated in the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;2. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;3. The Registrant undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file, during any period in which offers or sales are being made, a post-effective amendment to the
registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to reflect in the prospectus any facts or events after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if,
in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth
in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to include any material information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities
at that time shall be deemed to be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that, for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Not applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the Registrant is subject to Rule 430C [17 CFR 230.430C]: each prospectus filed pursuant to Rule 424(b)
under the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B
or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement
as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus
that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser
in the initial distribution of securities. The undersigned Registrant undertakes that in a primary offering of securities of the undersigned
Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser,
if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will
be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required
to be filed pursuant to Rule 424 under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant
or used or referred to by the undersigned Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the
Securities Act [17 CFR 230.482] relating to the offering containing material information about the undersigned Registrant or its securities
provided by or on behalf of the undersigned Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by
the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of
any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by
the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt
delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Post-Effective Amendment No. 1 to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the city of Houston, and State of Texas, on the 6th day of March 2026.

---

| | |
|:---|:---|
| CAZ GP Stakes Fund<br> (A Delaware Statutory Trust) | CAZ GP Stakes Fund<br> (A Delaware Statutory Trust) |
| By: | /s/ Christopher A. Zook |
|  | Christopher A. Zook |
|  | President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 1 to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| Name | Title | Date |
| /s/ Christoher A. Zook | Trustee, President And Chief Executive Officer | March 6, 2026 |
| Christopher A. Zook | Trustee, President And Chief Executive Officer | March 6, 2026 |
| /s/ Marcie McVeigh | Chief Financial Officer, Principal Accounting Officer And Treasurer | March 6, 2026 |
| Marcie McVeigh | Chief Financial Officer, Principal Accounting Officer And Treasurer | March 6, 2026 |
| \* | Trustee | March 6, 2026 |
| Austin Adams | Trustee | March 6, 2026 |
| \* | Trustee | March 6, 2026 |
| Thomas Aycock | Trustee | March 6, 2026 |
| \* | Trustee | March 6, 2026 |
| Frank Easterly | Trustee | March 6, 2026 |
| \* | Trustee | March 6, 2026 |
| Robert Hungate, III | Trustee | March 6, 2026 |
| \* | Trustee | March 6, 2026 |
| Richard Wilson | Trustee | March 6, 2026 |
| /s/ Matthew Lindholm | Trustee | March 6, 2026 |
| Matthew Lindholm | Trustee | March 6, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;\*By: | &nbsp;&nbsp;/s/ Christopher A. Zook |
|  | &nbsp;&nbsp;Christopher A. Zook, Attorney-In-Fact |
| &nbsp;&nbsp;\* | &nbsp;&nbsp;Pursuant To Powers Of Attorney previously filed |

---

**<u>Exhibit List</u>**

(d) [Second Amended and Restated Multiple-Class Plan Pursuant to Rule 18f-3](ea0280021-02_ex99d.htm)

(h)(2) [Amended and Restated Rule 12b-1 Distribution Plan](ea0280021-02_ex99h2.htm)

(k)(5) [Shareholder Services Plan for Class R](ea0280021-02_ex99k5.htm)

## Ex-99.(D)

**Exhibit (d)**

**CAZ GP STAKES FUND**

**Second Amended and Restated**

**Multiple Class Plan**

February 24, 2026

This Multiple Class Plan (the "Plan") is applicable to the CAZ GP Stakes Fund (the "Fund"). Each class of shares of the Fund will have the same relative rights and privileges and be subject to the same sales charges, fees and expenses except as set forth below. The Board of Trustees, including a majority of the Trustees who are not "interested persons" of the Fund within the meaning of the Investment Company Act of 1940, as amended, may determine in the future that other allocations of expenses or other services to be provided to a class of shares are appropriate and amend this Plan accordingly without the approval of shareholders of any class. Shares of one class of the Fund may be exchanged for or converted into shares of another class of the Fund as set forth in the Fund's prospectuses or as otherwise permitted by the officers of the Fund.

