# EDGAR Filing Document

**Accession Number:** 0001609211
**File Stem:** 0001193125-26-251444
**Filing Date:** 2026-6
**Character Count:** 2032983
**Document Hash:** 3262603ad5a7cf43e295e37521b136a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-251444.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001193125-26-251444

**CONFORMED SUBMISSION TYPE**: 486APOS

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMG Pantheon Fund, LLC
- **CENTRAL INDEX KEY:** 0001609211

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

**FILING VALUES:**
- **FORM TYPE:** 486APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22973
- **FILM NUMBER:** 261050943

**BUSINESS ADDRESS:**
- **STREET 1:** 680 WASHINGTON BOULEVARD, SUITE 500
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901
- **BUSINESS PHONE:** 800-835-3879

**MAIL ADDRESS:**
- **STREET 1:** 680 WASHINGTON BOULEVARD, SUITE 500
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMG Pantheon Private Equity Fund, LLC
- **DATE OF NAME CHANGE:** 20140527
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMG Pantheon Fund, LLC
- **CENTRAL INDEX KEY:** 0001609211

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

**FILING VALUES:**
- **FORM TYPE:** 486APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289032
- **FILM NUMBER:** 261050942

**BUSINESS ADDRESS:**
- **STREET 1:** 680 WASHINGTON BOULEVARD, SUITE 500
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901
- **BUSINESS PHONE:** 800-835-3879

**MAIL ADDRESS:**
- **STREET 1:** 680 WASHINGTON BOULEVARD, SUITE 500
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMG Pantheon Private Equity Fund, LLC
- **DATE OF NAME CHANGE:** 20140527

As filed with the Securities and Exchange Commission on June 1, 2026

Securities Act File No. 333-289032

Investment Company Act File No. 811-22973

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-2

REGISTRATION STATEMENT UNDER

THE SECURITIES ACT OF 1933 [X]

PRE-EFFECTIVE AMENDMENT NO.<u> </u> [ ]

POST-EFFECTIVE AMENDMENT NO. 1[ ]

AND/OR

THE INVESTMENT COMPANY ACT OF 1940 [X]

Amendment No. <u>23</u> [X]

AMG PANTHEON FUND, LLC

(Exact Name of Registrant as Specified in its Charter)

680 Washington Boulevard, Suite 500

Stamford, Connecticut 06901

(Address of Principal Executive Offices)

Registrant's Telephone Number, including Area Code: (877) 355-1566

Mark J. Duggan

AMG Funds LLC

680 Washington Boulevard, Suite 500

Stamford, Connecticut 06901

(Name and address of agent for service)

Copy to:

Gregory C. Davis

Ropes & Gray LLP

One Maritime Plaza, Suite 1800

300 Clay Street

San Francisco, CA 94111

------

**Approximate Date 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

*The following boxes should only be included and completed if the registrant is making this filing in accordance with Rule 486 under the Securities Act.* 

☐ immediately upon filing pursuant to paragraph (b)

☐ on (date) pursuant to paragraph (b)

☒ 60 days after filing pursuant to paragraph (a)

☐ on (date) pursuant to paragraph (a)

**If appropriate, check the following box:** 

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

☐ 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:<u> </u>.

☐ 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: .

**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).

------

**PROSPECTUS** 

## AMG Pantheon Fund, LLC
**CLASS 1 UNITS** 

**[July 31, 2026]** 

AMG Pantheon Fund, LLC (the "Fund") is a Delaware limited liability company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end, non-diversified, management investment company. The Fund's investment adviser is Pantheon Ventures (US) LP (the "Adviser"). The Fund's investment objective is to seek long-term capital appreciation. In pursuing its investment objective, the Fund invests substantially all of its assets in AMG Pantheon Master Fund, LLC (the "Master Fund"), a Delaware limited liability company also registered under the 1940 Act as a non-diversified, closed-end management investment company. The Master Fund has the same investment objective as that of the Fund. The Master Fund expects to invest primarily in private investments, including primary and secondary investments in private equity, infrastructure, and other private asset funds ("Investment Funds") and co-investments in portfolio companies, although the allocation among those types of investments may vary from time to time.

The Fund offers Class 1, Class 2, Class 3, Class 4 and Class 5 units of beneficial interest. The Fund has registered under the Securities Act of 1933, as amended (the "Securities Act"), $[ ] in units of beneficial interest that are for sale under this registration statement, or are being carried forward from a previous registration statement, to which this prospectus (the "Prospectus") relates. This Prospectus offers Class 1 units of beneficial interest of the Fund (the "Units"). Class 2, Class 3, Class 4, and Class 5 units of beneficial interest of the Fund are offered in a separate prospectus. You may call BNY Mellon Investment Servicing (US) Inc., the Fund's transfer agent (the "Transfer Agent"), at (877) 355-1566 to obtain more information concerning the Fund's Class 2, Class 3, Class 4, and Class 5 units, including the prospectus for such units. No person who is admitted as a unitholder of the Fund (an "Investor") will have the right to require the Fund to redeem any Units, and the Units will have very limited liquidity, as described in this Prospectus. A distribution by the Fund potentially may be treated as a return of capital for U.S. federal income tax purposes. A return of capital is not taxable, but it reduces an Investor's tax basis in its Units, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the Investor of its Units. The Fund has previously been registered under the 1940 Act.

[To be updated by amendment]

---

| | | |
|:---|:---|:---|
|  | **Price to Public** | **Proceeds to the Fund<sup>(2)</sup>** |
| Per Class 1 Unit<sup>(1)</sup> | At Current NAV | Amount Invested at<br> Current NAV |
| Total, including Class 2, Class 3, Class 4 and Class 5 units of the Fund | Up to $[ ] | Up to $[ ] <sup>(3)</sup> |

---

<sup>(1)</sup> The Class 1 Units will be publicly offered at current net asset value ("NAV") per unit and are not subject to any sales loads. See "The Offering" below.

<sup>(2)</sup> The Adviser has entered into an "Expense Limitation and Reimbursement Agreement" with the Fund, the Master Fund, and each of the Master Fund's two wholly-owned subsidiaries to waive the monthly management fee payable to the Adviser by any of the Master Fund and its subsidiaries, as applicable, and to pay or reimburse the Fund's expenses such that the Fund's total annual operating expenses (exclusive of certain "Excluded Expenses" listed on page [16]) do not exceed 1.45% per annum of the Fund's net assets as of the end of each calendar month (the "Expense Cap"). The Expense Limitation and Reimbursement Agreement shall remain in effect until such time that the Adviser ceases to be the investment adviser of the Fund or upon mutual agreement among the Adviser and the Board of the Fund. See "Expense Limitation and Reimbursement Agreement" below. 

P090-[0726]

------

<sup>(3)</sup> Total proceeds to the Fund assume the sale of all Units registered under this registration statement, or carried forward from a previous registration statement, to which this Prospectus relates. 

AMG Distributors, Inc. (the "Distributor") acts as the distributor for the Units and serves in that capacity on a best efforts basis, subject to various conditions. Pantheon Securities, LLC, a wholly-owned subsidiary of Pantheon Ventures Inc., acts as sub-distributor for the Units.

PURCHASERS OF UNITS OF THE FUND WILL BECOME BOUND BY THE TERMS AND CONDITIONS OF THE LIMITED LIABILITY COMPANY AGREEMENT OF THE FUND (THE "LLC AGREEMENT"). A COPY OF THE LLC AGREEMENT IS ATTACHED AS APPENDIX A TO THIS PROSPECTUS.

AN INVESTMENT IN THE FUND SHOULD BE CONSIDERED A SPECULATIVE INVESTMENT THAT ENTAILS SUBSTANTIAL RISKS, INCLUDING BUT NOT LIMITED TO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **LOSS OF CAPITAL.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **THE UNITS WILL NOT BE LISTED ON ANY SECURITIES EXCHANGE AND IT IS NOT ANTICIPATED THAT A SECONDARY MARKET FOR THE UNITS WILL DEVELOP.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **THE UNITS ARE SUBJECT TO SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE LLC AGREEMENT.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **ALTHOUGH THE FUND MAY OFFER TO REPURCHASE UNITS FROM TIME TO TIME, UNITS ARE NOT REDEEMABLE AT AN INVESTOR'S SOLE OPTION NOR ARE THEY EXCHANGEABLE FOR UNITS OR SHARES OF ANY OTHER FUND. AS A RESULT, AN INVESTOR MAY NOT BE ABLE TO SELL OR OTHERWISE LIQUIDATE HIS OR HER UNITS OR MAY LIQUIDATE HIS OR HER UNITS BELOW THE PRICE OF THE INVESTOR'S INITIAL PURCHASE PRICE.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.** SEE "TYPES OF INVESTMENTS AND RELATED RISK FACTORS – CLOSED-END FUND; LIQUIDITY
RISKS" AND "– REPURCHASE RISKS."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **INVESTORS WILL BEAR SUBSTANTIAL DIRECT AND INDIRECT FEES AND EXPENSES IN CONNECTION WITH THEIR INVESTMENT IN THE FUND.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **THE UNDERLYING INVESTMENT FUNDS INVOLVE A HIGH DEGREE OF BUSINESS AND FINANCIAL RISK THAT CAN LEAD TO SUBSTANTIAL LOSSES.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **IT IS ANTICIPATED THAT THE FUND WILL REPURCHASE NO MORE THAN 5% OF ITS NET ASSETS PER QUARTER.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **THE FUND SHOULD BE CONSIDERED A COMPLEX INVESTMENT AND ENTAILS SUBSTANTIAL RISK. INVESTORS SHOULD INVEST IN THE FUND ONLY IF THEY CAN SUSTAIN A SUBSTANTIAL OR COMPLETE LOSS OF THEIR INVESTMENT.** 

See "Types of Investments and Related Risk Factors."

This Prospectus sets forth information that you should know about the Fund before investing. You are advised to read this Prospectus carefully and to retain it for future reference. Additional information about the Fund, including the Fund's statement of additional information ("SAI"), dated [July 31, 2026], as revised or supplemented from time to time, has been filed with the SEC. The SAI is incorporated by reference into this Prospectus in its entirety. You can obtain a copy of the SAI and the Fund's annual and semi-annual reports without charge by writing to or calling the Transfer Agent at (877) 355-1566. You can obtain the SAI, material incorporated by reference herein and other information about the Fund on the SEC's website (<u>http://www.sec.gov</u>). Additionally, quarterly and monthly performance, semi-annual and annual reports and other information regarding the Fund may be found on the Fund's investor web portal.

------

**None of the Securities and Exchange Commission (the "SEC"), the Commodity Futures Trading Commission, or any state securities commission has approved or disapproved the Fund's Units or passed upon the adequacy of the disclosure in this Prospectus. Any representation to the contrary is a criminal offense.** 

No broker-dealer, salesperson, or other person is authorized to give an Investor any information or to represent anything not contained in this Prospectus. As an Investor, you must not rely on any unauthorized information or representations that anyone provides to you, including information not contained in this Prospectus, the SAI or the accompanying exhibits. The information contained in this Prospectus is current only as of the date of this Prospectus.

The stated minimum initial investment in the Fund is $10,000 for the Class 1 Units, and the minimum additional investment in the Fund is $2,500. Each of the Adviser or AMG Funds LLC reserves the right, on behalf of the Fund, to waive the minimum initial and additional investment amounts in their sole discretion. See "Summary of Terms—Application for Units." Investors should review the prospectus for Class 2, Class 3, Class 4, and Class 5 units of the Fund to determine whether they are eligible to invest in such units.

In making an investment decision, investors must rely upon their own examination of the Fund and the terms of the offering, including the merits and risks involved. Units of the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank or other insured financial institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

Prospective investors should not construe the contents of this Prospectus as legal, tax, or financial advice. Each prospective investor should consult with his or her own professional advisers as to the legal, tax, financial, or other matters relevant to the suitability of an investment in the Fund.

The date of this Prospectus is [July 31, 2026].

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [SUMMARY OF TERMS](#pro1147541_1) | 5 |
|  [SUMMARY OF FUND EXPENSES](#pro1147541_2) | 30 |
|  [FINANCIAL HIGHLIGHTS](#pro1147541_3) | 33 |
|  [PRIVACY POLICY](#pro1147541_4) | 34 |
|  [USE OF PROCEEDS](#pro1147541_5) | 35 |
|  [THE FUND](#pro1147541_6) | 35 |
|  [STRUCTURE](#pro1147541_7) | 35 |
|  [INVESTMENT PROGRAM](#pro1147541_8) | 36 |
|  [TYPES OF INVESTMENTS AND RELATED RISK FACTORS](#pro1147541_9) | 45 |
|  [CONFLICTS OF INTEREST](#pro1147541_10) | 71 |
|  [MANAGEMENT OF THE FUND](#pro1147541_11) | 73 |
|  [FEES AND EXPENSES](#pro1147541_12) | 79 |
|  [DESCRIPTION OF UNITS](#pro1147541_13) | 82 |
|  [DISTRIBUTION POLICY; DIVIDENDS](#pro1147541_14) | 84 |
|  [APPLICATION FOR INVESTMENT](#pro1147541_15) | 84 |
|  [REPURCHASES OF UNITS AND TRANSFERS](#pro1147541_16) | 85 |
|  [CALCULATION OF NET ASSET VALUE](#pro1147541_17) | 90 |
|  [CERTAIN TAX CONSIDERATIONS](#pro1147541_18) | 91 |
|  [ERISA CONSIDERATIONS](#pro1147541_19) | 102 |
|  [ADDITIONAL INFORMATION](#pro1147541_20) | 104 |
|  [APPENDIX A: LIMITED LIABILITY COMPANY AGREEMENT](#pro1147541_21) | A-1 |

---

------

**AMG PANTHEON FUND, LLC** 

**Class 1 Units** 

**SUMMARY OF TERMS** 

This is only a summary and does not contain all of the information that a prospective Investor (as defined below) should consider before investing in AMG Pantheon Fund, LLC (the "Fund"). Before investing, a prospective Investor in the Fund should carefully read the more detailed information appearing elsewhere in this prospectus (the "Prospectus") and the Fund's statement of additional information (the "SAI"), each of which should be retained for future reference by any prospective Investor.

---

| | |
|:---|:---|
| **The Fund** | The Fund is a Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end, non-diversified management investment company. The Fund's investment adviser is Pantheon Ventures (US) LP (the "Adviser"). The Fund has elected and intends each year to qualify and be eligible to be treated as a regulated investment company (a "RIC") under the Internal Revenue Code of 1986, as amended (the "Code").<br>The Fund is an appropriate investment only for investors ("Investors") who can tolerate a high degree of risk and do not require a liquid investment.<br>The Fund offers Class 1, Class 2, Class 3, Class 4 and Class 5 units of beneficial interest, each of which is subject to different investment minimums and fees and expenses, which may affect performance. Each class of units (each, a "Class") has certain differing characteristics, particularly in terms of the sales load that Investors in that class may bear, and the distribution fees and investor servicing fees that each class may be charged. This Prospectus relates to Class 1 units of the Fund (the "Units"). Class 2, Class 3, Class 4, and Class 5 units of the Fund are offered in a separate prospectus. |
| **Investment Objective and Strategies** | The Fund's investment objective is to seek long-term capital appreciation. In pursuing its investment objective, the Fund invests substantially all of its assets in AMG Pantheon Master Fund, LLC (the "Master Fund"), a Delaware limited liability company also registered under the 1940 Act as a non-diversified, closed-end management investment company. The Master Fund has the same investment objective and identical investment policies as those of the Fund. This form of investment structure is commonly known as a "master-feeder fund" arrangement. In addition to units of the Master Fund, the Fund may hold a portion of its assets in cash to pay for current operating expenses. The Adviser also acts as investment adviser to the Master Fund.<br>Under normal circumstances, the Master Fund expects to invest, directly or indirectly, primarily in any of (i) private equity investments of any type, including primary and secondary investments in private equity, infrastructure and other private asset funds ("Investment Funds") and investments in companies that are typically made alongside one or more Investment Funds ("Co-Investment Opportunities"), (ii) exchange-traded funds ("ETFs") designed to track equity indexes and (iii) cash, cash equivalents and other short-term investments. The allocation among these types of investments may vary from time to time.<br>The Fund's investments in Investment Funds, Co-Investment Opportunities and other private investments are referred to herein as "Private Fund Investments." |

---

------

The Master Fund may make investments directly or indirectly through its subsidiaries that are 100% owned ("Wholly-Owned") by the Master Fund (each a "Subsidiary" and together, the "Subsidiaries").<br>Except as otherwise provided, references to the Fund's investments also will refer to the Master Fund's investments and each Subsidiary's investments, in each case, for the convenience of the reader.<br>The Adviser believes that the Fund's investment program will offer a unique approach to private equity investing for Investors who previously have not had access to high quality private equity investment funds and co-investments in portfolio companies. In pursuing the Fund's investment objective, the Adviser will allocate capital in the private equity portion of its portfolio across primary and secondary investments in Investment Funds and co-investments in portfolio companies. The Adviser will seek to invest across a broad spectrum of Investment Funds (e.g., buyout, growth capital, special situations, credit, private infrastructure, real estate, real assets, and other private asset funds), determined by a diverse selection of geographies (e.g., North America, Europe, Asia, and emerging markets) and vintage years (i.e., the year in which an Investment Fund begins investing).<br>Notwithstanding the foregoing, while the Master Fund seeks opportunities to deploy capital in any way consistent with its investment objectives and strategies, the Adviser to date has invested the private equity portion of its portfolio primarily in co-investments and/or secondaries of Investment Funds. At any given time, the Master Fund's geographic allocation may be overweighted to one geography, with a corresponding underweighting of, or potentially even the exclusion of, other geographies. In addition, the Master Fund's ability to access certain types of investment opportunities, including certain types of Private Fund Investments, may be limited by legal, regulatory or tax considerations related to the Master Fund's status as a registered investment company, resulting in periods during which the Master Fund may not have any exposure to such investments.<br>The Fund has been structured with the intent of seeking to alleviate or reduce a number of the burdens on investors typically associated with private equity investing, such as funding capital calls on short notice, reinvesting distribution proceeds, meeting large minimum commitment amounts, and receiving tax reporting on potentially late Schedule K-1s.<br>To maintain liquidity and to fund Investment Fund capital calls, the Master Fund may invest in ETFs designed to track equity indexes and, to a lesser extent, in cash and short-term securities. In addition, the Master Fund may use derivative instruments, primarily equity options and swaps, for hedging purposes. Furthermore, the Master Fund may hold a substantial portion of the Master Fund's assets in ETFs, cash and short term investments as it seeks desirable investments for the private equity portion of the Master Fund's portfolio.<br>In addition to the foregoing, the Master Fund may utilize a revolving credit facility to satisfy repurchase requests, to meet capital calls and to otherwise provide the Master Fund with temporary liquidity.<br>The Master Fund has obtained an exemptive order from the SEC that permits the Master Fund to invest alongside affiliates, including certain public or private funds managed by the Adviser and its affiliates, subject to certain terms and conditions.<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Fund**<br>The Fund is a specialized investment vehicle that incorporates both features of an unregistered private investment fund and features of a closed-end investment company that is registered under the 1940 Act. The Fund is similar to an unregistered private investment fund in that (i) certain classes of Units will be sold in comparatively large minimum denominations, and Units will be subject to restrictions on transfer; and (ii) the Fund will pay, and Investors will bear, an asset-based investment management fee, and will be subject indirectly to asset-based fees, carried interests, and incentive allocations charged by the underlying Investment Funds in which the Master Fund may invest.<br>Each underlying Investment Fund and Private Fund Investment made through an investment entity or structure (and not directly) is, or will be, managed by the general partner or manager (or equivalent) of the Investment Fund or entity or structure (such general partner, manager, or equivalent in respect of any Investment Fund, entity or structure being hereinafter referred to as the "Investment Fund Manager" of such Investment Fund, entity or structure) under the direction of the portfolio managers or investment teams selected by the Investment Fund Manager.<br>Private equity is a common term for investments that are typically made in non-public companies through privately negotiated transactions. Private equity investors generally seek to acquire quality assets at attractive valuations and use operational expertise to enhance value and improve portfolio company performance. Buyout funds acquire private and public companies, as well as divisions of larger companies. Private equity specialists then seek to uncover value enhancing opportunities in portfolio companies, unlock the value of the portfolio company and reposition it for sale at a multiple of invested equity.<br>The Master Fund may allocate assets to Investment Funds that focus on buyout, growth capital, special situations, credit, real estate, real assets, private infrastructure investments, and/or other private assets.<br>• *Buyout*. Control investments in established, cash flow positive companies are usually classified as buyouts. Buyout investments may focus on small-, mid-, large-, or mega-capitalization companies, and such investments collectively represent a substantial majority of the capital deployed in the overall private equity market. The use of debt financing, or leverage, is prevalent in buyout transactions—particularly in the large- and mega-cap segment.<br>• *Growth Capital*. Growth capital typically involves minority investments in established companies with strong growth characteristics and typically does not utilize much, if any, leverage. Companies that receive growth capital investments typically are profitable businesses that need capital for organic and acquisition growth strategies and shareholder liquidity.<br>• *Special Situations*. Special situations investments may include debt investments that provide a middle level of financing below the senior debt level and above the equity level. A typical special situations investment may include a loan to a borrower, together with equity in the form of warrants, common stock, preferred stock or some other form of equity investment. In addition, special situations investments may include other forms of investment not described herein, such as distressed debt, infrastructure, energy or utility investments and turnaround investments.<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Credit*. Credit investments may include primary and secondary investments and co-investments in private credit funds targeting a range of debt strategies, including senior secured loans, mezzanine and subordinated debt investments, special situations and distressed investments. The Master Fund may also invest directly in the debt of private operating companies. The credit investments to which the Master Fund may directly or indirectly allocate its assets may include low grade or unrated debt securities (i.e., "high yield" or "junk" bonds).<br>• *Real Estate*. Real estate investments may include single-property real estate opportunities in the United States and abroad and large-cap companies with real estate portfolios. The Fund may invest in real estate, including without limitation, through joint ventures with affiliated or unaffiliated third parties.<br>• *Private Infrastructure, Real Assets and Other Private Assets*. Private infrastructure investments may include companies and funds that focus on utilities infrastructure (e.g., conventional and renewable power and transmission, electricity, gas and water networks) and/or transportation infrastructure (e.g., airports, ports, railways, and roads). Investments in real assets may provide exposure to real estate, commodities, natural resources (such as agriculture and timber), infrastructure, and precious metals. Other private asset investments may include opportunities in other assets.<br>Types of private equity investments that the Master Fund may make include:<br>• *Primary Investments*. Primary investments (primaries) are interests or investments in newly established private equity funds. Most private equity fund sponsors raise new funds only every two to four years. Because of the limited windows of opportunity for making primary investments in particular funds, strong relationships with leading fund sponsors are highly important for primary investors. Primary investors subscribe for interests during an initial fundraising period, and their capital commitments are then used to fund investments in a number of individual operating companies during a defined investment period. Primary investments are usually ten to thirteen years in duration, while underlying investments in portfolio companies generally have a three- to seven-year duration, if not longer.<br>• *Secondary Investments (secondaries)*. Traditional secondary investments, or "LP-led secondaries," 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. Because secondaries typically already have invested in portfolio companies, they are viewed as more mature investments than primaries and further along in their development pattern. General Partner (GP)-led secondaries are typically interests or investments in newly established vehicles that are created to acquire and hold one or more assets of an existing private investment fund and are led by the GP of the private investment fund.<br>• *Direct Investment/Co-Investments*. Direct investments involve acquiring an interest in securities issued by an operating company. Such investments are typically made as co-investments alongside private equity funds, and are usually structured such that the lead investor holds a controlling interest. Direct investments and co-investments, unlike investments in Investment Funds, generally do not bear an additional layer of fees or bear significantly reduced fees. The Fund expects that a pro rata portion of any additional fees borne by the Master Fund as a result of direct investments and/or co-investments would<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; be paid by the Fund and other investors in the Master Fund to the third party sponsoring such direct investments and/or co-investments and such additional fees are included as Acquired Fund Fees and Expenses in the Fund's Total Annual Expenses.<br>**Investment Strategies**<br>The principal elements of the Adviser's private equity investment strategy include: (i) allocating the assets of the Master Fund across Investment Funds, portfolio companies, and other assets, although the private equity portion of the Master Fund's portfolio to date has been invested primarily in portfolio companies (co-investments) and/or secondaries; (ii) seeking to secure access to attractive investment opportunities that the Adviser believes offer attractive value; (iii) seeking to manage the Master Fund's investment level and liquidity using the Adviser's commitment strategy; and (iv) seeking to manage risk through ongoing monitoring of the Master Fund's portfolio.<br>*Allocation*. Just as in public equity markets, the Adviser believes that asset allocation across private equity market segments is a cornerstone of long-term portfolio performance. The Adviser seeks to implement a proactive approach to portfolio construction driven by allocation across managers, stages, vintages, geographies, and industries.<br>*Access*. The Fund through the Master Fund will provide Investors with access to Private Fund Investments that are generally unavailable to the investing public due to resource requirements and high investment minimums.<br>*Commitment Strategy*. Private equity investments are complicated by the fact that commitments to Investment Funds are generally not immediately invested. Instead, amounts of capital committed to investment in the Investment Funds are drawn down and invested over time, as underlying investments are identified by the relevant Investment Fund Manager—a process that may take a period of several years. As a result, without an appropriate commitment strategy, a significant investment position could be difficult to achieve. "Commitment strategy" refers to the Adviser's strategy for managing this process of committing capital to underlying investments. The Adviser intends to manage the Master Fund's commitment strategy with a view towards balancing liquidity while maintaining a high level of investment. The Adviser will seek to address this challenge using a commitment strategy designed to provide an appropriate investment level. As disclosed above, the Master Fund to date has been comprised primarily of co-investments and secondary investments and will evolve over time to include a higher percentage of primary investments. Furthermore, the Master Fund may commit to invest in private equity investments—both primaries and secondaries—in an aggregate amount that exceeds the Master Fund's then-current assets (i.e., to "over-commit") to provide an appropriate investment level.<br>The commitment strategy will aim to sustain a high level of investment where possible by making commitments based on anticipated future distributions from investments. The commitment strategy will also take other anticipated cash flows into account, such as those relating to new subscriptions, borrowing through a credit facility, the tender of Units by Investors and any distributions made to Investors. To forecast portfolio cash flows, the Adviser will utilize a model that incorporates historical data, actual portfolio observations, insights from the Investment Fund Managers and forecasts by the Adviser. The commitment strategy—and, specifically, the "over-commitment" strategy—carries a degree of risk. See "Types of Investments and Related Risk Factors—Commitment Strategy."<br>

------

*Primary Investments*. Primary investments, or "primaries," refer to investments in newly established private equity funds that have not yet begun operation. Primary investments are made during an initial fundraising period in the form of capital commitments, which are then called down by the Investment Fund and utilized to finance its investments in portfolio companies during a predefined period. Primary investments in Investment Funds typically range in duration from ten to thirteen years, while underlying investments in portfolio companies generally have a three to seven year range of duration, if not longer. Most private equity sponsors raise new funds only every two to four years. Because of the limited windows of opportunity for making primary investments in particular funds, strong relationships with leading fund sponsors are highly important for primary investors.<br>Primary investments typically exhibit a value development pattern, commonly known as the "J-curve," in which the net asset value typically declines moderately during the early years of the private equity fund's life as investment-related fees and expenses are incurred before investment gains have been realized. As the private equity fund matures and as portfolio companies are sold, the pattern typically reverses, with increasing net asset value and distributions. There can be no assurance, however, that any or all primary investments made by the Master Fund will exhibit this pattern of investment returns.<br>*Secondary Investments ("secondaries")*. Traditional secondary investments, or "LP-led secondaries," refer to investments in existing private equity funds through the acquisition of an existing interest in a private equity fund from a third-party investor in a privately negotiated transaction. The buyer of the existing investment agrees to take on future funding obligations in exchange for future returns and distributions. A secondary investment will often take place at a discount to an Investment Fund's net asset value and the Master Fund may, if deemed necessary or appropriate, for liquidity or portfolio management reasons, seek to sell Investment Fund positions on private equity secondary markets that may be at a discount to NAV. Because secondaries typically already have invested in portfolio companies, they are viewed as more mature investments than primaries and further along in their development pattern. As a result, their investment returns may not exhibit a pronounced J-curve pattern expected to be achieved by primaries in their early stages. In addition, secondaries can typically provide earlier distributions than primaries. There can be no assurance, however, that any or all secondary investments made by the Master Fund will exhibit this pattern of investment development. In addition, the Master Fund's ability to access secondary investments may be limited by legal, regulatory or tax considerations related to the Master Fund's status as a registered investment company, resulting in periods during which the Master Fund may not have any exposure to such investments.<br>General Partner (GP)-led secondaries are typically interests or investments in newly established vehicles that are created to acquire and hold one or more assets of an existing private investment fund and are led by the GP of the private investment fund. The GP initiates a sale of some or all of the private investment fund's assets to a new vehicle, and existing investors of the private investment fund and new investors are given the opportunity to invest in the new vehicle.<br>*Co-Investments/Direct Investments*. Direct investments involve acquiring an interest in securities issued by an operating company. Such investments are typically made as co-investments alongside a private equity fund.<br>*Vintage Year*. "Vintage year" refers to the year in which an Investment Fund begins investing in portfolio companies. An Investment Fund's vintage year may be used to compare its performance to that of other private equity funds of the same vintage year.<br>

------

*Risk Management*. The long-term nature of private equity investments requires a commitment to ongoing risk management. The Adviser seeks to maintain close contact with the Investment Fund Managers with whom it invests, and to monitor the performance of Investment Funds and developments at the individual portfolio companies in which the Master Fund invests directly and that are material positions in the Investment Funds held by the Master Fund. By tracking commitments, capital calls, distributions, valuations, and other pertinent details, the Adviser will seek to recognize potential issues and to take appropriate action.<br>The Adviser intends to use a range of techniques to reduce the risk associated with the commitment strategy. These techniques may include, without limitation, (i) allocating commitments across several geographies and vintage years; (ii) allocating capital among primary investments, secondary investments, and co-investment opportunities; (iii) actively managing cash and liquid assets; (iv) actively monitoring cash flows; (v) seeking to establish a credit line to provide liquidity to satisfy tender requests and capital call obligations, consistent with the limitations and requirements of the 1940 Act; (vi) seeking to invest in ETFs, cash, and short-term securities to provide liquidity to satisfy tender requests and capital calls, consistent with the limitations and requirements of the 1940 Act; and (vii) seeking the use of derivative instruments, primarily equity options and swaps, for hedging purposes.<br>The Adviser may sell the Master Fund's portfolio holdings at any time, including to enhance the Master Fund's liquidity, particularly in times of possible net outflows through the tender of Units by Investors (including, during adverse market conditions, selling investments at a discount).<br>The Master Fund expects that a portion of its holdings will consist of liquid assets for purposes of liquidity management. The Fund may borrow for investment purposes. The 1940 Act requires a registered investment company to satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time indebtedness occurs (the "Asset Coverage Requirement"). This means that the value of the Fund's total indebtedness may not exceed one-third of the value of its total assets, including the value of the assets purchased with the proceeds of its indebtedness. Subject to certain exceptions, the 1940 Act also generally restricts the Fund from declaring cash distributions on, or repurchasing, shares unless senior securities representing indebtedness have an asset coverage of not less than 300% after giving effect to such distribution or repurchase. 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, measured at the time of borrowing. Such temporary borrowings are not subject to the Asset Coverage Requirement in connection with the Fund's borrowings for investment purposes. Investments or trading practices that involve contractual obligations to pay in the future are generally subject to the Asset Coverage Requirement unless the Fund designates liquid assets in an amount the Fund believes to be equal to the Fund's contractual obligations (marked-to-market on a daily basis) or appropriately "covers" such obligations with offsetting positions.<br>The Adviser and its personnel use a range of resources to identify and source the availability of promising Private Fund Investments. The Adviser's diligence process focuses on risk management, investment, and operational diligence. The Adviser incorporates both bottom-up and top-down analyses in the investment process, which is designed to identify those investments with the greatest potential to deliver superior performance, while being mindful of the need for adequate diversification and risk management. The bottom-up process seeks to identify the relevant strengths and weaknesses of each potential Investment Fund Manager, while the top-down process seeks to analyze whether each manager fits within the agreed overall target allocations<br>

------

for the strategy. The Adviser will select investment strategies and Investment Funds on the basis of availability, pricing in the case of secondaries, and various qualitative and quantitative criteria, including the Adviser's analysis of actual and projected cash flows and past performance of an Investment Fund during various time periods and market cycles; and the Investment Fund Managers' reputation, experience, expertise, and adherence to investment philosophy. During this diligence process, the Adviser reviews offering documents, financial statements, regulatory filings and client correspondence, and may conduct interviews with senior personnel of existing Investment Fund Managers. In particular, the Adviser expects to regularly communicate with Investment Fund Managers and other personnel about the Investment Funds in which the Master Fund has invested or may invest, or about particular investment strategies, categories of private equity, risk management and general market trends. This interaction facilitates ongoing portfolio analysis and may help to address potential issues, such as loss of key team members or proposed changes in constituent documents. It also provides ongoing due diligence feedback, as additional investments, secondary investments and new primary investments with a particular Investment Fund Manager are considered. The Adviser may also perform background and reference checks on Investment Fund personnel.<br>After making an investment in an Investment Fund, and as part of its ongoing diligence process, the Adviser will seek to: track operating information and other pertinent details; participate in periodic conference calls with Investment Fund Managers and onsite visits where appropriate; review audited and unaudited reports; and monitor turnover in senior Investment Fund personnel and changes in policies. In conjunction with the due diligence process, the tax treatment and legal terms of the investment are considered.<br>In allocating the Master Fund's capital, the Adviser will attempt to benefit from the strong performance track record of various Investment Funds and Investment Fund Managers, combined with access to new and existing Investment Funds and co-investments. The Adviser will seek to limit the Master Fund's investment in any one Investment Fund or co-investment to no more than 25% of the Master Fund's gross assets (measured at the time of investment).<br>The Adviser may invest the Master Fund's assets in Investment Funds that engage in investment strategies other than those described in this Prospectus, and may sell the Master Fund's portfolio holdings at any time.<br>The Fund invests substantially all of its assets in interests of the Master Fund ("Master Fund Interests"). The Fund is a non-diversified, closed-end management investment company for purposes of the 1940 Act. Each of the Fund and the Master Fund intends each year to qualify and be eligible to be treated as a RIC under the Code. To qualify and to be treated as a RIC under the Code, each of the Fund and the Master Fund must, among other things: (i) derive in each taxable year at least 90% of its gross income from (a) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stocks, securities or foreign currencies, or other income derived with respect to its business of investing in such stocks, securities or currencies, and (b) net income from interests in "qualified publicly traded partnerships" (as defined in the Code); (ii) diversify its holdings so that, at the end of each quarter of the taxable year, (a) at least 50% of the value of its total assets is represented by cash and cash items (including receivables), U.S. government securities, the securities of other RICs and other securities, with such other securities of any one issuer limited for the purposes of this calculation to an amount not greater than 5% of the value of its total assets and not greater than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of its total assets is invested, including through corporations<br>

------

---

| | |
|:---|:---|
|  | in which the Fund has a 20% or more voting stock interest, in the securities (other than U.S. government securities or the securities of other RICs) of a single issuer, two or more issuers that it controls and that are engaged in the same, similar or related trades or businesses or one or more qualified publicly traded partnerships; and (iii) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid — generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and net tax-exempt income, for such year. With respect to these limitations and restrictions imposed by the Code, the Master Fund will be required to look through to the income, assets and investments of certain Investment Funds. See "Types of Investments and Related Risk Factors—Tax Risks."<br>The Private Fund Investments are not subject to the Master Fund's or the Fund's investment restrictions and are generally subject to few investment limitations. |
| **Borrowing** | The Fund and the Master Fund are each authorized to borrow money in connection with its investment activities, subject to the limits of the 1940 Act. The Fund and the Master Fund may borrow money through a credit facility or other arrangements for investment purposes, to pay operating expenses, to satisfy repurchase requests from Investors, and to otherwise provide the Fund and the Master Fund with temporary liquidity. The Master Fund has entered into a credit facility for such purposes.<br>The Private Fund Investments may utilize leverage in their investment activities. However, the Private Fund Investments' borrowings are not subject to the limits of the 1940 Act. Accordingly, the Fund and the Master Fund, through investments in the Private Fund Investments, may be exposed to the risk of highly leveraged investment programs. See "Types of Investments and Related Risk Factors." |
| **Distribution Policy** | The Fund generally will pay dividends on the Units at least annually in amounts representing substantially all of the Fund's net investment income, if any, earned each year. The Fund reserves the right also to distribute substantially all net capital gain realized on investments to Investors at least annually.<br>Dividends and capital gain distributions paid by the Fund on the Units will be reinvested in additional Units unless an Investor opts out (elects not to reinvest in the Units). Investors may elect initially not to reinvest by indicating that choice in such Investor's Subscription Booklet (as defined below). Thereafter, Investors are free to change their election at any time by contacting the Transfer Agent (or, alternatively, by contacting their financial advisor, provided the financial advisor informs the Transfer Agent and provides sufficient supporting documentation). Units purchased through reinvestment will be issued at their net asset value on the ex–dividend date (which is generally expected to be the last business day of a month). There is no sales load or other charge for reinvestment. The Fund reserves the right, in its sole discretion, to suspend or limit at any time the ability of Investors to reinvest distributions. A distribution by the Fund potentially may be treated as a return of capital for U.S. federal income tax purposes. A return of capital is not taxable, but it reduces an Investor's tax basis in its Units, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the Investor of its Units. See "Taxes – Taxation of Investors – Distributions by the Fund" in the SAI. |

---

------

---

| | |
|:---|:---|
| **Potential Benefits of Investing in the Fund** | Through the Fund, Investors will have access to Investment Fund Managers, whose services typically are not available to the investing public or who may otherwise restrict the number and type of persons whose money will be managed, and to co-investment opportunities. Investing in the Fund also permits Investors to invest with Investment Fund Managers without being subject to the high minimum investment requirements typically imposed by such Investment Fund Managers. Investment minimums for primary investments in Investment Funds may be higher than the Fund's investment minimums.<br>The Master Fund's investments in secondaries—which typically already have invested in portfolio companies and, therefore, are viewed as more mature investments than primaries and further along in their development pattern—may reduce the impact of the J-curve associated with private equity investing. The J-curve is a value development pattern in which the net asset value of a private equity fund typically declines moderately during the early years of the fund's life as investment-related fees and expenses are incurred before investment gains have been realized.<br>As described above, the Fund has been structured with the intent of seeking to alleviate or reduce a number of the burdens on investors typically associated with private equity investing, such as funding capital calls on short notice, reinvesting distribution proceeds, meeting large minimum commitment amounts and receiving tax reporting on potentially late Schedule K-1s. Because the Fund intends to qualify as a RIC under Subchapter M of the Code, it is expected to provide simpler tax reports to Investors on Form 1099-DIV. In addition, if the Fund qualifies as a RIC, the Fund potentially will block unrelated business taxable income for benefit plan investors and certain other investors that are generally otherwise exempt from payment of U.S. federal income tax. In order to qualify as a RIC, the Master Fund may structure its investments in a manner that results in tax inefficiencies, including the acceleration of income, the conversion of character of income, or the incurrence of an additional layer of income tax. |
| **The Offering** | The Fund offers Class 1 Units on a continuous basis at the net asset value per Unit. The Fund commenced investment operations with Class 4 units on October 1, 2014 (the Initial Closing Date). Class 1 Units of the Fund commenced investment operations on October 1, 2015. The Fund has registered under the Securities Act a total of $[7,500,000,000] in Class 1, Class 2, Class 3, Class 4 and Class 5 units, and $[ ] in Class 1, Class 2, Class 3, Class 4 and Class 5 units are available for sale under this registration statement or are being carried forward from a previous registration statement. Class 2, Class 3, Class 4 and Class 5 units of the Fund are offered in a separate prospectus. Class 1 Units may be purchased as of the first business day of each month based upon the Fund's net asset value, as of the close of business on the business day immediately preceding such date. Each date on which Units are delivered is referred to as a "Closing Date." Each prospective Investor will be required to complete a subscription booklet (the "Subscription Booklet"). Subscriptions received by the Fund will be held in a non-interest-bearing escrow account by the Fund's escrow agent. |
| **Board of Directors** | The Board of Directors (the "Board" or the "Directors") has overall responsibility for monitoring and overseeing the Fund's investment program and its management and operations. A majority of the Directors are not "interested persons" (as defined by the 1940 Act) of the Fund or the Adviser ("Independent Directors"). The Master Fund's Board of Directors (the "Master Fund Board"), which currently has the same composition as the Board, has overall responsibility for monitoring and overseeing the Master Fund's investment program and its management and operations. See "Management of the Fund." |

---

------

---

| | |
|:---|:---|
| **The Adviser** | Pantheon Ventures (US) LP serves as the Fund's and Master Fund's investment adviser (the "Adviser"). The Adviser is a limited partnership organized under the laws of the State of Delaware and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Affiliated Managers Group, Inc., a publicly-traded company, indirectly owns a majority of the interests of the Adviser.<br>The Fund has entered into an investment management agreement (the "Investment Management Agreement") with the Adviser. The Investment Management Agreement may be continued from year to year if its continuation is approved annually by the Board, including a majority of the Independent Directors. The Board, or the Fund's Investors, may terminate the Investment Management Agreement on sixty (60) days' prior written notice to the Adviser. The Adviser may terminate the Investment Management Agreement on sixty (60) days' prior written notice to the Fund.<br>The Master Fund and each Subsidiary have entered into similar investment advisory agreements with the Adviser with substantially the same terms (other than compensation) and substantially the same renewal and termination process. |
| **Management Fee** | Through its investment in the Master Fund, the Fund bears a proportionate share of the investment management fee paid by the Master Fund and each Subsidiary to the Adviser in consideration of the advisory and other services provided by the Adviser to the Master Fund and each Subsidiary. In consideration for such services, the Master Fund will pay the Adviser a management fee measured as of the end of each month at the annual rate of 0.70% of the Master Fund's net asset value, calculated prior to giving effect to the payment of such management fee and prior to the deduction of any other asset-based fees (e.g., any administration fee) payable by the Master Fund to either the Adviser or AMG Funds LLC, the Fund's administrator (the "Administrator" and the "Sponsor"), and prior to giving effect to any purchases or repurchases of interests of the Master Fund or any distributions by the Master Fund occurring as of or around the end of such month. In consideration for such services, each Subsidiary will pay the Adviser a management fee measured at the end of each month at the annual rate of 0.70% of such Subsidiary's net asset value, calculated prior to giving effect to the payment of such management fee and prior to the deduction of any other asset-based fees (e.g., any administration fee) payable by such Subsidiary to either the Adviser or the Sponsor, and prior to giving effect to any distributions by such Subsidiary occurring as of or around the end of such month. Furthermore, in consideration of the management fee payable to the Adviser under the investment management agreement between the Adviser and each Subsidiary, the Adviser has agreed to waive the portion of the management fee that the Adviser otherwise would have been entitled to receive with respect to any particular month from the Master Fund in an amount equal to the investment management fee paid to the Adviser under such Subsidiary's investment management agreement with the Adviser with respect to such month. The management fee is paid to the Adviser out of the assets of the Master Fund and each Subsidiary and, therefore, decreases the net profits or increases the net losses of the Fund. Subject to the above, for purposes of determining the management fee payable to the Adviser for any month, net asset value is calculated as the value of the total assets of the Master Fund or applicable Subsidiary (including any assets attributable to leverage) minus accrued liabilities (other than liabilities representing leverage).<br>The management fee is in addition to the asset-based fees, carried interests, expenses, incentive allocations, or fees charged by the Investment Funds and indirectly borne by Fund Investors. |

---

------

---

| | |
|:---|:---|
| **Other Fees and Expenses** | The Fund, and, therefore, Investors, will bear all expenses incurred in the business of the Fund other than those specifically required to be borne by the Adviser pursuant to the Investment Management Agreement, and, through its investment in the Master Fund, a pro-rata portion of the operating expenses of the Master Fund (and each Subsidiary), including any charges, allocations and fees to which the Fund is subject as an investor in the Investment Funds. The Fund will also bear certain ongoing offering costs associated with the Fund's continuous offering of Units. The Fund, by investing in the Private Fund Investments, will indirectly bear its pro rata share of the expenses incurred in the business of the Private Fund Investments. The Investment Funds in which the Fund intends to invest generally charge a management fee of 1.00% to 2.00%, and 10% to 20% of net profits as a carried interest allocation. The fees and expenses associated with the Fund's investments in Investment Funds may be significant. See "Summary of Fund Expenses" and "Fees and Expenses." |
| **Expense Limitation and Reimbursement Agreement** | The Adviser has entered into an "Expense Limitation and Reimbursement Agreement" with the Fund, the Master Fund and each Subsidiary (for purposes of this section, the Master Fund and the Subsidiaries are referred to collectively as the "Underlying Funds") to waive the management fees payable by the Underlying Funds and pay or reimburse the Fund's expenses (whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Underlying Funds) such that the Fund's total annual operating expenses (exclusive of certain "Excluded Expenses" listed below) do not exceed 1.45% per annum of the Fund's net assets as of the end of each calendar month (the "Expense Cap"). "Excluded Expenses" is defined to include (i) the Fund's proportional share of (a) fees, expenses, allocations, carried interests, etc. of the private equity investment funds and co-investments in portfolio companies in which any Underlying Fund invests (including all acquired fund fees and expenses); (b) transaction costs, including legal costs and brokerage commissions, of any Underlying Fund associated with the acquisition and disposition of primary interests, secondary interests, co-investments, ETF investments, and other investments; (c) interest payments incurred by any Underlying Fund, (d) fees and expenses incurred in connection with any credit facilities obtained by any Underlying Fund; (e) taxes of any Underlying Fund; (f) extraordinary expenses of any Underlying Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses; (g) fees and expenses billed directly to a Subsidiary by any accounting firm for auditing, tax and other professional services provided to the Subsidiary; and (h) fees and expenses billed directly to a Subsidiary for custody and fund administration services provided to the Subsidiary; and (ii) (a) any investment management fee paid by the Fund; (b) acquired fund fees and expenses of the Fund; (c) transaction costs, including legal costs and brokerage commissions, of the Fund; (d) interest payments incurred by the Fund; (e) fees and expenses incurred in connection with any credit facilities obtained by the Fund; (f) the Distribution and/or Service Fees (as applicable) paid by the Fund; (g) taxes of the Fund; and (h) extraordinary expenses of the Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses. Expenses that are subject to the Expense Limitation and Reimbursement Agreement include, but are not limited to, each Underlying Fund's investment management fee, the Funds' administration, custody, transfer agency, recordkeeping, fund accounting and investor services fees, the Funds' professional fees (outside of professional fees related to transactions), and fees and expenses of Fund Directors. To the extent that the Fund's total annual operating expenses for any month exceed the Expense Cap, the Adviser will pay or reimburse the Fund for expenses and/or waive the management fees payable by any of the Underlying Funds to the extent necessary to eliminate such excess. The Fund, or, with respect to the waived management fees, the applicable Underlying Funds, will be obligated to pay the |

---

------

---

| | |
|:---|:---|
|  | Adviser all such amounts paid, waived, or reimbursed by the Adviser pursuant to the Expense Cap, provided that (A) the amount of such additional payment in any year, together with all expenses of the Fund (whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Underlying Funds), in the aggregate, would not cause the Fund's total annual operating expenses, whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Underlying Funds, exclusive of Excluded Expenses, in any such year to exceed the lesser of any expense limitation in place at the time of payment or the expense limitation in place at the time of waiver or reimbursement, (B) the amount of such additional payment shall be borne pro rata by all Fund Investors or, with respect to each Underlying Fund, by all such Underlying Fund's unitholders, as applicable, and (C) no such additional payments by the Fund, or, with respect to any waived management fees, the applicable Underlying Fund, will be made with respect to amounts paid, waived, or reimbursed by the Adviser more than thirty-six (36) months after the date such amounts are paid, waived, or reimbursed by the Adviser. The Expense Limitation and Reimbursement Agreement shall remain in effect until such time that the Adviser ceases to be the investment adviser of the Fund or upon mutual agreement among the Adviser and the Board of the Fund. |
| **Conflicts of Interest** | The Adviser, the Investment Fund Managers, and their respective affiliates may conduct investment activities for their own accounts and other accounts they manage that may give rise to conflicts of interest that may be disadvantageous to the Fund. |
| **Distribution of Units** | In addition to the distribution of Units through AMG Distributors, Inc., the Fund's distributor (the "Distributor"), the Fund itself may also accept offers to purchase Units that it receives directly from Investors. The Class 1 Units will be publicly offered at current NAV per unit. The Fund is not obligated to sell any Units to anyone.<br>The Fund will pay the Distributor an ongoing fee (the "Distribution and/or Service Fee") at an annual rate of 0.75% of the net assets of the Class 1 Units as of the end of each month, calculated prior to giving effect to the payment of the Distribution and/or Service Fee and prior to the deduction of any other asset-based fees (e.g., the management fee and any administration fee), for distribution and investor services provided to Investors of Class 1 Units (such as responding to Investor inquiries and providing information regarding investments in the Fund; processing purchase, exchange, and redemption requests by beneficial owners; placing orders with the Fund or its service providers; providing sub-accounting with respect to Units beneficially owned by Investors; and processing dividend payments for the Fund on behalf of Investors). The Fund will also pay the Distributor an ongoing distribution and/or service fee with respect to each of the Class 2, Class 3, and Class 5 units of the Fund, which are offered in a separate prospectus. The Distributor may pay all or a portion of the Distribution and/or Service Fee to one or more sub-distributors ("Sub-Distributors") and to selling agents and other financial intermediaries ("Selling Agents") that provide distribution and investor services to Investors. The Distributor has appointed Pantheon Securities, LLC as a Sub-Distributor under a sub-distribution agreement pursuant to which Pantheon Securities, LLC may carry out certain of the Distributor's obligations in return for a portion of the Distribution and/or Service Fee.<br>In addition, the Adviser or Distributor may compensate certain Selling Agents, out of its own assets and not as an additional charge to the Fund or the Master Fund, in connection with the sale and distribution of the Units and also in connection with various other services including those related to the support and conduct of due diligence, Investor account maintenance, the provision of information and support services to clients, and the inclusion on preferred provider lists. Such Selling Agents may be affiliated with the Fund, the Master Fund or the Adviser. |

---

------

---

| | |
|:---|:---|
| **Subscription Process** | Investors may purchase Units through the Distributor or through a registered investment adviser (a "RIA") or other financial intermediary. RIAs and other financial intermediaries may impose additional eligibility requirements for Investors as well as additional charges. Notwithstanding the foregoing, the Sponsor, Adviser, and Distributor retain the discretion to accept direct subscriptions for Units.<br>Investors should review the prospectus for Class 2, Class 3, Class 4, and Class 5 units of the Fund to determine whether they are eligible to invest in such units.<br>Each prospective Investor must submit a completed Subscription Booklet agreeing, among other things, that the Investor will not transfer the Units purchased except in the limited circumstances permitted. If a Subscription Booklet is not accepted by the Fund by the Closing Date, the subscription will not be accepted at such Closing Date and will be held in a non-interest-bearing escrow account by the Fund's escrow agent until the next Closing Date following its acceptance.<br>An investment in the Fund involves a considerable amount of risk. An Investor may lose money. Before making an investment decision, a prospective Investor should (i) consider the suitability of this investment with respect to the Investor's investment objectives and personal situation and (ii) consider factors such as the Investor's personal net worth, income, age, risk tolerance and liquidity needs. The Fund is an illiquid investment. Investors have no right to require the Fund to redeem their Units of the Fund. |
| **Exchange of Units Between Classes** | An Investor is permitted to exchange units between Classes of the Fund, provided that the Investor's aggregate investment meets the minimum initial investment requirements in the applicable Class, that the units of the applicable Class are eligible for sale in the Investor's state of residence and that the units are otherwise available for offer and sale. Investors should review the prospectus for Class 2, Class 3, Class 4, and Class 5 units of the Fund to determine whether they are eligible to invest in such units. When an individual Investor cannot meet the initial investment requirements of the applicable Class, exchanges of units from one Class to the applicable Class will be permitted if such Investor's investment is made by an intermediary that has discretion over the account and that has invested other clients' assets in the Fund which when aggregated together with such Investor's investment meet the initial investment requirements for the applicable Class. Investors will not be charged any fees by the Fund for such exchanges, nor shall any intermediary charge any fees for such exchanges. Additionally, the time period for determining the imposition of any early repurchase fee associated with the repurchase of an Investor's units will not be affected by an exchange transaction. Ongoing fees and expenses incurred by a given Class will differ from those of other Classes, and an Investor receiving new units in an intra-Fund exchange may be subject to higher or lower total expenses following such exchange. Exchange transactions will be effected only into an identically registered account. For U.S. federal income tax purposes such exchanges between two Classes of the Fund's units will not reduce an Investor's interest in the Fund. Investors should consult their tax advisors as to the federal, state, local and foreign tax consequences of an intra-Fund exchange. Such exchange transactions must be effected according to other applicable law. The Fund also reserves the right to revise or terminate the exchange privilege, limit the amount or number of exchanges or reject any exchange. |

---

------

---

| | |
|:---|:---|
| **Valuation** | Pursuant to Rule 2a-5 under the 1940 Act, the Board and the Master Fund Board have designated the Adviser as the Fund's and the Master Fund's "Valuation Designee" to perform the Fund's and the Master Fund's fair value determinations, which are subject to Board and Master Fund Board oversight, as applicable, and certain reporting and other requirements intended to ensure that the Board and the Master Fund Board receive the information they need to oversee the Adviser's fair value determinations.<br>The Investment Funds will invest a large percentage of their assets in certain securities and other financial instruments that do not have readily ascertainable market prices. In addition, co-investments will not have readily ascertainable market prices. The Fund's and the Master Fund's securities valuation and pricing services policies and procedures provide that valuations for Private Fund Investments will be determined based in part on estimated valuations provided by Investment Fund Managers and also on valuation determinations made by the Adviser based on information from third-party valuation estimation services or otherwise, under the general supervision of the Board and the Master Fund Board, as applicable. Investment Fund Managers typically provide estimated valuations on a quarterly basis whereas the Adviser will consider valuations on an ongoing basis and will determine valuations on a monthly basis using its valuation methodology. However, while any model that may be used would be designed to assist in confirming or adjusting valuation recommendations, the Adviser will not be able to confirm with certainty the accuracy of the Investment Fund Managers' valuations until the Funds receive the Private Fund Investments' audited annual financial statements (and even then, the Adviser will only be able to confirm the value as of the financial statement date) and, as with all models, any imperfections, errors, or limitations in the model could affect the ability of the Fund to accurately value Private Fund Investment assets. |
| **Unlisted Closed-End Structure; Limited Liquidity and Transfer Restrictions** | The Fund is organized as a closed-end management investment company. Unlike open-end management investment companies (commonly known as "mutual funds"), investors in closed-end funds do not have the right to redeem their units on a daily basis. To meet daily redemption requests, mutual funds must comply with more stringent regulations than closed-end funds.<br>The Fund is not listed on a national stock exchange, and there currently is no secondary market for the Fund's Units. In addition, Units are subject to limitations on transferability and liquidity will be provided only through limited repurchase offers described below. An investment in the Fund is suitable only for Investors who can bear the risks associated with the limited liquidity of the Units and should be viewed as a long-term investment. See "Types of Investments and Related Risk Factors—Limitations on Transfer; Units Not Listed; No Market for Units" and "Repurchases of Units and Transfers." |
| **Repurchases of Units by the Fund** | Investors do not have the right to require the Fund to redeem their Units. To provide a limited degree of liquidity to Investors, the Fund may, from time to time, offer to repurchase Units pursuant to written tenders by Investors. Repurchases will be made at such times, in such amounts and on such terms as may be determined by the Board, in its sole discretion. In determining whether the Fund should offer to repurchase Units, the Board will consider the recommendations of the Adviser and the Sponsor as to the timing of such an offer, as well as a variety of operational, business and economic factors. The Adviser and the Sponsor anticipate that they will recommend to the Board that the Fund offer to repurchase Units from Investors on a quarterly basis, with such repurchases to occur as of the last day of March, June, September, and December (or, if any such date is not a business day, on the immediately preceding business day). The |

---

------

---

| | |
|:---|:---|
|  | Adviser and the Sponsor also expect that, generally, they will recommend to the Board that each repurchase offer should apply to up to 5% of the net assets of the Fund although any particular recommendation may exceed such percentage. Investors tendering Units for repurchase must do so by a date specified in the notice describing the terms of the repurchase offer, and there will be a substantial period of time between the date as of which Investors must submit a request to have their Units repurchased and the date they can expect to receive payment for their Units from the Fund.<br>Since all or substantially all of the Fund's assets will be invested in the Master Fund, the Fund expects to conduct repurchase offers at approximately the same time as any repurchase offer by the Master Fund.<br>If a repurchase offer is oversubscribed by Investors who tender Units, the Fund may extend the repurchase offer, repurchase a pro rata portion of the Units tendered, or take any other action permitted by applicable law. Under unusual market conditions, the Adviser and the Sponsor anticipate that they may not recommend to the Board that the Fund conduct a repurchase offer in any particular quarter if the Fund's repurchase offers in the two immediately preceding quarters were oversubscribed by a substantial amount in the opinion of the Adviser and the Sponsor. In addition, the Fund may cause the repurchase of an Investor's Units if, among other reasons, the Fund determines that such repurchase would be in the interest of the Fund.<br>The Master Fund will make repurchase offers, if any, to all holders of Master Fund Interests, including the Fund and other investors in the Master Fund. The Fund does not expect to make a repurchase offer that is larger than the portion of the Master Fund's corresponding repurchase offer expected to be available for acceptance by the Fund. Consequently, the Fund will conduct repurchase offers on a schedule and in amounts that will depend on the Master Fund's repurchase offers. Such repurchase offers principally will be funded by cash and cash equivalents, as well as by the sale of certain liquid securities. The Fund may need to suspend or postpone repurchase offers if it is required to dispose of interests in Private Fund Investments and is not able to do so in a timely manner.<br>A 2.00% early repurchase fee will be charged by the Fund with respect to any repurchase of Units from an Investor at any time prior to the day immediately preceding the one-year anniversary of the Investor's purchase of the Units. Such repurchase fee will be retained by the Fund and will benefit the Fund's remaining Investors. Units tendered for repurchase will be treated as having been repurchased on a "first in-first out" basis. An early repurchase fee payable by an Investor may be waived by the Fund in circumstances where the Board determines that doing so is in the best interests of the Fund. |
| **Summary of Taxation** | Each of the Fund and the Master Fund (but not the Subsidiaries) has elected to be treated as a RIC under Subchapter M of the Code and intends each year to qualify and to be eligible to be treated as such. A fund, such as the Fund or the Master Fund, that qualifies as a RIC is not subject to U.S. federal income tax to the extent its income is timely distributed to its investors in a manner qualifying for the dividends-paid deduction. In order to qualify for treatment as a RIC, the Fund and Master Fund must, among other things, satisfy a diversification test, a 90% gross income test and a requirement that it distribute at least 90% of its investment company taxable income and net short-term gains in the form of deductible dividends. The Fund generally expects to satisfy the requirements to qualify and be eligible to be treated as a RIC, provided that the Master Fund also meets these requirements; the Fund currently expects that the Master Fund will meet these requirements. Nonetheless, there can be no assurance that either the Fund or the Master Fund will so qualify or be eligible. |

---

------

---

| | |
|:---|:---|
|  | Certain of the Investment Funds or co-investments in which the Fund (through the Master Fund) invests may be classified as partnerships for U.S. federal income tax purposes. For the purpose of satisfying certain of the requirements for qualification as a RIC, the Fund will be required to look through to the character of the income of, and will likely be required to look through to the character of the assets and investments held by such Investment Funds or co-investments treated as partnerships for U.S. federal income tax purposes. However, Investment Funds and co-investments generally are not obligated to disclose the contents of their portfolios. This lack of transparency may make it difficult for the Adviser to monitor the sources of the Fund's income and the diversification of its assets, and its ability to otherwise comply with Subchapter M of the Code, and ultimately may limit the universe of Investment Funds and co-investments in which the Fund can invest. Furthermore, although the Fund expects to receive information from each Investment Fund Manager regarding its investment performance on a regular basis, in most cases there is little or no means of independently verifying this information.<br>If the Fund or Master Fund were to fail to qualify as a RIC or to satisfy the distribution requirement in any taxable year, that Fund would be subject to tax on its taxable income at corporate rates, whether or not distributed to its Investors, and all distributions out of earnings and profits would be taxable to Investors as ordinary income. In addition, the Fund or the Master Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make distributions (which could be subject to interest charges) before requalifying as a RIC that is accorded special tax treatment.<br>Provided the Fund qualifies as a RIC, distributions from the Fund generally will be taxable to Investors as ordinary income or net capital gains, whether or not such distributions are reinvested in Units. An Investor that is not subject to tax on its income will generally not be required to pay tax on amounts distributed to it by the Fund, provided that such Investor's acquisition of its Units is not debt-financed within the meaning of Section 514 of the Code. The Fund will inform Investors of the amount and character of its distributions to Investors.<br>See "Certain Tax Considerations" and "Types of Investments and Related Risk Factors—Tax Risks" below for additional information. |
| **ERISA Plans and Other Tax-Exempt Entities** | Investors subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and Section 4975 of the Code, including employee benefit plans, individual retirement accounts (each, an "IRA"), and Keogh plans may purchase Units. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund will not be considered to be "plan assets" subject to the fiduciary responsibility and prohibited transaction rules of ERISA and Section 4975 of the Code. Thus, it is not intended that the Adviser will be a "fiduciary" within the meaning of ERISA with respect to the assets of any "benefit plan investor" within the meaning of ERISA that becomes an Investor, solely as a result of the Investor's investment in the Fund. See "ERISA Considerations" below for additional information. |
| **Reports to Investors** | The Fund will furnish to Investors, as soon as practicable after the end of each taxable year, information on Form 1099-DIV as required by law to assist the Investors in preparing their tax returns. The Fund will also prepare and transmit or make available to Investors unaudited semi-annual reports and audited annual reports (when each becomes available). It is anticipated that reports regarding the Fund's operations during each quarter will be posted to the Fund's investor web portal, as well as monthly performance updates that focus on quantitative performance. |

---

------

---

| | |
|:---|:---|
| **Term** | The Fund's term is perpetual unless the Fund is otherwise terminated under the terms of the Fund's organizational documents. |
| **Risk Factors** | &nbsp;&nbsp;&nbsp;&nbsp; All investments carry risks to some degree. The Fund cannot guarantee that its investment objective will be achieved or that its investment strategy will be successful, and its net asset value may decrease. While the benefits of investing in private equity may be considerable, private equity is not for everyone. Private equity investments involve significant risks, including a total loss of capital. The risks associated with private equity arise from several factors including: limited diversification, the use of leverage, limited liquidity and capital calls made on short notice (failure by the Master Fund to meet capital call obligations may result in significantly negative consequences including a total loss of investment). Except as otherwise noted herein, references in this section to the "Master Fund" also include the Subsidiaries, which share the same risks as the Master Fund. Additional risks involved in investing in the Fund include:<br>**General Risks**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loss of capital, up to the entire amount of an Investor's investment.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investing indirectly in Private Fund Investments that may be newly organized and therefore have no, or only limited, operating histories.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's Units represent illiquid securities of an unlisted closed-end fund, are not listed on any securities exchange or traded in any other market, and are subject to substantial limitations on transferability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser and Investment Fund Managers may face conflicts of interest.<br>**Investment Program Risks**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's performance depends upon the performance of the Master Fund and the Investment Fund Managers and selected strategies, the adherence by such Investment Fund Managers to such selected strategies, the instruments used by such Investment Fund Managers, the Adviser's ability to select Investment Fund Managers and strategies and effectively allocate Master Fund assets among them and the co-investments selected by the Adviser. The Fund is organized to provide Investors with a multi-strategy investment program and not as an indirect way to gain access to any particular Investment Fund.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's investment portfolio through the Master Fund will consist of Investment Funds which hold securities issued primarily by privately held companies, and will also consist of investments directly in companies, and operating results for the portfolio 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. In addition, the investments held by the Investment Funds may impact the strategies, risks, and costs of and for the Fund and the Master Fund.<br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The securities in which an Investment Fund Manager may invest, or in which the Master Fund may invest directly as a co-investment, may be among the most junior in a portfolio company's capital structure and, thus, subject to the greatest risk of loss. Generally, there will be no collateral to protect an investment once made.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to the limitations and restrictions of the 1940 Act, the Fund and the Master Fund may borrow money or otherwise utilize leverage through a credit facility or other arrangements for investment purposes, to satisfy repurchase requests and for other temporary purposes, which may increase the Fund's volatility.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to the limitations and restrictions of the 1940 Act, the Master Fund may use derivative transactions, primarily equity options and swaps, for hedging purposes. Options and swaps transactions present risks arising from the use of leverage (which increases the magnitude of losses), volatility, non-correlation with underlying assets, mispricing, improper valuation, the possibility of default by a counterparty or the clearing member and clearing house through which a derivative position is held, and illiquidity. Use of options and swaps transactions for hedging purposes by the Master Fund could present significant risks, including the risk of losses in excess of the amounts invested.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Investment Fund Manager's investments, depending upon strategy, and the Master Fund's co-investments, may be in companies whose capital structures are highly leveraged. Such investments involve a high degree of risk in that adverse fluctuations in the cash flow of such companies, or increased interest rates, may impair their ability to meet their obligations, which may accelerate and magnify declines in the value of any such portfolio company investments in a down market.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund Investors will bear two layers of fees and expenses: asset-based fees and expenses at the Fund and the Master Fund level, and asset-based fees, carried interests, incentive allocations or fees and expenses at the Investment Fund level.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By investing in the Subsidiaries, the Master Fund is indirectly exposed to the risks associated with each Subsidiary's investments, which are the same risks associated with the Master Fund's investments. Neither Subsidiary is registered under the 1940 Act, but each Subsidiary will comply with certain sections of the 1940 Act and be subject to the same policies and restrictions as the Master Fund as they relate to the investment portfolio.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund and the Master Fund are non-diversified funds, which means that the percentage of each Fund's assets that may be invested in the securities of a single issuer is not limited by the 1940 Act, although it will be limited by each of the Fund's and the Master Fund's intention to qualify as a RIC under the Code. As a result, the investment portfolios of the Fund and the Master Fund may be subject to greater risk and volatility than if investments had been made in the securities of a broad range of issuers.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although Fund Investors will receive information about the Master Fund's investments through the Fund's shareholder reports, the Private Fund<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments do not provide the same degree of information as funds registered under the 1940 Act. Fund Investors will have no right to receive information about the Private Fund Investments from the Private Fund Investments, including a Private Fund Investment's holdings, liquidity, and valuation. Fund Investors will also have no right to receive information about the Investment Fund Managers from the Private Fund Investments, and will have no recourse against the Private Fund Investments or their Investment Fund Managers.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each of the Fund and the Master Fund (but not the Subsidiaries) intends to qualify as a RIC under the Code; this will limit the percentage of each Fund's assets that may be invested in the securities of a single issuer. If either the Fund or the Master Fund fails to qualify as such, it may be subject to increased income tax liability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund and the Master Fund are subject to the risk that Investment Fund Managers may not provide information sufficient to ensure that each of the Fund and the Master Fund qualifies as a RIC under the Code.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Master Fund is permitted to invest up to 25% of its total assets in the Corporate Subsidiary, a Delaware limited liability company that has elected to be treated as a corporation for U.S. federal income tax purposes. A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where, as here, the Corporate Subsidiary is organized in the U.S., the Corporate Subsidiary will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Master Fund's return on its investment in the Corporate Subsidiary. If a net loss is realized by the Corporate Subsidiary, such loss is not generally available to offset the income of the Master Fund. Changes in the tax laws of the United States and/or the State of Delaware could result in the inability of the Master Fund and/or the Corporate Subsidiary to operate as described in this prospectus and the Fund's SAI and could adversely affect the Fund and its members. The Fund may in the future restructure the Corporate Subsidiary, the manner in which it invests in the Corporate Subsidiary and/or the manner in which the Corporate Subsidiary makes investments, directly or indirectly. The Fund may also invest in the Lead Fund, another Wholly-Owned Subsidiary. See "Investment Program" for additional information about the Fund's Subsidiaries.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is subject to, and indirectly invests in Investment Funds that are subject to, risks associated with legal and regulatory changes applicable to private equity funds, such as the Investment Funds, hedge funds, and real estate funds.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may invest indirectly a substantial portion of its assets in Investment Funds that follow a particular type of investment strategy, which may expose the Fund to the risks of that strategy.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Master Fund's investments in Private Fund Investments, and many of the investments held by the Investment Funds, and the Master Fund's co-investments, will be priced in the absence of a readily available market and may be priced based on determinations of fair value. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future,<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. Neither the Adviser nor the Board will be able to confirm independently the accuracy of the Investment Fund Managers' valuations (which are unaudited, except at year-end) or the co-investment valuations. This risk is exacerbated to the extent that the Private Fund Investments generally provide valuations only on a quarterly basis. Such valuations provided by the Investment Fund Managers may be based on fair valuation procedures and may prove to be inaccurate. While such information is provided on a quarterly basis, the Fund will provide valuations based on the fair value of the Fund's Private Fund Investments, and will issue Units, on a monthly basis.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The valuations reported by the Private Fund Investments based upon which the Master Fund determines its month-end net asset value, the net asset value of the Master Fund, and the net asset value of the Fund's Master Fund Interest, may be subject to later adjustment or revision. Because such adjustments or revisions, whether increasing or decreasing the net asset value of the Master Fund, and therefore 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 number of Units received by an Investor in a purchase or the amount of the repurchase proceeds of the Fund received by Investors 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 Investors under certain circumstances as described in "Repurchases of Units and Transfers."<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Master Fund may not be able to vote on matters that require the approval of investors of Private Fund Investments, including matters that could adversely affect the Master Fund's investment in such Private Fund Investments.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund, through the Master Fund, may receive from a Private Fund Investment an in-kind distribution of securities that are illiquid or difficult to value and difficult to dispose of.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Master Fund may invest in a number of Investment Funds, resulting in investment-related expenses that may be higher than if the Master Fund invested in only one Investment Fund.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-U.S. investments may be subject to foreign withholding or other taxes, which may reduce the return of the Fund and its Investors.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Funds will not be registered as investment companies under the 1940 Act and are not limited by the 1940 Act in how they invest their assets, and, therefore, the Fund's investments in Private Fund Investments will not benefit from the protections of the 1940 Act. In addition, the Private Fund Investments are not subject to the Fund's or the Master Fund's investment restrictions and are generally subject to few investment limitations.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund and the Master Fund are registered as investment companies under the 1940 Act, which may limit such funds' investment flexibility or access to certain types of investments, including secondary investments, compared to a fund that is not so registered.<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Fund Managers may invest the Investment Funds' assets in securities of early-stage venture investments which may result in or contribute to significant losses to the Fund.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To maintain liquidity and to fund Investment Fund capital calls, the Master Fund may invest in ETFs designed to track equity indexes and in cash and short-term securities. The Adviser expects that, even when fully invested, the Master Fund may from time to time hold up to 30% of its assets in liquid investments.<br>The risks of investment in an ETF typically reflect the risks of the types of instruments in which the ETF invests. When the Master Fund invests in ETFs, Investors of the Fund bear indirectly their proportionate share of their fees and expenses, as well as their share of the Fund's fees and expenses. As a result, an investment by the Master Fund in an ETF could cause the Fund's operating expenses (taking into account indirect expenses such as the fees and expenses of the ETF) to be higher and, in turn, performance to be lower than if it were to invest directly in the instruments underlying the investment company or ETF. The trading in an ETF may be halted if the trading in one or more of the ETF's underlying securities is halted.<br>The risks of ETFs designed to track equity indexes may include passive strategy risk (the ETF may hold constituent securities of an index regardless of the current or projected performance of a specific security or a particular industry, market sector, country, or currency, which could cause returns to be lower or higher than if an active strategy were used), non-correlation risk (the ETF's return may not match the returns of the relevant index), equity securities risk (the value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions, and/or economic conditions), market trading risks (the ETF faces market trading risks, including losses from trading in secondary markets and disruption in the creation/redemption process of the ETF), and concentration risk (to the extent the ETF or underlying index's portfolio is concentrated in the securities of a particular geography or market segment, the ETF may be adversely affected by the performance of that market, may be subject to increased price volatility, and may be more susceptible to adverse economic, market, political, or regulatory occurrences affecting that market).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Master Fund may maintain a sizeable cash position in anticipation of funding capital calls. Even though the Master Fund may maintain a sizeable position in cash and short-term securities, it may not contribute the full amount of its commitment to an Investment Fund at the time of its admission to the Investment Fund. Instead, the Master Fund will be required to make incremental contributions pursuant to capital calls issued from time to time by the Investment Fund.<br>Holding a sizeable cash position may result in lower returns than if the Master Fund employed a more aggressive "over-commitment" strategy. However, an inadequate cash position presents other risks to the Fund and the Master Fund, including an adverse impact on the Master Fund's ability to fund capital contributions, the Fund's ability to pay for repurchases of Units tendered by<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors or each of the Fund's and the Master Fund's ability to meet expenses generally. Moreover, if the Master Fund defaults on its commitment to an Investment Fund or fails to satisfy capital calls to an Investment Fund in a timely manner then, generally, it will be subject to significant penalties, including the complete forfeiture of the Master Fund's investment in the Investment Fund. Any failure by the Master Fund to make timely capital contributions in respect of its commitments may (i) impair the ability of the Fund and the Master Fund to pursue its investment program, (ii) force the Master Fund to borrow through a credit facility or other arrangements, (iii) indirectly cause the Fund, and, indirectly, the Investors to be subject to certain penalties from the Investment Funds (including the complete forfeiture of the Master Fund's investment in an Investment Fund), or (iv) otherwise impair the value of the Fund's investments (including the devaluation of the Fund).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Fund Managers may invest the Investment Funds' assets in securities of, and co-investments may be invested in, non-U.S. issuers, including those in emerging markets, and the Master Fund's assets may be invested in Private Fund Investments that may be denominated in non-U.S. currencies, thereby exposing the Fund to various risks that may not be applicable to U.S. securities. Investment in foreign issuers or securities principally traded outside the United States may involve special risks due to foreign economic, political, and legal developments, including favorable or unfavorable changes in currency exchange rates, exchange control regulations (including currency blockage), expropriation, nationalization or confiscatory taxation of assets, and possible difficulty in obtaining and enforcing judgments against foreign entities. The Fund, the Master Fund and/or a Private Fund Investment may be subject to foreign taxation which may reduce the Fund's yield.<br>Issuers of foreign securities are subject to different accounting, custody, reporting, and disclosure requirements than U.S. issuers. The securities of some foreign governments, companies, and securities markets are less liquid, and at times more volatile, than comparable U.S. securities and securities markets. Foreign brokerage commissions and related fees also are generally higher than in the United States. Investment Funds that invest in foreign securities also may be affected by different custody and/or settlement practices or delayed settlements in some foreign markets. The laws of some foreign countries may limit an Investment Fund's ability to invest in securities of certain issuers located in those countries.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• While the Master Fund seeks opportunities to deploy capital in any way consistent with its investment objectives and strategies, the Master Fund may be more concentrated due to its anticipated focus on co-investments and/or secondaries. This increased concentration may subject the Master Fund, and thus the Fund, to greater risk and volatility than if the Master Fund were less concentrated. In addition, while the Master Fund seeks opportunities to deploy capital in any way consistent with its investment objectives and strategies, the Master Fund may hold a substantial portion of its assets in ETFs, cash and short term investments as it seeks desirable investments for the private equity portion of the Master Fund's portfolio.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Master Fund may invest a significant portion of its assets in private infrastructure fund investments and co-investments, which focus on utilities infrastructure (e.g., conventional and renewable power and transmission,<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; electricity, gas and water networks) and/or transportation infrastructure (e.g., airports, ports, railways, and roads). Concentration in these sectors may subject the Master Fund, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of industries.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Investment Fund Manager may focus on a particular industry or sector (e.g., energy, utilities, transportation, financial services, healthcare, real estate, credit, consumer products, natural resources, precious metals, industrials, and technology), which may subject the Investment Fund, and thus the Fund, through the Master Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of industries.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Investment Fund Manager may focus on a particular country or geographic region, which may subject the Investment Fund, and thus the Fund, through the Master Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of geographic regions. Co-investments may also be disproportionally exposed to specific geographic regions.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Investment Fund's assets may be invested in a limited number of securities, or portfolio companies which may subject the Investment Fund, and thus the Fund, to greater risk and volatility than if investments had been made in a larger number of securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Secondary investments may be acquired based on incomplete or imperfect information, and may expose the Fund, through the Master Fund, to contingent liabilities, counterparty risks, reputational risks and execution risks. Additionally, the absence of a recognized "market" price means that the Master Fund cannot be assured that it is realizing the most favorable price in connection with trades in secondaries. In some instances, returns on secondaries will be higher than returns on primaries as a result of secondaries typically being purchased at a discount, and then revalued based on such investment's net asset value.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Master Fund may be required to sell its position in any Private Fund Investment on private secondary markets at a discount to net asset value, if deemed necessary or appropriate for liquidity or portfolio management reasons.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in co-investments are dependent upon the capabilities of the Investment Fund Managers alongside whom the investment is made. The Master Fund will not have any control over the underlying portfolio companies and the Fund's and the Master Fund's returns will be dependent upon the performance of the particular portfolio company and its management.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The realization of portfolio company investments made as co-investments may take longer than would the realization of investments under the sole control of the Adviser or the Fund or Master Fund, because the co-investors may require an exit procedure requiring notification of the other co-investors and possibly giving the other co-investors a right of first refusal or other such contractually limiting right.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third-party co-investors may also have economic or business interests or goals that are inconsistent with those of the Fund or Master Fund, or may be in a position to take or block action in a manner contrary to the Fund's or Master Fund's investment objectives.<br>

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund or Master Fund may indirectly make binding commitments to co-investment vehicles without an ability to participate in their management and control and with no or limited ability to transfer its interests in such co-investment vehicles.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund and Master Fund also generally will not have control over any of the portfolio companies in any of the underlying Investment Funds and will not be able to direct the policies or management decisions of such portfolio companies.<br>**No assurance can be given that the Fund's investment program will be successful. Accordingly, the Fund should be considered a speculative investment that entails substantial risks, and a prospective Investor should invest in the Fund only if it can sustain a complete loss of its investment. An investment in the Fund should be viewed only as part of an overall investment program.**<br>See "Types of Investments and Related Risk Factors." |
| **Application for Units** | The stated minimum initial investment in the Fund is $10,000 for the Class 1 Units, and the minimum additional investment in the Fund is $2,500. Investors should review the prospectus for Class 2, Class 3, Class 4, and Class 5 units of the Fund to determine whether they are eligible to invest in such units.<br>Each of the Adviser or Sponsor reserves the right, on behalf of the Fund, to waive the minimum initial and additional investment amounts in their sole discretion. The Fund may, in the sole discretion of the Adviser or Sponsor, also aggregate the accounts of clients of registered investment advisers and other financial intermediaries whose clients invest in the Fund for purposes of determining satisfaction of minimum investment amounts. The Fund may accept initial and additional purchases of Units as of the first business day of each calendar month, and proceeds relating to such purchases will represent the Fund's capital and become the Fund's assets on such business day.<br>Any amounts received in advance of initial or additional purchases of Units are placed in a non-interest-bearing account with The Bank of New York Mellon, the custodian to the Fund, prior to the amounts being invested in the Fund. The Fund reserves the right to reject any purchase of Units (including when the Fund has reason to believe that such purchase would be unlawful or when the Fund believes that it cannot appropriately determine its net asset value due to market or other circumstances beyond its control). Unless otherwise required by applicable law, any amount received in advance of a purchase ultimately rejected by the Fund will be returned to the prospective Investor without interest. |
| **Additional Information about the Fund** | The Directors of the Fund oversee generally the operations of the Fund. The Fund enters into contractual arrangements with various parties, including among others the Adviser, the Administrator, the Distributor and the Fund's custodian, transfer agent, and accountants, each of whom provides services to the Fund. Investors are not parties to any such contractual arrangements or intended beneficiaries of those contractual arrangements, and those contractual arrangements are not intended to create in any Investor any right to enforce such arrangements against the service providers or to seek any remedy thereunder against the service providers, either directly or on behalf of the Fund. |

---

------

---

| | |
|:---|:---|
|  | Neither this Prospectus nor any contract that is an exhibit hereto is intended to, nor does it, give rise to any agreement or contract between the Fund and any Investor, or give rise to any contractual or other rights in any individual Investor, group of Investors or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived. See "Additional Information—Board Management of the Fund." |
| **Additional Information about the Master Fund** | The Directors of the Master Fund oversee generally the operations of the Master Fund. The Master Fund enters into contractual arrangements with various parties, including among others the Adviser, the Administrator and the Master Fund's custodian, transfer agent, and accountants, each of whom provides services to the Master Fund. Investors are not parties to any such contractual arrangements or intended beneficiaries of those contractual arrangements, and those contractual arrangements are not intended to create in any Investor any right to enforce such arrangements against the service providers or to seek any remedy thereunder against the service providers, either directly or on behalf of the Master Fund.<br>Neither this Prospectus nor any contract that is an exhibit hereto is intended to, nor does it, give rise to any agreement or contract between the Master Fund and any Investor or give rise to any contractual or other rights in any individual Investor, group of Investors or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived. See "Additional Information—Board Management of the Fund." |

---

**SUMMARY OF FUND EXPENSES** 

The following table illustrates the expenses and fees that the Fund expects to incur and that Investors can expect to bear directly or indirectly. Investors will indirectly bear fees and expenses of the Master Fund, which are reflected in the following chart and in the example below.

[To be updated by amendment]

---

| | |
|:---|:---|
|  | **Class 1** |
|  **Investor Transaction Expenses** |  |
|  Maximum sales load (as a percentage of purchase amount) |  |
|  Maximum early repurchase fee (as a percentage of repurchased amount)<sup>(1)</sup> | 2.00% |
|  **Annual Expenses** (as a percentage of net assets attributable to Units) |  |
|  Management Fee<sup>(2)</sup> | 0.70% |
|  Distribution and/or Service Fee<sup>(3)</sup> | 0.75% |
|  Other Expenses<sup>(4), (6)</sup> | []% |
|  Acquired Fund Fees and Expenses <sup>(5)</sup> | []% |
|  Total Annual Expenses | []% |

---

(1) A 2.00% early repurchase fee payable to the Fund will be charged with respect to the repurchase of an
Investor's Units at any time prior to the day immediately preceding the one-year anniversary of an Investor's purchase of the Units (on a "first in-first out" basis). An early repurchase fee payable by an Investor 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 that will not discriminate unfairly against any Investor. The early repurchase fee will be retained by the Fund for the benefit of the remaining Investors. See "Repurchases of Units and Transfers."

------

(2) The management fee shown is payable in part by the Master Fund and in part by each Subsidiary, but will be
borne indirectly by Investors as a result of the Fund's investment in the Master Fund. The Master Fund will pay the Adviser a management fee at the annual rate of 0.70% of the Master Fund's net asset value (excluding the assets
attributable to each Subsidiary) as of the end of each month, and each Subsidiary will pay the Adviser a management fee at the annual rate of 0.70% of such Subsidiary's net asset value as of the end of each month. For purposes of determining
the management fee payable to the Adviser for any month, net asset value is calculated prior to giving effect to the payment of such management fee and prior to the deduction of any other asset-based fees (e.g., any administration fee) payable by
the Master Fund or a Subsidiary, as applicable, to either the Adviser or the Sponsor and prior to giving effect to any purchases or repurchases of interests of the Master Fund or a Subsidiary, as applicable, or any distributions by the Master Fund
or a Subsidiary, as applicable, occurring as of or around the end of such month.

(3) The Class 1 Units will pay the Distributor the Distribution and/or Service Fee at an annualized rate of
0.75% of the net assets of the Fund that are attributable to Class 1 Units, determined as of the end of each month. The Fund will also pay the Distributor an ongoing distribution and/or service fee with respect to each of the Class 2,
Class 3, and Class 5 units of the Fund, which are offered in a separate prospectus. The Distribution and/or Service Fee is paid for distribution and investor services provided to Investors (such as responding to Investor inquiries and
providing information regarding investments in Units of the Fund; processing purchase, exchange, and redemption requests by beneficial owners of Units; placing orders with the Fund or its service providers for Units; providing sub-accounting with respect to Units beneficially owned by Investors; and processing dividend payments for Units of the Fund on behalf of Investors). The Distributor may pay all or a portion of the Distribution
and/or Service Fee to Selling Agents that provide distribution and investor services to Investors. For purposes of determining the Distribution and/or Service Fee payable to the Distributor for any month, net asset value is calculated prior to
giving effect to the payment of the Distribution and/or Service Fee and prior to the deduction of any other asset-based fees (e.g., the management fee and any administration fee).

(4) "Other Expenses" are estimated for the current fiscal year and include fees and expenses incurred
in connection with the Master Fund's credit facility, professional fees and other expenses, including, without limitation, administration fees, custody fees, trustee fees, insurance costs, financing costs, Corporate Subsidiary tax expenses and
other expenses that the Fund bears directly and indirectly through the Master Fund.

(5) Includes fees and expenses of the Investment Funds in which the Master Fund invests. Some or all of the
Investment Funds in which the Master Fund intends to invest charge carried interests, incentive fees, or allocations based on the Investment Funds' performance. The Investment Funds in which the Master Fund intends to invest generally charge a
management fee of 1.00% to 2.00%, and 10% to 20% of net profits as a carried interest allocation. The "Acquired Fund Fees and Expenses" disclosed above are based on historic returns of the Investment Funds in which the Master Fund
invests, which may change substantially over time and, therefore, significantly affect "Acquired Fund Fees and Expenses." The [ ]% shown as "Acquired Fund Fees and Expenses" reflects operating expenses of the Investment Funds
(i.e., management fees, administration fees, and professional and other direct, fixed fees and expenses of the Investment Funds). The "Acquired Fund Fees and Expenses" disclosed above, however, do not reflect any performance-based fees
or allocations paid by the Investment 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 Investment Funds.

(6) The Adviser has entered into an "Expense Limitation and Reimbursement Agreement" with the Fund, the
Master Fund and each Subsidiary (for purposes of this section, the Master Fund and the Subsidiaries are referred to collectively as the "Underlying Funds") to waive the management fees payable by the Underlying Funds and pay or reimburse
the Fund's expenses (whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Underlying Funds) such that the Fund's total annual operating expenses (exclusive of certain
"Excluded Expenses" listed below) do not exceed 1.45% per annum of the Fund's net assets as of the end of each calendar month (the "Expense Cap"). "Excluded Expenses" is defined to include (i) the
Fund's proportional share of (a) fees, expenses, allocations, carried interests, etc. of the private equity investment funds and co-investments in portfolio companies in which any Underlying Fund

------

invests (including all acquired fund fees and expenses); (b) transaction costs, including legal costs and brokerage commissions, of any Underlying Fund associated with the acquisition and disposition of primary interests, secondary interests, co-investments, ETF investments, and other investments; (c) interest payments incurred by any Underlying Fund, (d) fees and expenses incurred in connection with any credit facilities obtained by any Underlying Fund; (e) taxes of any Underlying Fund; (f) extraordinary expenses of any Underlying Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses; (g) fees and expenses billed directly to a Subsidiary by any accounting firm for auditing, tax and other professional services provided to the Subsidiary; and (h) fees and expenses billed directly to a Subsidiary for custody and fund administration services provided to the Subsidiary; and (ii) (a) any investment management fee paid by the Fund; (b) acquired fund fees and expenses of the Fund; (c) transaction costs, including legal costs and brokerage commissions, of the Fund; (d) interest payments incurred by the Fund; (e) fees and expenses incurred in connection with any credit facilities obtained by the Fund; (f) the Distribution and/or Service Fees (as applicable) paid by the Fund; (g) taxes of the Fund; and (h) extraordinary expenses of the Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses. Expenses that are subject to the Expense Limitation and Reimbursement Agreement include, but are not limited to, each Underlying Fund's investment management fee, the Funds' administration, custody, transfer agency, recordkeeping, fund accounting and investor services fees, the Funds' professional fees (outside of professional fees related to transactions), and fees and expenses of Fund Directors. To the extent that the Fund's total annual operating expenses for any month exceed the Expense Cap, the Adviser will pay or reimburse the Fund for expenses and/or waive the management fee payable by any of the Underlying Funds to the extent necessary to eliminate such excess. The Fund, or, with respect to the waived management fee, the applicable Underlying Funds, will be obligated to pay the Adviser all such amounts paid, waived, or reimbursed by the Adviser pursuant to the Expense Cap, provided that (A) the amount of such additional payment in any year, together with all expenses of the Fund (whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Underlying Funds), in the aggregate, would not cause the Fund's total annual operating expenses, whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Underlying Funds, exclusive of Excluded Expenses, in any such year to exceed the lesser of any expense limitation in place at the time of payment or the expense limitation in place at the time of waiver or reimbursement, (B) the amount of such additional payment shall be borne pro rata by all Fund Investors or, with respect to each Underlying Fund, by all such Underlying Fund's unitholders, as applicable, and (C) no such additional payments by the Fund, or, with respect to any waived management fees, the applicable Underlying Fund, will be made with respect to amounts paid, waived, or reimbursed by the Adviser more than thirty-six (36) months after the date such amounts are paid, waived, or reimbursed by the Adviser. The Expense Limitation and Reimbursement Agreement shall remain in effect until such time that the Adviser ceases to be the investment adviser of the Fund or upon mutual agreement among the Adviser and the Board of the Fund.

The purpose of the table above is to assist you in understanding the various costs and expenses you will bear directly or indirectly as an Investor in the Fund. The table assumes the reinvestment of all dividends and distributions at net asset value. For a more complete description of the various fees and expenses of the Fund, see "Fees and Expenses."

<u>Example</u> 

<u>[To be updated by amendment]</u> 

You would pay the following expenses on a $1,000 investment, assuming a 5% annual return:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
|  Class 1 Units | $[] | $[] | $[] | $[] |

---

The example does not present actual expenses and should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown. Moreover, the Fund's actual rate of return may be greater or less than the hypothetical 5% return shown in the example above; if the actual return were greater, the amount of fees and expenses would increase.

------

**FINANCIAL HIGHLIGHTS** 

[To be updated by amendment]

The financial highlights table is intended to help you understand the Fund's financial performance for the past ten fiscal years. The information for the fiscal years ended March 31, 2017, March 31, 2018, March 31, 2019 and March 31, 2020 is derived from the Fund's financial statements and has been audited and reported on by the Funds' previous independent registered public accountant. The financial data for the fiscal years ended March 31, 2021, March 31, 2022, March 31, 2023, March 31, 2024, March 31, 2025, and March 31, 2026 is derived from the Fund's financial statements, which have been audited by [ ], the Fund's independent registered public accounting firm, whose report, along with the Fund's financial statements, is included in the Fund's annual report to shareholders, which is available upon request.

**<u>Class 1 Financial Highlights</u>**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** | **2017** |
|  **Class 1 Units\*** |  |  |  |  |  |  |  |  |  |  |
|  **Net Asset Value, Beginning of Year** | $[] | $23.35 | $21.14 | $20.42 | $18.04 | $13.55 | $14.06 | $13.12 | $11.60 | $10.25 |
|  **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup> | [] | (0.21) | (0.19) | (0.19) | (0.21) | (0.16) | (0.14) | (0.14) | (0.12) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain from investments | [] | 2.34 | 2.57 | 1.32 | 3.31 | 4.82 | 0.60 | 1.30 | 1.65 | 1.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | [] | 2.13 | 2.38 | 1.13 | 3.10 | 4.66 | 0.46 | 1.16 | 1.53 | 1.35 |
|  **Less Distributions to Investors from:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | [] |  |  |  |  |  |  | (0.17) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | [] | (0.25) | (0.17) | (0.41) | (0.72) | (0.17) | (0.97) | (0.05) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to unitholders | [] | (0.25) | (0.17) | (0.41) | (0.72) | (0.17) | (0.97) | (0.22) | (0.01) |  |
|  **Net Asset Value, End of Year** | $[] | $25.23 | $23.35 | $21.14 | $20.42 | $18.04 | $13.55 | $14.06 | $13.12 | $11.60 |
|  Total Return<sup>1</sup> | []% | 9.09% | 11.27% | 5.63% | 17.49% | 34.63% | 3.10% | 8.97% | 13.18% | 13.17% |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Ratio/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | []% | 0.86% | 0.87% | 0.97%<sup>4</sup> | 1.10%<sup>4</sup> | 0.92%<sup>4</sup> | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup> | []% | 1.56% | 1.57% | 1.67%<sup>4</sup> | 1.80%<sup>4</sup> | 1.82%<sup>4</sup> | 2.61% | 4.66% | 10.07% | 23.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>1</sup> | []% | (0.86%) | (0.87%) | (0.97%) | (1.10)% | (0.92%) | (1.00%) | (1.00%) | (1.00%) | (1.00%) |
|  Portfolio turnover rate (Master Fund) | []% | 6% | 3% | 5% | 14% | 0% | 0% | 59% | 0%<sup>7</sup> | 0%<sup>7</sup> |
|  Net assets, end of year (in thousands) | $[] | $2411825 | $1482567 | $790478 | $365514 | $36768 | $15 | $14 | $13 | $11 |

---

<sup>\*\*</sup> Effective July 31, 2020, Brokerage Class Units were renamed Class 1 Units.