**Class A Shares**

Class A Shares are sold at net asset value per share plus the applicable sales charge, if any, as set forth in the Fund's prospectus. Class A Shares are sold subject to the minimum purchase requirements set forth in the Fund's prospectus. Class A Shares are entitled to services and subject to fees under the Fund's distribution and service plan ("Distribution and Service Plan") adopted with respect to Class A Shares, on the terms set forth in the Fund's prospectus. Class A Shares have exclusive voting rights with respect to matters that exclusively affect Class A Shares and separate voting rights on any matter submitted to shareholders in which the interests of Class A Shares differ from the interests of any other class.

**Class C Shares**

Class C Shares are sold at net asset value per share without a sales charge. Class C Shares are sold subject to the minimum purchase requirements set forth in the Fund's prospectus. Class C Shares are entitled to services and subject to fees under the Distribution and Service Plan adopted with respect to Class C Shares, on the terms set forth in the Fund's prospectus. Class C Shares have exclusive voting rights with respect to matters that exclusively affect Class C Shares and separate voting rights on any matter submitted to shareholders in which the interests of Class C Shares differ from the interests of any other class.

**Class E Share**

Class E Shares are sold at net asset value per share without a sales charge and are subject to the minimum purchase requirements set forth in the Fund's prospectus. Class E Shares are not subject to the Distribution and Service Plan. Class E Shares have exclusive voting rights with respect to matters that exclusively affect Class E Shares and separate voting rights on any matter submitted to shareholders in which the interests of Class E Shares differ from the interests of any other class.

**Class I Shares**

Class I Shares are sold at net asset value per share without a sales charge and are subject to the minimum purchase requirements set forth in the Fund's prospectus. Class I Shares are not subject to the Distribution and Service Plan. Class I Shares have exclusive voting rights with respect to matters that exclusively affect Class I Shares and separate voting rights on any matter submitted to shareholders in which the interests of Class I Shares differ from the interests of any other class.

**Class R Shares**

Class R Shares are sold at net asset value per share without a sales charge and are subject to the minimum purchase requirements set forth in the Fund's prospectus. Class R Shares are entitled to services and subject to fees under the Shareholder Services Plan adopted with respect to Class R Shares, on the terms set forth in the Fund's prospectus. Class R Shares have exclusive voting rights with respect to matters that exclusively affect Class R Shares and separate voting rights on any matter submitted to shareholders in which the interests of Class R Shares differ from the interests of any other class.

**Class-Specific Fees and Expenses**

Expenses shall be allocated among classes in a manner that is fair and equitable. Expenses relating to the Fund generally will be allocated among each class based upon the relative net assets of each such class. Expenses relating only to a particular class shall be allocated to that class.

**Expense Allocation**

Fund expenses will be allocated monthly to the respective share classes in accordance with Rule 18f-3(c) as now or hereafter in effect, subject to the oversight of the Board of Trustees.

## Ex-99.(H)(2)

**Exhibit (h)(2)**

**CAZ GP STAKES FUND**

**Amended and Restated Distribution and Service Plan**

February 24, 2026

**WHEREAS**, CAZ GP Stakes Fund (the "Fund") is registered as a continuously offered, non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "Act");

**WHEREAS**, the Fund intends to rely on exemptive relief granted by the U.S. Securities and Exchange Commission that permits the Fund to offer multiple classes of shares. It is anticipated that the Fund will offer the following share classes: Class A, Class C, Class E, Class I and Class R, and in the future, other classes of shares may be designated and offered;

**WHEREAS**, the Fund's Board of Trustees has divided the Fund's shares of beneficial interest ("Shares") into separate classes of Shares as set forth in Schedule A hereto (as may be amended from time to time) and may establish additional classes of Shares from time to time;

**WHEREAS**, the Fund has entered into a written Distribution Agreement (the "Agreement") with Ultimus Fund Distributors, LLC (the "Distributor") to act as the distributor of each class of Shares;

**WHEREAS**, the Fund, on behalf of certain classes of Shares as set forth in Schedule A, desires to adopt this Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the Act;

**WHEREAS**, the Fund desires to amend and restate the previously adopted Distribution and Service Plan as described hereunder (the "Plan"); and

**WHEREAS**, the Board of Trustees of the Fund has determined that there is a reasonable likelihood that adoption of the Plan will benefit the Fund and its shareholders.