<sup>1</sup> Total return and net investment loss would have been lower had certain expenses not been offset. 

<sup>2</sup> Per Unit numbers have been calculated using average Units.

<sup>3</sup> Not annualized.

<sup>4</sup> Such ratio includes recoupment of waived/reimbursed fees from prior periods amounting to 0.07%, 0.13% and 0.01% for the fiscal years ended March 31, 2023, March 31, 2022 and March 31, 2021, respectively. 

<sup>5</sup> Annualized.

<sup>6</sup> Excludes the impact of expense reimbursements or fee waivers and expense reductions, but includes expense recoupments and non-reimbursable expenses, if any, such as interest and taxes.

<sup>7</sup> Less than 0.5%. 

**PRIVACY POLICY** 

This Privacy Policy covers the practices of the Fund and applies to the nonpublic personal information of its Investors and former Investors (to the extent required by applicable law, including Gramm-Leach-Bliley Act ("GLBA") requirements).

The Fund may collect nonpublic personal information about Investors that the law allows or requires the Fund to have in order to conduct its business and properly service its accounts.

The Fund only uses and re-discloses third-party information in accordance with the purpose for which it is received and does not share with other nonaffiliated third parties (other than Fund service providers), unless the original third party could have legally shared with such a party.

The Fund does not disclose any nonpublic personal information about Investors or former Investors to nonaffiliated third parties, except in accordance with the GLBA. In no circumstances does the Fund share credit-related information, such as income, total wealth, or other credit header information, with nonaffiliated third parties, other than in their capacity as service providers of the Fund.

The Fund has relationships with nonaffiliated third parties that require the Fund to share Investor information in order for the third party to carry out its services for the Fund. These nonaffiliated third parties provide marketing, administration or other related services to the Fund and/or carry out marketing activities on the Fund's behalf. Each of these nonaffiliated third parties described in this exception is required to enter into a joint marketing or other agreements with the Administrator. These agreements include confidentiality provisions as required by GLBA privacy regulations. These provisions ensure that the nonaffiliated third party only uses and re-discloses Investor nonpublic personal information for the purpose for which it was originally disclosed.

------

The Fund may also share information when it is necessary to effect, administer, or enforce a transaction for an Investor or if an Investor initiates a request for the Fund to share information with an outside party. All requests by Investors must be received in writing from the Investor or the Investor's authorized representative.

It also may be necessary under anti-money laundering and similar laws to disclose information about Investors in order to accept subscriptions from them. The Fund also will release information about Investors if compelled to do so by law in connection with any government request or investigation, or if any Investors direct the Fund to do so.

**USE OF PROCEEDS** 

The proceeds will be invested in accordance with the Fund's investment objective and strategies as soon as practicable. The Fund invests substantially all of its assets in the Master Fund.

The Master Fund may invest a portion of the proceeds of the offering, which may be a substantial portion, directly, or indirectly through a Subsidiary, in Private Fund Investments pursuant to the Master Fund's investment objective and principal strategies. Notwithstanding the foregoing, the Adviser anticipates that it may take up to 3 months to invest all or substantially all of the proceeds from a sale of Units in accordance with the Master Fund's investment objective and policies. The Adviser anticipates this to be the case because of the limited opportunities that exist to invest in Private Fund Investments.

To maintain liquidity and to fund Investment Fund capital calls, the Master Fund may invest in ETFs designed to track equity indexes and in cash and short-term securities. In addition, the Master Fund may use derivative instruments, primarily equity options and swaps (and, to a lesser extent, futures and forwards), for hedging purposes, and may also invest in dividend paying equities or ETFs of dividend paying equities. Furthermore, while the Master Fund seeks opportunities to deploy capital in any way consistent with its investment objectives and strategies, the Master Fund may hold a substantial portion of its assets in ETFs, cash and short term investments as it seeks for desirable investments for the private equity portion of the Master Fund's portfolio.

**THE FUND** 

The Fund, which is registered under the 1940 Act as a closed-end, non-diversified, management investment company, was organized as a Delaware limited liability company on May 16, 2014. The Fund's principal office is located at 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901, and its telephone number is (877) 355-1566. The Fund invests all or substantially all of its assets in ownership interests in the Master Fund. The Master Fund is a closed-end, non-diversified management investment company, organized as a Delaware limited liability company on May 16, 2014 and registered under the 1940 Act. Investment advisory services are provided to the Fund and the Master Fund by the Adviser pursuant to the Investment Management Agreements. The individuals who serve on the Board are responsible for monitoring and overseeing the Fund's investment program. The Master Fund Board, which currently has the same composition as the Board, has overall responsibility for monitoring and overseeing the investment program of the Master Fund. See "Management of the Fund."

**STRUCTURE** 

The Fund is a specialized investment vehicle that incorporates both features of an unregistered private investment fund and features of a closed-end investment company that is registered under the 1940 Act. Private investment funds (such as private equity funds) are collective asset pools that typically offer their securities privately, without registering such securities under the Securities Act. Securities offered by private investment funds are typically sold in large minimum denominations (often at least $5 million to $20 million) to a limited number of institutional investors. The managers of such funds are generally compensated through asset-based fees and

------

incentive-based/carried interest allocations. Registered closed-end investment companies are typically managed more conservatively than most private investment funds because of the requirements and restrictions imposed on them by the 1940 Act. Compared to private investment funds, registered closed-end companies may have more modest minimum investment requirements, and generally offer their units to a broader range of investors. Advisers to such investment companies, such as the Adviser, are typically compensated through asset-based fees.

Investors purchase Units in the Fund. Units may be purchased as of the first business day of each month based upon the Fund's net asset value as of the close of business on the business day immediately preceding such date.

Similar to private investment funds, certain classes of Units of the Fund are sold in relatively large minimum denominations. In contrast to many Private Fund Investments, however, the Fund is permitted to offer Units to an unlimited number of Investors. The Fund was designed to permit Investors to participate in an investment program that employs private equity strategies without requiring, among other things, Investors to commit the more substantial minimum investments required by many Private Fund Investments, and without subjecting the Fund to the same restrictions on the number of Investors as are imposed on many of those Private Fund Investments.

**INVESTMENT PROGRAM** 

The Fund's investment objective is to seek long-term capital appreciation. In pursuing its investment objective, the Fund invests substantially all of its assets in the Master Fund. The Master Fund has the same investment objective as the Fund and will seek to achieve its investment objective by investing predominantly in interests in Investment Funds and co-investments in portfolio companies. In addition to units of the Master Fund, the Fund may hold a portion of its assets in cash to pay for current operating expenses. Each Investment Fund is managed by the general partner or manager (or equivalent) of the Investment Fund (such general partner, manager, or equivalent in respect of any Investment Fund being hereinafter referred to as the "Investment Fund Manager" of such Investment Fund) under the direction of the portfolio managers or investment teams selected by the Investment Fund Manager.

Under normal circumstances, the Master Fund expects to invest primarily in any of (i) private equity investments of any type, including primary and secondary investments in private equity, infrastructure and other private asset funds ("Investment Funds") and investments in companies that are typically made alongside one or more Investment Funds ("Co-Investment Opportunities"), (ii) exchange-traded funds ("ETFs") designed to track equity indexes and (iii) cash, cash equivalents and other short-term investments. The allocation among these types of investments may vary from time to time.

The Fund's investments in Investment Funds, Co-Investment Opportunities and other private investments are referred to herein as "Private Fund Investments." The term "Investment Fund" as used herein refers to Private Fund Investments made through an investment entity or structure (and not directly).

The Master Fund may make investments directly or indirectly through its two subsidiaries that are 100% owned ("Wholly-Owned") by the Master Fund (each, a "Subsidiary" and together the "Subsidiaries"). Each Subsidiary has the same investment objective and strategies as the Master Fund and, like the Fund and the Master Fund, is managed by the Adviser. Pursuant to Subchapter M of the Code, the Master Fund may invest up to 25% of its total assets measured quarterly in the Wholly-Owned subsidiary organized as a Delaware limited liability company that has elected to be treated as a corporation for U.S. federal income tax purposes (the "Corporate Subsidiary"). The Master Fund's investment in the Corporate Subsidiary permits the Master Fund to pursue its investment objective and strategies in a potentially tax-efficient manner. The Master Fund may also invest all or a portion of its assets in a second Wholly-Owned subsidiary organized as a Delaware limited liability company that intends to be treated as a disregarded entity for U.S. federal income tax purposes (the "Lead Fund"). The Lead Fund was organized for the purpose of facilitating the Master Fund's use of a revolving credit facility. Except as otherwise provided, references to the Master Fund's investments include each Subsidiary's investments for the convenience of the reader.

------

The Adviser believes that the Master Fund's investment program will offer a unique approach to private equity investing for Investors who previously have not had access to high quality private equity Investment Funds. In pursuing the Master Fund's investment objective, the Adviser will allocate capital in the private equity portion of the portfolio across primary and secondary investments in Investment Funds and co-investments in portfolio companies. The Adviser will seek to invest across a broad spectrum of Investment Funds (e.g., buyout, growth capital, special situations, credit, private infrastructure, real estate, real assets, and other private asset funds), determined by a diverse selection of geographies (e.g., North America, Europe, Asia, and emerging markets) and vintage years. Notwithstanding the foregoing, while the Master Fund seeks opportunities to deploy capital in any way consistent with its investment objectives and strategies, the Adviser to date has invested the private equity portion of its portfolio primarily in co-investments and/or secondaries of Investment Funds. At any given time, the Master Fund's geographic allocation may be overweighted to one geography, with a corresponding underweighting of, or potentially even the exclusion of, other geographies. In addition, the Master Fund's ability to access certain types of investment opportunities, including certain types of Private Fund Investments, may be limited by legal, regulatory or tax considerations related to the Master Fund's status as a registered investment company, resulting in periods during which the Master Fund may not have any exposure to such investments.

The Fund and the Master Fund have been structured with the intent of seeking to alleviate or reduce a number of the burdens on investors typically associated with private equity investing, such as funding capital calls on short notice, reinvesting distribution proceeds, meeting large minimum commitment amounts, and receiving tax reporting on potentially late Schedule K-1s. To maintain liquidity and to fund Investment Fund capital calls, the Master Fund may invest in ETFs designed to track equity indexes and in cash and short-term securities. In addition, the Master Fund may use derivative instruments, primarily equity options and swaps (and, to a lesser extent, futures and forwards), for hedging purposes, and may also invest in dividend paying equities or ETFs of dividend paying equities. Furthermore, while the Master Fund seeks opportunities to deploy capital in any way consistent with its investment objectives and strategies, the Master Fund may hold a substantial portion of its assets in ETFs, cash and short term investments as it seeks desirable investments for the private equity portion of the Master Fund's portfolio.

In addition to the foregoing, the Master Fund may utilize a revolving credit facility to satisfy repurchase requests, to meet capital calls and to otherwise provide the Master Fund with temporary liquidity.

The Master Fund has obtained an exemptive order from the SEC that permits the Master Fund to invest alongside affiliates, including certain public or private funds managed by the Adviser and its affiliates, subject to certain terms and conditions.

**Investment Philosophy** 

Registered investment companies, such as the Fund and the Master Fund, are generally subject to significant regulatory restrictions with respect to selling securities short and using leverage and derivatives. The Investment Funds generally are not subject to the same investment restrictions as the Master Fund or the Fund, and are generally subject to few investment limitations, including investment limitations under the 1940 Act or the Code. While the 1940 Act applies to the Master Fund and the Fund, the Investment Funds are not subject to the 1940 Act.

By investing in the Fund, Investors gain access to funds managed by Investment Fund Managers whose services are generally not available to the investing public, or who may otherwise restrict the number and type of persons whose money will be managed. Investing in the Fund also permits Investors to invest with Investment Fund Managers without being subject to the high minimum investment requirements typically charged by such Investment Fund Managers. The Fund should also benefit from its exposure to a number of different investment styles. Investing through various Investment Fund Managers that employ different strategies may reduce the volatility inherent in a direct investment by the Fund with a single Investment Fund Manager.

**Investment Strategies** 

The Master Fund seeks to provide investors with long-term capital appreciation by investing a substantial portion of its assets in a diverse portfolio of Investment Funds.

------

The principal elements of the Adviser's investment strategy include: (i) allocating the assets of the Master Fund across Investment Funds, portfolio companies, and other assets; (ii) seeking to secure access to attractive investment opportunities that the Adviser believes offer attractive value; (iii) seeking to manage the Master Fund's investment level and liquidity using the Adviser's commitment strategy; and (iv) seeking to manage risk through ongoing monitoring of the portfolio.

• *Asset Allocation.* With respect to Investment Funds, the Master Fund will define a strategic asset
allocation that seeks to benefit from long-term diverse investments through exposure to different geographic markets, investment types, and vintage years. The Adviser seeks to implement a proactive approach to portfolio construction, defining
strategic goals and reviewing the portfolio's development on an on-going basis. This approach enables the Adviser to construct portfolios that the Adviser believes are appropriately diverse and reflect
the Adviser's assessment of sector and valuation themes. To seek to achieve the targeted strategic asset allocation, the Master Fund will allocate its capital among Private Fund Investments.

• *Access.* The Fund will seek to provide Investors with access to Private Fund Investments that are generally
unavailable to the investing public due to resource requirements and high investment minimums.

• *Commitment Strategy.* The Adviser intends to manage the Master Fund's commitment strategy with a view
towards balancing liquidity while maintaining a high level of investment.

• *Risk Management.* The long-term nature of private equity investments requires a commitment to ongoing risk
management. The Adviser seeks to maintain close contact with the Investment Fund Managers and to monitor the performance of individual Investment Funds and co-investments by tracking operating information and
other pertinent details.

**No guarantee or representation is made that the investment program of the Fund, the Master Fund, or any Investment Fund will be successful, that the various Investment Funds selected will produce positive returns or that the Fund and the Master Fund will achieve their investment objective. The Adviser also may invest the Master Fund's assets in Investment Funds that engage in investment strategies other than those described in this Prospectus, and may sell the Master Fund's portfolio holdings at any time.** 

**Private Equity** 

Private equity is a common term for investments that are typically made in non-public companies through privately negotiated transactions. Private equity investors generally seek to acquire quality assets at attractive valuations and use operational expertise to enhance value and improve portfolio company performance. Buyout funds acquire private and public companies, as well as divisions of larger companies. Private equity specialists then seek to uncover value enhancing opportunities in portfolio companies, unlock the value of the portfolio company and reposition it for sale at a multiple of invested equity.

Private equity investments 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, subordinated debt and warrants or other derivatives.

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 provide up to a certain amount of capital when requested by the fund's manager or general partner. The general partner then makes private equity investments on behalf of the fund. The fund's investments are usually realized, or "exited" after a three to seven year holding period through a private sale, an initial public offering (IPO) or a recapitalization. Proceeds of such exits are then distributed to the fund's investors. The funds themselves typically have a term of ten to thirteen years.

The private equity market is diverse and can be divided into several different segments. 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 20 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 allocate significant assets to private equity.

**Buyouts, Growth Capital, Special Situations, Venture Capital/Other** 

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 may have distinct risk, return and correlation characteristics, and play different roles within a diverse private equity portfolio. Broadly speaking, private equity investments can be broken down into four financing stages: buyout, growth capital, special situations, and venture capital. These categories may be further subdivided based on the investment strategies that are employed (e.g., credit investments or real estate investments).

• *Buyouts.* Control investments in established, cash flow positive companies are usually classified as
buyouts. Buyout investments may focus on small-, mid-, large-, or mega-capitalization companies, and such investments collectively represent a substantial majority of the capital deployed in the overall
private equity market. The use of debt financing, or leverage, is prevalent in buyout transactions – particularly in the large- and mega-cap segment. Overall, debt financing typically makes up 50-70% of the price paid for a company.

• *Growth Capital.* Typically involves minority investments in established companies with strong growth
characteristics. Companies that receive growth capital investments typically are profitable businesses that need capital for organic and acquisition growth strategies and shareholder liquidity.

• *Special Situations.* A broad range of investments including mezzanine, distressed debt, infrastructure,
energy/utility investing and turnarounds may be classified as special situations.

• *Venture Capital/Other.* Investments in new and emerging companies are usually classified as venture
capital. Such investments are often in technology and healthcare-related industries. Companies financed by venture capital are generally not cash flow positive at the time of investment and may require several rounds of financing before the company
can be sold privately or taken public. Venture capital investors may finance companies along the full path of development or focus on certain sub-stages (usually classified as seed, early and late stage) in
partnership with other investors. It is not anticipated that venture capital will be a meaningful portion of the Master Fund's allocations.

**Private Equity Investment Types** 

Some of the investments that the Adviser will consider with respect to the Master Fund include, but are not limited to:

• *Primary Investments.* Primary investments (primaries) are interests or investments in newly established
private equity funds that are typically acquired by way of subscription during their fundraising period. Most private equity fund sponsors raise new funds only every two to four years. Because of the limited windows of opportunity for making primary
investments in particular funds, strong relationships with leading fund sponsors are highly important for primary investors.

Primary investors subscribe for interests during an initial fundraising period, and their capital commitments are then used to fund investments in a number of individual operating companies during a defined investment period. The investments of the fund are usually unknown at the time of commitment, and investors typically have little or no ability to influence the investments that are made during the fund's life. Because primary investors must rely on the expertise of the fund manager, an accurate assessment of the manager's capabilities is essential.

Primary investments typically exhibit a value development pattern, commonly known as the "J-curve," in which the fund's net asset value typically declines moderately during the early years of the fund's life as investment-related fees and expenses are incurred before investment gains have been realized. As the fund matures and portfolio companies are sold, the pattern typically reverses with increasing net asset value and distributions to fund investors. There can be no assurance, however, that any or all primary investments made by the Master Fund will exhibit this pattern of investment development. Primary investments are usually ten to thirteen years in duration, while underlying investments in portfolio companies generally have a three to seven year duration, if not longer.

------

• *Secondary Investments (secondaries).* Traditional secondary investments, or "LP-led secondaries," 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 at a premium or discount to the private equity funds' net asset value at a specific reference date. Secondary investments may play an important role in a diverse private equity portfolio. Because secondaries typically already have
invested in portfolio companies, they are viewed as more mature investments than primaries and further along in their development pattern. As a result, their investment returns may not exhibit a pronounced J-curve pattern expected to be achieved by primaries in their early stages. In addition, secondaries typically provide earlier distributions than primaries. Past performance is not indicative of future
results. There can be no assurance, however, that any or all secondary investments made by the Master Fund will exhibit this pattern of investment development. In addition, the Master Fund's ability to access secondary investments may be
limited by legal, regulatory or tax considerations related to the Master Fund's status as a registered investment company, resulting in periods during which the Master Fund may not have any exposure to such investments.

General Partner (GP)-led secondaries are typically interests or investments in newly established vehicles that are created to acquire and hold one or more assets of an existing private investment fund and are led by the GP of the private investment fund. The GP initiates a sale of some or all of the private investment fund's assets to a new vehicle, and existing investors of the private investment fund and new investors are given the opportunity to invest in the new vehicle.

• *Direct Investments/Co-Investments.* Direct investments involve
acquiring (directly or indirectly) an interest in securities issued by an operating company. Co-investments represent opportunities to separately invest in specific portfolio companies that are otherwise
represented in an Investment Fund. Such investments are typically made as co-investments alongside private equity funds, and are usually structured such that the lead investor holds a controlling interest. Co-investments are typically offered to Investment Fund investors when the Investment Fund Manager believes that there is an attractive investment for the Investment Fund but the total size of the potential holding
exceeds the targeted size for the Investment Fund. Direct investments and co-investments, unlike investments in Investment Funds, generally do not bear an additional layer of fees or bear significantly reduced
fees. It is anticipated that Co-Investment Vehicles will be formed and managed by third-party fund managers and that neither the Adviser nor the Fund or Master Fund will be able to exercise day to day control
over the Co-Investment Vehicles.

**Portfolio Allocation** 

The Master Fund's investment process will begin with an allocation framework among: (i) primary and secondary private equity investments and co-investments in portfolio companies; (ii) buyout, growth capital, credit, distressed investments, special situations investments, private infrastructure funds, real estate, real assets, and other private asset funds; and (iii) investments focused in North America, Europe, Asia, and emerging markets. The framework also provides for diverse allocations over vintage years and with respect to individual investments. It is expected that through such diversification, the Master Fund may be able to achieve more consistent returns and lower volatility than would generally be expected if its portfolio were more concentrated in a single fund, geography, sector, vintage year, or a smaller number of funds.

Because of the distinct cash flow characteristics associated with different types of private equity investments, asset allocation is based on both quantitative and qualitative factors.

Over time, the allocation ranges and commitment strategy may be adjusted based on the Adviser's analysis of the private equity market, the Master Fund's existing portfolio at the relevant time, or other pertinent factors.

The Adviser intends to manage the Master Fund's commitment strategy with a view towards balancing liquidity while maintaining a high level of investment. Commitments to private equity funds generally are not immediately invested. Instead, committed amounts are drawn down by private equity funds and invested over time, as underlying investments are identified—a process that may take a period of several years. As a result, without an

------

appropriate commitment strategy, a significant exposure to private equity investments could be difficult to achieve. The Adviser will seek to address this challenge using a commitment strategy designed to provide an appropriate investment level. As disclosed above, the private equity portion of the Master Fund's portfolio to date has been comprised primarily of co-investments and secondary investments and will evolve over time to include a higher percentage of primary investments. As such, the proportion of assets allocated to secondary investments, primary investments, and co-investments will depend on the maturity profile of the existing portfolio and the cash flows into the Master Fund and will be managed to achieve a stated investment strategy. Furthermore, the Master Fund may over-commit to private equity investments—both primaries and secondaries—to provide an appropriate investment level. The Master Fund's exposure to certain types of investments has been minimal at times and may continue to vary depending on legal, regulatory or tax considerations. See "Types of Investments and Related Risk Factors."

To maintain liquidity and to fund Investment Fund capital calls, the Master Fund may invest in ETFs designed to track equity indexes and cash and short term securities. In addition, the Fund may use derivative instruments, primarily equity options and swaps, for hedging purposes, and may also invest in dividend paying equities or ETFs of dividend paying equities. Furthermore, and as described previously, while the Master Fund seeks opportunities to deploy capital in any way consistent with its investment objectives and strategies, the Master Fund may hold a substantial portion of the Master Fund's assets in ETFs, cash and short term investments as it seeks desirable investments for the private equity portion of the Master Fund's portfolio.

The Master Fund's asset allocation with respect to the private equity portion of its portfolio, when fully deployed, is expected to be as noted below. The Adviser expects that even when the Master Fund's assets are fully invested, a substantial portion of the Master Fund's assets may consist of liquid assets, including ETFs, high quality fixed income securities, money market instruments, money market mutual funds, and other short-term securities, and cash or cash equivalents. At any given time, the Master Fund's geographic allocation may be overweighted to one geography, with a corresponding underweighting of, or potentially even the exclusion of, other geographies.

**Asset Allocation** 

---

| | |
|:---|:---|
| Financing Stage |  |
|  Buyout | 40%-100% |
|  Growth Capital | 0%-20% |
|  Special Situations/Real Estate/Other Private Assets | 0%-40% |

---

---

| | |
|:---|:---|
| Geographic Region |  |
|  North America | 20%-100% |
|  Europe | 0%-40% |
|  Asia and Rest of World | 0%-40% |

---

**Hedging Techniques** 

From time to time, the Adviser may employ various hedging techniques in an attempt to reduce certain potential risks to which the Master Fund's portfolio may be exposed. These hedging techniques may involve the use of derivative instruments, including swaps, exchange-listed and over-the-counter put and call options, futures, and forward contracts.

**Temporary Defensive Strategies** 

The Master Fund may, from time to time in its sole discretion, significantly alter its portfolio as a temporary defensive strategy. A defensive strategy may be employed as an alternative to, or in conjunction with, an option hedging strategy if, in the judgment of the Adviser, the performance of ETFs is likely to be adversely affected by current or anticipated economic, financial, political, or social factors. For defensive purposes, the Master Fund may invest without limit in short-term securities, including high-quality commercial paper, obligations of banks and savings institutions, U.S. Government securities, government agency securities, and repurchase agreements, or it may retain funds in cash. When the Master Fund is invested defensively, it may not meet its investment objective. In

------

addition, the Master Fund may, in the Adviser's sole discretion, hold cash, cash equivalents, other short-term securities or investments in money market funds in significant amount while the Master Fund seeks opportunities to deploy capital in any way consistent with its investment objectives and strategies, pending investment, in order to fund anticipated repurchases, expenses of the Master Fund, or other operational needs, or otherwise in the sole discretion of the Adviser. Given the nature of the Fund's investments, the Fund may be unable to significantly alter its portfolio to respond to short term market changes.

**Investment Selection** 

<u>Primaries</u> 

The Adviser intends to invest in a broad spectrum of Private Fund Investments, determined by a diverse selection of strategies, Investment Fund Managers, geographies, and vintage years. The Adviser's manager selection process seeks to pick high-quality Investment Fund Managers from a broad range of opportunities by incorporating both a top-down and a bottom-up approach. The top-down process seeks to analyze whether each Investment Fund Manager fits within the overall target strategy allocations for the Master Fund, while the bottom-up process seeks to identify the relevant strengths and weaknesses of each Investment Fund Manager and identify the Investment Fund Managers with the greatest potential to deliver superior performance within a given market. The Adviser will select Private Fund Investments on the basis of strategy, availability, pricing (in the case of secondaries and co-investments), and various qualitative and quantitative criteria, including its analysis of actual and projected cash flows and past performance of an Investment Fund Manager during various time periods and market cycles; and an Investment Fund Manager's reputation, experience, expertise, and adherence to its investment philosophy. Opportunities are sourced through a network of relationships with intermediaries, agents, and investors, and then individually evaluated by the Adviser's and its affiliates' investment professionals using its selection process. See "Investment Program—Due Diligence" below.

<u>Secondaries</u> 

With respect to investments in secondaries, the Adviser's approach to the market is driven by a strategic approach to asset allocation, value investing, and a focus on asset quality. The Adviser seeks to implement a proactive approach to asset allocation, deciding on strategic goals and reviewing the portfolio's development on an on-going basis. This approach enables the Adviser to construct portfolios it believes are appropriately diverse and reflect the Adviser's assessment of sector and valuation themes. The Adviser seeks opportunities to invest in portfolios of assets at a discount to their intrinsic worth, with an emphasis on finding relative value across markets. Opportunities are assessed by reference to cyclically adjusted measures of value on a sector basis, incorporating earnings multiples, dividend ratios, and book value measures, as appropriate. These valuation metrics are used to help support the Adviser's philosophy of focusing on and prioritizing entry value, and helping to identify and favor those assets that the Adviser believes are the most attractively priced secondary transaction opportunities available in the market for the Master Fund at a particular point in time. A key consideration informing the Adviser's secondary investment strategy is manager and asset quality. In sourcing opportunities, the Adviser focuses on funds from historically high-performing management groups, with a close alignment of the Investment Fund Manager's incentives with those of investors, and on developing a diverse portfolio of quality underlying assets with the characteristics to provide upside potential as well as resilience in downside scenarios.

<u>Co-Investments</u> 

The Adviser seeks to identify co-investment opportunities for the Master Fund from a select group of Investment Fund Managers with which the Adviser generally has long-standing relationships. Co-investments are managed by primary fund managers that are screened, analyzed, and monitored by the Adviser. The Adviser focuses on Investment Fund Managers with strong sector expertise and resulting operational capabilities that are well positioned to source, operationally improve, and exit companies successfully. This framework of manager selection within the Adviser's investment programs, and the Adviser's evaluation of current market conditions, determines the amount, quality, and type of co-investments the Adviser is likely to originate.

------

**Affiliated Transactions** 

The Master Fund has obtained exemptive relief from the SEC permitting the Master Fund to invest alongside affiliates, including certain public or private funds managed by the Adviser or its affiliates, subject to certain terms and conditions.

**Due Diligence** 

The Adviser and its personnel use a range of resources to identify and source the availability of promising Private Fund Investments. The Adviser's diligence process focuses on risk management and investment and operational diligence. The Adviser will select Private Fund Investments on the basis of availability, pricing in the case of secondaries and various qualitative and quantitative criteria, including the Adviser's analysis of actual and projected cash flows and past performance of an Investment Fund Manager during various time periods and market cycles; and the Investment Fund Managers' reputation, experience, expertise, and adherence to investment philosophy. After making an investment in a Private Fund Investment, and as part of its ongoing diligence process, the Adviser will seek to: track operating information and other pertinent details; participate in periodic conference calls with Investment Fund Managers and onsite visits where appropriate; review audited and unaudited reports; and monitor turnover in senior Private Fund Investment personnel and changes in policies. In conjunction with the due diligence process, the tax treatment and legal terms of the investment are considered.

The Adviser and its personnel use a range of sources to identify, evaluate, select, and monitor investments for the Master Fund. The Adviser's investment professionals are involved throughout the process, and draw on the significant resources and insights available through its relationships with Investment Fund Managers. The Adviser's investment committees are responsible for portfolio allocation and final investment decisions.

The Adviser typically identifies prospective investments from multiple sources, including a network of intermediaries, agents, and investors. The Adviser seeks to maximize the number of available investment opportunities through active research of the market, industry relationships, meetings with managers before they become investable, and knowledge acquired throughout the primary, secondary, and co-investment teams.

Investment opportunities are typically subjected to initial screening. For primary investments, the initial screening is based on initial quantitative research and an introductory meeting with Investment Fund Managers. For secondary investments, deals are screened for other pertinent information, such as vendor motivations and objectives of the vendor, transaction details, and nature of the sale (proprietary or otherwise). For co-investments, the screening process is two-fold, taking account of both the Investment Fund Manager's credentials and the investment opportunity in the target portfolio company. The initial screening process for primary and secondary investment opportunities also incorporates the results of both bottom-up and top-down analyses. The Adviser's bottom-up investment process seeks to identify the Investment Fund Managers with the greatest potential to deliver superior performance within a given market and includes set of investment criteria designed to assess the likelihood of a manager generating superior returns in the future. Top-down analysis seeks to identify themes relevant to portfolio construction, such as key sectors, stages, and strategies, and includes consideration of macroeconomic outlook; strength of financial markets, in particular the strength and depth of the IPO and debt markets; merger and acquisitions activity; regulatory and political environment and deal flow in the underlying private equity market and market of potential private equity targets.

During its due diligence process for primary investments, the Adviser expects to hold a series of onsite meetings with prospective Investment Fund Managers during which qualitative and quantitative evaluation processes may be applied. The Adviser may also hold discussions with underlying portfolio companies of the target Investment Fund or any predecessor fund. The Adviser typically reviews offering documents, performs a systematic analysis of an Investment Fund Manager's track record using proprietary due diligence models, and considers terms of the investment.

During its due diligence process for secondary investments, the Adviser conducts an evaluation of individual companies within the portfolio of the target Investment Funds and seeks to understand key terms, cash flows, valuations, performance, large portfolio company developments, availability of discounts, and historical performance of prior funds, if any. The Adviser also considers the tax issues and legal terms of the investment.

------

During its due diligence process for co-investments, the Adviser engages in a combination of qualitative and quantitative analysis, assessing the merits and risks of an investment opportunity as well as the capability and experience of the Investment Fund Manager. The Adviser will engage with the lead private equity firm to assess the risks of the business, the value creation thesis, financial performance, and market position. The Adviser typically will meet with management of the target operating company, review due diligence reports prepared on the target operating company, analyze the capital structure and the valuation of the target operating company, conduct financial modeling under various investment cases, and consider the exit strategies for the target company and the terms of the proposed investment.

While the summary above provides an overall framework of diligence processes anticipated to be used by the Adviser, it is not intended to be prescriptive or restrictive to the Adviser's investment work, as flexibility of approach is required. In particular, it should be noted that due diligence is necessarily and deliberately tailored to each investment and may differ across regions and in different situations, based on the experience and judgment of the investment professionals concerned.

After making an investment, and as part of its ongoing monitoring process, the Adviser will seek to (i) track operating information and other information regarding the investment; (ii) participate in periodic conference calls with Investment Fund Managers and conduct onsite visits where appropriate; (iii) review audited and unaudited reports relating to the investment; and (iv) monitor turnover in senior Investment Fund Manager personnel and changes in investment and operational policies and guidelines. In performing some of its due diligence activities, the Adviser will be required to rely on the Investment Fund Managers. No assurance can be given that all performance and other data sought by the Adviser will be accurate or will be provided on a timely basis or in the manner requested.

The Adviser uses its private equity investment experience through various economic cycles and in different regional markets to inform its diversification strategies, thematic investment strategies, and due diligence process, and to seek to produce attractive risk-adjusted returns. The Adviser utilizes its due diligence and monitoring processes in assessing the past performance and future potential of investments.

**Portfolio Construction** 

The Adviser manages the Master Fund's portfolio with a view towards managing liquidity and maintaining a high investment level and maximizing capital appreciation. 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 Investors and any distributions made to Investors.

The Adviser intends to use a range of techniques to reduce the risk associated with the Master Fund's investment strategy. From time to time, these techniques may include, without limitation: (i) allocating commitments across several geographies and vintage years; (ii) allocating capital among primary investments, secondary investments, and co-investment opportunities; (iii) actively managing cash and liquid assets; (iv) actively monitoring cash flows; (v) seeking to establish a credit line to provide liquidity to satisfy tender requests and capital call obligations, consistent with the limitations and requirements of the 1940 Act; (vi) seeking to invest in ETFs, cash, and short-term securities to provide liquidity to satisfy tender requests and capital calls, consistent with the limitations and requirements of the 1940 Act; and (vii) seeking the use of derivative instruments, primarily equity options and swaps, for hedging purposes.

The Master Fund expects that a portion of its holdings will consist of liquid assets for purposes of liquidity management. The Adviser may sell the Master Fund's portfolio holdings at any time, including to enhance the Fund's liquidity, particularly in times of possible net outflows through the tender of Units by investors.

The Adviser will seek to allocate Master Fund assets among the Private Fund Investments that, in its view, represent attractive investment opportunities. Allocation depends on the Adviser's assessment of the potential risks and returns of various investment strategies that the Investment Funds utilize as well as expected cash flows of such strategies. The Adviser generally seeks to invest the Master Fund's assets in Private Fund Investments whose expected risk-adjusted returns are deemed attractive.

------

The Fund and the Master Fund are both "non-diversified" funds under the 1940 Act. See "Types of Investments and Related Risk Factors—Non-Diversified Status." The Adviser believes, however, that the Master Fund should generally maintain a portfolio of Private Fund Investments varied by underlying investment strategies, vintage year, geography, and financing stage to diminish the impact on the Fund of any one Private Fund Investment's losses or poor returns. There is no guarantee that the Master Fund will be able to avoid substantial losses as a result of poor returns with regards to any Private Fund Investment.

The Adviser will seek to limit the Master Fund's investment in any one Investment Fund or co-investment to no more than 25% of the Master Fund's gross assets (measured at the time of investment). Where only voting securities may be available for purchase by the Master Fund, the Master Fund may seek to create by contract the same result as owning a non-voting security by entering into a contract, typically before the initial purchase, to relinquish the right to vote in respect of its investment.

The Private Fund Investments generally are not subject to the Master Fund's or the Fund's investment restrictions and are generally subject to few investment limitations, including investment limitations under the 1940 Act or the Code. While the 1940 Act applies to the Master Fund and the Fund, the Private Fund Investments are not subject to the 1940 Act.

There can be no assurance that the Fund's or the Master Fund's investment program will be successful, that the objectives of the Fund or the Master Fund with respect to liquidity management will be achieved or that the Master 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 "Types of Investments and Related Risk Factors."

**TYPES OF INVESTMENTS AND RELATED RISK FACTORS** 

**General Risks** 

Investing in the Fund involves risks, including those associated with investments made by the Private Fund Investments in which the Master Fund invests. References in this section to the "Master Fund" also include each Subsidiary, which shares the same risks as the Master Fund.

<u>Investment Risk</u>. All investments risk the loss of capital. The value of the Fund's total net assets should be expected to fluctuate. To the extent that the Fund's portfolio (which, for this purpose, means the aggregate investments held by the Master Fund) is concentrated in securities of a few issuers or issuers in a single sector, the risk of any investment decision is increased. A Private Fund Investment's use of leverage is likely to cause the Fund's average net assets to appreciate or depreciate at a greater rate than if leverage were not used.

An investment in the Fund involves a high degree of risk, including the risk that the Investor's entire investment may be lost. No assurance can be given that the Master Fund's and Fund's investment objective will be achieved. The Fund's performance depends upon the Adviser's selection of Private Fund Investments, the allocation of offering proceeds thereto and the performance of the Private Fund Investments. The Private Fund Investments' investment activities involve the risks associated with private equity investments generally. Risks include adverse changes in national or international economic conditions, adverse local market conditions, the financial conditions of portfolio companies, changes in the availability or terms of financing, changes in interest rates, exchange rates, corporate tax rates and other operating expenses, environmental laws and regulations, and other governmental rules and fiscal policies, energy prices, changes in the relative popularity of certain industries or the availability of purchasers to acquire companies, and dependence on cash flow, as well as acts of God, uninsurable losses, labor strikes, war, terrorism, cyberterrorism, major or prolonged power outages or network interruptions, earthquakes, hurricanes, floods, fires, epidemics or pandemics and other factors which are beyond the control of the Master Fund, the Fund or the Private Fund Investments. Although the Adviser will attempt to moderate these risks, no assurance can be given that (i) the Private Fund Investments' investment programs, investment strategies and investment

------

decisions will be successful; (ii) the Private Fund Investments will achieve their return expectations; (iii) the Private Fund Investments will achieve any return of capital invested; (iv) the Fund's or the Master Fund's investment activities will be successful; or (v) Investors will not suffer losses from an investment in the Fund. Any event which affects adversely the value of an investment by the Fund or an Investment Fund would be magnified to the extent the Fund or such Investment Fund is leveraged.

All investments made by the Private Fund Investments risk the loss of capital. The Private Fund Investments' results may vary substantially over time.

<u>Investment Discretion; Dependence on the Adviser</u>. The Adviser has complete discretion to select the Investments Funds as opportunities arise. The Fund, and, accordingly, Investors, must rely upon the ability of the Adviser to identify and implement investments for the Master Fund ("Master Fund Investments") consistent with the Fund's investment objective and consistent with prospectus disclosure. Investors will not receive or otherwise be privy to due diligence or risk information prepared by or for the Adviser in respect of the Master Fund Investments. Through the Fund's interest in the Master Fund, the Fund's assets are indirectly invested in the Master Fund Investments. The Adviser has the authority and responsibility for portfolio construction, the selection of Master Fund Investments and all other investment decisions for the Master 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 and the Master Fund. Investors will have no right or power to participate in the management or control of the Fund, the Master Fund or the Master 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 their respective investment objectives. The Fund is organized to provide Investors access to a multi-strategy investment program and not an indirect way for Investors to gain access to any particular Private Fund Investment.

<u>Master-Feeder Structure</u>. The Fund and the Master Fund are part of a "master-feeder" structure. The Master Fund may accept investments from other investors, including other investment vehicles that are managed or sponsored by the Adviser or the Sponsor, or an affiliate thereof, which may or may not be registered under the 1940 Act and which may be established in jurisdictions outside of the U.S. Because each feeder fund may be subject to different investment minimums, feeder-specific expenses, and other terms, one feeder fund may offer access to the Master Fund on more attractive terms, or could experience better performance, than the Fund.

Because the Fund incurs expenses that may not be incurred by other investors investing directly or indirectly in the Master Fund, such investors may experience better performance than Investors in the Fund. Such other investors in the Master Fund may include other registered investment companies, the seed investor and other select investors. Substantial repurchase requests by investors of the Master Fund in a concentrated period of time could require the Master Fund to raise cash by liquidating certain of its investments more rapidly than might otherwise be desirable. This may limit the ability of the Adviser to successfully implement the investment program of the Master Fund and could have a material adverse impact on the Fund. Moreover, regardless of the time period over which substantial repurchase requests are fulfilled, the resulting reduction in the Master Fund's asset base could make it more difficult for the Master Fund to generate profits or recover losses. Investors will not receive notification of such repurchase requests and, therefore, may not have the opportunity to redeem their Units prior to or at the same time as the investors of the Master Fund that are requesting to have their Master Fund Interests repurchased. If other investors in the Master Fund, including the seed investor and other investment vehicles that are managed or sponsored by the Adviser or Sponsor or an affiliate thereof, request to have their Master Fund Interests repurchased, this may reduce the amount of the Fund's Master Fund Interests that may be repurchased by the Master Fund and, therefore, the amount of Units that may be repurchased by the Fund. See "Repurchases of Units and Transfers."

<u>Limitations on Transfer; Units Not Listed; No Market for Units</u>. The transferability of Units is subject to certain restrictions contained in the limited liability company agreement of the Fund, a copy of which is attached as Appendix A to this prospectus (the "LLC Agreement"). Units are not traded on any securities exchange or other market. No secondary market currently exists for Units. Although the Adviser and the Fund expect to recommend to the Board that the Fund offer to repurchase 5% of the Units on a quarterly basis, no assurances can be given that the Fund will do so and any particular recommendation may exceed such percentage. Consequently, Units should only be acquired by Investors able to commit their funds for an indefinite period of time.

------

<u>Closed-End Fund; Liquidity Risks</u>. 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. An Investor should not invest in the Fund if the Investor needs 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 units on a daily basis at a price based on net asset value. Units in the Fund are not traded on any securities exchange or other market and are subject to substantial restrictions on transfer. Although the Fund may offer to repurchase Units from time to time, an Investor may not be able to tender its Units in the Fund for a substantial period of time.

<u>Repurchase Risks</u>. To provide liquidity to Investors, the Fund may, from time to time, offer to repurchase Units pursuant to written tenders by Investors. Repurchases will be made at such times, in such amounts and on such terms as may be determined by the Board, in its sole discretion. The Fund will conduct repurchase offers on a schedule and in amounts that will depend on the Master Fund's repurchase offers. With respect to any future repurchase offer, Investors tendering Units for repurchase must do so by a date specified in the notice describing the terms of the repurchase offer, and there will be a substantial period of time between the date as of which Investors must submit a request to have their Units repurchased and the date they can expect to receive payment for their Units from the Fund. Investors that elect to tender any Units for repurchase will not know the price at which such Units will be repurchased until the Fund's net asset value as of the date that the Units to be repurchased are valued by the Fund (the "Valuation Date") is able to be determined. The Fund will only provide offers to repurchase at approximately the same time as the Master Fund.

A 2.00% early repurchase fee will be charged by the Fund with respect to any repurchase of Units from an Investor at any time prior to the day immediately preceding the one-year anniversary of the Investor's purchase of Units. Such repurchase fee will be retained by the Fund and will benefit the Fund's remaining Investors. Units tendered for repurchase will be treated as having been repurchased on a "first in-first out" basis. An early repurchase fee payable by an Investor may be waived by the Fund in circumstances where the Board determines that doing so is in the best interests of the Fund.

The Master Fund may be limited in its ability to liquidate its holdings in Private Fund Investments to meet repurchase requests. Repurchase offers principally will be funded by cash and cash equivalents, as well as by the sale of certain liquid securities. Accordingly, the Fund may tender fewer Units than Investors may wish to sell, resulting in the proration of Investor repurchases, or the Fund may need to suspend or postpone repurchase offers if it is required to dispose of interests in Private Fund Investments and is not able to do so in a timely manner. In addition, the Board may from time to time approve agreements for the Master Fund that contain covenants or restrictions that limit the Master Fund's ability to repurchase Units in certain circumstances. See "Repurchases of Units and Transfers."

Substantial requests for the Fund to repurchase Units could require the Master Fund to liquidate certain of its investments more rapidly than otherwise desirable for the purpose of raising cash to fund the repurchases and could cause the Adviser to sell investments at different times than similar investments are sold by other investment vehicles advised by the Adviser. This could have a material adverse effect on the value of the Units and the performance of the Fund and the Master Fund. In addition, substantial repurchases of Units may decrease the Fund's total assets and accordingly may increase its expenses as a percentage of average net assets. If a repurchase offer is oversubscribed by Investors who tender Units, the Fund may extend the repurchase offer, repurchase a *pro rata* portion of the Units tendered, or take any other action permitted by applicable law. Under unusual market conditions, the Adviser and the Sponsor anticipate that they may not recommend to the Board that the Fund conduct a repurchase offer in any particular quarter if the Fund's repurchase offers in the two immediately preceding quarters were oversubscribed by a substantial amount in the opinion of the Adviser and the Sponsor. If a repurchase offer is oversubscribed, or if the Fund does not conduct a repurchase offer in any particular quarter, investors will have to wait until the next repurchase offer to make another repurchase request. As a result, investors may be unable to liquidate all or a given percentage of their investment in the Fund during a particular quarter. In addition, the repurchase of Units by the Fund may be a taxable event to investors, potentially including investors who do not tender any Units in such repurchase.

<u>Distributions In-Kind</u>. The Fund generally expects to distribute to the holder of Units that are repurchased cash or a debt obligation, which may or may not be certificated, and which would entitle such holder to

------

the payment of cash in satisfaction of such repurchase. See "Repurchases of Units and Transfers." 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, it is possible that the Master Fund may receive securities from a Private 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 Master Fund, which may include a distribution in-kind to the Master Fund's investors followed, in turn, by a distribution in-kind to the Fund's Investors. In the event that the Fund makes a distribution of such securities, Investors 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.

<u>Exchange-Traded Funds</u>. To maintain liquidity and to fund Private Fund Investment capital calls, the Master Fund may invest in ETFs designed to track equity indexes. ETFs are hybrid investment companies that are registered as open-end investment companies or unit investment trusts ("UITs") but possess some of the characteristics of closed-end funds. ETFs in which the Master Fund may invest typically hold a portfolio of common stocks that is intended to track the price and dividend performance of a particular equity index.

The risks of investment in an ETF typically reflect the risks of the types of instruments in which the ETF invests. When the Master Fund invests in ETFs, Investors of the Fund bear indirectly their proportionate share of their fees and expenses, as well as their share of the Fund's fees and expenses. As a result, an investment by the Master Fund in an ETF could cause the Fund's operating expenses (taking into account indirect expenses such as the fees and expenses of the ETF) to be higher and, in turn, performance to be lower than if it were to invest directly in the instruments underlying the investment company or ETF. The trading in an ETF may be halted if the trading in one or more of the ETF's underlying securities is halted.

The risks of ETFs designed to track equity indexes may include passive strategy risk (the ETF may hold constituent securities of an index regardless of the current or projected performance of a specific security or a particular industry, market sector, country, or currency, which could cause returns to be lower or higher than if an active strategy were used), non-correlation risk (the ETF's return may not match the returns of the relevant index), equity securities risk (the value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions, and/or economic conditions), market trading risks (the ETF faces market trading risks, including losses from trading in secondary markets and disruption in the creation/redemption process of the ETF), and concentration risk (to the extent the ETF or underlying index's portfolio is concentrated in the securities of a particular geography or market segment, the ETF may be adversely affected by the performance of that market, may be subject to increased price volatility, and may be more susceptible to adverse economic, market, political, or regulatory occurrences affecting that market). The market value of ETF shares may differ from their net asset value per share. This difference in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not always identical to the value of the underlying investments that the ETF holds. There may be times when an ETF share trades at a premium or discount to its net asset value.

The provisions of the 1940 Act may impose certain limitations on the Master Fund's investments in other investment companies, including ETFs. In particular, the 1940 Act, subject to certain exceptions, generally limits a fund's investments in ETFs to no more than (i) 3% of the total outstanding voting stock of any one ETF, (ii) 5% of the fund's total assets with respect to any one ETF, and (iii) 10% of the fund's total assets with respect to ETFs or other investment companies in the aggregate (the "Limitation"). Pursuant to rules adopted by the SEC, the Master Fund may invest in excess of the Limitation if the Master Fund and the investment company in which the Master Fund would like to invest comply with certain conditions, including limits on control and voting, required evaluations and findings, required fund investment agreements and limits on complex fund of funds structures. Certain of these conditions do not apply if the Master Fund is investing in shares issued by affiliated funds. In addition, the Master Fund may invest in shares issued by money market funds, including certain unregistered money market funds, in excess of the Limitation.

The Master Fund's or the Fund's purchase of shares of ETFs may result in the payment by a shareholder of duplicative management fees. Pantheon Ventures (US) LP, the Master Fund's and the Fund's investment adviser (the "Adviser"), will consider such fees in determining whether to invest in other mutual funds. The return on the Master Fund's and the Fund's investments in investment companies will be reduced by the operating expenses, including investment advisory and administrative fees, of such companies.

------

<u>Wholly-Owned Subsidiaries Risk</u>. By investing in the Subsidiaries, the Master Fund is indirectly exposed to the risks associated with each Subsidiary's investments, which are the same risks associated with the Master Fund's investments. Neither Subsidiary is registered under the 1940 Act, but each Subsidiary will comply with certain sections of the 1940 Act (e.g., it will enter into an investment management agreement with the Adviser that contains the provisions required by Section 15(a) of the 1940 Act (including the requirement of annual renewal), will have an eligible custodian or otherwise meet the criteria of Section 17(f) of the 1940 Act, and, together with the Master Fund on a consolidated basis, will comply with the provisions of Section 8 of the 1940 Act relating to fundamental investment policies, Section 17 relating to affiliated transactions and fidelity bond requirements, Section 18 relating to capital structure and leverage, and Section 31 regarding books and records) and be subject to the same policies and restrictions as the Master Fund as they relate to the investment portfolio. The Master Fund owns 100% of, and controls, each Subsidiary, which, like the Master Fund, is managed by the Adviser, making it unlikely that a Subsidiary will take action contrary to the interests of the Master Fund and its members. In managing a Subsidiary's investment portfolio, the Adviser will manage the Subsidiary's portfolio in accordance with the Master Fund's investment policies and restrictions. There can be no assurance that a Subsidiary's investment objective will be achieved. Changes in the laws of the United States and/or the State of Delaware, under which the Master Fund and the Subsidiaries are organized, could result in the inability of the Master Fund and/or a Subsidiary to operate as described in this prospectus and the Fund's SAI and could adversely affect the Fund and its members.

<u>Borrowing</u>. The Fund and the Master Fund may borrow money in connection with their investment activities—i.e., the Fund and the Master Fund may utilize leverage. The Fund and the Master Fund may borrow money through a credit facility or other arrangements to satisfy repurchase requests from Fund Investors, to pay operating expenses, to fund capital commitments to Private Fund Investments, and to otherwise provide temporary liquidity. The Master Fund may also borrow money through a credit facility to manage timing issues in connection with the acquisition of its investments, such as providing the Master Fund with temporary liquidity to fund investments in Private Fund Investments in advance of the Master Fund's receipt of distributions from another Private Fund Investment. The Master Fund has entered into a credit facility for such purposes.

The 1940 Act generally requires a registered investment company to satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time the indebtedness is incurred. This means that, as a general matter, the value of the Master Fund's or Fund's total indebtedness may not exceed one-third of the value of its total assets, including the value of the assets purchased with the proceeds of its indebtedness. Subject to certain exceptions, the 1940 Act also generally restricts the Fund from declaring cash distributions on, or repurchasing, shares unless senior securities representing indebtedness have an asset coverage of not less than 300% after giving effect to such distribution or repurchase.

The Fund or the Master Fund may be required to maintain minimum average balances in connection with borrowings or to pay commitment fees and other costs of borrowings under the terms of a line of credit or credit facility. Moreover, interest on borrowings will be an expense of the Fund. With the use of borrowings, there is a risk that the interest rates paid by the Fund or the Master Fund on the amount it borrows will be higher than the return on the Fund's investments. Such additional costs and expenses may affect the operating results of the Fund. If the Fund or the Master Fund cannot generate sufficient cash flow from investments, they may need to refinance all or a portion of indebtedness on or before maturity. Additionally, uncertainty in the debt and equity markets may negatively impact the Fund's or the Master Fund's ability to access financing on favorable terms or at all and a lender may terminate or not renew any credit facility. The inability to obtain additional financing could have a material adverse effect on the Fund's operations and on its ability to meet its debt obligations. If it is unable to refinance any of its indebtedness on commercially reasonable terms or at all, the Fund's returns may be harmed. Moreover, the Master Fund may be forced to sell investments in Private Fund Investments at inopportune times, which may further depress returns.

<u>Hedging</u>. Subject to the limitations and restrictions of the 1940 Act, the Master Fund may use derivative transactions, primarily equity options and swaps (and, to a lesser extent, futures and forwards contracts) for hedging purposes. Derivative transactions present risks arising from the use of leverage (which increases the magnitude of

------

losses), volatility, non-correlation with underlying assets, mispricing, improper valuation, the possibility of default by a counterparty or clearing member and clearing house through which a derivative position is held, and illiquidity. Use of options and swaps transactions for hedging purposes by the Master Fund could present significant risks, including the risk of losses in excess of the amounts invested. See "Derivatives Counterparty Risk" and "<u>Legal and Regulatory Risks</u>."

*Options*. There are various risks associated with transactions in options. The value of options will be affected by many factors, including changes in the value of underlying securities or indices, changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices), changes in interest rates, changes in the actual or perceived volatility of the stock market and underlying securities, and the remaining time to an option's expiration. The Master Fund's ability to use options as part of its investment program depends on the liquidity of the markets in those instruments. There can be no assurance that a liquid market will exist when the Master Fund seeks to close out an option position. If no liquid market exists, the Master Fund might not be able to effect an offsetting transaction in a particular option. If the Master Fund were unable to close out an option that it had purchased on a security, it would have to exercise the option in order to realize any profit or the option may expire worthless. As the writer of a call option on a portfolio security, during the option's life, the Master Fund foregoes the opportunity to profit from increases in the market value of the security underlying the call option above the sum of the premium and the strike price of the call, but retains the risk of loss (net of premiums received) should the price of the underlying security decline. Similarly, as the writer of a call option on a securities index, the Master Fund foregoes the opportunity to profit from increases in the index over the strike price of the option, though it retains the risk of loss (net of premiums received) should the price of the index decline. If the Master Fund writes a call option and does not hold the underlying security or instrument, the amount of the Master Fund's potential loss is theoretically unlimited. Stock or index options that may be purchased or sold by the Master Fund may include options not traded on a securities exchange. The risk of nonperformance by the Master Fund's counterparty to such bilateral options may be greater and the ease with which the Master Fund can dispose of or enter into closing transactions with respect to such an option may be less than in the case of an exchange-traded option.

*Swap Agreements.* 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 earned on specified assets, such as the return on, or increase in value of, a particular dollar amount invested at a particular interest rate, in a particular non-U.S. currency, or in a security or "basket" of securities representing a particular index. Because swap agreements are two-party contracts that may be subject to contractual restrictions on transferability and termination, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary securities transactions. The Master Fund's use of swaps could create significant investment leverage.

*Futures and Forwards.* Futures contracts markets are highly volatile and are influenced by a variety of factors, including national and international political and economic developments. In addition, because of the low margin deposits normally required in futures trading, a high degree of leverage is typical of a futures trading account. As a result, a relatively small price movement in a futures contract may result in substantial losses. Positions in futures contracts may be closed out only on the exchange on which they were entered into or through a linked exchange, and no secondary market exists for such contracts. Certain futures exchanges do not permit trading in particular futures contracts at prices that represent a fluctuation in price during a single day's trading beyond certain set limits. Futures contracts have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of future positions and subjecting some futures traders to substantial losses. The inability to close futures positions also could have an adverse impact on the ability of the Master Fund to hedge a portfolio investment or to establish a substitute for a portfolio investment. When used for hedging purposes, an imperfect or variable degree of correlation between price movements of the futures contracts and the underlying investment sought to be hedged may prevent the Master Fund from achieving the intended hedging effect or expose the Master Fund to the risk of loss.

Forward contracts, unlike futures contracts, are not traded on exchanges and are not standardized; rather, banks and dealers act as principals in these markets, negotiating each transaction on an individual basis. Forward trading is relatively unregulated; there is no limitation on daily price movements and speculative position limits are not applicable. Disruptions can occur in any market traded by the Master Fund due to unusual trading volume,

------

political intervention, or other factors. The imposition of controls by governmental authorities might also limit such forward (and futures) trading to less than that which the Master Fund would otherwise recommend, to the possible detriment of the Master Fund. Market illiquidity or disruption could result in major losses to the Master Fund. In addition, the Master Fund will be exposed to credit risks with regard to counterparties with whom the Master Fund trades as well as risks relating to settlement or other default by its counterparties. Such risks could result in substantial losses to the Master Fund.

*<u>Derivatives Counterparty Risk</u>*. The Master Fund will be subject to credit risk with respect to the counterparties to derivative contracts (including the clearing member and clearing house through which derivatives positions are held). There can be no assurance that a counterparty will be able or willing to meet its obligations. Events that affect the ability of the Master Fund's counterparties to comply with the terms of the derivative contracts may have an adverse effect on the Master Fund. If the counterparty defaults, the Master Fund will have contractual remedies, but there can be no assurance that the Master Fund will succeed in enforcing contractual remedies. Counterparty risk still exists even if a counterparty's obligations are secured by collateral because the Master Fund's interest in collateral may not be perfected or additional collateral may not be promptly posted as required. Counterparty risk also may be more pronounced if a counterparty's obligations exceed the amount of collateral held by the Master Fund, if any, the Master Fund is unable to exercise its interest in collateral upon default by the counterparty, or the termination value of the instrument varies significantly from the marked-to-market value of the instrument. If a counterparty becomes insolvent, the Master Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding or may obtain a limited or no recovery of amounts due to it under the derivative contract.

Transactions in certain types of derivatives including futures and options on futures as well as some types of swaps are required to be (or are capable of being) centrally cleared. In a transaction involving such derivatives, the Master Fund's counterparty is a clearing house so the Master Fund is subject to the credit risk of the clearing house and the member of the clearing house (the "clearing member") through which it holds its position. Credit risk of market participants with respect to such derivatives is concentrated in a few clearing houses and clearing members, and it is not clear how an insolvency proceeding of a clearing house would be conducted and what impact an insolvency of a clearing house would have on the financial system. A clearing member is generally obligated to segregate all funds received from customers with respect to cleared derivatives transactions from the clearing member's proprietary assets. However, all funds and other property received by a clearing broker from its customers are generally held by the clearing member on a commingled basis in an omnibus account, and the clearing member may invest those funds in certain instruments permitted under the applicable regulations. The assets of the Master Fund might not be fully protected in the event of the insolvency of the Master Fund's clearing member, because the Master Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member's customers for a relevant account class. In addition, financial difficulty, fraud or misrepresentation at any of these institutions could lead to significant losses as well as impair the operational capabilities or capital position of the Master Fund. For example, if a clearing member does not comply with applicable regulations or its agreement with the Master Fund, or in the event of fraud or misappropriation of customer assets by a clearing member, the Master Fund could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the margin held by the clearing member.

<u>Legal and Regulatory Risks</u>. Recent legal and regulatory changes, and additional legal and regulatory changes that could occur during the term of the Fund and the Master Fund, may substantially affect private equity funds and such changes may adversely impact the performance of the Fund and the Master Fund. The regulation of the U.S. and non-U.S. securities, derivatives (including futures) markets and investment funds has undergone substantial change in recent years and such change may continue. Such market regulations may increase the costs of the Master Fund's investments, may limit the availability or liquidity of certain investments, or may otherwise adversely affect the value or performance of the Master Fund's investments. Any such developments could impair the effectiveness of the Master Fund's investments and cause the Master Fund to lose value. Counterparty risk with respect to derivatives and certain other transactions has also been impacted by rules and regulations affecting such markets. For example, the Master Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, in the event of an insolvency of its counterparties (or their affiliates) could be stayed or eliminated under special resolution regimes adopted in the United States and various other jurisdictions.

------

Greater regulatory scrutiny may increase the Fund's, the Master Fund's and the Adviser's exposure to potential liabilities. Increased regulatory oversight can also impose administrative burdens on the Fund, the Master Fund and the Adviser, including, without limitation, responding to examinations or investigations and implementing new policies and procedures.

With the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), there have been extensive rulemaking and regulatory changes that affect private fund managers, the funds that they manage, the instruments in which funds invest (such as derivatives), and the financial industry as a whole. The Dodd-Frank Act, among other things, grants regulatory authorities broad rulemaking authority to implement various provisions of the Act. The full impact of the Dodd-Frank Act, and of follow-on regulation, is impossible to predict. There can be no assurance that current or future regulatory actions will not have a material adverse effect on the Fund, the Master Fund, and the Private Fund Investments, significantly reduce the profitability of the Fund or the Master Fund, or impair the ability of the Fund, the Master Fund, and the Private Fund Investments to achieve their investment objectives. The implementation of the Dodd-Frank Act also could adversely affect the Fund and the Master Fund by increasing transaction and/or regulatory compliance costs. In addition, greater regulatory scrutiny may increase the Fund's, the Master Fund's and the Adviser's exposure to potential liabilities. Increased regulatory oversight can also impose administrative burdens on the Fund, the Master Fund and the Adviser, including, without limitation, responding to examinations or investigations and implementing new policies and procedures.

Rule 18f-4 under the 1940 Act governs the classification and use of derivative investments and certain financing transactions (e.g., reverse repurchase agreements) by registered investment companies. Among other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. A fund that uses derivative instruments in a limited amount is not subject to the full requirements of Rule 18f-4. If a fund meets certain specified conditions, Rule 18f-4 permits a fund to enter into an unfunded commitment agreement without treating it as a senior security subject to otherwise applicable restrictions under the 1940 Act. In connection with the adoption of Rule 18f-4, the SEC also eliminated the asset segregation framework for covering certain derivative instruments and related transactions arising from prior SEC guidance. Compliance with Rule 18f-4 could, among other things, make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance. Rule 18f-4 may limit the Fund's and the Master Fund's ability to use derivatives as part of their investment strategy.

The derivatives markets are also subject to various forms of regulatory oversight. Global regulations require most derivatives to be margined and reported, require certain derivatives to be cleared and in some cases also traded on an exchange, impose business conduct requirements on counterparties, and impose other regulatory requirements that impact derivatives markets. These requirements or additional future regulation of the derivatives markets may make the use of derivatives more costly, may limit the availability or reduce the liquidity of derivatives, and may impose limits or restrictions on the counterparties with which the Master Fund engages in derivative transactions.

The U.S. Commodity Futures Trading Commission ("CFTC"), certain foreign regulators and many futures exchanges have established (and continue to evaluate and revise) limits ("position limits") on the maximum net long or net short positions which any person, or group of persons acting in concert, may hold or control in particular contracts. In addition, U.S. federal position limits apply to swaps that are economically equivalent to futures contracts on certain agricultural, metals and energy commodities. 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 limits have been exceeded, unless an exemption applies. It is possible that different clients managed by the Adviser and its affiliates may be aggregated for this purpose. Therefore, the trading decisions of the Adviser (acting in its capacity as investment adviser of the Master Fund) may have to be modified and positions held by the Master Fund 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 Master Fund and, thus, the Fund. A violation of position limits could also lead to regulatory action materially adverse to the Fund's and the Master Fund's investment strategy. The Fund and the Master Fund may also be affected by other regimes, including those of the European Union ("EU") and United Kingdom ("UK"), and trading venues that impose position limits on commodity derivative contracts.

------

The Adviser has claimed the relief provided to fund-of-funds operators pursuant to CFTC No-Action Letter 12-38 and is therefore not subject to registration or regulation as a pool operator under the Commodity Exchange Act with respect to the Fund and the Master Fund. For the Adviser to remain eligible for the relief, the Fund and the Master Fund must comply with certain limitations, including limits on their ability to gain exposure to certain financial instruments such as futures, options on futures and certain swaps. These limitations may restrict each of the Fund's and the Master Fund's ability to pursue its investment objectives and strategies, increase the costs of implementing its strategies, result in higher expenses for it, and/or adversely affect its total return.

<u>Substantial Fees and Expenses</u>. An Investor in the Fund meeting the eligibility conditions imposed by the Private Fund Investments, including minimum initial investment requirements that may be substantially higher than those imposed by the Fund, could invest directly in the Private Fund Investments. In addition, by investing in the Private Fund Investments through the Fund, an Investor in the Fund will bear a portion of the management fee and other expenses of the Fund and the Master Fund. An Investor in the Fund will also indirectly bear a portion of the asset-based fees, incentive allocations, carried interests or fees and operating expenses borne by the Master Fund as an investor in the Private Fund Investments. In addition, to the extent that the Master Fund invests in an Investment Fund that is itself a "fund of funds," the Fund will bear a third layer of fees. Each Investment Fund Manager receives any incentive-based allocations or performance fees to which it is entitled irrespective of the performance of the other Private Fund Investments and the Fund generally. As a result, a Private Fund Investment with positive performance may receive compensation from the Master Fund, even if the Master Fund's overall returns are negative. The operating expenses of a Private Fund Investment may include, but are not limited to, organizational and offering expenses; the cost of investments; administrative, legal and internal and external accounting fees; and extraordinary or non-recurring expenses (such as litigation or indemnification expenses). It is difficult to predict the future expenses of the Fund.

<u>Investments in Non-Voting Stock; Inability to Vote</u>. The Master Fund may hold its interests in the Private Fund Investments in non-voting form in order to avoid becoming (i) an "affiliated person" of any Private Fund Investment within the meaning of the 1940 Act and (ii) subject to the 1940 Act limitations and prohibitions on transactions with affiliated persons. Where only voting securities are available for purchase, the Master Fund may seek to create by contract the same result as owning a non-voting security by agreeing to relinquish the right to vote in respect of its investment. The Master Fund may irrevocably waive its rights (if any) to vote its interest in a Private Fund Investment. The Fund will not receive any consideration in return for entering into a voting waiver arrangement. To the extent that the Master Fund contractually foregoes the right to vote Investment Fund securities or its interest in a portfolio company, the Master Fund will not be able to vote on matters that may be adverse to the Master Fund's and the Fund's interests. As a result, the Master Fund's influence on a Private Fund Investment could be diminished, which may consequently adversely affect the Fund and its Investors. Any such waiver arrangement should benefit the Master Fund, as it will enable the Master Fund to acquire more interests of a Private Fund Investment that the Adviser believes is desirable than the Fund would be able to if it were deemed to be an "affiliate" of the Private Fund Investment within the meaning of the 1940 Act.

<u>Non-Diversified Status</u>. Each of the Fund and the Master Fund is a "non-diversified" investment company for purposes of the 1940 Act, which means neither is subject to percentage limitations under the 1940 Act on assets that may be invested in the securities of any one issuer. As a result, the Fund's net asset value may be subject to greater volatility than that of an investment company that is subject to diversification limitations. The Master Fund will not, however, invest more than 25% of its gross assets (measured at the time of investment) in any one Investment Fund.

<u>Dilution from Subsequent Offering of Units and Master Fund Interests</u>. 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 Investors in the Private Fund Investments prior to such purchases, which could have an adverse impact on the existing Investors' interests in the Fund if subsequent Private Fund Investments underperform the prior investments in the Private Fund Investments. In addition, the Master Fund generally accepts additional investments in Master Fund Interests as determined by the Master Fund Board, in its sole discretion. Such additional investments in the Master Fund may dilute the indirect interests of existing investors of the Master Fund, including the Fund, in the Private Fund Investments made prior to such purchases, which could have an adverse impact on the Master Fund Interests of the existing investors of the Master Fund, including the Fund, if subsequent Private Fund Investments underperform the prior investments in the Private Fund Investments.

------

<u>Valuations Subject to Adjustment</u>. The valuations reported by the Private Fund Investments based upon which the Master Fund determines its month-end net asset value, the net asset value of the Master Fund, and the net asset value of the Fund's Master Fund Interest, may be subject to later adjustment or revision. For example, net asset value calculations may be revised as a result of fiscal year-end audits or other conditions that impact the Private Fund Investments' investments but that are unknown to the Adviser at the time of the Master Fund's valuation estimate. Other adjustments may occur from time to time. Because such adjustments or revisions, whether increasing or decreasing the net asset value of the Master Fund, and therefore 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 number of Units received by an Investor in a purchase or the amount of the repurchase proceeds of the Fund received by Investors 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 Investors under certain circumstances as described in "Repurchases of Units and Transfers." As a result, to the extent that such subsequently adjusted valuations from the Private Fund Investments, direct private equity investments, the Master Fund, or the Fund adversely affect the Master Fund's net asset value, and therefore the Fund's net asset value, the outstanding Units may be adversely affected by prior repurchases to the benefit of Investors 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 Investors 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 Investors may be affected in a similar way.

<u>Reporting Requirements</u>. Investors who beneficially own Units that constitute more than 5% or 10% of a Class of the Fund's Units may be subject to certain requirements under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules promulgated thereunder. These include requirements to file certain reports with the SEC. The Fund has no obligation to file such reports on behalf of such Investors or to notify Investors that such reports are required to be made. Investors who may be subject to such requirements should consult with their legal advisors.

<u>Nature of Portfolio Companies</u>. The Master Fund may make co-investments in, and the Investment Funds will make direct and indirect 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 Master 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.

<u>Co-Investment Vehicles</u>. The Master Fund may invest indirectly in Portfolio Companies with third party co-investors by means of co-investment vehicles formed to facilitate such investments ("Co-Investment Vehicles"). It is anticipated that Co-Investment Vehicles will be formed and managed by third-party fund managers and that neither the Adviser nor the Fund or Master Fund will be able to exercise day to day control over the Co-Investment Vehicles. The realization of Portfolio Company investments made as co-investments may take longer than would the realization of investments under the sole control of the Adviser or the Fund or Master Fund because the co-investors may require an exit procedure requiring notification of the other co-investors and possibly giving the other co-investors a right of first refusal or a right to initiate a buy-sell procedure (i.e*.,* one party specifying the terms upon which it is prepared to purchase the other party's or parties' participation in the investment and the non-initiating party or parties having the option of either buying the initiating party's participation or selling its or their participation in the investment on the specified terms).

------

Co-Investment Vehicles may involve risks in connection with such third-party involvement, including the possibility that a third-party may have financial difficulties, resulting in a negative impact on such investment, or that the Fund or Master Fund may in certain circumstances be held liable for the actions of such third-party co-investor. Third-party co-investors may also have economic or business interests or goals which are inconsistent with those of the Fund or Master Fund, or may be in a position to take or block action in a manner contrary to the Fund's or Master Fund's investment objective. In circumstances where such third parties involve a management group, such third parties may receive compensation arrangements relating to the Co-Investment Vehicles, including incentive compensation arrangements, and the interests of such third parties may not be aligned with the interests of the Fund or Master Fund.

With respect to Co-Investment Vehicles, the Fund and Master Fund will be highly dependent upon the capabilities of the private equity fund managers alongside whom the investment is made. The Fund or Master Fund may indirectly make binding commitments to Co-Investment Vehicles without an ability to participate in their management and control and with no or limited ability to transfer its interests in such Co-Investment Vehicles. In some cases, the Fund or Master Fund will be obligated to fund its entire investment for a Co-Investment Vehicle up front, and in other cases the Fund or Master Fund will make commitments to fund from time to time as called by the managers of the underlying Co-Investment Vehicles. Neither the Adviser nor the Fund or Master Fund will have control over the timing of capital calls or distributions received from Co-Investment Vehicles, or over investment decisions made by such Co-Investment Vehicles.

Through Co-Investment Vehicles and co-investments, the Fund and Master Fund also generally will not have control over any of the underlying Portfolio Companies and will not be able to direct the policies or management decisions of such Portfolio Companies. Thus, the returns to the Fund or Master Fund from any such investments will be dependent upon the performance of the particular Portfolio Company and its management and the Fund will not be able to direct the policies or management decisions of such Portfolio Companies.

<u>Private Equity Investments</u>. Private equity is a common term for investments that are typically made in private or public companies through privately negotiated transactions, and generally involve equity-related finance intended to bring about some kind of change in a private business (e.g., providing growth capital, recapitalizing a company or financing an acquisition). Private equity funds, often organized as limited partnerships, are the most common vehicles for making private equity investments. Investment in private equity involves the same types of risks associated with an investment in any operating company. However, securities issued by private partnerships tend to be more illiquid, and highly speculative. Private equity has generally been dependent on the availability of debt or equity financing to fund the acquisitions of their investments. Depending on market conditions, however, the availability of such financing may be reduced dramatically, limiting the ability of private equity to obtain the required financing.

Private Fund Investments are not registered as investment companies under the 1940 Act, and, therefore, are not subject to the same restrictions and reporting requirements as the Fund. The Fund may not have transparency regarding a Private Fund Investment's practices and holdings and the value of interests held by Private Fund Investments, which can impact the valuation of the Fund's holdings.

<u>Venture Capital</u>. A Private Fund Investment may invest in venture capital. Venture capital is usually classified by investments in private companies that have a limited operating history, are attempting to develop or commercialize unproven technologies or 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 business and financial risk that can result in substantial losses, which risks generally are greater than the risks of investing in public companies that may be at a later stage of development.

<u>Debt Securities</u>. An Investment Fund may invest in bonds or other debt securities. The value of a debt security may increase or decrease as a result of the following: market fluctuations, increases in interest rates, actual

------

or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments or illiquidity in debt securities markets; the risk of low rates of return due to reinvestment of securities during periods of falling interest rates or repayment by issuers with higher coupon or interest rates; and/or the risk of low income due to falling interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of fixed income securities to decrease, may adversely impact the liquidity of fixed income securities, and increase the volatility of fixed income markets. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by an Investment Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities.

<u>Credit Risk</u>. An issuer of bonds or other debt securities may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely interest, principal or settlement payments or otherwise honor its obligations. This risk of default for most debt securities is monitored by several nationally recognized statistical rating organizations such as Moody's and S&P. Actual or perceived changes in a company's financial health will affect the valuation of its debt securities. Bonds or debt securities rated BBB/Baa by S&P/Moody's, although investment grade, may have speculative characteristics because their issuers are more vulnerable to financial setbacks and economic pressures than issuers with higher ratings.

<u>Interest Rate Risk</u>. Changes in interest rates can impact bond and debt security prices. As interest rates rise, the fixed coupon payments (cash flows) of debt securities become less competitive with the market and thus the price of the securities will fall. Interest rate risk is generally higher for investments with longer maturities or durations. Duration is the weighted average time (typically quoted in years) to the receipt of cash flows (principal plus interest) for a particular bond, debt security or portfolio, and is used to evaluate such bond's, debt security's or portfolio's interest rate sensitivity. For example, if interest rates rise by one percentage point, the share price of a fund with an average duration of one year would be expected to fall approximately 1% and a fund with an average duration of five years would be expected to decline by about 5%. If rates decrease by one percentage point, the share price of a fund with an average duration of one year would be expected to rise approximately 1% and the share price of a fund with an average duration of five years would be expected to rise by about 5%. Negative or very low interest rates could magnify the risks associated with changes in interest rates. During periods of increasing interest rates, an Investment Fund may experience high levels of volatility and shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices, which could reduce the returns of the Fund. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions. Through the implementation of monetary policy, central banks, such as the U.S. Federal Reserve, take actions that are designed to increase or decrease interest rates. There can be no assurance that the actions taken by central banks will have their intended effect. Fiscal, economic, monetary or other governmental policies have in the past caused or exacerbated risks associated with interest rates, including changes in interest rates, and they may do so in the future.

<u>Inflation Risk</u>. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund's or the Master Fund's assets or distributions may decline. This risk is more prevalent with respect to debt securities held by the Master Fund. Inflation creates uncertainty over the future real value (after inflation) of an investment. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy (or expectations that such policies will change), and the Master Fund's investments may not keep pace with inflation, which may result in losses to Fund investors or adversely affect the real value of shareholders' investments in the Funds. Investors' expectation of future inflation can also impact the current value of portfolio investments, resulting in lower asset values and potential losses. This risk may be elevated compared to historical market conditions because of recent monetary policy measures and the current interest rate environment.

<u>Defaulted Debt Securities and Other Securities of Distressed Companies</u>. The Investment Funds may invest in low grade or unrated debt securities (i.e., "high yield" or "junk" bonds) and Private Fund Investments may

------

invest in securities of distressed companies. Such investments involve substantial risks. For example, high yield bonds are regarded as being predominantly speculative as to the issuer's ability to make payments of principal and interest. Issuers of high yield debt may be highly leveraged and may not have available to them more traditional methods of financing. Therefore, the risks associated with acquiring the securities of such issuers generally are greater than is the case with higher rated securities. In addition, the risk of loss due to default by the issuer is significantly greater for the holders of high yield bonds because such securities may be unsecured and may be subordinated to other creditors of the issuer. Similar risks apply to other private debt securities. Successful investing in distressed companies involves substantial time, effort and expertise, as compared to other types of investments. Information necessary to properly evaluate a distress situation may be difficult to obtain or be unavailable and the risks attendant to a restructuring or reorganization may not necessarily be identifiable or susceptible to considered analysis at the time of investment.

<u>Mezzanine Investments</u>. An Investment Fund may invest in mezzanine loans. Structurally, mezzanine loans usually rank subordinate in priority of payment to senior debt, such as senior bank debt, and are often unsecured. However, mezzanine loans rank senior to common and preferred equity in a borrower's capital structure. Mezzanine debt is often used in leveraged buyout and real estate finance transactions. Typically, mezzanine loans have elements of both debt and equity instruments, offering the fixed returns in the form of interest payments associated with senior debt, while providing lenders an opportunity to participate in the capital appreciation of a borrower, if any, through an equity interest. This equity interest typically takes the form of warrants. Due to their higher risk profile and often less restrictive covenants as compared to senior loans, mezzanine loans generally earn a higher return than senior secured loans. The warrants associated with mezzanine loans are typically detachable, which allows lenders to receive repayment of their principal on an agreed amortization schedule while retaining their equity interest in the borrower. Mezzanine loans also may include a "put" feature, which permits the holder to sell its equity interest back to the borrower at a price determined through an agreed-upon formula. Mezzanine investments may be issued with or without registration rights. Similar to other high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average life is significantly shorter at three to five years. Mezzanine investments are usually unsecured and subordinate to other obligations of the issuer.

<u>Real Estate Investments</u>. The Master Fund may be exposed to real estate risk through its allocation to real estate investments. The residential housing sector in the United States came under considerable pressure for a prolonged period beginning in 2007 and home prices nationwide were down significantly on average. In addition, the commercial real estate sector in the United States was under pressure with prices down significantly on average. Residential and commercial mortgage delinquencies and foreclosures increased over this time period, which led to widespread selling in the mortgage-related market and put downward pressure on the prices of many securities. Accordingly, the instability in the credit markets adversely affected, and could adversely affect in the future, the price at which real estate funds can sell real estate because purchasers may not be able to obtain financing on attractive terms or at all. These developments also adversely affected, and could adversely affect in the future, the broader economy, which in turn adversely affected, and could adversely affect in the future, the real estate markets. Such developments could, in turn, reduce returns from real estate funds or reduce the number of real estate funds brought to market during the investment period, thereby reducing the Master Fund's investment opportunities.

Real estate funds are subject to risks associated with the ownership of real estate, including terrorist attacks, war, natural or environmental disasters or other acts that destroy real property (in addition to market risks, such as the events described above). Investments in real estate-related investments may also be negatively affected by pandemics, which may result in lower occupancy rates, decreased lease payments, defaults, and foreclosures, among other consequences. Some real estate funds may invest in a limited number of properties, in a narrow geographic area, or in a single property type, which increases the risk that such real estate funds could be unfavorably affected by the poor performance of a single investment or investment type. These companies are also sensitive to factors such as changes in applicable laws, real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand, and the management skill and creditworthiness of the issuer. Borrowers could default on or sell investments that a real estate fund holds, which could reduce the cash flow needed to make distributions to investors. In addition, real estate funds may also be affected by tax and regulatory requirements impacting the real estate fund's ability to qualify for preferential tax treatments or exemptions.

The Master Fund may enter into joint ventures with affiliated and unaffiliated third parties to make certain real estate investments. In these joint ventures, the Master Fund, along with other third-party partners, can,

------

from time to time, either have approval rights or negative control rights over some or all of the joint venture's activities, and in limited circumstances, may have the ability to require that the joint venture take specific actions. In many cases, the third-party partner may provide services for the joint venture or its assets, including, without limitation, management of day-to-day operations, asset management, property management, construction or development management, and leasing, refinancing or disposition related services. Such investments may involve risks not otherwise present with other methods of investment. In addition, disputes between the Master Fund and its joint venture partners may result in litigation or arbitration that would increase the Master Fund's and the Fund's expenses and prevent the Fund's and the Master Fund's directors and officers from focusing their time and efforts on the Fund's business.

<u>Small- and Medium-Capitalization Companies</u>. Some Private Fund Investments may invest a portion of their assets in Portfolio Companies with small- to medium-sized market capitalizations. While such investments may provide significant potential for appreciation, they may also involve higher risks than do investments in securities of larger companies. For example, the risk of bankruptcy or insolvency is higher than for larger, "blue-chip" companies.

<u>Geographic Concentration Risks</u>. An Investment Fund may concentrate its investments in specific geographic regions. This focus may constrain the liquidity and the number of Portfolio Companies available for investment by an Investment Fund. In addition, the investments of such an Investment Fund will be disproportionately exposed to the risks associated with the region of concentration. Other Private Fund Investments may also be disproportionally exposed to specific geographic regions.

<u>Foreign</u> <u>Investments</u>. Investment in foreign issuers or securities principally traded outside the United States may involve special risks due to foreign economic, political, and legal developments, including favorable or unfavorable changes in currency exchange rates, exchange control regulations (including currency blockage), expropriation, nationalization or confiscatory taxation of assets, diplomatic relations, embargoes, sanctions or the threat of sanctions against a particular country or countries, organizations, entities and/or individuals, limitation on the removal of funds or assets, and possible difficulty in obtaining and enforcing judgments against foreign entities. The Fund, the Master Fund and/or a Private Fund Investment may be subject to foreign taxation on realized capital gains, dividends or interest payable on foreign securities, on transactions in those securities and on the repatriation of proceeds generated from those securities. Transaction-based charges are generally calculated as a percentage of the transaction amount and are paid upon the sale or transfer of portfolio securities subject to such taxes. Any taxes or other charges paid or incurred by the Fund, the Master Fund and/or a Private Fund Investment in respect of its foreign securities will reduce the Fund's yield.

Issuers of foreign securities are subject to different, often less comprehensive, accounting, custody, reporting, and disclosure requirements than U.S. issuers. The securities of some foreign governments, companies, and securities markets are less liquid, and at times more volatile, than comparable U.S. securities and securities markets. Foreign brokerage commissions and related fees also are generally higher than in the United States. Private Fund Investments that invest in foreign securities also may be affected by different custody and/or settlement practices or delayed settlements in some foreign markets. The laws of some foreign countries may limit a Private Fund Investment's ability to invest in securities of certain issuers located in those countries. Foreign countries may have reporting requirements with respect to the ownership of securities, and those reporting requirements may be subject to interpretation or change without prior notice to investors. No assurance can be given that the Private Fund Investments will satisfy applicable foreign reporting requirements at all times.

In addition, the tax laws of some foreign jurisdictions in which a Private Fund Investment may invest are unclear and interpretations of such laws can change over time. As a result, in order to comply with guidance related to the accounting and disclosure of uncertain tax positions under U.S. generally accepted accounting principles ("GAAP"), a Private Fund Investment may be required to accrue for book purposes certain foreign taxes in respect of its foreign securities or other foreign investments that it may or may not ultimately pay. Such tax accruals will reduce a Private Fund Investment's net asset value at the time accrued, even though, in some cases, the Private Fund Investment ultimately will not pay the related tax liabilities. Conversely, a Private Fund Investment's net asset value will be increased by any tax accruals that are ultimately reversed.

------

<u>Emerging Markets</u>. Some Private Fund Investments may invest in Portfolio Companies located in emerging industrialized or less developed countries. Risks particularly relevant to such emerging markets may include greater dependence on exports and the corresponding importance of international trade, higher risk of inflation, more extensive controls on foreign investment and limitations on repatriation of invested capital, increased likelihood of governmental involvement in, and control over, the economies, decisions by the relevant government to cease its support of economic reform programs or to impose restrictions, and less established laws and regulations regarding fiduciary duties of officers and directors and protection of investors.

<u>Sector Concentration</u>. The 1940 Act requires the Fund to state the extent, if any, to which it concentrates investments in a particular industry or group of industries. While the 1940 Act does not define what constitutes "concentration" in an industry, the staff of the SEC takes the position that, in general, investments of more than 25% of a fund's assets in an industry constitutes concentration. The Master Fund or a Private Fund Investment may concentrate its investments in specific industry sectors, which means each may invest more than 25% of its assets in a specific industry sector. This focus may constrain the liquidity and the number of Portfolio Companies available for investment by a Private Fund Investment. In addition, the investments of such a Private Fund Investment will be disproportionately exposed to the risks associated with the industry sectors of concentration.

<u>Utilities and Energy Sectors</u>. Energy companies may be significantly affected by outdated technology, short product cycles, falling prices and profits, market competition and risks associated with using hazardous materials. Energy companies may also be negatively affected by legislation that results in stricter government regulations and enforcement policies or specific expenditures. The Master Fund may invest a significant portion of its assets in private infrastructure fund investments and co-investments, which may include investments with a focus on the utilities and energy sectors, thereby exposing the Master Fund to risks associated with these sectors. Additionally, an Investment Fund may invest in Portfolio Companies in the utilities and energy sectors, exposing the Investment Fund, and thereby the Master Fund, to risks associated with these sectors. Rates charged by traditional regulated utility companies are generally subject to review and limitation by governmental regulatory commissions, and the timing of rate changes will adversely affect such companies' earnings and dividends when costs are rising.

<u>Transportation Sector</u>. Transportation infrastructure companies are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, the effects of economic slowdowns, adverse changes in fuel prices, labor relations, insurance costs, government regulations, political changes, and other factors. The Master Fund may invest a significant portion of its assets in private infrastructure fund investments and co-investments, which may include investments with a focus on the transportation sector, thereby exposing the Master Fund to risks associated with this sector. Additionally, an Investment Fund may invest in Portfolio Companies in the transportation sector, exposing the Investment Fund, and thereby the Master Fund, to risks associated with this sector.

<u>Technology Sector</u>. Certain technology companies may have limited product lines, markets or financial resources, or may depend on a limited management group. In addition, these companies are strongly affected by worldwide technological developments, and their products and services may not be economically successful or may quickly become outdated.

<u>Financial Sector</u>. Financial services companies are subject to extensive governmental regulation that may limit the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge. Profitability of such companies is generally dependent on the availability and cost of capital, and can fluctuate as a result of increased competition or changing interest rates.

<u>Natural Resources Sector</u>. Investments in securities of natural resource companies involve risks. The market value of securities of natural resource companies may be affected by numerous factors, including events occurring in nature, inflationary pressures, and international politics. If the Master Fund has significant exposure to natural resource companies, there is the risk that the Master Fund will perform poorly during a downturn in the natural resource sector. For example, events occurring in nature (such as earthquakes or fires in natural resource areas) and political events (such as coups, military confrontations, or acts of terrorism) can affect the overall supply of a natural resource and the value of companies involved in such natural resource. Rising interest rates and general economic conditions may also affect the demand for natural resources.

------

<u>Precious Metals Sector</u>. Investments related to gold and other precious metals are considered speculative and are affected by a variety of worldwide economic, financial, and political factors. The price of precious metals may fluctuate sharply over short periods of time due to changes in inflation or expectations regarding inflation in various countries, the availability of supplies of precious metals, changes in industrial and commercial demand, precious metals sales by governments, central banks, or international agencies, investment speculation, monetary and other economic policies of various governments, and government restrictions on private ownership of gold and other precious metals. No income is derived from holding physical gold or other precious metals, which is unlike securities that may pay dividends or make other current payments.

<u>Currency Risk</u>. Private Fund Investments may include direct and 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 Master Fund investments are denominated against the U.S. dollar may result in a decrease in the Master Fund's and the Fund's net asset value. Forward currency contracts and options may be utilized on behalf of the Fund and the Master Fund by Private Fund Investments to hedge against currency fluctuations, but Private Fund Investments are not required to hedge and there can be no assurance that such hedging transactions, even if undertaken, will be effective. Accordingly, the performance of the Fund could be adversely affected by such currency fluctuations.

<u>Risks Relating to Accounting, Auditing and Financial Reporting, etc</u>. The Master Fund and certain of the Private Fund Investments may invest 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 Master Fund and the Private Fund Investments may be incomplete, inaccurate and/or significantly delayed. The Master Fund and the Private Fund Investments 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.

<u>Valuation of the Master Fund</u><u>'</u><u>s Interests in</u> <u>Private Fund Investment</u><u>s</u>. A large percentage of the securities in which the Master Fund invests will not have a readily determinable market price and will be fair valued by the Master Fund. The valuation of the Master Fund's interests in Private Fund Investments is ordinarily determined monthly based in part on estimated valuations provided by Investment Fund Managers and also on valuation determinations made by the Adviser, which may be based in whole or in part on information from third-party valuation services, under the general supervision of the Master Fund Board. Pursuant to Rule 2a-5 under the 1940 Act, the Board and the Master Fund Board have designated the Adviser as the Fund's and the Master Fund's "Valuation Designee" to perform the Fund's and the Master Fund's respective fair value determinations, which are subject to Board and Master Fund Board oversight, as applicable, and certain reporting and other requirements intended to ensure that the Board and the Master Fund Board receive the information they need to oversee the Adviser's fair value determinations.

Like the Master Fund's investments, a large percentage of the securities in which the Investment Funds invest and the Portfolio Companies of co-investments will not have a readily determinable market price and will be valued periodically by the Investment Fund or co-investment based on fair valuation procedures. In this regard, an Investment Fund Manager may face a conflict of interest in valuing the securities, as their value may affect the Investment Fund Manager's compensation or its ability to raise additional funds in the future. No assurances can be given regarding the valuation methodology or the sufficiency of systems utilized by any Private Fund Investment, the accuracy of the valuations provided by the Private Fund Investments, that the Private Fund Investments will comply with their own internal policies or procedures for keeping records or making valuations, or that the Private Fund Investments' policies and procedures and systems will not change without notice to the Master Fund. As a result, valuations of the securities may be subjective and could subsequently prove to have been wrong, potentially by significant amounts.

The Fund's and the Master Fund's securities valuation and pricing services policies and procedures (the "Valuation Procedures") provide that valuations for Private Fund Investments will be determined based in part on

------

estimated valuations provided by Investment Fund Managers and also on valuation determinations made by the Adviser pursuant to a valuation methodology that incorporates general private equity pricing principles and information from third-party valuation services, under the general supervision of the Board and the Master Fund Board. The Adviser seeks to maintain accurate Private Fund Investment valuations by undertaking a detailed assessment of a Private Fund Investment's valuation procedures prior to investing in the Private Fund Investment. Based on the methodology, the Adviser may adjust a Private Fund Investment's periodic valuation, as appropriate, including through the use of a third-party valuation service, which uses fair value techniques considered by such service most applicable to the Private Fund Investment. The Fund and the Master Fund run the risk that the Adviser's valuation techniques will fail to produce the desired results. Any imperfections, errors, or limitations in any model that is used could affect the ability of the Master Fund to accurately value Private Fund Investment assets. By necessity, models make assumptions that limit their efficacy. Models that appear to explain prior market data can fail to predict future market events. Further, the data used in models may be inaccurate and may not include all knowable information or the most recent information about a company, security, or market factor. In addition, the Adviser may face conflicts of interest in valuing the Fund's and the Master Fund's investments, as the value of the Fund's and the Master Fund's investments will affect the Adviser's compensation. Moreover, Private Fund Investment Managers typically provide estimated valuations on a quarterly basis whereas the Adviser will consider valuations on an ongoing basis and will determine valuations on a monthly basis. While any model that may be used would be designed to assist in confirming or adjusting valuation recommendations, the Adviser generally will not have sufficient information in order to be able to confirm with certainty the accuracy of valuations provided by a Private Fund Investment until the Funds receive the Private Fund Investment's audited annual financial statements (and even then, the Adviser will only be able to confirm the value as of the financial statement date).

A Private Fund Investment's information could be inaccurate due to fraudulent activity, misevaluation, or inadvertent error. In any case, the Master Fund may not uncover errors for a significant period of time, if ever. Even if the Adviser elects to cause the Master Fund to sell its interests in such a Private Fund Investment, the Master 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 Private Fund Investment's valuations of such interests could remain subject to such fraud or error, and the Adviser may, in its sole discretion, determine to discount the value of the interests or value them at zero.