**NOW, THEREFORE**, the Fund hereby adopts the Plan with respect to the applicable classes of Shares as set forth in Schedule A on the following terms and conditions:

1. <u>The Plan</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the class-specific arrangements set forth in Schedule A, the Fund is authorized to compensate
the Distributor for amounts expended to finance: (i) any activity primarily intended to result in the sale of Shares of the Fund ("Distribution-Related
Services"); and/or (ii) the provision of personal and account maintenance services ("Shareholder Services"). The amount
of such compensation paid during any one year shall not exceed the amounts set forth in Schedule A. Such compensation shall be calculated
and accrued daily and payable monthly or at such other intervals as the Board of Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distribution-Related Services and related expenses for which the Distributor may be compensated include,
without limitation: (i) marketing and promotional services including advertising; (ii) providing facilities to answer questions from prospective
investors about the Fund; (iii) preparing, printing and delivering prospectuses and shareholder reports to prospective shareholders; (iv)
complying with federal and state securities laws pertaining to the sale of Shares; and/or (v) performing such other services and obligations
as are set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Shareholder Services and related expenses for which the Distributor may be compensated include, without
limitation: (i) receiving and answering correspondence or responding to shareholder inquiries, including requests for prospectuses and
statements of additional information; and/or (ii) payments made to or on account of the Distributor, other brokers, dealers and financial
service firms that have entered into agreements with the Distributor or their respective officers, sales representatives and employees
who respond to inquiries of, and furnish assistance to, shareholders regarding their ownership of Shares or their accounts or who provide
similar services not otherwise provided by or on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor may use all or any portion of the amount received pursuant to this Plan to compensate
other brokers, dealers and financial service firms to the extent permitted under applicable laws or regulations for providing certain
services that constitute "any activity which is primarily intended to result in the sale of shares" within the meaning of
Rule 12b-1 under the Act and/or "personal and account maintenance services" within the meaning of Financial Industry Regulatory
Authority, Inc. ("FINRA") Rule 2341 (or any applicable successor rule), and/or to pay any of the expenses associated with
other activities authorized under this paragraph 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Appropriate adjustments to payments made pursuant to this paragraph 1 shall be made whenever necessary
to ensure that no payment is made by the Fund in excess of limits imposed by applicable laws or regulations, including FINRA rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The payment of fees to the Distributor is subject to compliance by the Distributor with the terms of the
Agreement.

2. <u>General Provisions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Plan shall not take effect until the Plan, together with any related agreement, has been approved
by votes of a majority of both (a) the Board of Trustees of the Fund; and (b) those Trustees of the Fund who are not "interested
persons" of the Fund (as defined by the Act) and who have no direct or indirect financial interest in the operation of the Plan
or any agreements related to it (the "Independent Trustees") in accordance with the requirements of the Act or any exemptive
relief therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Plan shall remain in effect until August 26, 2026, and shall continue in effect thereafter so long
as such continuance is specifically approved at least annually in the manner provided in paragraph 2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall provide to the Board of Trustees of the Fund and the Board shall review, at least
quarterly, a written report of services and expenses provided or incurred under this Plan, and the purposes for which such services were
performed and expenses were incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Plan will terminate automatically in the event of its assignment (as defined in the Act). In addition,
this Plan may be terminated at any time by a vote of a majority of the Independent Trustees or by vote of a majority of the outstanding
Shares of the applicable class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Plan may not be amended with respect to any class of Shares to increase materially the amount of
compensation payable pursuant to paragraph 1 unless such amendment is approved by a vote of at least a majority (as defined in the Act)
of the outstanding Shares of that class of the Fund, except to the extent that the approval of another class of the Fund is required in
accordance with Rule 18f-3 under the Act, in which case the approval of a majority (as defined in the Act) of the outstanding voting securities
of such class shall also be required. No material amendment to this Plan shall be made unless approved in the manner provided in paragraph
2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) While this Plan is in effect, the selection and nomination of the Trustees who are not interested persons
(as defined in the Act) of the Trust shall be committed to the discretion of the Trustees who are not such interested persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Trust shall preserve copies of this Plan and any related agreements and all reports made pursuant
to paragraph 2(c), for a period of not less than six years from the date of this Plan, any such agreement or any such report, as the case
may be, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The compensation determined in accordance with paragraph 1 with respect to each class of Shares set forth
in Appendix A shall be based upon the average monthly net assets of the Fund attributable to such class. The obligations of the Fund hereunder
are not personally binding upon, nor shall resort be had to the private property of any of the Trustees, shareholders, officers, employees
or agents of the Fund, but only the Fund's property allocable to each applicable class of Shares shall be bound.