Investors should be aware that situations involving uncertainties as to the valuations by Private Fund Investments could have a material adverse effect on the Fund and the Master Fund if judgments regarding valuations should prove incorrect. Persons who are unwilling to assume such risks should not make an investment in the Fund.

<u>Indemnification of Private Fund Investments, Investment Fund Managers and Others</u>. The Master Fund may agree to indemnify certain of the Private Fund Investments and their respective managers, 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 Private Fund Investments. If the Master Fund were required to make payments (or return distributions) in respect of any such indemnity, the Fund and the Master Fund could be materially adversely affected. Indemnification of sellers of secondaries may be required as a condition to purchasing such securities.

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

<u>General Risks of Secondary Investments</u>. The overall performance of the Master 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 Master Fund may not be able to carve out from such purchases those investments that the Adviser considers (for commercial, tax, legal or other reasons) less attractive. Where the Master Fund acquires an Investment Fund interest as a secondary investment, the Master Fund will generally not have the ability to modify or amend such Investment 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.

------

<u>Contingent Liabilities Associated with Secondary Investments</u>. Where the Master Fund acquires an Investment Fund interest as a secondary investment, the Master Fund may acquire contingent liabilities associated with such interest. Specifically, where the seller has received distributions from the relevant Investment Fund and, subsequently, that Investment Fund recalls any portion of such distributions, the Master 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 Investment Fund. While the Master Fund may be able, in turn, to make a claim against the seller of the interest for any monies so paid to the Investment Fund, there can be no assurance that the Master Fund would have such right or prevail in any such claim. The Adviser does not anticipate that the Master Fund will accrue contingent liabilities with respect to secondary investments often, but each secondary investment bears the risk of being subject to contingent liabilities.

<u>Risks Relating to Secondary Investments Involving Syndicates</u>. The Master Fund may acquire secondary investments as a member of a purchasing syndicate, in which case the Master 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.

<u>Commitment Strategy</u>. The Master Fund anticipates that it will maintain a sizeable cash and/or liquid assets position in anticipation of funding capital calls. The Master Fund will be required to make incremental contributions pursuant to capital calls issued from time to time by Private Fund Investments.

Holding a sizeable cash and/or liquid assets position may result in lower returns than if the Master Fund employed a more aggressive "over-commitment" strategy. However, an inadequate cash position presents other risks to the Fund and the Master Fund, including the potential inability to fund capital contributions, to pay for repurchases of Units tendered by Investors or to meet expenses generally. Moreover, if the Master Fund defaults on its commitments or fails to satisfy capital calls in a timely manner then, generally, it will be subject to significant penalties, including the complete forfeiture of the Master Fund's investment in the Private Fund Investment. Any failure by the Master Fund to make timely capital contributions in respect of its commitments may (i) impair the ability of the Fund and the Master Fund to pursue its investment program, (ii) force the Master Fund to borrow through a credit facility or other arrangements, (iii) indirectly cause the Fund, and, indirectly, the Investors to be subject to certain penalties from the Private Fund Investments (including the complete forfeiture of the Master Fund's investment in a Private Fund Investment), or (iv) otherwise impair the value of the Fund's investments (including the devaluation of the Fund).

<u>Registered Investment Companies</u>. The Fund and the Master Fund may invest in the securities of other registered investment companies to the extent that such investments are consistent with the Master Fund's investment objective and permissible under the 1940 Act or made pursuant to an exemption under the 1940 Act. Under one provision of the 1940 Act, the Master Fund may not acquire the securities of other registered investment companies if, as a result, (i) more than 10% of the Master Fund's total assets would be invested in securities of other registered investment companies; (ii) such purchase would result in more than 3% of the total outstanding voting securities of any one registered investment company being held by the Master Fund; or (iii) more than 5% of the Master Fund's total assets would be invested in any one registered investment company. These restrictions are applicable to the Fund as well, although there is an exception for the Fund's holding of Master Fund Interests. Pursuant to rules adopted by the SEC, the Fund or the Master Fund may invest in excess of the above limitations if the Fund or the Master Fund and the investment company in which the Fund or the Master Fund would like to invest comply with certain conditions, including limits on control and voting, required evaluations and findings, required fund investment agreements and limits on complex fund of funds structures. Other provisions of the 1940 Act are less restrictive provided that the Master Fund or Fund is able to meet certain conditions. The above limitations do not apply to the acquisition of units of any registered investment company in connection with a merger, consolidation, reorganization or acquisition of substantially all of the assets of another registered investment company.

------

The Master Fund or Fund, as a holder of the securities of other investment companies, will bear its *pro rata* portion of the other investment companies' expenses, including advisory fees. These expenses will be in addition to the direct expenses incurred by the Fund.

<u>Cash, Cash Equivalents, Investment Grade Bonds and Money Market Instruments</u>. The Master Fund, the Fund, and Private Fund Investments may invest, including for defensive purposes, some or all of their respective assets in high quality fixed-income securities, money market instruments, money market mutual funds, and other short-term securities, or hold cash or cash equivalents in such amounts as the Adviser or Investment Fund Managers deem appropriate under the circumstances. In addition, the Master Fund, the Fund or a Private Fund Investment may invest in these instruments pending allocation of its respective offering proceeds, and the Master Fund will retain cash or cash equivalents in sufficient amounts to satisfy capital calls from Private Fund Investments. Money market instruments are high quality, short-term fixed-income obligations, which generally have remaining maturities of one year or less and may include U.S. Government securities, commercial paper, certificates of deposit and bankers acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements.

These investments may be adversely affected by tax, legislative, regulatory, credit, political or government changes, interest rate increases and the financial conditions of issuers, which may pose credit risks that result in issuer default.

<u>Repurchase Agreements</u>. The Master Fund and Private Fund Investments may enter into repurchase agreements, by which the Master Fund or the Private Fund Investment, as applicable, purchases a security and obtains a simultaneous commitment from the seller to repurchase the security at an agreed-upon price and date (usually seven days or less from the date of original purchase). The resale price typically is in excess of the purchase price and reflects an agreed-upon market interest rate unrelated to the coupon rate on the purchased security. Repurchase agreements are economically similar to collateralized loans by a fund and afford the Master Fund or the Private Fund Investment the opportunity to earn a return on temporarily available cash. The Fund and the Master Fund do not have percentage limitations on how much of their total assets may be invested in repurchase agreements. The Master Fund typically may also use repurchase agreements for cash management and temporary defensive purposes. The Master Fund may invest in a repurchase agreement that does not produce a positive return to the Master Fund if the Adviser believes it is appropriate to do so under the circumstances (for example, to help protect the Master Fund's uninvested cash against the risk of loss during periods of market turmoil). While in some cases the underlying security may be a bill, certificate of indebtedness, note or bond issued by an agency, authority or instrumentality of the U.S. government, the obligation of the seller is not guaranteed by the U.S. government and there is a risk that the seller may fail to repurchase the underlying security. In such event, the Master Fund would attempt to exercise rights with respect to the underlying security, including possible disposition in the market. However, the Master Fund may be subject to various delays and risks of loss, including (i) possible declines in the value of the underlying security during the period while the Master Fund seeks to enforce its rights thereto, (ii) possible reduced levels of income and lack of access to income during this period and (iii) inability to enforce rights and the expenses involved in the attempted enforcement, for example, against a counterparty undergoing financial distress.

In certain instances, the Master Fund may engage in repurchase agreement transactions that are novated to the Fixed Income Clearing Corporation ("FICC") or another clearing house. The clearing house acts as the common counterparty to all repurchase transactions that enter its netting system and guarantees that participants will receive their cash or securities collateral (as applicable) back at the close of repurchase transaction. While this guarantee is intended to mitigate counterparty/credit risk that exists in the case of a bilateral repurchase transaction, the Master Fund is exposed to risk of delays or losses in the event of a bankruptcy or other default or nonperformance by the clearing house or the clearing house sponsoring member through which the Fund acts in connection with such transactions. The SEC has finalized rules that will require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared. Compliance with these rules is expected to be required in the middle of 2027. Although the impact of these rules on the Fund and the Master Fund is difficult to predict, they may reduce the availability or increase the costs of such transactions and could make it more difficult for the Master Fund and the Private Fund Investments to execute certain investment strategies and may adversely affect such funds' performance.

------

<u>Control Positions</u>. Private Fund Investments may take control positions in companies. The exercise of control over a company imposes additional risks of liability for environmental damage, product defects, failure to supervise and other types of liability related to business operations. In addition, the act of taking a control position, or seeking to take such a position, may itself subject a Private Fund Investment to litigation by parties interested in blocking it from taking that position. If such liabilities were to arise, or if such litigation were to be resolved in a manner that adversely affected the Private Fund Investments, those Private Fund Investments would likely incur losses on their investments.

<u>Access to Secondary Investments</u>. The Fund and the Master Fund are registered as investment companies under the 1940 Act and are subject to certain restrictions under the 1940 Act, and certain tax requirements, among other restrictions, that limit the Master Fund's ability to make secondary investments, as compared to a fund that is not so registered. Such restrictions may prevent the Master Fund from participating in (or increasing its share of) certain favorable investment opportunities, or may lead to a lack of exposure to a certain type of investment for certain periods of time. The Fund's and the Master Fund's intention to qualify and be eligible for treatment as RICs under the Code can limit their ability to acquire or continue to hold positions in secondary investments that would otherwise be consistent with their investment strategy. The Master Fund incurs additional expenses (compared to a fund that is not registered under the 1940 Act) in determining whether an investment is permissible under the 1940 Act and in structuring investments to comply with the 1940 Act, which reduces returns to investors in the Master Fund, and correspondingly, the Fund.

<u>Market Disruption and Geopolitical Risk</u>. The Fund and the Master Fund are subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. War, terrorism, conflicts, trade disputes and related geopolitical events (and their aftermath) have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. Likewise, natural and environmental disasters, such as, for example, earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, as well as the spread of infectious illness or other public health issues, including widespread epidemics or pandemics such as the COVID-19 pandemic, and systemic market dislocations can be highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and domestic economic and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Private Fund Investments.

The impact of COVID-19 and the effects of other infectious illness outbreaks, epidemics, or pandemics, may be short term or may continue for an extended period of time. For example, a global pandemic or other widespread health crisis could cause significant market volatility and declines in global financial markets and may affect adversely the global economy, the economies of the United States and other individual countries, the financial performance of individual issuers, borrowers and sectors, and the health of capital markets and other markets generally in potentially significant and unforeseen ways. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may also exacerbate other pre-existing political, social, and economic risks in certain countries or globally. A global pandemic or other widespread health crisis could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates, and adverse effects on the values and liquidity of securities or other assets. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers. The foregoing could impair the Fund's and the Master Fund's ability to maintain operational standards, disrupt the operations of the Fund, the Master Fund, and their service providers, adversely affect the value and liquidity of the Master Fund's investments, and negatively impact the Fund's and the Master Fund's performance and your investment in the Fund. Other epidemics or pandemics that arise in the future may have similar impacts.

Given the increasing interdependence between global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the U.S. Continuing uncertainty as to the status of the Euro and the European Monetary Union (the "EMU") has created significant volatility in currency and financial markets generally. Any partial or complete dissolution of the EMU, or any continued uncertainty as to its status, could have significant adverse effects on currency and financial markets, and on the values of the Fund's investments. The UK left the EU on January 31,

------

2020 (commonly referred to as "Brexit"). During an 11-month transition period, the UK and the EU agreed to a Trade and Cooperation Agreement that sets out the agreement for certain parts of the future relationship between the EU and the UK from January 1, 2021. The Trade and Cooperation Agreement does not provide the UK with the same level of rights or access to all goods and services in the EU as the UK previously maintained as a member of the EU and during the transition period. In particular, the Trade and Cooperation Agreement does not include an agreement on financial services (and such an agreement on financial services may never be concluded). Accordingly, uncertainty remains in certain areas as to the future relationship between the UK and the EU.

Beginning on January 1, 2021, EU laws ceased to apply in the UK. Many EU laws are assimilated into UK law and continue to apply in the UK; however, the UK government has enacted legislation that will repeal, replace or otherwise make substantial amendments to the EU laws that apply in the UK, with a view to those laws being replaced by purely domestic legislation. The process of revoking EU laws and replacing them with bespoke UK laws has already begun. It is impossible to predict the consequences of these amendments on the Fund and the Master Fund and their investments. Such changes could be materially detrimental to investors.

Although one cannot predict the full effect of Brexit, it could have a significant adverse impact on the UK, European and global macroeconomic conditions and could lead to prolonged political, legal, regulatory, tax and economic uncertainty. This uncertainty is likely to continue to impact the global economic climate and may impact opportunities, pricing, availability and cost of bank financing; regulation; values; or exit opportunities of companies or assets based, doing business, or having service or other significant relationships in, the UK or the EU, including companies or assets held or considered for prospective investment by the Master Fund. Adverse developments that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, may reduce liquidity in the market generally or have other adverse effects on the economy, the Fund or Master Fund, or issuers in which the Fund or Master Fund invests.

Unexpected political, regulatory and diplomatic events within the United States and abroad, such as the U.S.-China "trade war" that intensified in 2018, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. The current political climate and the renewal or escalation of a trade war between China and the United States may have an adverse effect on both the U.S. and Chinese economies, including as the result of one country's imposition of tariffs on the other country's products. In addition, sanctions or other investment restrictions could preclude a fund from investing in certain Chinese issuers or cause a fund to sell investments at disadvantageous times. Events such as these and their impact on the Fund and the Master Fund are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future.

New or escalation of hostilities in the Middle East region could disrupt energy production or transportation, including through key shipping routes, which may lead to increased volatility in energy and other commodity prices. The extent and duration of these conflicts, and others around the world, are impossible to predict but could continue to be significant. Market disruption caused by these conflicts, and any countermeasures or responses thereto (including international sanctions, a downgrade in a country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could continue to have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund and Master Fund performance.

Recent technological developments in, and the increasingly widespread use of, artificial intelligence ("AI"), including machine learning technology and generative AI, may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

------

<u>Cyber Security Risk</u>. With the increased use of technologies such as the Internet and the dependence on computer systems to perform business and operational functions, investment companies (such as the Fund and the Master Fund) and their service providers (including the Adviser) may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorization, and causing operational disruption. Successful cyber-attacks against, or security breakdowns of, the Fund, the Master Fund, the Private Fund Investments, the Adviser, or a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect the Fund or the Investors. For instance, cyber-attacks may interfere with the processing of Investor transactions, affect the Fund's ability to calculate its NAV, cause the release of private Investor information or confidential Fund information, impede trading, cause reputational damage, and subject the Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. Cyber-attacks may render records of Fund or Master Fund assets and transactions, Investor ownership of Units, and other data integral to the functioning of the Fund or Master Fund inaccessible or inaccurate or incomplete. The Fund and the Master Fund may also incur substantial costs for cyber security risk management in order to prevent cyber incidents in the future. The Fund and the Investors could be negatively impacted as a result. The use of AI and machine learning could exacerbate these risks or result in cyber security incidents that implicate personal data. While the Adviser has established business continuity plans and systems designed to prevent cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. The Fund and the Master Fund rely on third-party service providers for many of their day-to-day operations, and are subject to the risk that the protections and protocols implemented by those service providers will be ineffective to protect the Fund or the Master Fund from cyber-attack. Any problems relating to the performance and effectiveness of security procedures used by the Fund and the Master Fund or third-party service providers to protect the Fund's and the Master Fund's assets, such as algorithms, codes, passwords, multiple signature systems, encryption and telephone call-backs, may have an adverse impact on an investment in the Fund or the Master Fund. The Adviser does not control the cyber security plans and systems put in place by third-party service providers and such third-party service providers may have limited indemnification obligations to the Adviser or the Fund. Similar types of cyber security risks also are present for the Private Fund Investments and other issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the investments of the Private Fund Investments to lose value.

<u>Large Shareholder Transactions Risk</u>. To the extent a large proportion of the shares of the Fund are highly concentrated or held by a small number of shareholders (or a single shareholder), including funds or accounts over which the Adviser has investment discretion, the Fund is subject to the risk that these shareholders will purchase or redeem Fund shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Adviser. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large amounts rapidly or unexpectedly (collectively, such transactions are referred to as "large shareholder transactions"). Large shareholder transactions could adversely affect the ability of the Fund to conduct its investment program. For example, they could require the Fund to sell portfolio securities or purchase portfolio securities unexpectedly and incur substantial transaction costs and/or accelerate the realization of taxable income and/or gains to shareholders. The effects of taxable income and/or gains resulting from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an individual retirement account, 401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains, such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a taxable account. In addition, the Fund may be required to sell its more liquid portfolio investments, if any, to meet a large redemption, in which case the Fund's remaining assets may be less liquid, more volatile, and more difficult to price. The Fund may hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns. A number of circumstances may cause the Fund to experience large redemptions, such as changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.

------

**Other Risks** 

Investing in the Fund involves risks other than those associated with investments made by the Private Fund Investments. Some of these risks are described below:

<u>Incentive Allocation Arrangements</u>. Each Investment Fund Manager may receive a performance fee, carried interest or incentive allocation generally equal to up to 20% of the net profits earned by the Investment Fund that it manages, typically subject to a clawback. These performance incentives may create an incentive for the Investment Fund Managers to make investments that are riskier or more speculative than those that might have been made in the absence of the performance fee, carried interest, or incentive allocation. Investment Fund Managers may also receive a performance fee, carried interest or incentive allocation in connection with other Investment Funds.

<u>Availability of Investment Opportunities</u>. The business of identifying and structuring investments of the types contemplated by the Fund and the Master Fund is competitive, and involves a high degree of uncertainty. The availability of investment opportunities is subject to market conditions and may also be affected by the prevailing regulatory or political climate. The Fund and Master Fund will compete for attractive investments with other prospective Investors and there can be no assurance that the Adviser will be able to identify, gain access to, or complete attractive investments, that the investments which are ultimately made will satisfy all of the Fund's or Master Fund's objectives, or that the Fund or Master Fund will be able to fully invest its assets. Other investment vehicles managed or advised by the Adviser and its affiliates may seek investment opportunities similar to those the Master Fund may be seeking. Consistent with the Adviser's allocation policies, the Adviser will allocate fairly between the Master Fund and such other investment vehicles any investment opportunities that may be appropriate for the Master Fund and such other investment vehicles. Similarly, identifying attractive investment opportunities for an Investment Fund is difficult and involves a high degree of uncertainty. Even if an Investment Fund Manager identifies an attractive investment opportunity, an Investment Fund may not be permitted to take advantage of the opportunity to the fullest extent desired.

The Adviser may sell the Master Fund's holdings of certain of its investments at different times than similar investments are sold by other investment vehicles advised by the Adviser, particularly if significant redemptions in the Fund occur, which could negatively impact the performance of the Master Fund and the Fund.

<u>Inadequate Return</u>. No assurance can be given that the returns on the Fund's investments will be proportionate to the risk of investment in the Fund. Potential Investors should not commit money to the Fund unless they have the resources to sustain the loss of their entire investment.

<u>Inside Information</u>. From time to time, the Master Fund, the Fund or a Private Fund Investment or their respective affiliates may come into possession of material, non-public information concerning an entity or issuer related to a co-investment or in which the Master Fund or an Investment Fund has invested or may invest. The possession of such information may limit the Master Fund's or the Private Fund Investment's ability to buy or sell securities of the issuer.

<u>Recourse to the Fund's Assets</u>. The Fund's assets, including any investments made by the Master Fund and any interest in the Private Fund Investments held by the Fund through the Master Fund, are available to satisfy all liabilities and other obligations of the Fund. If the Fund becomes subject to a liability, parties seeking to have the liability satisfied may have recourse to the Fund's assets generally and not be limited to any particular asset, such as the asset representing the investment giving rise to the liability.

<u>Possible Exclusion of Investors Based on Certain Detrimental Effects</u>. The Fund may repurchase Fund Units held by an Investor or other person acquiring Units from or through an Investor, if: (i) the Units have been transferred in violation of the LLC Agreement or have vested in any person by operation of law (*i.e.*, the result of the death, bankruptcy, insolvency, adjudicated incompetence or dissolution of the Investor); (ii) any transferee does not meet any investor eligibility requirements established by the Fund from time to time; (iii) ownership of the Units by the Investor or other person likely will cause the Fund to be in violation of, or subject the Fund to additional registration or regulation under, the securities, commodities or other laws of the United States or any other relevant jurisdiction; (iv) continued ownership of the Units by the Investor or other person may be harmful or injurious to the business or reputation of the Fund, the Master Fund, the Adviser or the Sponsor, or may subject the Fund or any

------

Investor to an undue risk of adverse tax or other fiscal or regulatory consequences; (v) any of the representations and warranties made by the Investor or other person in connection with the acquisition of the Units was not true when made or has ceased to be true; (vi) the Investor is subject to special laws or regulations, and the Fund determines that the Investor is likely to be subject to additional regulatory or compliance requirements under these special laws or regulations by virtue of continuing to hold the Units; (vii) the Investor's investment balance falls below $5,000 or the amount the Board determines from time to time to be a minimum investment in the Fund or rises above the amount the Board determines from time to time to be a maximum investment in the Fund; or (viii) the Fund or the Board determines that the repurchase of the Units would be in the interest of the Fund. These provisions may, in effect, deprive an Investor in the Fund of an opportunity for a return that might be received by other Investors.

<u>Potential Significant Effect of the Performance of a Limited Number of Investments or Strategies</u>. The Adviser expects that the Fund will participate in multiple investments. The Fund may, however, make investments in a limited number of the Private Fund Investments and Investment Funds may make investments in a limited number of Portfolio Companies. In either instance, these limited numbers of investments may have a significant effect on the performance of the Fund. In addition, the Fund, through the Master Fund, may invest a substantial portion of its assets in Investment Funds that follow a particular investment strategy. In such event, the Fund would be exposed to the risks associated with that strategy to a greater extent than it would if the Master Fund's assets were invested more broadly among Investment Funds pursuing various investment strategies.

<u>Placement Risk</u>. It is expected that many Investors will invest in the Fund with RIAs. When a limited number of RIAs represents a large percentage of Investors, actions recommended by the RIAs may result in significant and undesirable variability in terms of Investor subscription or tender activity. Additionally, it is possible that if a matter is put to a vote at a meeting of Investors, clients of a single RIA may vote as a block, if so recommended by the RIA.

<u>Tax Risks</u>. Special tax risks are associated with an investment in the Fund. Each of the Fund and the Master Fund has elected and intends to qualify to be treated as a RIC under Subchapter M of the Code. As such, the Fund and the Master Fund must satisfy, among other requirements, diversification and 90% gross income requirements, and a requirement that it distribute at least 90% of its investment company taxable income and net short-term gains in the form of deductible dividends. Because the Fund will invest substantially all its assets in the Master Fund, if the Master Fund were to fail to satisfy such requirements, the Fund itself would be unable to satisfy the diversification requirement, and would thus be ineligible for treatment as a RIC.

Each of the aforementioned ongoing requirements for qualification for the favorable tax treatment available to RICs requires that the Adviser obtain information from or about the Investment Funds in which the Master Fund is invested. However, Investment Funds generally are not obligated to disclose the contents of their portfolios. This lack of transparency may make it difficult for the Adviser to monitor the sources of the Master Fund's income and the diversification of its assets, and otherwise to comply with Subchapter M of the Code. Ultimately this may limit the universe of Investment Funds in which the Master Fund can invest.

Investment Funds and co-investments classified as partnerships for U.S. federal income tax purposes may generate income allocable to the Master Fund that is not qualifying income for purposes of the 90% gross income test, described below. In order to meet the 90% gross income test, the Master Fund may structure its investments in a manner that potentially increases the taxes imposed thereon or in respect thereof. Because the Master Fund may not have timely or complete information concerning the amount or sources of such an Investment Fund's or co-investment's income until such income has been earned by the Investment Fund or co-investment or until a substantial amount of time thereafter, it may be difficult for the Master Fund to satisfy the 90% gross income test.

The Master Fund intends to invest a portion of its assets in the Corporate Subsidiary, a Delaware limited liability company that has elected to be treated as a corporation for U.S. federal income tax purposes. A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where, as here, the Corporate Subsidiary is organized in the U.S., the Corporate Subsidiary will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Master Fund's return on its investment in the Corporate Subsidiary. If a net loss is realized by the Corporate Subsidiary, such loss is not generally available to offset the income of the Master Fund.

------

In the event that the Master Fund believes that it is possible that it will fail the asset diversification requirement at the end of any quarter of a taxable year, it may seek to take certain actions to avert such failure, including by acquiring additional investments to come into compliance with the asset diversification tests or by disposing of non-diversified assets. Although the Code affords the Master Fund the opportunity, in certain circumstances, to cure a failure to meet the asset diversification test, including by disposing of non-diversified assets within six months, there may be constraints on the Master Fund's ability to dispose of its interest in an Investment Fund or co-investment that limit utilization of this cure period. See "Certain Tax Considerations – Taxation of the Fund – Qualification for and Treatment as a Regulated Investment Company."

If the Master Fund were to fail to satisfy the asset diversification or other RIC requirements, absent a cure, it would lose its status as a RIC under the Code, in which case the Fund would lose its status as a RIC. Such loss of RIC status could affect the amount, timing and character of the Fund's distributions and would cause all of the Master Fund's and the Fund's taxable income to be subject to U.S. federal income tax at regular corporate rates without any deduction for distributions to Investors. In addition, all distributions (including distributions of net capital gain) would be taxed to their recipients as dividend income to the extent of the Fund's current and accumulated earnings and profits. Accordingly, disqualification as a RIC would have a significant adverse effect on the value of the Fund's Units.

Each of the Fund and the Master Fund must distribute at least 90% of its investment company taxable income, in a manner qualifying for the dividends-paid deduction, to qualify as a RIC, and must distribute substantially all its income in order to avoid a fund-level tax. In addition, if the Fund or the Master Fund were to fail to distribute in a calendar year a sufficient amount of its income for such year, it will be subject to an excise tax. The determination of the amount of distributions sufficient to qualify as a RIC and avoid a fund-level income or excise tax will depend on income and gain information that must be obtained from the underlying Investment Funds. The Master Fund's investment in Investment Funds and co-investments will make it difficult to estimate the Master Fund's and thus the Fund's income and gains in a timely fashion. Given the difficulty of estimating Master Fund income and gains in a timely fashion, each year the Master Fund is likely to be liable for a 4% excise tax, and it is possible that the Fund will also be liable for such tax. See "Certain Tax Considerations."

The Master Fund may directly or indirectly invest in Investment Funds, co-investments or Portfolio Companies located outside the United States. Such Investment Funds, co-investments or Portfolio Companies may be subject to withholding taxes or other taxes in such jurisdictions with respect to their investments or operations, as applicable. In addition, adverse U.S. federal income tax consequences can result by virtue of certain foreign investments, including potential U.S. withholding taxes on foreign investment entities with respect to their U.S. investments and potential adverse tax consequences associated with investments in any foreign corporations that are characterized for U.S. federal income tax purposes as "passive foreign investment companies" See "Certain Tax Considerations—Passive Foreign Investment Companies."

<u>Senior Secured Loans</u>. Senior secured loans are of a type generally incurred by the obligors thereunder in connection with highly leveraged transactions, often (although not exclusively) to finance internal growth, acquisitions, mergers and/or stock purchases. As a result of, among other things, the additional debt incurred by the obligor in the course of such a transaction, the obligor's creditworthiness is often judged by the rating agencies to be below investment grade. Senior secured loans are typically at the most senior level of the capital structure. Senior secured loans are generally secured on shares in certain group companies and may also be secured by specific collateral or guarantees, including but not limited to, trademarks, patents, accounts receivable, inventory, equipment, buildings, real estate, franchises and common and preferred stock of the obligor and its subsidiaries. Senior secured loans usually have shorter terms than more junior obligations and often require mandatory prepayments from excess cash flow, asset dispositions and offerings of debt and/or equity securities on a priority basis.

Although any particular senior secured loan often will share many similar features with other loans and obligations of its type, the actual terms of any particular senior secured loan will have been a matter of negotiation and will thus be unique. The types of protection afforded to creditors will therefore vary from investment to investment. Because of the unique nature of a loan agreement, and the private syndication of the loan, leveraged loans are generally not as easily purchased or sold as publicly traded securities.

------

An interest in a non-investment grade loan is generally considered speculative in nature and may become a defaulted obligation for a variety of reasons. Upon any investment becoming a defaulted obligation, such defaulted obligation may become subject to either substantial workout negotiations or restructuring, which may entail, among other things, a substantial reduction in the interest rate, a substantial write-down of principal and a substantial change in the terms, conditions and covenants with respect of such defaulted obligation. In addition, such negotiations or restructuring may be quite extensive and protracted over time, and therefore may result in uncertainty with respect to ultimate recovery on such defaulted obligation. The liquidity for defaulted obligations may be limited, and to the extent that defaulted obligations are sold, it is highly unlikely that the proceeds from such sale will be equal to the amount of unpaid principal and interest thereon. Consequently, the fact that a loan is secured does not guarantee that a Private Fund Investment will receive principal and interest payments according to the loan's terms, or at all, or that a Private Fund Investment will be able to collect on the loan should it be forced to enforce its remedies.

<u>Mezzanine and Other Subordinated Debt, Unsecured Debt, Low/Unrated Debt Risks</u>. Certain investments (or a portion thereof) may be made in certain high-yield securities known as mezzanine investments, which are subordinated debt securities that may be issued together with an equity security (e.g., with attached warrants). Mezzanine investments can be lower-rated, unsecured and generally subordinate to other obligations of the issuer.

Mezzanine investments share all of the risks of other high yield securities and are subject to greater risk of loss of principal and interest than higher-rated securities, especially in the case of deterioration of general economic conditions. Because investors generally perceive that there are greater risks associated with the lower-rated securities, the yields and prices of those securities may tend to fluctuate more than those for higher-rated securities.

There are additional risks associated with second-lien or other subordinated loans. In the event of a loss of value of the underlying assets that collateralize the loans, the subordinate portions of the loans may suffer a loss prior to the more senior portions suffering a loss. If a borrower defaults and lacks sufficient assets to satisfy the loan, the Master Fund may directly or indirectly suffer a loss of principal or interest. If a borrower defaults on the loan or on debt senior to the loan, or in the event of the bankruptcy of a borrower, the loan will be satisfied only after all senior debt is paid in full. Similarly, in the event of default on an unsecured loan, the first priority lien holder has first claim to the underlying collateral of the loan. It is possible that no collateral value would remain for an unsecured holder and therefore result in a direct or indirect loss of investment. Unsecured loans also generally have greater price volatility than secured loans and may be less liquid.

<u>Equity Securities, Warrants, Convertible Securities</u>. In addition to the Master Fund's investment in Private Fund Investments and otherwise, the Master Fund may invest in equity securities that fall within the definition of "subordinated debt investments" or may receive equity securities or warrants rights as a result of its debt investments. As with other investments, the value of equity securities held by the Master Fund may be adversely affected by actual or perceived negative events relating to the issuer of such securities, the industry or geographic areas in which such issuer operates or the financial markets generally; however, equity securities may be even more susceptible to such events given their subordinate position in the issuer's capital structure, thus subjecting them to greater price volatility. Risks associated with the use of warrants and rights are generally similar to risks associated with the use of options, the terms of which may limit the Master Fund's ability to exercise the warrants or rights at such time, or in such quantities, as the Master Fund would otherwise wish.

The Master Fund may also invest in convertible securities, which have unique investment characteristics in that they generally (i) have higher yields than common stocks, but lower yields than comparable non-convertible securities, (ii) are less subject to fluctuation in value than the underlying common stock due to their fixed income characteristics and (iii) provide the potential for capital appreciation if the market price of the underlying common stock increases. A convertible security may 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 held by the Master Fund is called for

------

redemption, the Master Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Master Fund's ability to achieve its investment objective.

<u>Special Situations</u>. The Master Fund may make investments in Private Fund Investments or with respect to an obligor involved in (or the target of) acquisition attempts or tender offers, or companies involved in spin-offs and similar transactions. In any investment opportunity involving any such type of business enterprise, there exists the risk that the transaction in which such business enterprise is involved will either be unsuccessful, take considerable time or result in a distribution of cash or a new security, the value of which will be less than the purchase price of the security or other financial instrument in respect of which such distribution is received. Similarly, if an anticipated transaction does not in fact occur, the Master Fund may be required to sell its investment at a loss. In connection with such transactions (or otherwise), the Master Fund may purchase securities on a when-issued basis, which means that delivery and payment take place sometime after the date of the commitment to purchase and are often conditioned upon the occurrence of a subsequent event, such as approval and consummation of a merger, reorganization or debt restructuring. The purchase price or interest rate receivable with respect to a when issued security is fixed when the Master Fund enters into the commitment. Such securities are subject to changes in market value prior to their delivery.

**The success of an Investment Fund's activities will typically depend on the ability of the relevant Investment Fund Manager to identify attractive investment opportunities, enhance Portfolio Company value and to see when target improvements/value is reached. The success of a co-investment's activities will typically depend on the ability of the relevant Investment Fund Manager to manage the Portfolio Company, enhance Portfolio Company value and to see when target improvements/value is reached. The Fund should be considered a speculative investment, and you should invest in the Fund only if you can sustain a complete loss of your investment.** 

The above discussions of the various risks associated with the Fund and the 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 Prospectus and consult with their own advisors before deciding whether to invest in the Fund. In addition, as the Fund's and the Master Fund's investment programs change or develop over time, or market conditions change or develop, an investment in the Fund may be subject to risk factors not described in this Prospectus.

**No guarantee or representation is made that the investment program of the Fund, the Master Fund or any Private Fund Investment will be successful, that the various Private Fund Investments selected will produce positive returns or that the Fund and the Master Fund will achieve their investment objective.** 

**CONFLICTS OF INTEREST** 

**The Adviser** 

The Adviser or its affiliates provide or may provide investment advisory and other services to various entities. The Adviser, and certain of its investment professionals and other principals, may also carry on substantial investment activities for their own accounts, for the accounts of family members and for other accounts (collectively, with the other accounts advised by the Adviser and its affiliates, "Other Accounts"). The Fund and the Master Fund have no interest in these activities. The Adviser, its affiliates and the Distributor may receive payments from private equity sponsors in connection with such activities. As a result of the foregoing, the Adviser and the investment professionals who, on behalf of the Adviser, will manage the Master Fund's and Fund's investment portfolio will be engaged in substantial activities other than on behalf of the Fund and the Master Fund, may have differing economic interests in respect of such activities, and may have conflicts of interest in allocating their time and activity between the Master Fund, the Fund and Other Accounts. Such persons will devote only so much of their time as in their judgment is necessary and appropriate.

------

There also may be circumstances under which the Adviser will cause one or more Other Accounts to commit a larger percentage of its assets to an investment opportunity than to which the Adviser will commit the Master Fund's or Fund's assets. There also may be circumstances under which the Adviser will consider participation by Other Accounts in investment opportunities in which the Adviser does not intend to invest on behalf of the Master Fund or Fund, or vice versa. In allocating investments among the Master Fund, the Fund, and Other Accounts, the Adviser will consider the appropriateness of a particular investment opportunity in light of the investment objectives, strategies, and liquidity needs of the Master Fund, Fund, and Other Accounts and will follow its allocation policies and procedures in order to minimize conflicts of interest.

The Adviser or Distributor may compensate, from its own resources, Selling Agents in connection with the distribution of Units and also in connection with various other services including those related to the support and conduct of due diligence, Investor account maintenance, the provision of information and support services to clients, and the inclusion on preferred provider lists. Such Selling Agents may be affiliated with the Fund, the Master Fund or the Adviser. Such compensation may take various forms, including a fixed fee, a fee determined by a formula that takes into account the amount of client assets invested in the Fund, the timing of investment or the overall net asset value of the Fund, or a fee determined in some other method by negotiation between the Adviser or Distributor and such Selling Agents. Each Selling Agent also may charge Investors, at the Selling Agent's discretion, a distribution fee based on the purchase price of Fund Units purchased by the Investor. All or a portion of such compensation may be paid by the Selling Agent to the financial advisory personnel involved in the sale of Units. As a result of the various payments that Selling Agents may receive from Investors and the Adviser or Distributor, the amount of compensation that a Selling Agent may receive in connection with the sale of Units in the Fund may be greater than the compensation it may receive for the distribution of other investment products. This difference in compensation may create an incentive for a Selling Agent to recommend the Fund over another investment product.

Selling Agents may be subject to certain conflicts of interest with respect to the Fund. For example, the Fund, the Master Fund, the Adviser, Investment Funds, or Portfolio Companies, or other investment vehicles managed or sponsored by the Adviser or Investment Fund Managers, may (i) purchase securities or other assets directly or indirectly from, (ii) enter into financial or other transactions with or (iii) otherwise convey benefits through commercial activities to, a Selling Agent. As such, certain conflicts of interest may exist between such persons and a Selling Agent. Such transactions may occur in the future and generally there is no limit to the amount of such transactions that may occur.

Selling Agents may perform investment advisory and other services for other investment entities with investment objectives and policies similar to those of the Fund, the Master Fund or an Investment Fund. Such entities may compete with the Fund, the Master Fund or the Investment Fund for investment opportunities and may invest directly in such investment opportunities. Selling Agents that invest in an Investment Fund or a Portfolio Company may do so on terms that are more favorable than those of the Fund or the Master Fund.

Selling Agents that act as selling agents for the Fund or the Master Fund also may act as selling agents for a Private Fund Investment in which the Master Fund invests and may receive compensation in connection with such activities. Such compensation would be in addition to the fees described above. A Selling Agent may pay all or a portion of the fees paid to it to certain of its affiliates, including, without limitation, financial advisors whose clients purchase Units of the Fund. Such fee arrangements may create an incentive for a Selling Agent to encourage investment in the Fund, independent of a prospective Investor's objectives.

A Selling Agent may provide financing, investment banking services or other services to third parties and receive fees therefor in connection with transactions in which such third parties have interests which may conflict with those of the Fund, the Master Fund or a Private Fund Investment. A Selling Agent may give advice or provide financing to such third parties that may cause them to take actions adverse to the Fund, the Master Fund, a Private Fund Investment or a Portfolio Company. A Selling Agent may directly or indirectly provide services to, or serve in other roles for compensation for, the Fund, the Master Fund, a Private Fund Investment or a Portfolio Company. These services and roles may include (either currently or in the future) managing trustee, managing member, general partner, investment manager or adviser, investment sub-adviser, distributor, broker, dealer, selling agent and investor servicer, custodian, transfer agent, fund administrator, prime broker, recordkeeper, shareholder servicer, interfund lending servicer, Fund accountant, transaction (e.g., a swap) counterparty and/or lender. A Selling Agent is expected to provide certain of such services to the Fund and the Master Fund in connection with the Fund and the Master Fund obtaining a credit facility, if any.

------

In addition, issuers of securities held by the Fund, the Master Fund or an Investment Fund may have publicly or privately traded securities in which a Selling Agent is an investor or makes a market. The trading activities of Selling Agents generally will be carried out without reference to positions held by the Fund, the Master Fund or an Investment Fund and may have an effect on the value of the positions so held, or may result in a Selling Agent having an interest in the issuer adverse to the Fund, the Master Fund or the Investment Fund. No Selling Agent is prohibited from purchasing or selling the securities of, otherwise investing in or financing, issuers in which the Fund, the Master Fund or an Investment Fund has an interest.

A Selling Agent may sponsor, organize, promote or otherwise become involved with other opportunities to invest directly or indirectly in the Fund, the Master Fund or an Investment Fund. Such opportunities may be subject to different terms than those applicable to an investment in the Fund, the Master Fund or the Investment Fund, including with respect to fees and the right to receive information.

**Participation in Investment Opportunities** 

Directors, principals, officers, employees, and affiliates of the Adviser may buy and sell securities or other investments for their own accounts and may have actual or potential conflicts of interest with respect to investments made on behalf of the Master Fund or an Investment Fund or co-investment in which the Master Fund invests. As a result of differing trading and investment strategies or constraints, positions may be taken by directors, principals, officers, employees and affiliates of the Adviser, or by the Adviser for the Other Accounts, or any of their respective affiliates on behalf of their own other accounts ("Investment Fund Manager Accounts") that are the same as, different from or made at a different time than, positions taken for the Master Fund or an Investment Fund or co-investment.

**Other Matters** 

An Investment Fund Manager may, from time to time, cause an Investment Fund to effect certain principal transactions in securities with one or more Investment Fund Manager Accounts, subject to certain conditions. Future investment activities of the Investment Fund Managers, or their affiliates, and the principals, partners, directors, officers, or employees of the foregoing, may give rise to additional conflicts of interest.

The Adviser and its affiliates will not purchase securities or other property from, or sell securities or other property to, the Master Fund or Fund, except that (i) the Adviser and its affiliates may invest in the Fund and the Master Fund, and (ii) the Master Fund may, in accordance with rules under the 1940 Act, engage in transactions with accounts that are affiliated with the Master Fund or Fund. The transactions referred to in (ii) above would be effected in circumstances in which the Adviser determined that it would be appropriate for the Master Fund to purchase and another client to sell, or the Master Fund to sell and another client to purchase, the same security or instrument on the same day.

Future investment activities of the Adviser and its affiliates and their principals, partners, members, directors, officers or employees may give rise to conflicts of interest other than those described above.

**MANAGEMENT OF THE FUND** 

**Board of Directors** 

The Fund has a Board, currently consisting of Jill R. Cuniff, Kurt A. Keilhacker, Peter W. MacEwen, Eric Rakowski, Victoria L. Sassine and Garret W. Weston, which supervises the conduct of the Fund's affairs. The Board has overall responsibility for monitoring and overseeing the Fund's investment program and its management and operations. Messrs. Keilhacker, MacEwen and Rakowski and Mses. Cuniff and Sassine are persons who are not "interested persons" (as defined in the 1940 Act) of the Fund, and Mr. Weston is an "interested person" of the Fund.

------

There is no stated term of office for Directors. Each Director serves during the continued lifetime of the Fund until he or she dies, resigns or is removed, or, if sooner, until the next meeting of members called for the purpose of electing Directors and until the election and qualification of his or her successor in accordance with the Fund's organizational documents. Each officer holds office at the pleasure of the Board. The Master Fund's Board of Directors, which currently has the same composition as the Board of the Fund, has overall responsibility for the management and supervision of the business operations of the Master Fund on behalf of the Master Fund's investors, including the Fund. References herein to the "Board" refer to the Board of Directors of the Fund or the Master Fund, as appropriate, and references herein to "Directors" refer to the Directors of the Fund or the Master Fund, as appropriate.

**The Adviser** 

Pantheon Ventures (US) LP serves as the Fund's and Master Fund's investment adviser. The Adviser is a limited partnership organized under the laws of the State of Delaware and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). As of [ ], the Adviser had approximately $[ ] in discretionary assets under management and is an adviser to pooled investment vehicles, pension and profit sharing plans, charitable organizations and other entities. Affiliated Managers Group, Inc. ("AMG"), a publicly-traded company, indirectly owns a majority of the interests of the Adviser. AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally.

The Adviser serves as investment adviser to the Fund and the Master Fund pursuant to investment advisory agreements entered into between the Fund and the Adviser and the Master Fund and the Adviser (the "Investment Management Agreements"). The Directors have engaged the Adviser to provide investment advice to the Fund and the Master Fund, in each case under the ultimate supervision of, and subject to any policies established by, the Board. The Adviser allocates the Master Fund's assets and monitors regularly each Investment Fund and co-investment to determine whether its investment program is consistent with the Master Fund's and Fund's investment objective and whether the Investment Fund's or co-investment's investment performance and other criteria are satisfactory. The Adviser may purchase and sell Investment Funds and co-investments and select additional Investment Funds and co-investments, subject in each case to the ultimate supervision of, and any policies established by, the Board.

**Additional Information About the Master Fund's Wholly-Owned Subsidiaries** 

The Master Fund intends to invest a portion of its assets in the Corporate Subsidiary, a Delaware limited liability company that has elected to be treated as a corporation for U.S. federal income tax purposes, provided that no more than 25% of the Master Fund's total assets may be invested in the Corporate Subsidiary at any quarter end of the Master Fund's taxable year. The Master Fund also intends to invest a portion of its assets in the Lead Fund, a Delaware limited liability company that has elected to be treated as a disregarded entity for U.S. federal income tax purposes.

Each Subsidiary is overseen by its own board of directors. Each Subsidiary's board of directors currently has the same composition as the Board and the Master Fund Board. The Adviser provides investment advisory services to each Subsidiary pursuant to a separate investment management agreement, which has substantially the same terms and provisions as the Fund's and Master Fund's investment management agreements. In consideration of the management fee payable to the Adviser under the investment management agreement between the Adviser and each Subsidiary, the Adviser has agreed to waive the portion of the investment management fee that the Adviser otherwise would have been entitled to receive with respect to any particular month from the Master Fund in an amount equal to the investment management fee paid to the Adviser under each Subsidiary's investment management agreement with the Adviser with respect to such month.

In determining which investments should be bought and sold for a Subsidiary, the Adviser will treat the assets of the Subsidiary as if the assets were held directly by the Master Fund. The financial statements of each Subsidiary are consolidated with those of the Master Fund.

------

A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where, as here, the Corporate Subsidiary is organized in the U.S., the Corporate Subsidiary will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Master Fund's return on its investment in the Corporate Subsidiary.

The Fund may in the future restructure the Corporate Subsidiary, the manner in which it invests in the Corporate Subsidiary and/or the manner in which the Corporate Subsidiary makes investments, directly or indirectly.

The offices of the Adviser are located at 555 California Street, Suite 3450, San Francisco, California 94104, and its telephone number is (415) 249-6200.

**Pantheon** 

The Adviser is an affiliate of Pantheon Ventures (UK) LLP ("Pantheon UK"), Pantheon Holdings Limited ("Pantheon Holdings"), Pantheon Ventures, Inc. ("Pantheon Ventures"), Pantheon Infra Advisors LLC, Pantheon Capital (Asia) Limited, Pantheon Ventures (Ireland) DAC, and Pantheon Ventures (Singapore) Pte. Ltd. (together with the Adviser, each of their respective subsidiaries, subsidiary undertakings, successors and assigns, collectively "Pantheon").

Pantheon is a leading international private equity fund investor that has been delivering private equity solutions across a broad range of geographies and strategies for over 30 years. Pantheon's investment strategies include primary fund, secondary fund, co-investment, infrastructure, and customized programs.

**Investment Management Agreement** 

Pursuant to the Investment Management Agreements, the Adviser is responsible, subject to the supervision of the Directors, for formulating a continuing investment program for the Fund and the Master Fund. Each Investment Management Agreement is terminable without penalty, on sixty (60) days' prior written notice by the applicable Board, by vote of a majority of the outstanding voting securities of the Master Fund or Fund, as applicable, or by the Adviser. Each Investment Management Agreement will continue in effect from year to year if its continuance is approved annually by either the Board or the vote of a majority of the outstanding voting securities of the Master Fund or Fund, respectively, provided that, in either event, the continuance also is approved by a majority of the Directors who are not "interested persons" of the Adviser by vote cast in person at a meeting called for the purpose of voting on such approval. Each Investment Management Agreement also provides that it will terminate automatically in the event of its "assignment" (as defined in the 1940 Act).

The contractual terms of the Fund's Investment Management Agreement with the Adviser are substantially the same as the terms of the Master Fund's Investment Management Agreement with the Adviser, except that the Adviser will waive, under separate agreement, the management fee payable by the Fund under the Fund's Investment Management Agreement. In consideration of the management services provided by the Adviser to the Master Fund, the Master Fund will pay the Adviser, out of the Master Fund's assets, the management fee at the annual rate of 0.70% of the Master Fund's net asset value, calculated prior to giving effect to the payment of such management fee and prior to the deduction of any other asset-based fees (e.g., any administration fee) payable by the Master Fund to either the Adviser or the Sponsor and prior to giving effect to any purchases or repurchases of interests of the Master Fund or any distributions by the Master Fund occurring as of or around the end of the month. Furthermore, the Adviser will charge a management fee to each Subsidiary, but the Adviser will also waive, under separate agreement, a portion of the management fee that the Adviser otherwise would have been entitled to receive with respect to any particular month from the Master Fund in an amount equal to the investment management fee paid to the Adviser under each Subsidiary's investment management agreement with the Adviser with respect to such month. A discussion of the factors considered by the Board in renewing the Investment Management Agreement for an additional year is set forth in the Fund's semi-annual report to Investors for the six-month period ended September 30.

------

The Investment Management Agreements provide that, in the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations and duties to the Master Fund or the Fund, as applicable, the Adviser will not be liable to the Master Fund or the Fund, as the case may be, or any investor of the Master Fund or Fund, as the case may be, for any for any act or omission in the course of, or connected with, rendering services under the Investment Management Agreements. The Investment Management Agreements also provide for indemnification, to the fullest extent permitted by law, by the Fund and the Master Fund of the Adviser, its affiliates, and any of their respective partners, members, directors, officers, employees, or investors (each, an "Indemnitee"), against any claim, liability, damage, loss, cost, or expense incurred by the Indemnitee that arise out of or in connection with the performance or non-performance of any of the Adviser's responsibilities under the applicable Investment Management Agreement, provided that the Indemnitee acted in good faith and not opposed to the best interests of the Master Fund or Fund, as applicable, and the claim, liability, damage, loss, cost, or expense is not incurred by reason of the Indemnitee's willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations to the Master Fund or Fund, as applicable.

**Portfolio Management** 

While the Adviser's investment committee reviews and approves all investments made by the Fund and the Master Fund, the below portfolio managers are jointly and primarily responsible for the day-to-day management of the Fund and the Master Fund's portfolio and share equal responsibility and authority for managing the Fund and the Master Fund's portfolio.

<u>Brian Buenneke</u>. Brian joined Pantheon in 2004. Prior to joining Pantheon, Brian spent seven years at HarbourVest Partners, Duke Street Capital and Paul Capital Partners. Brian holds an AB in government from Dartmouth College and a MBA from the Kellogg School of Management at Northwestern University. Brian is based in San Francisco and has served as a portfolio manager of the fund since November 2016.

<u>Evan Corley</u>. Evan joined Pantheon in 2004. Prior to joining Pantheon, Evan worked at Polaris Venture Partners in Boston and JP Morgan in London. Evan holds a BS in Business Administration, with a concentration in finance and economics, from Boston University's School of Management. Evan is based in San Francisco and has served as a portfolio manager of the Fund since April 2018.

<u>Kevin Dunwoodie</u>. Kevin joined Pantheon in 2008. Prior to joining Pantheon, Kevin worked at Morgan Stanley in New York where he spent over a year as an Associate in the firm's strategy and execution group. Before joining Morgan Stanley, Kevin spent two years at Pacific Corporate Group in La Jolla as a Private Equity Analyst and, prior to that, two years at Deutsche Bank Alex Brown as an Investment Banking Analyst in the firm's consumer group. Kevin graduated Magna Cum Laude with a finance degree from the University of Notre Dame, earned his MBA from Harvard Business School and is a CFA charterholder. Kevin is based in San Francisco and has served as a portfolio manager of the Fund since February 2019.

<u>Kathryn Leaf</u>. Kathryn joined Pantheon in 2008. Prior to joining Pantheon, Kathryn was with GIC Special Investments. Before that, Kathryn was responsible for direct investments at Centre Partners, a New York-based private equity firm. Kathryn holds a BA and MA in Modern Languages from Oxford University. Kathryn is based in San Francisco and has served as a portfolio manager of the Fund since February 2019.

<u>Jeff Miller</u>. Jeff joined Pantheon in 2008. Prior to joining Pantheon, Jeff was a principal at Allied Capital. Previously, Jeff was a vice president in Lehman Brothers' investment banking division. Jeff holds a BA in Economics and Mathematics from Gustavus Adolphus College and a MBA from Northwestern University. Jeff is a CFA Charterholder. Jeff is based in San Francisco and has served as a portfolio manager of the Fund since February 2019.

<u>Rakesh (Rick) Jain</u>. Rick joined Pantheon in 2019. Prior to joining Pantheon, Rick was managing director and an investment committee member at Star Mountain, where he led the direct investment business. Rick previously held several senior principal investment positions across asset managers and boutique investment firms including Citigroup, Stone Tower Equity Partners and Green Brook Capital Management. Rick received a Bcom in Economic and Finance from McGill University. Rick is based in New York and has served as a portfolio manager of the Fund since June 2023.

------

<u>Amyn Hassanally.</u> Amyn joined Pantheon in 2022. Prior to joining Pantheon, Amyn was an Investment Partner at Coller Capital, where he worked for 17 years in both London and New York and was formerly the global Co-Head of Investment Execution. Prior to joining Coller, he practiced corporate law, focusing on private equity transactions and fund structuring. Amyn holds a bachelor's degree in Politics from Brandeis University and a JD in Law from the Duke University School of Law. Amyn is based in New York and has served as a portfolio manager of the Fund since July 2024.

<u>Matt Cashion</u>. Matt joined Pantheon in 2020 and is a Partner in Pantheon's Global Co-investment Team and a member of the Co-Investment Committee. Matt is responsible for sourcing, execution and monitoring co-investments in the U.S. Prior to joining Pantheon, Matt was a Managing Principal at GoldPoint Partners, where he was product head for the firm's co-investment business and also responsible for evaluating and executing private equity fund investments and private credit transactions in North America and Europe. Previously, Matt was an Analyst in the Private Finance Group of New York Life, specializing in bank loans and private high-yield investments. Matt holds a BA with dual majors in Comparative Government and Spanish Language from Georgetown University, and an MBA from Columbia Business School. Matt is based in New York.

<u>Dinesh Ramasamy</u>. Dinesh joined Pantheon in 2016 and is a Partner in Pantheon's Global Infrastructure and Real Assets Investment Team where he focuses on the analysis, evaluation and completion of infrastructure and real asset investment opportunities in the U.S. He is a member of Pantheon's Global Infrastructure and Real Assets Investment Committee. Prior to joining Pantheon, Dinesh was a Vice President in Goldman Sachs' Global Natural Resources group where he executed on a variety of M&A and capital markets transactions across the infrastructure, power and utilities sectors. Previously, Dinesh was in the Power & Utilities group in the Investment Banking Division at RBC in New York. He holds a BS in Electrical and Computer Engineering from Cornell University and MBA from NYU's Stern School of Business. Dinesh is based in San Francisco.

**Other Service Providers to the Fund and Master Fund** 

**Administrator** 

AMG Funds LLC (the "Administrator") serves as the Administrator for the Fund. The Administrator's principal business address is 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. The Administrator is an indirect, wholly-owned subsidiary of AMG. As a result of its affiliation with AMG, the Administrator is an affiliate of the Adviser. The Administrator performs certain administration, accounting, and investor services for the Fund. In consideration for these services, the Fund pays the Administrator a fee based on the average net assets of the Fund (the "Administration Fee"), calculated prior to giving effect to the payment of the Administration Fee and prior to the deduction of any other asset-based fees (e.g., the management fee, the Distribution and/or Service Fee and any other administration fee).

The Administrator maintains certain of the Fund's and Master Fund's accounts, books, and other documents required to be maintained under the 1940 Act at 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. Other such accounts, books, and other documents are maintained at the offices of the Adviser (555 California Street, Suite 3450, San Francisco, California 94104 or 11 Times Square, 35<sup>th</sup> Floor, New York, New York 10036), or the Custodian (240 Greenwich Street, New York, New York 10286).

**Transfer Agent** 

BNY Mellon Investment Servicing (US) Inc., P.O. Box 534417, Pittsburgh, Pennsylvania 15253-4417, serves as Transfer Agent to the Fund. The Transfer Agent performs certain transfer agency, recordkeeping, fund accounting, and investor services for the Fund.

------

**Custodian** 

The Bank of New York Mellon, a subsidiary of The Bank of New York Mellon Corporation (the "Custodian"), 240 Greenwich Street, New York, New York 10286, serves as a custodian and fund accounting agent for the Fund and Master Fund. The Custodian is responsible for holding all cash assets and portfolio securities of the Fund and the Master Fund in connection with the Fund's and the Master Fund's investments, releasing and delivering assets as directed by the Fund and the Master Fund, maintaining bank accounts in the names of the Fund and the Master Fund, receiving for deposit into such accounts payments for units of the Fund and the Master Fund, collecting income and other payments due the Fund and the Master Fund with respect to investments, paying out monies of the Fund and the Master Fund, and providing certain fund accounting services to the Fund and the Master Fund.

The Custodian may maintain custody of the Fund's assets with domestic and foreign sub-custodians (which may be banks, trust companies, securities depositories and clearing agencies) approved by the Board. 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 a custodian in a securities depository, clearing agency, or omnibus customer account of such custodian.

**The Distributor and Distribution Arrangements** 

AMG Distributors, Inc. (the "Distributor") acts as the distributor of the Fund's Units on a best efforts basis. The Distributor's principal address is 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. The Distributor is a wholly-owned subsidiary of the Administrator.

The Class 1 Units are publicly offered at current NAV per unit. The Distributor is not obligated to buy from the Fund any of the Units and does not intend to make a market in the Units. The Fund is not obligated to sell any Units that have not been placed with Investors that meet all applicable requirements to invest in the Fund. 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 should consult with their financial intermediaries about any additional fees or charge they might impose. Investors purchasing Units of the Fund through financial intermediaries should acquaint themselves with their financial intermediary's procedures and should read the Prospectus in conjunction with any materials and information provided by their financial intermediary.

The Fund will pay the Distributor a Distribution and/or Service Fee at an annual rate of 0.75% of the net assets of the Class 1 Units as of the end of each month, calculated prior to giving effect to the payment of the Distribution and/or Service Fee and prior to the deduction of any other asset-based fees (e.g., the management fee and any administration fee), for distribution and investor services provided to Investors of Class 1 (such as responding to Investor inquiries and providing information regarding investments in the Fund; processing purchase, exchange, and redemption requests by beneficial owners; placing orders with the Fund or its service providers; providing sub-accounting with respect to Units beneficially owned by Investors; and processing dividend payments for the Fund on behalf of Investors). The Fund will also pay the Distributor an ongoing distribution and/or service fee with respect to each of the Class 2, Class 3, and Class 5 units of the Fund, which are offered in a separate prospectus. The Distributor may pay all or a portion of the Distribution and/or Service Fee to one or more sub-distributors ("Sub-Distributors") or Selling Agents that provide distribution and investor services to Investors. The Distributor has appointed Pantheon Securities, LLC as a Sub-Distributor under a sub-distribution agreement pursuant to which Pantheon Securities, LLC may carry out certain of the Distributor's obligations in return for a portion of the Distribution and/or Service Fee.

The Fund pays the Distribution and/or Service Fee pursuant to its Distribution and Service Plan, which it has voluntarily adopted and implemented in conformity with Rule 12b-1. In conformity with Rule 12b-1, when the Distribution and Service Plan was adopted, the Board, including the Independent Directors who have no direct or indirect financial interest in the operation of the Distribution and Service Plan, concluded that there is a reasonable likelihood that the Distribution and Service Plan will benefit the Fund and its Investors. In further conformity with

------

Rule 12b-1, the Distribution and Service Plan contains the following provisions, among others: (i) quarterly reports are to be provided to the Board regarding the amounts expended under the Distribution and Service Plan and the purposes for which such expenditures were made; (ii) the Distribution and Service Plan will continue only as long as its continuance is approved at least annually by the Board and the Independent Directors who have no direct or indirect financial interest in the operation of the Distribution and Service Plan or any agreement related to such Plan, acting in person at a meeting called for the purpose of voting on the Distribution and Service Plan; (iii) any material amendment to the Distribution and Service Plan must be approved by the Board and the Independent Directors who have no direct or indirect financial interest in the operation of the Distribution and Service Plan, acting in person at a meeting called for said purpose; and (iv) any amendment to increase materially the costs which the units of a Class may bear for distribution services pursuant to the Distribution and Service Plan shall be effective only upon approval by a vote of a majority of the outstanding units of such Class and by a majority of the Independent Directors who have no direct or indirect financial interest in the operation of the Distribution and Service Plan. The Distribution and Service Plan is terminable without penalty at any time by a vote of a majority of the Independent Directors who have no direct or indirect financial interest in the operation of the Distribution and Service Plan, or by a vote of the holders of a majority of the outstanding units of the applicable Class of the Fund.

The Adviser or the Distributor may compensate certain Selling Agents, out of its own assets and not as an additional charge to the Fund or the Master Fund, in connection with the sale and/or distribution of Units or the retention and/or servicing of Investor accounts. The level of such payments may be substantial and may be different for different Selling Agents. These payments may create incentives on the part of a Selling Agent to view the Fund favorably compared with investment funds that do not make these payments, or that make smaller payments. In addition to the above, the Adviser may compensate the Distributor, out of its own assets and not as an additional charge to the Fund or the Master Fund, in connection with the sale and/or distribution of Units or the retention and/or servicing of Investor accounts. Such Selling Agents may be affiliated with the Fund, the Master Fund or the Adviser.

**Independent Registered Public Accounting Firm** 

[ ], [ ], is the independent registered public accounting firm for the Fund and the Master Fund. [ ] conducts an annual audit of the financial statements of the Fund and the Master Fund and may provide other audit, tax and related services.

**Legal Counsel** 

Ropes & Gray LLP, One Maritime Plaza, Suite 1800, 300 Clay Street, San Francisco, California 94111, acts as legal counsel to the Fund and the Master Fund.

**FEES AND EXPENSES** 

**Fees and Expenses** 

The Adviser will bear all of its own costs incurred in providing investment advisory services to the Fund and the Master Fund. For purposes of this section, the "Master Fund" includes each Subsidiary. The Fund will bear (whether borne directly or indirectly through and in proportion to, the Fund's interest in the Master Fund) all expenses incurred in the business and investment program of the Fund, including all costs related to its organization and offering of Units, and any charges and fees to which the Fund is subject as an investor in the Private Fund Investments.

The Fund (and thus, indirectly, the Investors) will bear all expenses incurred in the business of the Fund and, through its investment in the Master Fund, a pro-rata portion of the operating expenses of the Master Fund, including, but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all expenses related to its investment program, including, but not limited to: (i) expenses borne indirectly
through the Master Fund's investments in the Private Fund Investments, or expenses borne

------

through the Fund's investments in the Private Fund Investments, if applicable in each case, including, without limitation, any fees and expenses charged by the Investment Fund Managers (such as management fees, performance, carried interests, or incentive fees or allocations, monitoring fees, property management fees, and redemption or withdrawal fees); (ii) all costs and expenses directly related to portfolio transactions and positions for the Fund's account, such as direct and indirect expenses associated with the Master Fund's or the Fund's investments in Private Fund Investments (whether or not consummated), and enforcing the Fund's and Master Fund's rights in respect of such investments; (iii) transfer taxes and premiums; (iv) taxes withheld on non-U.S. dividends or other non-U.S. source income; (v) professional fees (including, without limitation, the fees and expenses of consultants, attorneys and experts); and (vi) if applicable, brokerage commissions, interest and commitment fees on loans and debit balances, borrowing charges on securities sold short, dividends on securities sold but not yet purchased and margin fees; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the management fee and Administration Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any Distribution and/or Service Fees based on the net assets attributable to a Class of Units and any other
distribution or service fees to be paid by the Fund pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all costs and expenses associated with the operation and registration of the Fund and the Master Fund, including,
without limitation, all costs and expenses associated with the repurchase offers, offering costs, and the costs of compliance with any applicable federal or state laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses incurred in exchange for loan administration services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses of the Independent Directors of the Fund and the independent directors of the Master Fund and
the fees and expenses of independent counsel thereto, and the costs and expenses of holding any meetings of the Board or Investors for the Fund or the Master Fund that are regularly scheduled, permitted or required to be held under the terms of the
LLC Agreement, the 1940 Act or other applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a portion, as determined by the Board, of the expenses attributable to implementing the Fund's and the
Master Fund's compliance program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fees and disbursements of any attorneys, accountants, independent registered public accounting firms, and
other consultants and professionals engaged on behalf of the Fund and the Independent Directors and the Master Fund and its independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs of a fidelity bond and any liability or other insurance obtained on behalf of the Fund, or the
Directors or the officers of the Fund, or the Master Fund, or the directors or the officers of the Master Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recordkeeping, custody, transfer agency and similar fees and expenses incurred by the Fund and the Master Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs and expenses incurred in connection with certain investor reporting and preparing, setting in type,
printing and distributing certain reports and other communications, including repurchase offer correspondence or similar materials, to Investors or potential investors or the Master Fund's investors or potential investors, including
information technology costs related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all expenses of computing the Fund's and the Master Fund's net asset value, including any equipment
or services obtained for the purpose of valuing the Fund's and the Master Fund's investment portfolio, including appraisal and valuation services provided by third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all charges for equipment or services used for communications between the Fund or the Master Fund and any
custodian, or other agent engaged by the Fund or the Master Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees of custodians, other service providers to the Fund or the Master Fund including transfer agents and
depositaries (including The Depository Trust & Clearing Corporation and National Securities Clearing Corporation), and other persons providing administrative services to the Fund or the Master Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any extraordinary expenses, including, without limitation, (i) any actual or potential litigation, claim,
mediation, arbitration or other disputes (including expenses incurred in connection with the

------

investigation, prosecution, defense, judgment, award or settlement of litigation and the appointment of any agents for service of process); (ii) indemnification or contribution obligations under the Fund's or the Master Fund's organizational documents, including advanced payment of any such fees, costs or expenses to persons entitled to such indemnification, or other matters that are the subject of indemnification or contribution pursuant to the Fund's organizational documents; (iii) excise taxes and (iv) costs incurred in connection with holding and/or soliciting proxies for a meeting of Investors or investors of the Master Fund; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all taxes to which the Fund or the Master Fund may be subject, directly or indirectly, and whether in the United
States, any state thereof or any other U.S. or non-U.S. jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all statutory fees or other governmental, administrative, legal regulatory or other similar charges, if any,
levied against or in respect of or in relation to the Fund or the Master Fund or in connection with its business or operations, including relating to compliance with any Fund-related agreements or Master Fund-related agreements and agreements with
Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any actual or potential audit, inquiry, assessment, examination, investigation or other proceeding by any taxing
authority or incurred in connection with any governmental inquiry, investigation or proceeding, in each case, involving or otherwise applicable to the Fund or the Master Fund, including the amount of any judgment, settlement, remediation, fine,
interest, late interest and/or penalty paid in connection therewith and including advancement of any such amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all borrowings related payments, including interest and fees incurred in connection with the negotiation and
establishment of credit facilities, credit support, guarantees, swap or other relevant arrangements with respect to such borrowings or related to securing the same by mortgage, pledge, or other encumbrance, if applicable, or relating to hedging
activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any activities with respect to protecting the confidential or non-public nature of any information or data, including confidential information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such other types of expenses as may be approved from time to time by the Board or the Master Fund Board.

Except as set forth in the Investment Management Agreements, the Adviser shall be entitled to reimbursement from the Fund for any of the above expenses that the Adviser pays on behalf of the Fund or from the Master Fund for any of the above expenses that the Adviser pays on behalf of the Master Fund.

The Fund will bear certain ongoing offering costs associated with the Fund's continuous offering of Units (mostly filing and printing expenses). Offering costs cannot be deducted for tax purposes by the Fund or the Fund's Investors.

The Investment Funds bear various expenses in connection with their operations similar to those incurred by the Fund. Investment Fund Managers generally assess asset-based fees to, and receive incentive-based allocations from, the Investment Funds. As a result, the investment returns of the Investment Funds will be reduced. As an investor in the Investment Funds, the Master Fund, and therefore the Fund, will bear its proportionate share of the expenses and fees of the Investment Funds and will also be subject to incentive allocations to the Investment Fund Managers.

**Expense Limitation and Reimbursement Agreement** 

The Adviser has entered into an "Expense Limitation and Reimbursement Agreement" with the Fund, the Master Fund and each Subsidiary (for purposes of this section, the Master Fund and the Subsidiaries are referred to collectively as the "Underlying Funds") to waive the management fee payable by the Underlying Funds and pay or reimburse the Fund's expenses (whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Underlying Funds) such that the Fund's total annual operating expenses (exclusive of

------

certain "Excluded Expenses" listed below) do not exceed 1.45% per annum of the Fund's net assets as of the end of each calendar month (the "Expense Cap"). "Excluded Expenses" is defined to include (i) the Fund's proportional share of (a) fees, expenses, allocations, carried interests, etc. of the private equity investment funds and co-investments in portfolio companies in which any Underlying Fund invests (including all acquired fund fees and expenses); (b) transaction costs, including legal costs and brokerage commissions, of any Underlying Fund associated with the acquisition and disposition of primary interests, secondary interests, co-investments, ETF investments, and other investments; (c) interest payments incurred by any Underlying Fund, (d) fees and expenses incurred in connection with any credit facilities obtained by any Underlying Fund; (e) taxes of any Underlying Fund; (f) extraordinary expenses of any Underlying Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses; (g) fees and expenses billed directly to a Subsidiary by any accounting firm for auditing, tax and other professional services provided to the Subsidiary; and (h) fees and expenses billed directly to a Subsidiary for custody and fund administration services provided to the Subsidiary; and (ii) (a) any investment management fee paid by the Fund; (b) acquired fund fees and expenses of the Fund; (c) transaction costs, including legal costs and brokerage commissions, of the Fund; (d) interest payments incurred by the Fund; (e) fees and expenses incurred in connection with any credit facilities obtained by the Fund; (f) the Distribution and/or Service Fees (as applicable) paid by the Fund; (g) taxes of the Fund; and (h) extraordinary expenses of the Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses. Expenses that are subject to the Expense Limitation and Reimbursement Agreement include, but are not limited to, each Underlying Fund's investment management fee, the Funds' administration, custody, transfer agency, recordkeeping, fund accounting and investor services fees, the Funds' professional fees (outside of professional fees related to transactions), and fees and expenses of Fund Directors. To the extent that the Fund's total annual operating expenses for any month exceed the Expense Cap, the Adviser will pay or reimburse the Fund for expenses and/or waive the management fee payable by any of the Underlying Funds to the extent necessary to eliminate such excess. The Fund, or, with respect to the waived management fees, the applicable Underlying Funds, will be obligated to pay the Adviser all such amounts paid, waived, or reimbursed by the Adviser pursuant to the Expense Cap, provided that (A) the amount of such additional payment in any year, together with all expenses of the Fund (whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Underlying Funds), in the aggregate, would not cause the Fund's total annual operating expenses, whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Underlying Funds, exclusive of Excluded Expenses, in any such year to exceed the lesser of any expense limitation in place at the time of payment or the expense limitation in place at the time of waiver or reimbursement, (B) the amount of such additional payment shall be borne pro rata by all Fund Investors or, with respect to each Underlying Fund, by all such Underlying Fund's unitholders, as applicable, and (C) no such additional payments by the Fund, or, with respect to any waived management fees, the applicable Underlying Fund, will be made with respect to amounts paid, waived, or reimbursed by the Adviser more than thirty-six (36) months after the date such amounts are paid, waived, or reimbursed by the Adviser. The Expense Limitation and Reimbursement Agreement shall remain in effect until such time that the Adviser ceases to be the investment adviser of the Fund or upon mutual agreement among the Adviser and the Board of the Fund.

**DESCRIPTION OF UNITS** 

**General** 

The Fund is a limited liability company organized under the laws of the state of Delaware and has elected to be treated as a RIC for U.S. federal income tax purposes. The Fund is authorized to issue an unlimited number of units and may divide the units into one or more Classes. The units are currently offered in five Classes: Class 1, Class 2, Class 3, Class 4 and Class 5. This Prospectus offers Class 1 Units of the Fund. Class 2, Class 3, Class 4, and Class 5 units are offered in a separate prospectus. Each Class has separate investment minimum and fee arrangements. The members of the Fund are entitled to one vote for each unit held of the Fund (or Class thereof), on matters on which units of the Fund (or Class thereof) shall be entitled to vote. Each unit, when issued and paid for in accordance with the terms of this offering, will be fully paid and non-assessable. Any meeting of Investors may be called by the Board or Investors holding one-third of the total number of votes eligible to be cast by all Investors at such meeting. Except for the exercise of their voting privileges, Investors 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.

------

All units of a Class are equal as to right of repurchase by the Fund, dividends and other distributions, and voting rights and currently have no preemptive or other subscription rights.

An Investor is permitted to exchange units between Classes of the Fund, provided that the Investor's aggregate investment meets the minimum initial investment requirements in the applicable Class, that the units of the applicable Class are eligible for sale in the Investor's state of residence and that the units are otherwise available for offer and sale. Investors should review the prospectus for Class 2, Class 3, Class 4, and Class 5 units of the Fund to determine whether they are eligible to invest in such units. When an individual Investor cannot meet the initial investment requirements of the applicable Class, exchanges of units from one Class to the applicable Class will be permitted if such Investor's investment is made by an intermediary that has discretion over the account and that has invested other clients' assets in the Fund which when aggregated together with such Investor's investment meet the initial investment requirements for the applicable Class. Investors will not be charged any fees by the Fund for such exchanges, nor shall any intermediary charge any fees for such exchanges. Additionally, the time period for determining the imposition of any early repurchase fee associated with the repurchase of an Investor's units will not be affected by an exchange transaction. Ongoing fees and expenses incurred by a given Class will differ from those of other Classes, and an Investor receiving new units in an intra-Fund exchange may be subject to higher or lower total expenses following such exchange. Exchange transactions will be effected only into an identically registered account. Exchange transactions will not be treated as a redemption for federal income tax purposes. Investors should consult their tax advisors as to the federal, foreign, state and local tax consequences of an intra-Fund exchange. Such exchange transactions must be effected according to other applicable law. The Fund also reserves the right to revise or terminate the exchange privilege, limit the amount or number of exchanges or reject any exchange.

Investors are not liable for further calls or assessments, except that an Investor may be obligated to repay any funds wrongfully distributed to such Investor. The Fund will send periodic reports (including financial statements) to all Investors. The Fund does not intend to hold annual meetings of Investors. Investors are entitled to receive dividends only if and to the extent declared by the Board and only after the Board has made provision for working capital and reserves as it in its sole discretion deems advisable. Units are not available in certificated form. With very limited exceptions, Units are not transferable and liquidity will be provided principally through limited repurchase offers. See "Types of Investments and Related Risk Factors—Limitations on Transfer; Units Not Listed; No Market for Units."

Except as otherwise required by any provision of the LLC Agreement or of the 1940 Act, any action requiring a vote of Investors shall be effective if taken or authorized by the affirmative vote of a majority of the total number of votes eligible to be cast by Investors that are present in person or by proxy at the meeting. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, after payment of all of the liabilities of the Fund, Investors generally are entitled to share ratably in all the remaining assets of the Fund.

Except as otherwise required by any provision of the LLC Agreement or of the 1940 Act, (i) those candidates for election to be a Director receiving a plurality of the votes cast at any meeting of Members shall be elected as Directors, and (ii) all other actions of the Members taken at a meeting shall require the affirmative vote of Members holding a majority of the total number of votes eligible to be cast by those Members who are present in person or by proxy at such meeting.

[To be updated by amendment]

**Outstanding Securities as of [ ]** 

---

| | | | |
|:---|:---|:---|:---|
| **(1)**<br> **Title of Class** | **(2)**<br>**Amount**<br>**Authorized** | **(3)**<br>**Amount Held by**<br>**Registrant for**<br>**its Account** | **(4)**<br>**Amount**<br>**Outstanding**<br>**Exclusive of Amount**<br>**Shown Under (3)** |
|  Class 1 Units<sup>1</sup> | Unlimited | [] | [] |

---

<sup>1</sup> Prior to July 31, 2020, Class 1 was known as the Brokerage Class.

------

**DISTRIBUTION POLICY; DIVIDENDS** 

The Fund expects that dividends will be paid annually on the Units in amounts representing substantially all of the net investment income, if any, earned each year. Payments on the Units may vary in amount depending on investment income received and expenses of operation.

The Fund reserves the right to distribute to Investors substantially all of any net capital gain realized on investments on an annual basis. A distribution by the Fund potentially may be treated as a return of capital for federal income tax purposes. A return of capital is not taxable, but it reduces an Investor's tax basis in its Units, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the Investor of its Units. See "Taxes—Taxation of Investors—Distributions by the Fund" in the SAI.

The net asset value of each Unit that an Investor owns will be reduced by the amount of the distributions or dividends that the Investor receives in respect of Units.

An Investor's dividends and capital gain distributions will be automatically reinvested if the Investor does not instruct the Administrator otherwise. An Investor who elects not to reinvest will receive both dividends and capital gain distributions in cash. The Fund may limit the extent to which any distributions that are returns of capital may be reinvested in the Fund.

Units will be issued at their net asset value on the ex-dividend date; there is no sales load or other charge for reinvestment. Investors may elect initially not to reinvest by indicating that choice on the Subscription Booklet. Investors are free to change their election at any time by contacting the Administrator. Your request must be received by the Fund before the record date to be effective for that dividend or capital gain distribution.

The Fund reserves the right to suspend at any time the ability of Investors to reinvest distributions and to require Investors to receive all distributions in cash, or to limit the maximum amount that may be reinvested, either as a dollar amount or as a percentage of distributions. The Fund may determine to do so if, for example, the amount being reinvested by Investors exceeds the available investment opportunities that the Adviser considers suitable for the Fund.

**APPLICATION FOR INVESTMENT** 

**Purchase Terms** 

The Fund may accept initial and additional purchases of Units as of the first business day of each calendar month. Each prospective Investor will be required to complete a Subscription Booklet. If available funds and the application are not received and accepted prior to the applicable Closing Date, the order will not be accepted at such Closing Date. The Fund will not be obligated to sell any Units, including Units that have not been placed with Investors. The Fund does not issue the Units purchased (and an investor does not become an Investor with respect to such Units) until the beginning of the day on the applicable purchase date, i.e., the first business day of the relevant calendar month. Consequently, purchase proceeds do not represent capital of the Fund, and do not become assets of the Fund, until such date.

Any amounts received in advance of initial or additional purchases of Units are placed in a non-interest-bearing escrow account prior to the amounts' being invested in the Fund, in accordance with Rule 15c2-4 under the Exchange Act. The purchase amount will be released from the escrow account only after the Investor's order is accepted and then only as of the applicable purchase date. If a Subscription Booklet is not accepted by the Fund by the Closing Date, the subscription will not be accepted at such Closing Date and will be held in the escrow account by the Fund's escrow agent until the next Closing Date. The Fund reserves the right to reject any purchase of Units in its sole and absolute discretion (including, without limitation, when the Fund has reason to believe that such purchase would be unlawful or when the Fund believes that it cannot appropriately determine its net asset value due to market or other circumstances beyond its control). Unless otherwise required by applicable law, any amount received in advance of a purchase ultimately rejected by the Fund will be returned to the prospective Investor.

------

The Fund has registered under the Securities Act a total of $[7,500,000,000] in Class 1, Class 2, Class 3, Class 4 and Class 5 units, and $[ ] in Class 1, Class 2, Class 3, Class 4 and Class 5 units are available for sale under this registration statement or are being carried forward from a previous registration statement. Class 2, Class 3, Class 4, and Class 5 units of the Fund are offered in a separate prospectus. Class 1 Units will be publicly offered at current NAV per unit.

The stated minimum initial investment in the Fund is $10,000 for the Class 1 Units, and the minimum additional investment in the Fund is $2,500. Investors should review the prospectus for Class 2, Class 3, Class 4, and Class 5 units of the Fund to determine whether they are eligible to invest in such units. Each of the Adviser or Sponsor reserves the right, on behalf of the Fund, to waive the minimum initial and additional investment amounts in their sole discretion. The Fund may, in the sole discretion of the Adviser or Sponsor, also aggregate the accounts of clients of registered investment advisers and other financial intermediaries whose clients invest in the Fund for purposes of determining satisfaction of minimum investment amounts. The Adviser may from time to time impose stricter or less stringent eligibility requirements. Investors may purchase Units through the Distributor or through an RIA or other financial intermediary. RIAs and other financial intermediaries may impose additional eligibility requirements for Investors. Notwithstanding the foregoing, the Sponsor, Adviser and Distributor retain the discretion to accept direct subscriptions for Units. Investors should review the prospectus for Class 2, Class 3, Class 4, and Class 5 units of the Fund to determine whether they are eligible to invest in such units.

To help the government fight terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each Investor. As a result, Investors will need to identify the name, address, date of birth, and other identifying information about the Investors. If an Investor's identity cannot be verified, the Investor may be restricted from conducting additional transactions and/or have their investment liquidated. In addition, any other action required by law will be taken.

**Lost Stockholders, Inactive Accounts and Unclaimed Property** 

It is important that the Fund maintains a correct address for each investor. An incorrect address may cause an investor's account statements and other mailings to be returned to the Fund. Based upon statutory requirements for returned mail, the Transfer Agent will attempt to locate the investor or rightful owner of the account. If the Transfer Agent is unable to locate the investor, then it will determine whether the investor's account can legally be considered abandoned. Fund accounts may be transferred to the state government of an investor's state of residence if no activity occurs within the account during the "inactivity period" specified in the applicable state's abandoned property laws, which varies by state. The Fund is legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The investor's last known address of record determines which state has jurisdiction. It is your responsibility to ensure that you maintain a correct address for your account. Please proactively contact the Transfer Agent toll-free at (877) 355-1566 at least annually to ensure your account remains in active status. The Fund and the Adviser will not be liable to shareholders or their representatives for good faith compliance with escheatment laws.

**REPURCHASES OF UNITS AND TRANSFERS** 

**No Right of Redemption** 

No Investor or other person holding Units acquired from an Investor has the right to require the Fund to redeem any Units. No public market for Units currently exists. As a result, Investors may not be able to liquidate their investment other than through repurchases of Units by the Fund, as described below.

**Periodic Repurchases** 

The Fund intends to provide liquidity to Investors by offering to repurchase Units pursuant to written tenders by Investors. Repurchases will be made at such times, in such amounts and on such terms as may be determined by the Board, in its sole discretion. Investors tendering Units for repurchase must do so by a date specified in the notice describing the terms of the repurchase offer, and there will be a substantial period of time between the date as of which Investors must submit a request to have their Units repurchased and the date they can expect to receive payment for their Units from the Fund. Investors that elect to tender their Units in the Fund will not know the price at which such Units will be repurchased until such valuation date.

------

Since all or substantially all of the Fund's assets will be invested in the Master Fund, the Fund will generally find it necessary to liquidate a portion of its Master Fund Interests in order to satisfy repurchase requests. Because Master Fund Interests are not redeemable solely at the discretion of the Fund, the Fund may withdraw a portion of its Master Fund Interest only pursuant to repurchase offers by the Master Fund. Therefore, the Fund expects to conduct a repurchase offer of Units at approximately the same time as any repurchase offer by the Master Fund.

In determining whether the Fund should offer to repurchase Units, the Board will consider the recommendations of the Adviser as to the timing of such an offer, as well as a variety of operational, business, and economic factors. The Adviser expects that, generally, it will recommend to the Board that the Fund offer to repurchase Units from Investors on a quarterly basis and that each repurchase offer made during the calendar quarters (i.e.*,* quarters ending March 31, June 30, September 30, and December 31) should apply to no more than 5% of the net assets of the Fund, although any particular recommendation may exceed such percentage.

In determining whether to accept a recommendation to conduct a repurchase offer at any such time, the Board will consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the Master Fund is making a contemporaneous repurchase offer for interests therein, and the aggregate
value of interests the Master Fund is offering to repurchase;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the liquidity of the Fund's and the Master Fund's assets (including fees and costs associated with
disposing of the Fund's and the Master Fund's interests in underlying Investment Funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investment plans and working capital and reserve requirements of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the relative economies of scale of the tenders with respect to the size of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the history of the Fund in repurchasing Units, including the results of prior repurchase offers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of information as to the value of the Fund's and the Master Fund's investments in
underlying Investment Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the existing conditions 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;• any anticipated tax consequences to the Fund of any proposed repurchases of Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the recommendations of the Adviser or Sponsor.

The Fund will repurchase Units from Investors pursuant to written tenders on terms and conditions that the Board determines to be fair to the Fund and to all Investors. When the Board determines that the Fund will repurchase Units, notice will be provided to Investors describing the terms of the offer, containing information Investors should consider in deciding whether to participate in the repurchase opportunity, and containing information on how to participate. Investors deciding whether to tender their Units during the period that a repurchase offer is open may obtain the applicable Class's net asset value per unit by contacting the Adviser during the period.

Subject to applicable law, the LLC Agreement provides, as applicable, that if an Investor submits to the Fund a written request to commence a repurchase offer and the Fund does not, within two years from the date of such written request, commence a repurchase offer of at least 5% of the net assets of the Fund, the Fund will promptly thereafter offer to all then Investors the opportunity to contribute their Units to a special purpose vehicle (an "SPV") to be registered under the 1940 Act or exempt from such registration and having the investment objective to liquidate at least 90% of its assets within three full fiscal years of such contribution. Any such offer to contribute will be made pursuant to an offering registered under the Securities Act, or pursuant to offering exempt from such registration. Any such SPV will not bear any investment advisory or investment management fees after

------

the three fiscal year period. Any such SPV will be organized only if the Fund does not commence a repurchase offer within two years from the date of such written request by an Investor, as described above. The Master Fund will not transfer portfolio securities to the SPV unless the Fund has obtained an exemptive order or received no-action relief from the requirements of Section 17(a) and Section 17(d) of the 1940 Act, and there is no assurance that any such exemptive or no-action relief will be granted.

If a repurchase offer is oversubscribed by Investors who tender Units, the Fund may extend the repurchase offer, repurchase a *pro rata* portion of the Units tendered, or take any other action permitted by applicable law. In addition, the Fund may repurchase Units of Investors if, among other reasons, the Fund determines that such repurchase would be in the interests of the Fund.

Repurchases will be effective after receipt and acceptance by the Fund of eligible written tenders of Units from Investors by the applicable repurchase offer deadline.

The Fund does not impose any charges in connection with repurchases of Units unless the Unit is held for less than one year. A 2.00% early repurchase fee (the "Early Repurchase Fee") will be charged by the Fund with respect to any repurchase of Units from an Investor at any time prior to the day immediately preceding the one-year anniversary of the Investor's purchase of the Units. The Early Repurchase Fee will be retained by the Fund and will be for the benefit of the Fund's remaining Investors. Units tendered for repurchase will be treated as having been repurchased on a "first in – first out" basis. Units will be repurchased by the Fund after the management fee has been deducted from the Fund's assets as of the end of the quarter in which the repurchase occurs (i.e., the accrued management fee for the quarter in which Units are to be repurchased is deducted before effecting the repurchase).

In the event that the Adviser, Sponsor, or any of its affiliates holds Units in the Fund or Interests in the Master Fund in the capacity of an investor, the Units or Interests may be tendered for repurchase in connection with any repurchase offer made by the Fund or the Master Fund, as applicable. The Master Fund will not impose an Early Repurchase Fee on redemptions by its investors.

**Procedures for Repurchase of Units** 

The Fund expects that payment upon a repurchase of Units will be made in the form of cash or a debt obligation, which may or may not be certificated, and which would entitle the applicable Investor to payment in satisfaction of the repurchase of Units. If the debt obligation is certificated, unless otherwise instructed by the applicable Investor, the Fund will deliver the certificate to the Fund's Transfer Agent to be held on behalf of the applicable Investor until such time as the Fund distributes payment in satisfaction of the repurchase of Units, at which point the certificate will be cancelled. The Fund does not generally expect to distribute securities (other than the debt obligation) as payment for repurchased Units except in unusual circumstances, including if making a cash payment would result in a material adverse effect on the Fund or the Investors, or if the Master Fund has received distributions from Investment Funds in the form of securities that are transferable to the Master Fund's members. Securities which are distributed in-kind in connection with a repurchase of Units may be illiquid. Any in-kind distribution of securities will be valued in accordance with the LLC Agreement and will be distributed to all tendering Investors on a proportional basis. See "CALCULATION OF NET ASSET VALUE."

In light of liquidity constraints associated with many of the Master Fund Investments and the fact that the Master Fund may have to liquidate interests in such investments to pay for Master Fund Interests being repurchased in order to fund the repurchase of Units and due to other considerations applicable to the Fund and the Master Fund, the Fund intends to follow the procedures described below in connection with a repurchase of Units:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser anticipates that, generally, the Adviser will recommend to the Board that the Fund offer to
repurchase Units from Investors on a quarterly basis, with such tender valuation dates to occur as of each March 31, June 30, September 30, and December 31 (each, a "Tender Valuation Date"). Each Tender Valuation Date
will be determined by the Board in its sole discretion. Tenders will be revocable prior to the expiration of the offer, as described in the notice provided to Investors. The value of Units being repurchased will be determined as of the Tender
Valuation Date. Within thirty days after the Tender

------

Valuation Date, the Fund will give to each Investor whose Units have been accepted for repurchase cash or issue to such Investor a debt obligation, in each case, entitling the Investor to be paid an amount equal to the value, determined as of the Tender Valuation Date, of the repurchased Units, subject to any post-audit adjustments if the Board determines that a holdback is necessary. As described above, any certificated debt obligation will be held by the Transfer Agent on behalf a tendering Investor. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Fund issues a debt obligation, which may or may not be certificated, the debt obligation will be non-interest bearing and non-transferable and is expected to contain terms providing payment on or before the thirtieth day after the Tender Valuation Date or, if the Fund has
requested the repurchase of all or a portion of its Master Fund Interest in order to satisfy the payment, ten business days after the Fund has received the aggregate amount so requested to be repurchased by the Fund from the Master Fund (the
"Payment"), subject to any post-audit adjustments if the Board determines that a holdback is necessary. Similarly, when the Fund and other members of the Master Fund request the repurchase of a portion of their Master Fund Interests, the
Master Fund is entitled to postpone the Payment in respect of any debt obligation issued in connection therewith until ten business days after the Master Fund has received the aggregate amount anticipated to be received through pending liquidations
of Master Fund Investments in order to fund repurchases of Master Fund Interests.

The repurchase of Units is subject to regulatory requirements imposed by the SEC. The Fund's repurchase procedures are intended to comply with such requirements. However, in the event that the Board determines that modification of the repurchase procedures described above is required, appropriate or desired, the Board will adopt revised repurchase procedures as necessary to ensure the Fund's compliance with applicable regulations or as the Board in its sole discretion deems appropriate or desirable in accordance with federal securities regulations. Following the commencement of an offer to repurchase Units, the Fund may suspend, postpone or terminate such offer in certain circumstances upon the determination of a majority of the Board, including a majority of the Independent Directors, that such suspension, postponement or termination is advisable for the Fund and its Investors, including, without limitation, circumstances as a result of which it is not reasonably practicable for either the Fund or the Master Fund to dispose of its investments or to determine its net asset value, and other unusual circumstances.

As described above, in certain circumstances the Board or the Master Fund Board may determine not to conduct a repurchase offer, or to conduct a repurchase offer of less than 5% of the Fund's or the Master Fund's net assets. In particular, during periods of financial market stress, the Master Fund Board may determine that some or all of the Master Fund investments cannot be liquidated at their fair value, making a determination not to conduct repurchase offers more likely. In addition, under certain circumstances, the Board or the Master Fund Board may determine to conduct a repurchase offer of more than 5% of the Fund's or the Master Fund's net assets. Under unusual market conditions, the Adviser and the Sponsor anticipate that they may not recommend to the Board that the Fund conduct a repurchase offer in any particular quarter if the Fund's repurchase offers in the two immediately preceding quarters were oversubscribed by a substantial amount in the opinion of the Adviser and the Sponsor. If a repurchase offer is oversubscribed, or if the Fund does not conduct a repurchase offer in any particular quarter, investors will have to wait until the next repurchase offer to make another repurchase request. As a result, investors may be unable to liquidate all or a given percentage of their investment in the Fund during a particular quarter.

The Fund may be required to liquidate portfolio holdings earlier than the Adviser would have desired in order to meet the repurchase requests. Such necessary liquidations may potentially result in losses to the Fund, and may increase the Fund's investment related expenses as a result of higher portfolio turnover rates. The Adviser intends to take measures, subject to policies as may be established by the Board, to attempt to avoid or minimize potential losses and expenses resulting from the repurchase of Units. If the Fund borrows to finance repurchases, interest on that borrowing will negatively affect Investors who do not tender their Units in a repurchase offer by increasing the Fund's expenses and reducing any net investment income.

An Investor tendering for repurchase only a portion of its Units must maintain an investment balance of at least $5,000 after the repurchase is effected. If an Investor tenders an amount that would cause the Investor's investment balance to fall below the required minimum, the Fund reserves the right to repurchase all of the Investor's Units in the Fund.