**IN WITNESS WHEREOF**, the Fund has adopted this Plan as of the day and year first above written.

---

| | |
|:---|:---|
| **CAZ GP STAKES FUND** | **CAZ GP STAKES FUND** |
| By: | /s/ Isaiah Massey |
| Name: | Isaiah Massey |
| Title: | Authorized Person |

---

**Schedule A**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;***Share Class*** | &nbsp;&nbsp;***Distribution-Related<br> Services*** | &nbsp;&nbsp;***Shareholder Services*** | &nbsp;&nbsp;***Total Distribution-<br> Related and Shareholder<br> Services*** |
| &nbsp;&nbsp; <br> Class A<br>| &nbsp;&nbsp; <br> 0.60% | &nbsp;&nbsp; <br> 0.25% | &nbsp;&nbsp; <br> 0.60% |
| &nbsp;&nbsp; <br> Class C<br>| &nbsp;&nbsp; <br> 0.75% | &nbsp;&nbsp; <br> 0.25% | &nbsp;&nbsp; <br> 1.00% |
| &nbsp;&nbsp; <br> Class E<br>| &nbsp;&nbsp; <br> N/A | &nbsp;&nbsp; <br> N/A | &nbsp;&nbsp; <br> N/A |
| &nbsp;&nbsp; <br> Class I | &nbsp;&nbsp; <br> N/A | &nbsp;&nbsp; <br> N/A | &nbsp;&nbsp; <br> N/A |

---

## Ex-99.(K)(5)

**Exhibit (k)(5)**

**CAZ GP STAKES FUND**

**Shareholder Services Plan**

February 24, 2026

**WHEREAS**, CAZ GP Stakes Fund (the "Fund") is registered as a continuously offered, non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "Act");

**WHEREAS**, the Fund, on behalf of its Class R Shares of beneficial interest desires to adopt this Shareholder Services Plan (the "Plan") pursuant to Rule 12b-1 under the Act; and

**WHEREAS**, the Board of Trustees of the Fund has determined that there is a reasonable likelihood that adoption of the Plan will benefit the Fund and its shareholders.

**NOW, THEREFORE**, the Fund hereby adopts the Plan with respect to the applicable classes of Shares as set forth in Schedule A on the following terms and conditions:

1. The Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the class-specific arrangements set forth in Schedule A, the Fund is authorized to compensate
financial intermediaries, including CAZ GP Stakes Adviser LLC ("Financial Intermediaries"), for amounts expended to finance
the provision of personal and account maintenance services ("Shareholder Services"). The amount of such compensation paid
during any one year shall not exceed the amounts set forth in Schedule A. Such compensation shall be calculated and accrued daily and
payable monthly or at such other intervals as the Board of Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Shareholder Services and related expenses for which Financial Intermediaries may be compensated include,
without limitation: (i) receiving and answering correspondence or responding to shareholder inquiries, including requests for prospectuses
and statements of additional information; (ii) providing shareholder support services through customized websites and other platforms;
and/or (iii) payments made to or on account of Financial Intermediaries, other brokers, dealers and financial service firms that have
entered into agreements with Financial Intermediaries or their respective officers, sales representatives and employees who respond to
inquiries of, and furnish assistance to, shareholders regarding their ownership of Shares or their accounts or who provide similar services
not otherwise provided by or on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Financial Intermediaries may use all or any portion of the amount received pursuant to this Plan to compensate
other brokers, dealers and financial service firms to the extent permitted under applicable laws or regulations for providing certain
services that constitute "personal and account maintenance services" within the meaning of Financial Industry Regulatory Authority,
Inc. ("FINRA") Rule 2341 (or any applicable successor rule), and/or to pay any of the expenses associated with other activities
authorized under this paragraph 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Appropriate adjustments to payments made pursuant to this paragraph 1 shall be made whenever necessary
to ensure that no payment is made by the Fund in excess of limits imposed by applicable laws or regulations, including FINRA rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The payment of fees to Financial Intermediaries is subject to compliance by Financial Intermediaries with
the terms of the Agreement.

2. General Provisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Plan shall not take effect until the Plan, together with any related agreement, has been approved
by votes of a majority of both (a) the Board of Trustees of the Fund; and (b) those Trustees of the Fund who are not "interested
persons" of the Fund (as defined by the Act) and who have no direct or indirect financial interest in the operation of the Plan
or any agreements related to it (the "Independent Trustees") in accordance with the requirements of the Act or any exemptive
relief therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Plan shall remain in effect until February 24, 2027, and shall continue in effect thereafter so long
as such continuance is specifically approved at least annually in the manner provided in paragraph 2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The officers of the Fund shall provide to the Board of Trustees of the Fund and the Board shall review,
at least quarterly, a written report of services and expenses provided or incurred under this Plan, and the purposes for which such services
were performed and expenses were incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Plan will terminate automatically in the event of its assignment (as defined in the Act). In addition,
this Plan may be terminated at any time by a vote of a majority of the Independent Trustees or by vote of a majority of the outstanding
Shares of the applicable class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Plan may not be amended with respect to any class of Shares to increase materially the amount of
compensation payable pursuant to paragraph 1 unless such amendment is approved by a vote of at least a majority (as defined in the Act)
of the outstanding Shares of that class of the Fund, except to the extent that the approval of another class of the Fund is required in
accordance with Rule 18f-3 under the Act, in which case the approval of a majority (as defined in the Act) of the outstanding voting securities
of such class shall also be required. No material amendment to this Plan shall be made unless approved in the manner provided in paragraph
2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) While this Plan is in effect, the selection and nomination of the Trustees who are not interested persons
(as defined in the Act) of the Trust shall be committed to the discretion of the Trustees who are not such interested persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Trust shall preserve copies of this Plan and any related agreements and all reports made pursuant
to paragraph 2(c), for a period of not less than six years from the date of this Plan, any such agreement or any such report, as the case
may be, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The compensation determined in accordance with paragraph 1 with respect to each class of Shares set forth
in Appendix A shall be based upon the average daily net assets of the Fund attributable to such class. The obligations of the Fund hereunder
are not personally binding upon, nor shall resort be had to the private property of any of the Trustees, shareholders, officers, employees
or agents of the Fund, but only the Fund's property allocable to each applicable class of Shares shall be bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Plan is adopted pursuant to Rule 12b-1 under the Act.

**IN WITNESS WHEREOF**, the Fund has adopted this Plan as of the day and year first above written.

---

| | |
|:---|:---|
| **CAZ GP Stakes FUND** | **CAZ GP Stakes FUND** |
| By: | /s/ Isaiah Massey |
| Name: | Isaiah Massey |
| Title: | Authorized Person |

---

**Schedule A**

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Share Class*** | &nbsp;&nbsp;***Shareholder Services*** |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;0.25% |

---