------

**Mandatory Redemption by the Fund** 

The Fund may repurchase all or any portion of the Units of an Investor without consent or other action by the Investor or other person if the Fund determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Units have been transferred or have vested in any person by operation of law (*i.e.*, the result of the
death, bankruptcy, insolvency, adjudicated incompetence, or dissolution of the Investor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if any transferee does not meet any investor eligibility requirements established by the Fund from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership of Units by an Investor or other person is likely to cause the Fund or the Master Fund to be in
violation of, or subject the Fund or the Master Fund to additional registration or regulation under, the securities, commodities, or other laws of the United States or any other relevant jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continued ownership of Units by an Investor may be harmful or injurious to the business or reputation of the
Fund, the Master Fund, or the Adviser, or the Sponsor, or may subject the Fund or any Investor to an undue risk of adverse tax or other fiscal or regulatory consequences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any of the representations and warranties made by an Investor or other person in connection with the acquisition
of Units was not true when made or has ceased to be true;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to an Investor subject to special laws or regulations, the Investor is likely to be subject to
additional regulatory or compliance requirements under these special laws or regulations by virtue of continuing to hold any Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investment balance of the Investor falls below $5,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it would be in the interest of the Fund, as determined by the Board, for the Fund to repurchase the Units.

**Dividend Reinvestment** 

Unless an Investor is ineligible or otherwise elects, all distributions of dividends (including Capital Gain Dividends (as defined below)) with respect to the Units will be automatically reinvested by the Fund in additional Units of that Class, which will be issued at their net asset value on the ex-dividend date. Election not to reinvest dividends and to instead receive all dividends and capital gain distributions in cash may be made by indicating that choice in the Subscription Booklet or by contacting the Administrator at (877) 355-1566.

**Transfers of Units** 

Units may be transferred only (i) by operation of law pursuant to the death, bankruptcy, insolvency, adjudicated incompetence or dissolution of an Investor or (ii) with the written consent of the Board or Sponsor, which may be withheld in each of its sole and absolute discretion and is expected to be granted, if at all, only in limited circumstances. Notice to the Fund of any proposed transfer must include evidence satisfactory to the Fund that the proposed transferee meets any requirements imposed by the Fund with respect to Investor eligibility and suitability, and must be accompanied by a properly completed Subscription Booklet.

Each Investor and transferee is required to pay all expenses, including attorneys' and accountants' fees, incurred by the Fund in connection with such transfer. If such a transferee does not meet the Investor eligibility requirements, the Fund reserves the right to repurchase the Units transferred.

By purchasing Units of the Fund, each Investor has agreed to indemnify and hold harmless the Fund, the Sponsor, the Adviser, the Directors, the officers of the Fund, each other Investor, 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 such losses, claims, damages, liabilities, costs and expenses and 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 such Investor in violation of these provisions or any misrepresentation made by such Investor in connection with any such transfer.

------

**CALCULATION OF NET ASSET VALUE** 

The net asset value of the Master Fund and each Class of the Fund will be calculated as of the close of business on the last business day of each calendar month, 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, each Class of the Fund and the Master Fund will value its investments as of the relevant Determination Date. The net asset value of the Master Fund and of each Class of the Fund will equal the assets of the Master Fund or Class, as applicable, less the liabilities attributable to the Master Fund or Class, including accrued fees and expenses, each determined as of the relevant Determination Date. Because of the differences in distribution and service fees and Class-specific expenses, the per Unit net asset value of each Class will differ.

Because the Fund invests all or substantially all of its assets in the Master Fund, the value of the assets of each Class of the Fund will depend on the value of its *pro rata* interest in the Master Fund investments. The Fund's investments, and the Master Fund's investments in Private Fund Investments, will be based on valuations provided by Investment Fund Managers and the Adviser according to the Valuation Procedures, subject to the general supervision of the Board and the Master Fund Board. The Adviser will value the Master Fund's investments, including ETFs and other securities, according to the Valuation Procedures. The net asset value of each Class of the Fund and the Master Fund may be subject to subsequent adjustment in the discretion of the Adviser, in the event that relevant information becomes available following the Fund's and the Master Fund's annual audit.

The Valuation Procedures provide that, absent a market price, the Master Fund will value its investments in Private Fund Investments at fair value. The fair value of such investments as of each Determination Date ordinarily will be the carrying amount (book value) of the Master Fund's interest in such investments as determined by reference to the most recent balance sheet, statement of capital account, or other estimated valuation provided by the relevant Investment Fund Manager as of or prior to the relevant Determination Date as adjusted for any other relevant information known by or calculated by the Adviser at the time the Master Fund values its portfolio, including capital activity and material events occurring between the reference dates of the Investment Fund Manager's valuations and the relevant Determination Date and any third-party valuations received by the Adviser. The valuations reported by the Private Fund Investments may be subject to later adjustment or revision. For example, net asset value calculations may be revised as a result of fiscal year-end audits or other conditions that impact the Private Fund Investments' investments but that are unknown to the Adviser at the time of the Master Fund's valuation estimate. Other adjustments may occur from time to time.

As discussed above, a meaningful input in the Fund's valuation of Private Fund Investments will be the estimated valuations provided by Investment Fund Managers to the Adviser. In addition to reviewing and using as inputs the valuations provided by Investment Fund Managers, the Adviser will use a proprietary valuation methodology that incorporates general private equity pricing principles and will generally also incorporate information from third-party valuation services. The Adviser will consider such information, and may conclude in certain circumstances that the information provided by the Investment Fund Manager does not represent the fair value of a particular Private Fund Investment. The Adviser will consider whether it is appropriate, in light of all relevant circumstances, to adjust the value of such investments in light of this assessment. Any such decision will be made in good faith by the Adviser and will be subject to the general supervision of the Master Fund Board. The Adviser will be responsible for ensuring that the Valuation Procedures are fair to the Master Fund and consistent with applicable regulatory guidelines.

Investment Fund Managers may adopt a variety of valuation techniques and provide differing levels of information concerning Private 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. The Adviser generally will not be able to confirm with certainty the accuracy of valuations provided by any Investment Fund Managers until the Master Fund receives the Investment Funds' audited financial statements (and even then, the Adviser will only be able to confirm the value as of the financial statement date). The Investment Fund's fair value valuation and/or the Adviser's fair value valuation may prove to be inaccurate. Incorrect valuations of an Investment Fund could have an adverse effect on the Master Fund's and the Fund's net asset value and Investor transactions in the Units. See "Types of Investments and Related Risk Factors – Valuations Subject to Adjustment."

------

To the extent the Fund or the Master Fund holds ETFs or other securities or portfolio instruments that are not investments in Private Fund Investments, the Adviser will price each portfolio instrument in the Master Fund or the Fund, as applicable, using one of the third-party pricing services approved by the Adviser, unless it is determined pursuant to the Valuation Procedures that market quotations or prices provided by the pricing services are not readily available or are considered unreliable and any market based valuations issued by the pricing services are not readily available or are considered unreliable.

Securities for which a pricing service or other approved source either does not supply a quotation, price, or market based valuation, or supplies a quotation, price, or market based valuation that is believed by the primary pricing service or the Adviser to be unreliable, will be valued according to fair value procedures specified in the Valuation Procedures. In general, fair value represents a good faith determination of the current value of an asset and will be used when there is no public market or possibly no market at all for the asset. The fair values of one or more assets may not be the prices at which those assets are ultimately sold and the differences may be significant.

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 or the Master Fund. Consequently, the fees charged to the Fund or the Master 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 Master Fund, including the management fee, are accrued on a monthly basis on the Determination Date and taken into account for the purpose of determining the Master Fund's net asset value. Similarly, expenses of the Fund 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 Master Fund's net asset value and the Fund if the judgments of the Adviser or the Investment Fund Managers regarding appropriate valuations should prove incorrect.

**CERTAIN TAX CONSIDERATIONS** 

The following discussion offers only a brief outline of the U.S. federal income tax consequences of investing in the Fund and is based on the U.S. federal tax laws in effect on the date hereof. Such tax laws are subject to change by legislative, judicial or administrative action, possibly with retroactive effect. For more detailed information regarding tax considerations, see the SAI. There may be other tax considerations applicable to particular Investors, including Foreign Investors (as defined below). Investors should consult their own tax advisors for more detailed information and for information regarding the impact of state, local and foreign taxes on an investment in the Fund.

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans or arrangements. Investors should consult their tax advisors to determine the suitability of Units of the Fund as an investment through such plans and the precise effect of an investment on their particular tax situation.

The Fund invests substantially all of its assets in the Master Fund, and so substantially all of the Fund's income will be as a result of distributions (or deemed distributions) from the Master Fund. Therefore, as applicable, references to the U.S. federal income tax treatment of the Fund, including to the assets owned, income earned by or decisions made by or on behalf of the Fund, will be to or will include the Master Fund, and, as applicable, the assets owned, income earned by or decisions made by or on behalf of the Master Fund.

------

**Taxation of the Fund** 

*Qualification for and Treatment as a Regulated Investment Company* 

The Fund has elected to be treated as a RIC under Subchapter M of the Code and intends each year to qualify and to be eligible to be treated as such. In order to qualify for the special tax treatment accorded RICs and their investors, the Fund must, among other things: (a) derive at least 90% of its gross income for each taxable year from (i) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies and (ii) net income derived from interests in "qualified publicly traded partnerships" (as defined in the Code); (b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the market value of the Fund's total assets consists of cash and cash items (including receivables), U.S. government securities, securities of other RICs, and other securities limited in respect of any one issuer to a value not greater than 5% of the value of the Fund's total assets and not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets is invested, including through corporations in which the Fund holds a 20% or more voting stock interest, in (x) the securities (other than those of the U.S. government or other RICs) of any one issuer or of two or more issuers each of which the Fund controls and that are engaged in the same, similar, or related trades or businesses, or (y) the securities of one or more "qualified publicly traded partnerships" (as defined in the Code and as discussed further in the SAI); and (c) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid—generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and net tax-exempt income, for such year, in a manner qualifying for the dividends-paid deduction.

In general, for purposes of the 90% gross income requirement described in (a) above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the RIC.

If the Fund qualifies as a RIC that is accorded special tax treatment, the Fund will not be subject to U.S. federal income tax on income distributed in a timely manner to its Investors in the form of dividends (including Capital Gain Dividends, as defined below) that qualify for the dividends-paid deduction.

The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in the Master Fund, which itself has elected to be treated and intends to qualify and be eligible to be treated as a RIC. The Fund generally expects to satisfy the requirements to qualify and be eligible to be treated as a RIC, provided that the Master Fund also meets these requirements; the Fund currently expects that the Master Fund will meet these requirements. Nonetheless, there can be no assurance that either the Fund or the Master Fund will so qualify and be eligible. If the Master Fund were to fail to satisfy the 90% gross income or diversification requirement for qualification as a RIC and were not to cure that failure (as described below), the Fund may as a result itself fail to meet the asset diversification test and may be ineligible to or may otherwise not cure such failure.

The federal income tax rules applicable to the Master Fund's investments are unclear in some cases. An adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the Master Fund, and thus the Fund, has satisfied the requirements to maintain its qualification as a RIC. See "Fund Investments" below.

From time to time, the Fund or the Master Fund may increase its investments in ETFs and/or other securities generating qualifying income in order to increase the percentage of the Fund's or the Master Fund's income constituting qualifying income.

If the Fund were to fail to meet the income, diversification or distribution test described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax or interest, making additional distributions, or disposing of certain assets. If the Fund were ineligible to or otherwise did not cure such failure for any year, or if the Fund were otherwise to fail to qualify as a RIC accorded special tax treatment for such year, the Fund would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits,

------

including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to Investors as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate Investors and may be eligible to be treated as "qualified dividend income" in the case of Investors taxed as individuals, provided, in both cases, the Investor meets certain holding period and other requirements in respect of the Units of the Fund (as described below). In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before re-qualifying as a RIC that is accorded special tax treatment. As stated above, this discussion of the U.S. federal income tax treatment of the Fund includes the Master Fund. If the Master Fund were to fail to qualify to be treated as a RIC, the Fund would also most likely fail to qualify as a RIC.

The Fund intends to distribute at least annually to its Investors all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction), its net tax-exempt income (if any) and reserves the right to distribute annually substantially all its net capital gain. Any taxable income, including any net capital gain, retained by the Fund will be subject to tax at the Fund level at regular corporate rates. In the case of net capital gain, the Fund is permitted to designate the retained amount as undistributed capital gain in a timely notice to its Investors (or the Fund, in the case of the Master Fund making such designation) who would then, in turn, be (i) required to include in income for U.S. federal income tax purposes, as long-term capital gain, their shares of such undistributed amount, and (ii) entitled to credit their proportionate share of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds on a properly filed U.S. tax return to the extent the credit exceeds such liabilities. If the Fund makes this designation, for U.S. federal income tax purposes, the tax basis of Units owned by an Investor of the Fund (or Master Fund Interests owned by the Fund, in the case of the Master Fund making such designation) would be increased by an amount equal under current law to the difference between the amount of undistributed capital gains included in the Investor's gross income under clause (i) of the preceding sentence and the tax deemed paid by the Investor under clause (ii) of the preceding sentence. The Fund is not required to, and there can be no assurance the Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

*Excise Tax* 

If the Fund were to fail to distribute in a calendar year at least an amount generally equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income for the one-year period ending October 31 of such year, plus any such amounts retained from the prior year, the Fund would be subject to a nondeductible 4% excise tax on the undistributed amounts. For purposes of the required excise tax distribution, the income and gains of Investment Funds and co-investments treated as partnerships for federal tax purposes will be treated as arising in the hands of the Master Fund at the time realized and recognized by the Investment Funds or co-investments. Given the difficulty of estimating Master Fund income and gains in a timely fashion, each year the Master Fund is likely to be liable for the 4% excise tax, and it is possible that the Fund will also be liable for such tax.

*Capital Loss Carryforwards* 

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against the Fund's net investment income. Instead, potentially subject to certain limitations, a RIC may carry net capital losses from any taxable year forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent taxable years. Distributions from capital gains are generally made after applying any available capital loss carryforwards. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether a RIC retains or distributes such gains. A RIC may carry net capital losses forward to one or more subsequent taxable years without expiration. The Fund must apply long-term capital loss carryforwards first against long-term capital gains, and short-term capital loss carryforwards first against short-term capital gains. The Fund's available capital loss carryforwards, if any, will be set forth in its annual report for each fiscal year.

Because a RIC cannot "pass through" its losses to its investors, and thus the Master Fund cannot pass through losses to the Fund, any capital losses the Master Fund recognizes for U.S. federal income tax purposes will remain at the Master Fund level until the Master Fund can use them to reduce future capital gains. Accordingly, the Fund generally does not expect to realize any net capital losses, except possibly in the case where it disposes of a certain portion of its investment in the Master Fund at a loss as part of a tender offer by the Master Fund. For further discussion of the effect on the Fund of net capital losses realized by the Master Fund and of the consequences of a redemption by the Fund of a portion of its investment in the Master Fund, see "Investment in Master Fund" below.

------

**Fund Investments** 

The Master Fund may invest a significant portion of its assets in Investment Funds and co-investments that are classified as partnerships for U.S. federal income tax purposes.

The Master Fund, and thus the Fund, may be required to recognize items of taxable income and gain prior to the time that the Master Fund receives corresponding cash distributions from an Investment Fund or co-investment. In such case, the Master Fund might have to borrow money or dispose of investments, including interests in Investment Funds, and the Fund might have to sell interests of the Master Fund, in each case including when it is disadvantageous to do so, in order to make the distributions required in order to maintain their status as RICs and to avoid the imposition of a federal income or excise tax.

Investment Funds and co-investments classified as partnerships for federal income tax purposes may generate income allocable to the Master Fund that is not qualifying income for purposes of the 90% gross income test described above. In order to meet the 90% gross income test, the Master Fund may structure its investments in a way potentially increasing the taxes imposed thereon or in respect thereof. Because the Master Fund may not have timely or complete information concerning the amount and sources of such an Investment Fund's or co-investment's income until such income has been earned by the Investment Fund or co-investment or until a substantial amount of time thereafter, it may be difficult for the Master Fund to satisfy the 90% gross income test.

Furthermore, it may not always be clear how the asset diversification rules for RIC qualification will apply to the Master Fund's investments in Investment Funds or co-investments that are classified as partnerships for federal income tax purposes. It is possible that the Master Fund and the Fund will engage the services of a third-party service provider to collect, aggregate and analyze data on the Master Fund's direct and indirect investments in order to ensure that the Master Fund meets the asset diversification test. In the event that the Master Fund believes that it is possible that it will fail the asset diversification requirement at the end of any quarter of a taxable year, it may seek to take certain actions to avert such failure, including by acquiring additional investments to come into compliance with the asset diversification test or by disposing of non-diversified assets. Although the Code affords the Master Fund the opportunity, in certain circumstances, to cure a failure to meet the asset diversification test, including by disposing of non-diversified assets within six months, there may be constraints on the Master Fund's ability to dispose of its interest in an Investment Fund that limit utilization of this cure period.

As a result of the considerations described in the preceding paragraphs, the Fund's and the Master Fund's intention to qualify and be eligible for treatment as RICs can limit their ability to acquire or continue to hold positions in Investment Funds or co-investments that would otherwise be consistent with their investment strategy or can require them to engage in transactions in which they would otherwise not engage, resulting in additional transaction costs and reducing the Fund's return to Investors.

As stated above, unless otherwise indicated, references in this discussion to the Fund's investments, activities, income, gain, and loss include, as applicable, the direct investments, activities, income, gain, and loss of Master Fund, as well as those indirectly attributable to the Fund as result of the Master Fund's investment in any Investment Fund (or other entity, including a co-investment or the Lead Fund) that is properly classified as a partnership or disregarded entity for U.S. federal income tax purposes (and not an association or publicly traded partnership taxable as a corporation).

*Passive Foreign Investment Companies* 

The Master Fund may invest in Investment Funds or in other entities, including co-investments, that are classified as passive foreign investment companies ("PFICs") for U.S. federal income tax purposes, and Investment Funds themselves may invest in entities that are classified as PFICs. Investments in PFICs could potentially subject the Master Fund to a U.S. federal income tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company. This tax cannot be eliminated by

------

making distributions to its investors. The Master Fund (or, as applicable, the Investment Fund or another entity) generally may elect to avoid the imposition of that tax by, for example, electing to treat a PFIC in which it holds an interest as a "qualified electing fund" (i.e., make a "QEF election"), in which case the Master Fund will be required to include its share of the PFIC's income and net capital gains annually, regardless of whether it receives any distributions from the PFIC.

In certain circumstances, the Master Fund may be permitted to and elect to mark the gains (and to a limited extent losses) in such PFIC holdings "to the market" as though it had sold (and, solely for purposes of this mark-to-market election, repurchased) such holdings on the last day of the Master Fund's taxable year. Such gains and losses are treated as ordinary income and loss. If the Master Fund realizes a loss with respect to a PFIC which has elected such mark-to-market treatment, whether by virtue of selling all or part of its interest in the PFIC or because of the "mark to market" adjustment described above, the loss will be ordinary to the extent of the excess of the sum of the mark-to-market gains over the mark-to-market losses previously recognized with respect to the PFIC. To the extent that the Master Fund's mark-to-market loss with respect to a PFIC exceeds that limitation, the loss will effectively be taken into account in offsetting future mark-to-market gains from the PFIC, and any remaining loss will generally be deferred until the PFIC interests are sold, at which point the loss will be treated as a capital loss.

Where the mark-to-market election is made, it is possible that the Master Fund will be required to recognize income (which generally must be distributed to the Fund, and in turn to the Fund's Investors) in excess of the distributions that it receives in respect of an interest in a PFIC. Accordingly, the Master Fund may need to borrow money or to dispose of investments, potentially including its interests in the PFIC, in order to make the distributions required in order to maintain its status as a RIC and to avoid the imposition of a federal income tax and/or the nondeductible 4% excise tax. There can be no assurances, however, that the Master Fund will be successful in this regard; if the Master Fund were unsuccessful in this regard, it could limit the ability of the Master Fund, and thus, the Fund to qualify and be eligible for treatment as a RIC.

In certain cases, neither the Fund nor the Master Fund will be the party legally permitted to make the QEF election or the mark-to-market election in respect of indirectly held PFICs and, in such cases, will not have control over whether the QEF or mark-to-market election is made.

If neither a "mark-to-market" nor a QEF election is made with respect to an interest in a PFIC, the ownership of the PFIC interest may have significantly adverse tax consequences for the Master Fund, and thus the Fund. In such a case, the holder of the PFIC interest would be subject to an interest charge (at the rate applicable to tax underpayments) on tax liability treated as having been deferred with respect to certain distributions and on gain from the disposition of the interests in a PFIC (collectively referred to as "excess distributions"), even if, in the case where the holder is a RIC, those excess distributions are paid by the RIC as a dividend to its shareholders.

Because it is not always possible to identify a foreign corporation as a PFIC, in certain instances the Fund or the Master Fund may unexpectedly incur the tax and interest charges described above in some instances. Any such tax will reduce the value of an Investor's investment in the Fund.

*Investments in Other RICs* 

The Fund's investment in the shares of mutual funds, ETFs or other companies that qualify as a RIC including, as discussed in "Investment in the Master Fund" below, the Master Fund (each, an "underlying RIC") can cause the Fund to be required to distribute greater amounts of net investment income or net capital gain than the Fund would have distributed had it invested directly in the securities held by the underlying RIC, rather than in shares of the underlying RIC. Further, the amount or timing of distributions from the Fund qualifying for treatment as a particular character (e.g., long-term capital gain, exempt interest, eligible for dividends-received deduction, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the underlying RIC.

If the Fund receives dividends from an underlying RIC and the underlying RIC reports such dividends as "qualified dividend income," then the Fund is permitted in turn to report a portion of its distributions as qualified dividend income, provided that the Fund meets holding period and other requirements with respect to shares of the underlying RIC.

------

If the Fund receives dividends from an underlying RIC and the underlying RIC reports such dividends as eligible for the dividends-received deduction, then the Fund is permitted in turn to report its distributions derived from those dividends as eligible for the dividends-received deduction as well, provided the Fund meets holding period and other requirements with respect to shares of the underlying RIC.

*Book-Tax Differences* 

Certain of the Fund's investments in derivative instruments and foreign currency-denominated instruments, and any of the Fund's transactions in foreign currencies and hedging activities, are likely to produce a difference between the Fund's book income and its taxable income. If such a difference arises, and the Fund's book income is less than its taxable income, the Fund could be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment. In the alternative, if the Fund's book income exceeds its taxable income (including realized capital gains), the distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits, (ii) thereafter, as a return of capital to the extent of the recipient's basis in its interests, and (iii) thereafter as gain from the sale or exchange of a capital asset.

*Investment in the Master Fund* 

Because the Fund will invest all or substantially all of its assets in the Master Fund, its distributable income and gains will normally consist entirely of distributions (or deemed distributions) from the Master Fund and gains and losses on the disposition of units of the Master Fund. To the extent that the Master Fund realizes net losses on its investments for a given taxable year, the Fund will not be able to benefit from those losses unless (i) the losses are capital losses and the Master Fund realizes subsequent capital gains that it can reduce by those losses, or (ii) the Fund is able to recognize its share of the Master Fund's losses when it disposes of units of the Master Fund. Even if the Fund were able to recognize its share of those losses by making such a disposition, a portion of its loss may be recognized as a long-term capital loss, which will not be treated as favorably for U.S. federal income tax purposes as a short-term capital loss or an ordinary deduction. In particular, the Fund will not be able to offset any capital losses from its dispositions of Master Fund units against its ordinary income (including distributions of any net short-term capital gains realized by the Master Fund).

As a result of the foregoing rules, and certain other special rules, it is possible that the amounts of net investment income and net capital gain that the Fund will be required to distribute to Investors will be greater than such amounts would have been had the Fund invested directly in the securities held by the Master Fund, rather than investing in units of the Master Fund. For similar reasons, the amount or timing of distributions from the Fund qualifying for treatment as a particular character (e.g., long-term capital gain, exempt interest, eligibility for dividends-received deduction, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the Master Fund.

A redemption, if any, of Master Fund units (including a redemption in connection with a tender offer of the Fund) by the Fund generally will be treated as a distribution under Section 301 of the Code (a "Section 301 distribution") unless the redemption is treated as being any of (i) a complete termination of the Fund's interest in the Master Fund, (ii) "substantially disproportionate" with respect to the Fund or (iii) otherwise "not essentially equivalent to a dividend" under the relevant rules of the Code. The Fund expects that its redemption of Master Fund units, if any, will be treated as Section 301 distributions. A Section 301 distribution is not treated as a sale or exchange giving rise to capital gain or loss, but rather is treated as a dividend to the extent supported by the Master Fund's current and accumulated earnings and profits, with the excess treated as a return of capital reducing the Fund's tax basis in its units, and thereafter as capital gain.

In the case where the Fund is treated as having received a taxable dividend from the Master Fund, there is a risk that non-tendering investors in the Master Fund, and other investors of the Master Fund who tender some but not all of their units therein or not all of whose units therein are repurchased, in each case whose percentage interests in the Master Fund increase as a result of such tender, will be treated as having received a taxable distribution from the Master Fund. The extent of such risk will vary depending upon the particular circumstances of the tender offer, and in particular whether such offer is a single and isolated event or is part of a plan for periodically redeeming units of the Master Fund. Dividend treatment of a tender by the Master Fund would affect the amount and character of income required to be distributed by both the Master Fund and the Fund for the year in which the redemption occurred. It is possible that such a dividend would qualify as qualified dividend income; otherwise, it would be taxable as ordinary income.

------

The Master Fund is permitted to invest up to 25% of its total assets in the Corporate Subsidiary, a Delaware limited liability company that has elected to be treated as a corporation for U.S. federal income tax purposes. A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where, as here, the Corporate Subsidiary is organized in the U.S., the Corporate Subsidiary will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Master Fund's return on its investment in the Corporate Subsidiary. If a net loss is realized by the Corporate Subsidiary, such loss is not generally available to offset the income of the Master Fund.

*Foreign Taxation* 

Income, proceeds and gains received by the Fund or Master Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. This will decrease the Fund's yield on securities subject to such taxes. Tax treaties between certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the Master Fund's assets at the end of its taxable year consists of the securities of foreign corporations, the Master Fund may elect to permit its investors, including the Fund, to claim a credit or deduction on their U.S. federal income tax returns for their pro rata portions of qualified taxes paid by the Master Fund to foreign countries in respect of foreign securities that the Master Fund has held for at least the minimum period specified in the Code. In such a case, the investors, including the Fund, will include in gross income from foreign sources their pro rata share of such taxes paid by the Master Fund. If at the close of each quarter of the Fund's taxable year, at least 50% of its total assets consists of interests in other RICs, including the Master Fund the Fund will be a "qualified fund of funds." If the Fund is a "qualified fund of funds," it also may elect to pass through to its Investors foreign taxes it has paid or foreign taxes passed through to it by any RIC, including the Master Fund, in which it invests that itself was eligible to elect and did elect to pass through such taxes to Investors (see "Investment in Master Fund" and "Investments in Other RICs" above). Even if the Fund is eligible to make such an election for a given year, it may determine not to do so. If the Fund is not so eligible or does not so elect, foreign taxes, if any, would nonetheless reduce the Fund's taxable income. An Investor's ability to claim an offsetting foreign tax credit or deduction in respect of foreign taxes passed through by the Fund is subject to certain limitations imposed by the Code, which may result in the Investor's not receiving a full credit or deduction (if any) for the amount of such taxes. Investors who do not itemize deductions on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. Investors that are not subject to U.S. federal income tax, and those who invest in the Fund through tax-advantaged accounts (including those who invest through individual retirement accounts or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by the Fund.

If the Fund is not eligible to or does not make the above election, the Fund's taxable income will be reduced by the foreign taxes paid or withheld, and Investors will not be entitled separately to claim a credit or deduction with respect to such taxes. Investors are advised to consult their own tax advisers with respect to the treatment of foreign source income and foreign taxes under the U.S. federal income tax laws.

**Taxation of Investors** 

*Distributions by the Fund* 

For U.S. federal income tax purposes, distributions of investment income are generally taxable to Investors as ordinary income. Taxes on distributions of capital gains are determined by how long the Fund owned or is considered to have owned the investments that generated them, rather than how long an Investor has owned his or her interests. In general, the Fund will recognize long-term capital gain or loss on investments it has owned (or is deemed to have owned) for more than one year, and short-term capital gain or loss on investments it has owned (or is deemed to have owned) for one year or less. Distributions of net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case determined with reference to any loss carryforwards) that are properly reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable to Investors as long-term capital gains includible in net capital gain and taxed to individuals at reduced rates. The IRS and the

------

U.S. Department of the Treasury have issued final regulations that impose special rules in respect of Capital Gain Dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code. Distributions of net short-term capital gain (as reduced by any net long-term capital loss for the taxable year) will be taxable to Investors as ordinary income. Distributions from capital gains are generally made after applying any available capital loss carryovers. Distributions of investment income reported by the Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to net capital gain, provided holding period and other requirements are met at both the Investor and Fund level. The Fund does not expect a significant portion of Fund distributions to be derived from qualified dividend income. Distributions of investment income reported by the Fund as derived from eligible dividends will qualify for the "dividends-received deduction" in the hands of corporate Investors, provided holding period and certain other requirements are met. The Fund does not expect a significant portion of Fund distributions to be eligible for the dividends-received deduction.

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. For these purposes, "net investment income" generally includes, among other things (i) distributions paid by the Fund of net investment income and capital gains and (ii) any net gain from the sale, exchange, or other taxable disposition of interests. Investors are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in the Fund.

As required by federal law, detailed federal tax information with respect to each calendar year will be furnished to each Investor early in the succeeding year.

If the Fund makes a distribution to an Investor in excess of the Fund's current and accumulated earnings and profits in any taxable year, the excess distribution will be treated as a return of capital to the extent of such Investor's tax basis in its interests, and thereafter as capital gain. A return of capital is not taxable, but it reduces an Investor's tax basis in its interests, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the Investor of its interests.

Distributions are taxable as described herein whether Investors receive them in cash or reinvest them in additional interests. A dividend paid to Investors in January generally is deemed to have been paid by the Fund on December 31 of the preceding year, if the dividend was declared and payable to Investors of record on a date in October, November, or December of that preceding year.

Distributions by the Fund to its shareholders that the Fund properly reports as "Section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified real estate investment trust ("REIT") dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "Section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by a RIC from REITs, to the extent such dividends are properly reported as such by the RIC in a written notice to its shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible, but is not required to do so.

Distributions on the Fund's interests are generally subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such distributions may economically represent a return of a particular Investor's investment. Such distributions are likely to occur in respect of interests purchased at a time when the Fund's net asset value reflects either unrealized gains, or realized but undistributed income or gains, that were therefore included in the price the Investor paid. Such distributions may reduce the fair market value of the Fund's interests below the Investor's cost basis in those interests. As described above, the Fund is required to distribute realized income and gains regardless of whether the Fund's net asset value also reflects unrealized losses.

------

*Backup Withholding* 

The Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any individual Investor who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the Investor's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

*Tax-Exempt Investors* 

Income of a RIC that would be unrelated business taxable income ("UBTI") if earned directly by a tax-exempt entity will not generally be attributed as UBTI to a tax-exempt Investor of the RIC. Notwithstanding this "blocking" effect, a tax-exempt Investor could realize UBTI by virtue of its investment in the Fund if interests in the Fund constitute debt-financed property in the hands of the tax-exempt Investor within the meaning of Section 514(b) of the Code.

A tax-exempt Investor may also recognize UBTI if the Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in real estate mortgage investment conduits ("REMICs") or equity interests in taxable mortgage pools ("TMPs"), if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

In addition, special tax consequences apply to charitable remainder trusts ("CRTs") that invest in RICs that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs.

CRTs and other tax-exempt Investors are urged to consult their tax advisors concerning the consequences of investing in the Fund.

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans. Investors should consult their tax advisors to determine the suitability of Units of the Fund as an investment through such plans.

*Sale, Exchange or Repurchase of Units* 

From time to time, the Fund intends to make a tender offer for its Units (as described under "Repurchases of Units and Transfers" above). Investors who tender all Fund interests (as previously defined, "Units") they hold, or are deemed to hold, in response to a tender offer will be treated as having sold their interests and generally will realize a capital gain or loss, as discussed in the following paragraph. If an Investor tenders fewer than all of its Units or fewer than all Units tendered are repurchased, such Investor may be treated as having received a so-called "Section 301 distribution," taxable in whole or in part as a dividend upon the tender of its Units, unless the repurchase is treated as being either (i) "substantially disproportionate" with respect to such Investor or (ii) otherwise "not essentially equivalent to a dividend" under the relevant rules of the Code. A Section 301 distribution is not treated as a sale or exchange giving rise to capital gain or loss, but rather is treated as a dividend to the extent supported by the Fund's current and accumulated earnings and profits, with the excess treated as a return of capital reducing an Investor's tax basis in its Units (but not below zero), and thereafter as capital gain. Where the Investor is treated as receiving a dividend, there is a risk that non-tendering Investors and Investors who tender some but not all of their Units or fewer than all of whose Units are repurchased, in each case whose percentage interests in the Fund increase as a result of such tender, will be treated as having received a taxable dividend distribution from the Fund. The extent of such risk will vary depending upon the particular circumstances of the tender offer, and in particular whether such offer is a single and isolated event or is part of a plan for periodically repurchasing Units of the Fund.

------

The sale or other taxable disposition of Fund Units that is treated as a sale or exchange generally will give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of Units will be treated as long-term capital gain or loss if the Units have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Units will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of Units held by an Investor for six months or less will be treated as long-term, rather than short-term, to the extent of any Capital Gain Dividends received (or deemed received) by the Investor with respect to the Units. Further, all or a portion of any loss realized upon a taxable disposition of Units will be disallowed under the Code's wash-sale rule if other substantially identical Units are purchased, including by means of dividend reinvestment, within 30 days before or after the disposition. In such a case, the basis of the newly purchased Units will be adjusted to reflect the disallowed loss.

The Fund's use of cash to repurchase shares could adversely affect its ability to satisfy the distribution requirements for treatment as a RIC and its ability to avoid Fund-level income and excise taxes. To the extent that the Fund recognizes net gains on the liquidation of portfolio securities to fund share repurchases pursuant to its tender offers or otherwise repurchases Units, the Fund will be required to take such gains into account in determining whether the distribution requirements are satisfied and it may be required to make additional distributions to its Investors, including distributions of short-term capital gains taxable to individual shareholders as ordinary income.

*Foreign Investors* 

Distributions by the Fund to an Investor that is not a "U.S. person" within the meaning of the Code (a "Foreign Investor") properly reported by the Fund as (1) Capital Gain Dividends, (2) short-term capital gain dividends, and (3) interest-related dividends, each as defined and subject to certain conditions described below, generally are not subject to withholding of U.S. federal income tax.

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S.-source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual Foreign Investor, in each case to the extent such distributions are properly reported as such by the Fund in a written notice to investors. The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not apply to (A) distributions to an individual Foreign Investor who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is treated as effectively connected with the conduct by the Foreign Investor of a trade or business within the United States under special rules regarding the disposition of U.S. real property interests ("USRPIs") as described below. The exception to withholding for interest-related dividends does not apply to distributions to a Foreign Investor (A) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (B) to the extent that the dividend is attributable to certain interest on an obligation if the Foreign Investor is the issuer or is a 10% shareholder of the issuer, (C) that is within certain foreign countries that have inadequate information exchange with the United States, or (D) to the extent the dividend is attributable to interest paid by a person that is a related person of the Foreign Investor and the Foreign Investor is a controlled foreign corporation. If the Fund invests in a RIC that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to Foreign Investors. The Fund is permitted to report such part of its dividends as interest-related and/or short-term capital gain dividends as are eligible, but is not required to do so.

In the case of Units held through an intermediary, the intermediary may withhold even if the Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to Foreign Investors. Foreign Investors should contact their intermediaries regarding the application of these rules to their accounts.

Distributions by the Fund to Foreign Investors other than Capital Gain Dividends, short-term capital gain dividends, and interest-related dividends (e.g. dividends attributable to foreign-source dividend and interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).

------

A Foreign Investor is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of Units unless (i) such gain is effectively connected with the conduct by the Foreign Investor of a trade or business within the United States, (ii) in the case of a Foreign Investor that is an individual, the Investor is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met, or (iii) the special rules relating to gain attributable to the sale or exchange of USRPIs apply to the Foreign Investor's sale of Units (as described below).

Special rules would apply if the Fund were a qualified investment entity ("QIE"), because it is either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition of USRPIs described below. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs are generally defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or very generally, an entity that has been a USRPHC in the last five years. A RIC that holds, directly or indirectly, significant interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and RICs that are QIEs, not-greater-than 10% interests in publicly traded classes of stock in REITs and not-greater-than-5% interests in publicly traded classes of stock in RICs generally are not USRPIs, but these exceptions do not apply for purposes of determining whether the Fund is a QIE. If an interest in the Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share repurchase by a greater-than-5% Foreign Investor, or any Foreign Investor if shares of the Fund are not considered regularly traded on an established securities market, in which case such Foreign Investor generally would also be required to file U.S. tax returns and pay any additional taxes due in connection with the repurchase.

If the Fund were a QIE, under a special "look-through" rule, any distributions by the Fund to a Foreign Investor (including, in certain cases, distributions made by the Fund in redemption of its shares) attributable directly or indirectly to (i) distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat as USRPI gain in its hands, and (ii) gains realized on the disposition of USRPIs by the Fund would retain their character as gains realized from USRPIs in the hands of the Fund's Foreign Investors and would be subject to U.S. tax withholding. In addition, such distributions could result in the Foreign Investor being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a Foreign Investor, including the rate of such withholding and character of such distributions (e.g., as ordinary income or USRPI gain), would vary depending upon the extent of the Foreign Investor's current and past ownership of the Fund. The Fund generally does not expect that it will be a QIE.

Foreign Investors also may be subject to "wash sale" rules to prevent the avoidance of the tax-filing and -payment obligations discussed above through the sale and repurchase of Units. In general, if a Foreign Investor disposes of an interest in a domestically controlled QIE during the 30-day period before the ex-dividend date of a distribution that the Foreign Investor would (but for the disposition) have treated as USRPI gain, and acquires, or enters into a contract or option to acquire, a substantially identical interest in that entity during the 61-day period that began on the first day of the 30-day period, the Foreign Investor is treated as having USRPI gain in an amount equal to the portion of such distribution that would have been treated as USRPI gain in the absence of such disposition.

Foreign Investors with respect to whom income from the Fund is effectively connected with a trade or business conducted by the Foreign Investor within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations, whether such income is received in cash or reinvested in Units of the Fund and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a Foreign Investor is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the Foreign Investor in the United States. More generally, Foreign Investors who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisors.

In order to qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a Foreign Investor must comply with special certification and filing requirements relating to its non-US status (including, in general, furnishing an

------

IRS Form W-8BEN or substitute form). Foreign Investors should consult their tax advisors in this regard. Special rules (including withholding and reporting requirements) apply to foreign partnerships and those holding Units through foreign partnerships. Additional considerations may apply to foreign trusts and estates. Investors holding Units through foreign entities should consult their tax advisors about their particular situation.

Foreign Investors should consult their tax advisors and, if holding Units through intermediaries, their intermediaries, concerning the application of these rules to their investment in the Fund. A Foreign Investor may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax referred to above.

*Investor Reporting Obligations with Respect to Foreign Bank and Financial Accounts* 

Investors that are U.S. persons and own, directly or indirectly, more than 50% of the Fund could be required to report annually their "financial interest" in the Fund's "foreign financial accounts," if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts ("FBAR"). Investors should consult a tax advisor, and persons investing in the Fund through an intermediary should consult their intermediary, regarding the applicability to them of this reporting requirement.

*Other Reporting and Withholding Requirements* 

Sections 1471-1474 of the Code and the U.S. Treasury regulations and IRS guidance issued thereunder (collectively, "FATCA") generally require the Fund to obtain information sufficient to identify the status of each of its interest holders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If an Investor fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that Investor on ordinary dividends it pays. The IRS and the U.S. Department of the Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or Capital Gain Dividends the Fund pays. If a payment by the Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to Foreign Investors described above (e.g., short-term capital gain dividends and interest-related dividends).

Each prospective Investor is urged to consult its tax advisor regarding the applicability of FATCA and any other reporting requirements with respect to the prospective Investor's own situation, including investments through an intermediary.

*General Considerations* 

The U.S. federal income tax discussion set forth above is for general information only. Prospective Investors should consult their tax advisors regarding the specific federal tax consequences of purchasing, holding, and disposing of interests of the Fund, as well as the effects of state, local, foreign, and other tax law and any proposed tax law changes.

**ERISA CONSIDERATIONS** 

Persons who are fiduciaries with respect to an employee benefit plan or other arrangement subject to ERISA (an "ERISA Plan"), and persons who are fiduciaries with respect to an IRA or Keogh plan, each of which is not subject to ERISA but is subject to the prohibited transaction rules of Section 4975 of the Code (together with ERISA Plans, "Plans") should consider, among other things, the matters described below before determining whether to invest in the Fund.

ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to an ERISA Plan, including prudence, diversification, an obligation not to engage in a prohibited transaction and other standards. In determining whether a particular investment is appropriate for an ERISA Plan, Department of Labor ("DOL") regulations provide that a fiduciary of an ERISA Plan must give appropriate consideration to,

------

among other things, the role that the investment plays in the ERISA Plan's portfolio, taking into consideration whether the investment is designed reasonably to further the ERISA Plan's purposes, an examination of the risk and return factors, the portfolio's composition with regard to diversification, the liquidity and current return of the total portfolio relative to the anticipated cash flow needs of the ERISA Plan, the income tax consequences of the investment (see "Certain Tax Considerations—Tax-Exempt Investors") and the projected return of the total portfolio relative to the ERISA Plan's funding objectives. Before investing the assets of an ERISA Plan in the Fund, a fiduciary should determine whether such an investment is consistent with its fiduciary responsibilities and the foregoing regulations. For example, a fiduciary should consider whether an investment in the Fund may be too illiquid or too speculative for a particular ERISA Plan, and whether the assets of the ERISA Plan would be sufficiently diversified. If a fiduciary with respect to any such ERISA Plan breaches its responsibilities with regard to selecting an investment or an investment course of action for such ERISA Plan, the fiduciary itself may be held liable for losses incurred by the ERISA Plan as a result of such breach.

Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund will not be considered to be the assets of any Plan investing in the Fund for purposes of ERISA's (or the Code's) fiduciary responsibility and prohibited transaction rules. Thus, the Adviser will not be a fiduciary within the meaning of ERISA by reason of its authority with respect to the assets of the Fund.

The Adviser will require a Plan which proposes to invest in the Fund to represent that it and any fiduciaries responsible for such Plan's investments (including in its individual or corporate capacity, as may be applicable) are aware of and understand the Fund's investment objective, policies and strategies, and that the decision to invest plan assets in the Fund was made with appropriate consideration of relevant investment factors with regard to the Plan and is consistent with the duties and responsibilities imposed upon fiduciaries with regard to their investment decisions under ERISA and/or the Code.

Certain prospective Investors that are Plans may currently maintain relationships with the Adviser or other entities which are affiliated with the Adviser. Each of such persons may be deemed to be a "party in interest" under ERISA (or "disqualified person" under Section 4975 of the Code) to and/or a fiduciary (under ERISA or Section 4975 of the Code) of any Plan to which it provides investment management, investment advisory or other services. ERISA prohibits (and the Code penalizes) the use of ERISA and Plan assets for the benefit of a party in interest (or disqualified person) and also prohibits (or penalizes) an ERISA or Plan fiduciary from using its position to cause such Plan to make an investment from which it or certain third parties in which such fiduciary has an interest would receive a fee or other consideration. Investors that are Plans should consult with counsel to determine if participation in the Fund is a transaction which is prohibited (or penalized) by ERISA or the Code. Fiduciaries of Investors that are Plans will be required to represent (including in their individual or corporate capacity, as applicable) that the decision to invest in the Fund was made by them as fiduciaries that are independent of such affiliated persons, that such fiduciaries are duly authorized to make such investment decision and that they have not relied on any individualized advice or recommendation of such affiliated persons, as a primary basis for the decision to invest in the Fund, unless such purchase and holding is pursuant to an applicable exemption, such as Prohibited Transaction Class Exemption ("PTCE") 77-3 or PTCE 77-4.

Employee benefit plans which are not subject to ERISA may be subject to other rules governing such plans. Fiduciaries of these plans, whether or not subject to Section 4975 of the Code, should consult with their own legal advisors regarding such matters.

The provisions of ERISA and the Code are subject to extensive and continuing administrative and judicial interpretation and review. The discussion of ERISA and the Code contained in this Prospectus is general and may be affected by future publication of regulations and rulings. Potential Investors that are Plans should consult their legal advisors regarding the consequences under ERISA and the Code of the acquisition and ownership of Units.

------

**ADDITIONAL INFORMATION** 

The following is a summary description of additional items and of select provisions of the Fund's LLC Agreement and by-laws ("By-Laws") which are not described elsewhere in this Prospectus. With respect to the select provisions of the LLC Agreement, the description of such provisions is not definitive and reference should be made to the LLC Agreement contained in Appendix A.

**Board Management of the Fund** 

The Directors of the Fund oversee generally the operations of the Fund. The Fund enters into contractual arrangements with various parties, including among others the Adviser, AMG Funds LLC, the Fund's Administrator and Sponsor, the Distributor, and the Fund's custodian, transfer agent, and accountants, each of whom provides services to the Fund. Investors are not parties to any such contractual arrangements or intended beneficiaries of those contractual arrangements, and those contractual arrangements are not intended to create in any Investor any right to enforce such arrangements against the service providers or to seek any remedy thereunder against the service providers, either directly or on behalf of the Fund.

*Forum for Adjudication of Disputes*. The Fund's By-Laws provide that unless the Fund consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any action or proceeding brought on behalf of the Fund or the Investors, (ii) any action asserting a claim of breach of a fiduciary duty owed by any Director, officer or other agent of the Fund to the Fund or the Fund's Investors, (iii) any action asserting a claim arising pursuant to any provision of the Delaware Limited Liability Company Act, the Fund's LLC Agreement or By-Laws, (iv) any action to interpret, apply, enforce or determine the validity of the LLC Agreement or By-Laws or any agreement contemplated by any provision of the 1940 Act, LLC Agreement or By-Laws or (v) any action asserting a claim governed by the internal affairs doctrine, shall be the Court of Chancery of the State of Delaware (each, a "Covered Action"), or, if the Court of Chancery of the State of Delaware does not have jurisdiction, the Superior Court of the State of Delaware. The By-Laws further provide that if any Covered Action is filed in a court other than in a federal or state court sitting with the State of Delaware ("a Foreign Action") in the name of any Investor, such Investor shall be deemed to have consented to (i) the personal jurisdiction of the State of Delaware in connection with any action brought in any such courts to enforce the preceding sentence (an "Enforcement Action") and (ii) having service of process made upon such Investor in any such Enforcement Action by service upon such Investor's counsel in the Foreign Action as agent for such Investor.

Any person purchasing or otherwise acquiring or holding any Units of the Fund will be (i) deemed to have notice of and consented to the foregoing paragraph and (ii) deemed to have waived any argument relating to the inconvenience of the forum referenced above in connection with any action or proceeding described in the foregoing paragraph.

This forum selection provision may limit an Investor's ability to bring a claim in a judicial forum that it finds favorable for disputes with Directors, officers or other agents of the Fund and its service providers, which may discourage such lawsuits with respect to such claims. If a court were to find the forum selection provision contained in the By-Laws to be inapplicable or unenforceable in an action, the Fund may incur additional costs associated with resolving such action in other jurisdictions.

Neither this Prospectus nor any contract that is an exhibit hereto is intended to, nor does it, give rise to any agreement or contract between the Fund and any Investor, or give rise to any contractual or other rights in any individual Investor, group of Investors or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived.

*Derivative and Direct Claims of Investors*. The Fund's LLC Agreement provides that an Investor may not commence a proceeding on behalf or for the benefit of the Fund until (i) a written demand has been made upon the Fund to take suitable action, and (ii) 90 days have elapsed from the date the demand was made, or, if the decision whether to reject such demand has been duly submitted to a vote of the Investors, 120 days have elapsed from the date the demand was made, unless in either case the Investor has earlier been notified that the demand has

------

been rejected. Any decision by the Board to bring, maintain or settle (or not to bring, maintain or settle) such proceeding, or to vindicate (or not vindicate) any claim on behalf or for the benefit of the Fund, or to submit the matter to a vote of Investors, shall be made by a majority of the Independent Directors in their sole business judgment and shall be binding upon the Investors, and no suit, proceeding or other action shall be commenced or maintained after a decision to reject a demand.

An Investor may not bring or maintain a direct action or claim for monetary damages against the Fund or the Directors predicated upon an express or implied right of action under the LLC Agreement, the Securities Act or the 1940 Act, unless the Investor has obtained authorization from a majority of the Independent Directors to bring the action. In its sole discretion, the Board may submit the matter to a vote of Investors of the Fund. Any decision by a majority of the Independent Directors to settle or to authorize (or not to settle or to authorize) such court action, proceeding or claim, or to submit the matter to a vote of Investors, shall be binding upon the Investor seeking authorization.

**Liability of Investors** 

Investors in the Fund will be members of a limited liability company as provided under Delaware law. Under Delaware law and the LLC Agreement, an Investor will not be liable for the debts, obligations, or liabilities of the Fund solely by reason of being an Investor, except that the Investor may be obligated to repay any funds wrongfully distributed to the Investor.

**Duty of Care of the Board and the Adviser** 

The LLC Agreement provides that none of the Directors, officers of the Fund, Adviser, or the Sponsor (including any officer, director, member, partner, principal, employee, or agent of the Adviser or Sponsor and each of their respective affiliates) shall be liable to the Fund or any of the Investors for any loss or damage occasioned by any act or omission in the performance of their respective services under the LLC Agreement, unless such loss or damage was due to an act or omission of such person constituting willful misfeasance, bad faith, gross negligence, or reckless disregard of their duties. The LLC Agreement also contains provisions for the indemnification, to the extent permitted by law, of the Directors, officers of the Fund, Adviser, Sponsor, or any of their affiliates, by the Fund, against any damages, liability, and expense to which any of them may be liable; (i) by reason of being or having been a Director or officer of the Fund, the Adviser, the Sponsor or officer, director, member, partner, principal, employee or agent of the Adviser or Sponsor or any of their respective affiliates; or (ii) which arises in connection with the performance of their activities on behalf of the Fund. The rights of indemnification and exculpation provided under the LLC Agreement do not provide for indemnification of a director for any liability, including liability under U.S. 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.

**Amendment of the LLC Agreement** 

Subject to the limitations of Section 8.1(b) of the LLC Agreement, the LLC Agreement may be amended with the approval of (i) the Board, including a majority of the Independent Directors, if required by the 1940 Act; and (ii) if required by the 1940 Act, the approval of the Investors by such vote as is required by the 1940 Act.

**Power of Attorney** 

By purchasing an interest in the Fund, each Investor will appoint the Sponsor and each of the Directors his or her attorney-in-fact for purposes of filing required certificates and documents relating to the formation and continuance of the Fund as a limited liability company under Delaware law or signing all instruments effecting authorized changes in the Fund or the LLC Agreement and conveyances and other instruments deemed necessary to effect the dissolution or termination of the Fund. With respect to the dissolution of the Fund, the power of attorney will extend to any liquidator of the Fund's assets.

------

The power-of-attorney granted in the LLC Agreement is a special power-of-attorney coupled with an interest in favor of the Sponsor and each of the Directors and as such is irrevocable and continues in effect until all of such Investor's interest in the Fund has been withdrawn pursuant to a periodic tender or transferred to one or more transferees that have been approved by the Board.

**Term, Dissolution and Liquidation** 

The Fund will be dissolved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon the affirmative vote to dissolve the Fund by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon the determination of Investors not to continue the business of the Fund at a meeting called by the Sponsor
when no Director remains or if the required number of Directors is not elected within sixty (60) days after the date on which the last Director ceased to act in that capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at the election of the Sponsor, subject to ratification by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as required by operation of law.

Upon the occurrence of any event of dissolution, the Board, acting directly, or a liquidator under appointment by the Board, is charged with winding up the affairs of the Fund and liquidating its assets. Upon the dissolution of the Fund, its assets are to be distributed (1) first to satisfy the debts and liabilities of the Fund, other than debts and liabilities to Investors, including actual or anticipated liquidation expenses, (2) next to satisfy debts or liabilities owing to the Investors that hold non-interest bearing promissory notes of the Fund as a result of having previously tendered their Units to the Fund for repurchase; (3) next to satisfy debts or liabilities owing to the Investors; and (4) finally to the Investors proportionately in accordance with their investment in the Fund. The Board or liquidator may distribute ratably in kind any assets of the Fund, provided such assets are valued pursuant to provisions of the LLC Agreement.

**Reports to Investors** 

The Fund will furnish to Investors as soon as practicable after the end of each taxable year (and/or each calendar year) such information as is necessary for such Investors to complete U.S. federal and state income tax or information returns, along with any other tax information required by law. The Fund will send to Investors a semi-annual and an audited annual report within sixty (60) days after the close of the period for which it is being made, or as otherwise required by the 1940 Act. Quarterly reports from the Adviser regarding the Fund's operations during such period will be posted to the Fund's investor's web portal.

------

**APPENDIX A: LIMITED LIABILITY COMPANY AGREEMENT** 

------

AMENDMENT NO. 1 DATED AS OF OCTOBER 22, 2015 TO THE

LIMITED LIABILITY COMPANY AGREEMENT OF

AMG PANTHEON PRIVATE EQUITY FUND, LLC

DATED AS OF MAY 16, 2014

WHEREAS, pursuant to Section 2.2 of the Limited Liability Company Agreement (the "Limited Liability Company Agreement") of AMG Pantheon Private Equity Fund, LLC (the "Fund"), the Board of Directors of the Fund (the "Board") is permitted to adopt a name for the Fund other than "AMG Pantheon Private Equity Fund"; and

WHEREAS, on September 18, 2015, the Board voted to change the name of the Fund to "AMG Pantheon Fund, LLC," and authorized AMG Funds LLC and the officers of the Fund to amend the Limited Liability Company Agreement to reflect the adoption of the new name of the Fund;

NOW, THEREFORE, consistent with Section 8.1 of the Limited Liability Company Agreement, the Limited Liability Company Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendments to the Limited Liability Company Agreement</u>. Effective upon the date hereof, Section 2.2 of the Limited Liability Company Agreement is hereby amended to read in its entirety as follows:

"2.2 ***Name*.**

The name of the Fund shall be "AMG Pantheon Fund, LLC" or such other name as the Board hereafter may adopt upon causing an appropriate amendment to this Agreement to be adopted and to the Certificate to be filed in accordance with the Delaware Act. The Fund's business may be conducted under the name of the Fund or, to the fullest extent permitted by law, any other name or names deemed advisable by the Board."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>. Capitalized terms used but not defined in this Amendment have the meanings given in the Limited Liability Company Agreement. Except as expressly provided in this Amendment, the terms and provisions of the Limited Liability Company Agreement remain unmodified and are confirmed as being in full force and effect. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which taken together shall constitute one and the same instrument. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware without regard to its conflicts of laws provisions. The headings in this Amendment are inserted for convenience of reference only and shall not be a part of or control or affect the meaning hereof.

[*Remainder of page intentionally left blank*]

------

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of September 18, 2015.

---

| | |
|:---|:---|
| ALL MEMBERS:<br>By: AMG FUNDS LLC, as attorney-in-fact | ALL MEMBERS:<br>By: AMG FUNDS LLC, as attorney-in-fact |
| By: | /s/ Keitha L. Kinne |
| Name: | Keitha L. Kinne |
| Title: | Chief Operating Officer |
| BOARD OF DIRECTORS | BOARD OF DIRECTORS |
| By: | /s/ Christine C. Carsman |
|  | Christine C. Carsman, Director |
| By: | /s/ Kurt Keilhacker |
|  | Kurt Keilhacker, Director |
| By: | /s/ Eric Rakowski |
|  | Eric Rakowski, Director |
| By: | /s/ Victoria Sassine |
|  | Victoria Sassine, Director |

---

------

**AMG PANTHEON PRIVATE EQUITY FUND, LLC** 

**LIMITED LIABILITY COMPANY AGREEMENT** 

Dated and effective as of May 16, 2014

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
| **Page** |  | |
| [ARTICLE I DEFINITIONS](#pro1147541_101) | [ARTICLE I DEFINITIONS](#pro1147541_101) | 1 |
| [ARTICLE II ORGANIZATION; ADMISSION OF MEMBERS; BOARD](#pro1147541_102) | [ARTICLE II ORGANIZATION; ADMISSION OF MEMBERS; BOARD](#pro1147541_102) | 4 |
| 2.1 | [Formation of Limited Liability Company.](#pro1147541_103) | 4 |
| 2.2 | [Name.](#pro1147541_104) | 5 |
| 2.3 | [Principal and Registered Office.](#pro1147541_105) | 5 |
| 2.4 | [Duration.](#pro1147541_106) | 5 |
| 2.5 | [Business of the Fund.](#pro1147541_107) | 5 |
| 2.6 | [The Board.](#pro1147541_108) | 5 |
| 2.7 | [Members.](#pro1147541_109) | 6 |
| 2.8 | [Organizational Member.](#pro1147541_110) | 6 |
| 2.9 | [Both Directors and Members.](#pro1147541_111) | 6 |
| 2.10 | [Limited Liability.](#pro1147541_112) | 7 |
| [ARTICLE III MANAGEMENT](#pro1147541_113) | [ARTICLE III MANAGEMENT](#pro1147541_113) | 7 |
| 3.1 | [Management and Control.](#pro1147541_114) | 7 |
| 3.2 | [Actions by the Board.](#pro1147541_115) | 8 |
| 3.3 | [Meetings of Members.](#pro1147541_116) | 8 |
| 3.4 | [Other Activities of Members, Directors, the Adviser, and the Sponsor.](#pro1147541_117) | 9 |
| 3.5 | [Duty of Care.](#pro1147541_118) | 10 |
| 3.6 | [Indemnification.](#pro1147541_119) | 10 |
| 3.7 | [Fees, Expenses and Reimbursement.](#pro1147541_120) | 12 |
| 3.8 | [Liabilities and Duties.](#pro1147541_121) | 15 |
| [ARTICLE IV TERMINATION OF STATUS OR REMOVAL OF ADVISER AND SPONSOR; TRANSFERS AND REPURCHASES](#pro1147541_122) | [ARTICLE IV TERMINATION OF STATUS OR REMOVAL OF ADVISER AND SPONSOR; TRANSFERS AND REPURCHASES](#pro1147541_122) | 15 |
| 4.1 | [Termination of Status of the Adviser.](#pro1147541_123) | 15 |
| 4.2 | [Termination of Status of the Sponsor.](#pro1147541_124) | 15 |
| 4.3 | [Transfer of Units.](#pro1147541_125) | 15 |
| 4.4 | [Repurchase of Units.](#pro1147541_126) | 16 |
| [ARTICLE V UNITS](#pro1147541_127) | [ARTICLE V UNITS](#pro1147541_127) | 18 |
| 5.1 | [Units.](#pro1147541_128) | 18 |
| [ARTICLE VI DISSOLUTION AND LIQUIDATION](#pro1147541_129) | [ARTICLE VI DISSOLUTION AND LIQUIDATION](#pro1147541_129) | 21 |
| 6.1 | [Dissolution.](#pro1147541_130) | 21 |
| 6.2 | [Liquidation of Assets.](#pro1147541_131) | 21 |
| [ARTICLE VII ACCOUNTING, VALUATIONS AND WITHHOLDING](#pro1147541_132) | [ARTICLE VII ACCOUNTING, VALUATIONS AND WITHHOLDING](#pro1147541_132) | 22 |
| 7.1 | [Accounting and Reports.](#pro1147541_133) | 22 |

---

i

------

---

| | | |
|:---|:---|:---|
| 7.2 | [Valuation of Assets.](#pro1147541_134) | 23 |
| 7.3 | [Withholding.](#pro1147541_135) | 23 |
| [ARTICLE VIII MISCELLANEOUS PROVISIONS](#pro1147541_136) | [ARTICLE VIII MISCELLANEOUS PROVISIONS](#pro1147541_136) | 24 |
| 8.1 | [Amendment of Limited Liability Company Agreement.](#pro1147541_137) | 24 |
| 8.2 | [Special Power of Attorney.](#pro1147541_138) | 25 |
| 8.3 | [Notices.](#pro1147541_139) | 26 |
| 8.4 | [Agreement Binding Upon Successors and Assigns.](#pro1147541_140) | 26 |
| 8.5 | [Applicability of 1940 Act and Form N-2.](#pro1147541_141) | 26 |
| 8.6 | [Choice of Law; Derivative and Direct Claims.](#pro1147541_142) | 26 |
| 8.7 | [Not for Benefit of Creditors.](#pro1147541_143) | 27 |
| 8.8 | [Consents.](#pro1147541_144) | 28 |
| 8.9 | [Merger and Consolidation.](#pro1147541_145) | 28 |
| 8.10 | [Pronouns.](#pro1147541_146) | 28 |
| 8.11 | [Confidentiality.](#pro1147541_147) | 28 |
| 8.12 | [Certification of Tax Status.](#pro1147541_148) | 29 |
| 8.13 | [Severability.](#pro1147541_149) | 29 |
| 8.14 | [Filing of Returns.](#pro1147541_150) | 29 |
| 8.15 | [Tax Election.](#pro1147541_151) | 29 |
| 8.16 | [Entire Agreement.](#pro1147541_152) | 30 |
| 8.17 | [Discretion.](#pro1147541_153) | 30 |
| 8.18 | [Counterparts.](#pro1147541_154) | 30 |
| 8.19 | [Effectiveness.](#pro1147541_155) | 30 |

---

ii

------

**AMG PANTHEON PRIVATE EQUITY FUND, LLC** 

**LIMITED LIABILITY COMPANY AGREEMENT** 

THIS LIMITED LIABILITY COMPANY AGREEMENT of AMG PANTHEON PRIVATE EQUITY FUND, LLC (the "Fund") is dated and effective as of May 16, 2014 by and among the Organizational Member, Pantheon Ventures (US) LP, as Adviser, AMG Funds LLC, as Sponsor, the Directors identified on Schedule I hereto, and each person hereinafter admitted to the Fund in accordance with this Agreement and reflected on the books of the Fund as a Member.

*W I T N E S S E T H:* 

WHEREAS, the Fund heretofore has been formed as a limited liability company under the Delaware Limited Liability Company Act, pursuant to the Certificate dated as of May 16, 2014 and filed with the Secretary of State of the State of Delaware on May 16, 2014;

NOW, THEREFORE, for and in consideration of the foregoing and the mutual covenants hereinafter set forth, it is hereby agreed as follows:

ARTICLE I

DEFINITIONS

For purposes of this Agreement:

**1934 Act** means the Securities Exchange Act of 1934 and the rules, regulations, and orders thereunder, as amended from time to time, or any successor law.

**1940 Act** means the Investment Company Act of 1940 and the rules, regulations, and orders thereunder, as amended from time to time, or any successor law.

**Adviser** means Pantheon Ventures (US) LP in its capacity as investment adviser under the Investment Advisory Agreement, or any successor investment adviser to the Fund.

**Advisers Act** means the Investment Advisers Act of 1940 and the rules, regulations, and orders thereunder, as amended from time to time, or any successor law.

**Affiliate** means affiliated person as such term is defined in the 1940 Act.

**Agreement** means this Limited Liability Company Agreement, as amended and/or restated from time to time.

**Board** means the Board of Directors established pursuant to Section 2.6 hereof.

**Certificate** means the Certificate of Formation of the Fund and any amendments thereto as filed with the office of the Secretary of State of the State of Delaware.

------

**Class** means any division of Units, which is or has been established in accordance with the provisions of Section 5.1 hereof.

**Closing Date** means the first date on or as of which a Member other than the Organizational Member is admitted to the Fund.

**Code** means the United States Internal Revenue Code of 1986, as amended and as hereafter amended from time to time, or any successor law.

**Delaware Act** means the Delaware Limited Liability Company Act (6 <u>Del. C.</u> § 18-101, <u>et</u> <u>seq</u>.) as in effect on the date hereof and as amended from time to time, or any successor law.

**Director** means each natural person listed on Schedule I hereto who serves on the Board and any other natural person who, from time to time, pursuant hereto shall serve on the Board. Each Director shall constitute a "manager" of the Fund within the meaning of the Delaware Act, with such powers and authority as set forth in this Agreement.

**Electronic Transmission** means any form of communication not directly involving the physical transmission of paper that creates a record that may be retained, retrieved and reviewed by the recipient thereof and that may be directly reproduced in paper form by such recipient through an automated process.

**Fiscal Period** means the period commencing on the Closing Date, and thereafter each period commencing on the day immediately following the last day of the preceding Fiscal Period, and ending at the close of business on the first to occur of the following dates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the last day of a Fiscal Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the last day of a taxable year (if that day is not the last day of a Fiscal Year);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the day preceding any day as of which the Fund issues Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the day preceding any day as of which the Fund admits a substituted Member to whom a Unit of a Member has been
Transferred (unless there is no change of beneficial ownership); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any day on which the Fund makes any distribution to, or repurchases any Units of, any Member.

**Fiscal Year** means the period commencing on the Closing Date and ending on the first March 31<sup>st</sup> following the Closing Date, and thereafter each period commencing on April 1<sup>st</sup> of each year and ending on March 31<sup>st</sup> of the succeeding year (or on the date of a final distribution pursuant to Section 6.2 hereof), unless the Board shall designate another fiscal year for the Fund that is a permissible fiscal year under the Code.

------

**Form N-2** means the Fund's Registration Statement on Form N-2, as amended from time to time, filed with the Securities and Exchange Commission.

**Fund** means the limited liability company governed hereby, as such limited liability company may from time to time be constituted.

**Independent Directors** means those Directors who are not "interested persons" of the Fund as such term is defined in the 1940 Act.

**Insurance** means any insurance policy, the benefits of which are payable to the Fund.

**Investment Advisory Agreement** means an investment advisory agreement entered into between the Adviser and the Fund, or an investment advisory agreement entered into between any successor investment adviser to the Fund and the Fund, as from time to time in effect.

**Investment Funds** means unregistered pooled investment vehicles and registered investment companies that are advised by an Investment Fund Manager.

**Investment Fund Managers** means portfolio managers among which the Fund deploys some or all of its assets.

**Master Fund** means AMG Pantheon Private Equity Master Fund, LLC, or any other investment fund in which, upon approval by the Board and any necessary approval of the Members pursuant to the 1940 Act, the Fund invests all or substantially all of its assets.

**Member** means any Person who is admitted to the Fund in accordance with this Agreement as a member of the Fund until the Fund repurchases the Units of such Person pursuant to Section 4.4 hereof or such Person otherwise ceases to be a member of the Fund, or a substitute Member who is admitted to the Fund pursuant to Section 4.3 hereof, in such Person's capacity as a member of the Fund. For purposes of the Delaware Act, there are no other classes or groups of members other than those established pursuant to Section 5.1.

**Net Assets** means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities, and obligations of the Fund, calculated before giving effect to any repurchases of Units.

**Organizational Member** means the Person executing this Agreement in such capacity.

**Person** means any individual, entity, corporation, partnership, association, limited liability company, joint-stock company, trust, estate, joint venture, organization or unincorporated organization or any other "person" as defined in Section 18-101(12) of the Delaware Act.

**Securities** means securities (including, without limitation, equities, debt obligations, options, and other "securities" as that term is defined in Section 2(a)(36) of the 1940

------

Act) and other financial instruments of U.S. and non-U.S. entities, including, without limitation, capital stock, shares of beneficial interests, partnership interests and similar financial instruments, as well as any contracts for forward or future delivery of any security, debt obligation, currency or commodity, all manner of derivative instruments and any contracts based on any index or group of securities, debt obligations, currencies or commodities, and any options thereon.

**Sponsor** means AMG Funds LLC.

**Taxable Year** means the period originally commencing on the Closing Date and ending on the first September 30 following the Closing Date, and thereafter each period commencing on October 1 of each year and ending on September 30 of the succeeding year (or on the date of a final distribution pursuant to Section 6.2 hereof), unless the Board shall designate another fiscal year for the Fund that is a permissible taxable year under the Code.

**Transfer** means the assignment, transfer, sale or other disposition of all or any portion of a Unit, including any right to receive any distributions attributable to a Unit.

**Units** means the equal proportionate shares into which the limited liability company interests of all Members are divided from time to time, each of which represents an interest in the Fund that is equal in all respects to all other Units and as to which the holder hereof has such appurtenant rights and obligations as are set forth in this Agreement, and includes fractions of Units as well as whole Units or, if more than one Class is authorized by the Board, the equal proportionate shares into which each Class of Units shall be divided from time to time, each of which represents an interest in the Fund that is equal in all respects to all other Units of the same Class and as to which the holder thereof has such appurtenant rights and obligations as are set forth in this Agreement, and includes fractions of Units as well as whole Units.

ARTICLE II

ORGANIZATION; ADMISSION OF MEMBERS; BOARD

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 ***Formation of Limited Liability Company***.

The filing of the Certificate by the Organizational Member, as authorized person within the meaning of the Delaware Act, is hereby ratified and confirmed, and the Organizational Member and any Person or Persons designated by the Board hereby are designated as authorized persons, within the meaning of the Delaware Act, to execute, deliver, and file all certificates (and any amendments and/or restatements thereof, including any amendments and/or restatements of the Certificate) required or permitted by the Delaware Act to be filed in the office of the Secretary of State of the State of Delaware. The Board shall cause to be executed and filed with applicable governmental authorities any other instruments, documents, and certificates which, in the opinion of the Fund's legal counsel, may from time to time be required by the laws of the United States of America, the State of Delaware, or any other jurisdiction in which the Fund shall determine to do business, or any political subdivision or agency thereof, or which such legal counsel may deem necessary or appropriate to effectuate, implement, and continue the valid existence and business of the Fund. The Organizational Member or any officer of the Fund

------

is also authorized to obtain on behalf of the Fund an Employer Identification Number from the Internal Revenue Service, EDGAR access codes from the Securities and Exchange Commission, and a CUSIP identifier from CUSIP Global Services. The Organizational Member was admitted to the Fund as a member of the Fund effective as of the time of the filing of the Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 ***Name.***

The name of the Fund shall be "AMG Pantheon Private Equity Fund, LLC" or such other name as the Board hereafter may adopt upon causing an appropriate amendment to this Agreement to be adopted and to the Certificate to be filed in accordance with the Delaware Act. The Fund's business may be conducted under the name of the Fund or, to the fullest extent permitted by law, any other name or names deemed advisable by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 ***Principal and Registered Office.***

The Fund shall have its principal office at the principal office of the Sponsor, or at such other place designated from time to time by the Board.

The Fund shall have its registered office in the State of Delaware at 1209 Orange Street, Wilmington, DE 19801 and shall have CT Corporation as its registered agent at such registered office for service of process in the State of Delaware, unless a different registered office or agent is designated from time to time by the Board in accordance with the Delaware Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 ***Duration.***

The term of the Fund commenced on the filing of the Certificate with the Secretary of State of the State of Delaware and shall continue until the Fund is dissolved pursuant to Section 6.1 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 ***Business of the Fund.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The business of the Fund is to invest substantially all of its assets in the Master Fund. The Fund also may purchase, sell (including short sales), invest, and trade in Securities, invest its assets in Investment Funds, and engage in any financial or derivative transactions relating thereto or otherwise to engage in such other activities and to exercise such rights and powers as permitted under the Delaware Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall operate as a closed-end, management investment company in accordance with the 1940 Act and subject to any fundamental policies and investment restrictions set forth in the Form N-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 ***The Board.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Organizational Member hereby designates those Persons listed on Schedule I, who shall agree to be bound by the terms of this Agreement pertaining to the obligations of Directors, to serve as Directors on the initial Board. From time to time, the Board

------

may fix the number of Directors or fill vacancies in the Directors, including vacancies arising from an increase in the number of Directors, or remove Directors with or without cause. Each Director shall serve during the continued lifetime of the Fund until he or she dies, resigns or is removed, or, if sooner, until the next meeting of Members called for the purpose of electing Directors and until the election and qualification of his or her successor. At any meeting called for the purpose, a Director may be removed by vote of the holders of two-thirds of the outstanding Units. Any Director may resign at any time by written instrument signed by him or her and delivered to any officer of the Fund or to a meeting of the Board. Such resignation shall be effective upon receipt unless specified to be effective at some other time. Except to the extent expressly provided in a written agreement with the Fund or otherwise authorized by the Board, no Director resigning and no Director removed shall have any right to any compensation for any period following his or her resignation or removal, or any right to damages on account of such removal. The Members may elect Directors at any meeting of Members called by the Board for that purpose and to the extent required by applicable law, including paragraphs (a) and (b) of Section 16 of the 1940 Act. The names and mailing addresses of the Directors shall be set forth in the books and records of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If no Director remains, the Sponsor shall promptly call a meeting of the Members, to be held within 60 days after the date on which the last Director ceased to act in that capacity, for the purpose of determining whether to continue the business of the Fund and, if the business shall be continued, of electing one or more Directors. If the Members, voting pursuant to the provisions of Section 3.3, shall determine at such meeting not to continue the business of the Fund or if one or more Directors is not elected within 60 days after the date on which the last Director ceased to act in that capacity, then the Fund shall be dissolved pursuant to Section 6.1 hereof and the assets of the Fund shall be liquidated and distributed pursuant to Section 6.2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 ***Members.***

The Board may admit one or more Members to the Fund as members of the Fund as of the first business day of each calendar month or at such other times as the Board may determine without the consent of any other Person. Members may be admitted to the Fund subject to the condition that each such Member shall execute an appropriate signature page of this Agreement or an instrument pursuant to which such Member agrees to be bound by all the terms and provisions hereof. The Board, the Sponsor, or any other Person to whom the Board has delegated such authority from time to time, in their absolute discretion, may reject applications for the purchase of Units in the Fund. The admission of any Person as a Member shall be effective upon the revision of the books and records of the Fund to reflect the name and the purchase of Units of such additional Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 ***Organizational Member.***

[Reserved.]

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 ***Both Directors, the Adviser, the Sponsor and Members.***

A Person may at the same time be a Director and a Member, the Adviser and a Member, or the Sponsor and a Member, in which event such Person's rights and obligations in each capacity shall be determined separately in accordance with the terms and provisions hereof and as provided in the Delaware Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 ***Limited Liability.***

Except as otherwise provided under applicable law, none of the Members, Directors, Sponsor, nor, except to the extent provided in Section 3.6 hereof and in the Investment Advisory Agreement, the Adviser, shall be liable personally for the Fund's debts, obligations or liabilities, whether arising in contract, tort or otherwise, solely by reason of being a member or manager of the Fund in an amount in excess of the Units of such Member, plus such Member's share of undistributed profits and assets, except that a Member may be obligated to repay any funds wrongfully distributed to such Member.

ARTICLE III

MANAGEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 ***Management and Control.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The management and control of the business of the Fund shall be vested in the Board, which shall have the right, power, and authority, on behalf of the Fund and in its name, to exercise all rights, powers, and authority of "managers" under the Delaware Act and to do all things necessary and proper to carry out the objective and business of the Fund and its duties hereunder. No Director shall have the authority individually to act on behalf of or to bind the Fund except within the scope of such Director's authority as delegated by the Board. Except to the extent otherwise expressly provided in this Agreement, (i) each Director shall be vested with the same powers, authority, and responsibilities on behalf of the Fund as are customarily vested in each director of a Delaware corporation; and (ii) each Independent Director shall be vested with the same powers, authority, and responsibilities on behalf of the Fund as are customarily vested in each director of a closed-end management investment company registered under the 1940 Act that is organized as a Delaware corporation who is not an "interested person" of such company as such term is defined in the 1940 Act. During any period in which the Fund shall have no Directors, the Adviser shall continue to serve as investment adviser to the Fund, and each of the Adviser and the Sponsor shall have the authority to manage the business and affairs of the Fund, but only until such time as one or more Directors are elected by the Members or the Fund is dissolved in accordance with Section 6.1 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board shall have the exclusive authority and discretion to make any elections required or permitted to be made by the Fund under any provisions of the Code or any other revenue laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Members shall have no right to participate in and shall take no part in the management or control of the Fund's business and shall have no right, power, or authority to act for or bind the Fund. Members shall have the right to vote on any matters only as provided in this Agreement or on any matters that require the approval of the holders of voting securities under the 1940 Act or, subject to the terms of this Agreement, as otherwise required in the Delaware Act.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board may delegate to any Person any rights, power, and authority vested by this Agreement in the Board to the extent permissible under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 ***Actions by the Board***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless provided otherwise in this Agreement or a higher or additional standard (e.g. approval by a majority of the Independent Directors) is required by the 1940 Act, any act to be taken by the Board may be taken: (i) by the affirmative vote of a majority of the Directors present at a meeting duly called at which a quorum of the Directors shall be present (in person or by telephone); or (ii) by consent, given in writing or by Electronic Transmission, of a majority of the Directors without a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board may designate from time to time a Chairman who shall preside at all meetings. Meetings of the Board may be called by the Chairman or any two Directors, and may be held on such date and at such time and place as the Board shall determine. Each Director shall be entitled to receive written notice of the date, time, and place of such meeting at least 24 hours in advance of the meeting. Notice need not be given to any Director who shall attend a meeting without objecting to the lack of notice or who shall execute a waiver of notice, given in writing or by Electronic Transmission, with respect to the meeting. Directors may attend and participate in any meeting by conference telephone or other communications equipment which permits all Directors participating in the meeting to hear each other. A majority of the Directors then in office shall constitute a quorum at any meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board may designate from time to time agents of the Fund who shall have the same powers and duties to act on behalf of the Fund (including the power to bind the Fund) as are customarily vested in officers of a Delaware corporation or such powers as are otherwise delegated to them by the Board, and designate them as officers of the Fund. The Persons listed on Schedule I are hereby designated as the initial officers of the Fund. Additional or successor officers of the Fund shall be chosen by the Board and shall consist of at least a President and a Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 ***Meetings of Members.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Actions requiring the vote of the Members may be taken at any duly constituted meeting of the Members at which a quorum is present. Except as otherwise provided in Section 2.6(b) hereof, meetings of the Members may be called by the Board or by Members holding one-third of the total number of votes eligible to be cast by all Members, and may be held at such time, date, and place as the Board or, to the extent applicable, the Sponsor, shall determine. The Board shall arrange to provide written notice of the meeting, stating the date, time, and place of the meeting and the record date therefor, to each Member entitled to vote at the meeting at least seven days prior to such meeting. Failure to receive notice of a meeting on the part of any Member shall not affect the validity of any act or proceeding of the meeting, so long as a quorum shall be present at the meeting. Only matters set forth in the notice of a meeting

------

may be voted on by the Members at a meeting. The presence in person or by proxy of Members holding one-third of the total number of votes eligible to be cast by all Members as of the record date shall constitute a quorum at any meeting. Any meeting of Members may, by action of a Director or the President of the Fund, be adjourned from time to time with respect to one or more matters to be considered at such meeting, whether or not a quorum is present with respect to such matter, and any adjourned session or sessions may be held, any time after the date set for the original meeting, without the necessity of further notice; upon motion of a Director or the President of the Fund, the question of adjournment may be (but is not required by this Agreement to be) submitted to a vote of the Members, and in that case, any adjournment with respect to one or more matters must be approved by the vote of a majority of the votes cast in person or by proxy at the meeting with respect to the matter or matters adjourned, whether or not a quorum is present with respect to such matter or matters, and, if approved, such adjournment shall take place without the necessity of further notice. Unless a proxy is otherwise limited in this regard, any Units present and entitled to vote at a meeting may, at the discretion of the proxies named therein, be voted in favor of such an adjournment. Except as otherwise required by any provision of this Agreement or of the 1940 Act, (i) those candidates receiving a plurality of the votes cast at any meeting of Members shall be elected as Directors, and (ii) all other actions of the Members taken at a meeting shall require the affirmative vote of Members holding a majority of the total number of votes eligible to be cast by those Members who are present in person or by proxy at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each matter submitted to a vote of Members, unless the Board determines otherwise, all Units of all Classes shall vote as a single class; provided, however, that: (i) as to any matter with respect to which the Board determines that a separate vote of any Class is required by the 1940 Act or other applicable law or is required by attributes applicable to any Class, such requirements as to a separate vote by that Class shall apply; (ii) unless the Board determines that this clause (ii) shall not apply in a particular case, to the extent that a matter referred to in clause (i) above affects more than one Class and the interests of each such Class in the matter are identical, then the Units of all such affected Classes shall vote as a single class; and (iii) as to any matter which does not affect the interests of a particular Class, only the holders of Units of the one or more affected Classes shall be entitled to vote as determined by the Board in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to Section 3.3(b) above, each Member as of the record date for a meeting of Members shall be entitled to cast at such meeting one vote with respect to each Unit held by the Member, as of the record date (and a proportionate fractional vote in the case of a fractional Unit). The Board or, to the extent applicable, the Sponsor, shall establish a record date not less than 10 nor more than 90 days prior to the date of any meeting of Members to determine eligibility to vote at such meeting and the number of votes which each Member will be entitled to cast thereat, and shall maintain for each such record date a list setting forth the name of each Member entitled to vote at the Meeting and the number of votes that each Member will be entitled to cast at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Member may vote at any meeting of Members by a proxy properly given in writing or by Electronic Transmission or by any other means permitted by applicable law by the Member and filed with the Fund before or at the time of the meeting. A proxy may be suspended or revoked, as the case may be, by the Member giving the proxy by a later writing or

------

Electronic Transmission or by any other means permitted by applicable law delivered to the Fund at any time prior to exercise of the proxy, or if the Member giving the proxy shall be present at the meeting and decide to vote in person. Any action of the Members that is permitted to be taken at a meeting of the Members may be taken without a meeting if consents in writing or by Electronic Transmission are signed by Members holding a majority of the total number of votes eligible to be cast or such greater percentage as may be required in order to approve such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 ***Other Activities of Members, Directors, the Adviser, and the Sponsor.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None of the Directors or officers of the Fund nor the Adviser or Sponsor shall be required to devote full time to the affairs of the Fund, but shall devote such time as may reasonably be required to perform their obligations under this Agreement and any other agreement they may have with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser, Sponsor, and any Member, officer of the Fund, Director, or Affiliates of any of them, may engage in or possess an interest in other business ventures or commercial dealings of every kind and description, independently or with others, including, but not limited to, acquisition and disposition of Securities and Investment Funds, provision of investment advisory or brokerage services, serving as directors, officers, employees, advisors or agents of other companies, partners of any partnership, members of any limited liability company, or trustees of any trust, or entering into any other commercial arrangements. No Member shall have any rights in or to such activities of the Adviser, Sponsor, or any other Member, officer of the Fund, Director, or Affiliates of any of them, or any profits derived therefrom, and the pursuit of such activities, even if competitive with the activities of the Fund, shall not be deemed wrongful or improper. No such Person shall be liable to the Fund or any Members for breach of any fiduciary or other duty by reason of the fact that such Person takes any such action or pursues or acquires for, or directs an opportunity to another Person or does not communicate such opportunity to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 ***Duty of Care.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Directors, officers of the Fund, the Adviser, the Sponsor, including any officer, director, member, partner, principal, employee or agent of the Adviser or Sponsor and each of their respective affiliates, shall not be liable to the Fund or to any of its Members for any loss or damage occasioned by any act or omission in the performance of such Person's services under this Agreement, unless it shall be determined by final judicial decision on the merits from which there is no further right to appeal that such loss is due to an act or omission of such Person constituting willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such Person's duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Member not in breach of any obligation hereunder or under any agreement pursuant to which the Member subscribed for a Unit shall be liable to the Fund, any other Member or third parties only as required by applicable law or otherwise provided in this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 ***Indemnification.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law, the Fund shall, subject to Section 3.6(b) hereof, indemnify each Director (including for this purpose their executors, heirs, assigns, successors, or other legal representatives), each officer of the Fund, the Adviser, the Sponsor, each officer, director, member, partner, principal, employee or agent of the Adviser or Sponsor, and each of their respective affiliates, and the executors, heirs, assigns, successors or other legal representatives of each of the foregoing, and of any Person who controls or is under common control, or otherwise is affiliated, with the Adviser or Sponsor and their executors, heirs, assigns, successors, or other legal representatives) against all losses, claims, damages, liabilities, costs, and expenses, including, but not limited to, amounts paid in satisfaction of judgments, in compromise, or as fines or penalties, and reasonable counsel fees, 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 Director, an officer of the Fund, the Adviser, or the Sponsor, any officer, director, member, partner, principal, employee or agent of the Adviser or Sponsor or any of their respective affiliates, or the past or present performance of services to the Fund by such indemnitee, except to the extent such loss, claim, damage, liability, cost, or expense 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, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such indemnitee's office. The rights of indemnification provided under this Section 3.6 shall not be construed so as to provide for indemnification of an indemnitee for any liability (including 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 3.6 to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Expenses, including reasonable counsel fees, so incurred by any such indemnitee (but excluding amounts paid in satisfaction of judgments, in compromise, or as fines or penalties), may be paid from time to time 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 3.6(a) hereof; provided, however, that (i) such indemnitee shall provide security for such undertaking, (ii) the Fund shall be insured by or on behalf of such indemnitee against losses arising by reason of such indemnitee's failure to fulfill his or its undertaking, or (iii) a majority of the Directors (excluding any Director who is seeking advancement of expenses hereunder) or independent legal counsel in a written opinion shall determine based on a review of readily available facts (as opposed to a full trial-type inquiry) that there is reason to believe such indemnitee ultimately will be entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 proceeding shall have been brought, that an indemnitee is liable to the Fund or its Members by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such indemnitee's office, indemnification shall be provided pursuant to Section 3.6(a) hereof if (i) approved as in the best interests of the Fund by a majority of the Directors (excluding any Director 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 is not liable to the Fund or its Members by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such indemnitee's office, or (ii) the Board 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 is not liable to the Fund or its Members by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such indemnitee's office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any indemnification or advancement of expenses made pursuant to this Section 3.6 shall not prevent the recovery from any indemnitee of any such amount if such indemnitee subsequently shall be determined in a decision on the merits 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, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such indemnitee's office. In any suit brought by an indemnitee to enforce a right to indemnification under this Section 3.6 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 3.6 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 3.6. 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 3.6, the burden of proving that the indemnitee is not entitled to be indemnified, or to any indemnification or advancement of expenses, under this Section 3.6 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;(e) An indemnitee may not satisfy any right of indemnification or advancement of expenses granted in this Section 3.6 or to which he, she or it may otherwise be entitled except out of the assets of the Fund, and no Member, the Adviser nor the Sponsor shall be personally liable with respect to any such claim for indemnification or advancement of expenses, except to the extent provided in Section 2.10 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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 3.6 shall affect the power of the Fund to purchase and maintain liability insurance on behalf of any officer of the Fund, a Director, the Adviser, the Sponsor or other Person.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 ***Fees, Expenses and Reimbursement.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may cause the Fund to compensate each Director for his or her services hereunder. In addition, the Fund shall reimburse the Directors for reasonable out-of-pocket expenses incurred by them in performing their duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall bear all expenses incurred in the business of the Fund other than those specifically required to be borne by the Adviser pursuant to the Investment Advisory Agreement. Expenses to be borne by the Fund (whether borne directly or indirectly through and in proportion to, the Fund's interest in the Master Fund) (and, thus, indirectly by Members) include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all expenses related to its investment program, including, but not limited to: (i) expenses borne
indirectly through the Master Fund's investments in the Investment Funds, or expenses borne through the Fund's investments in the Investment Funds, if applicable in each case, including, without limitation, any fees and expenses charged
by the Investment Fund Managers (such as management fees, performance, carried interests, or incentive fees or allocations, monitoring fees, property management fees, and redemption or withdrawal fees); (ii) all costs and expenses directly related
to portfolio transactions and positions for the Fund's account, such as direct and indirect expenses associated with the Master Fund's or the Fund's investments in Investment Funds (whether or not consummated), and enforcing the
Fund's and Master Fund's rights in respect of such investments; (iii) transfer taxes and premiums; (iv) taxes withheld on non-U.S. dividends or other non-U.S. source income; (v) professional fees (including, without limitation, the fees and expenses of consultants, attorneys and experts); and (vi) if applicable, brokerage commissions, interest and
commitment fees on loans and debit balances, borrowing charges on securities sold short, dividends on securities sold but not yet purchased and margin fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the management fee paid by the Fund and the Master Fund to the Adviser in consideration of the advisory and
other services provided by the Adviser to the Fund and the Master Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any distribution and/or service fees to be paid pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) all costs and expenses (including costs and expenses associated with the organization and initial registration
of the Fund and the Master Fund) associated with the operation and registration of the Fund and the Master Fund, including, without limitation, all costs and expenses associated with the repurchase offers, offering costs, and the costs of compliance
with any applicable Federal or state laws;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) fees of the Independent Directors of the Fund and the independent directors of the Master Fund and the fees and
expenses of independent counsel thereto, and the costs and expenses of holding any meetings of the Board or Members, or of the board of directors or members of the Master Fund, in each case that are regularly scheduled, permitted or required to be
held under the terms of this Agreement or the limited liability company agreement of the Master Fund, as applicable, the 1940 Act, or other applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) a portion, as determined by the Board, of the compensation payable to the Fund's and the Master
Fund's chief compliance officer, and expenses attributable to implementing the Fund's and the Master Fund's compliance program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the fees and disbursements of any attorneys, accountants, independent registered public accounting firms, and
other consultants and professionals engaged on behalf of the Fund and the Independent Directors and the Master Fund and its independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the costs of a fidelity bond and any liability or other insurance obtained on behalf of the Fund or the
Directors or the officers of the Fund or the Master Fund or the directors or the officers of the Master Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) recordkeeping, custody and transfer agency fees and expenses of the Fund and the Master Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) all costs and expenses of preparing, setting in type, printing and distributing reports and other
communications to Members or potential members or the Master Fund's members or potential members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) all expenses of computing the Fund's and the Master Fund's net asset value, including any equipment
or services obtained for the purpose of valuing the Fund's and the Master Fund's investment portfolio, including appraisal and valuation services provided by third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) all charges for equipment or services used for communications between the Fund or the Master Fund and any
custodian, or other agent engaged by the Fund or the Master Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) fees of custodians, other service providers to the Fund or the Master Fund including transfer agents and
depositaries (including The Depository Trust & Clearing Corporation and National Securities Clearing Corporation), and other Persons providing administrative services to the Fund or the Master Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) any extraordinary expenses, including, without limitation, litigation or indemnification expenses, excise taxes
and costs incurred in connection with holding and/or soliciting proxies for a meeting of Members or members of the Master Fund;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) all taxes to which the Fund or the Master Fund may be subject, directly or indirectly, and whether in the
United States, any state thereof or any other U.S. or non-U.S. jurisdictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) such other types of expenses as may be approved from time to time by the Board or the board of directors of the
Master Fund.

Except as set forth in the Investment Advisory Agreement, the Adviser shall be entitled to reimbursement from the Fund for any of the above expenses that the Adviser pays on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund from time to time, alone or in conjunction with other accounts for which the Adviser or Sponsor, or any Affiliate of the Adviser or Sponsor, acts as general partner, managing member or investment adviser, may purchase Insurance in such amounts, from such insurers and on such terms as the Board shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 ***Liabilities and Duties***.

To the fullest extent permitted by applicable law, the Members agree that the provisions of this Agreement, to the extent that they restrict or eliminate the duties (including fiduciary duties) and liabilities of a Member, officer of the Fund, a Director or other Person otherwise existing at law or in equity, replace such other duties and liabilities of such Member, officer of the Fund, Director or other Person.

ARTICLE IV

TERMINATION OF STATUS OR REMOVAL OF ADVISER AND SPONSOR;

TRANSFERS AND REPURCHASES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 ***Termination of Status of the Adviser.***

The status of the Adviser as Adviser and a manger shall terminate if the Investment Advisory Agreement with the Adviser terminates and the Fund does not enter into a new Investment Advisory Agreement with such Person, effective as of the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 ***Termination of Status of the Sponsor.***

The status of AMG Funds LLC as Sponsor and a manager shall terminate if the AMG Funds LLC shall voluntarily withdraw as Sponsor with written notice to the Board.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 ***Transfer of Units.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Units may be Transferred only (i) by operation of law pursuant to the death, bankruptcy, insolvency or dissolution of such Member or (ii) with the written consent of the Board or the Sponsor (which may be withheld in each of its sole and absolute discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any transferee does not meet any investor eligibility requirements established by the Fund from time to time, or if neither the Board nor the Sponsor consents to a Transfer, the Fund reserves the right to repurchase the transferred Units from the Member's successor pursuant to Section 4.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any transferee that acquires Units by operation of law as the result of the death, divorce, bankruptcy, insolvency, dissolution or adjudication of incompetency of a Member or otherwise, shall be entitled to the right to tender such Units for repurchase by the Fund in connection with an offer to purchase such Units made by the Fund (provided that the Fund need not make any such offer) and shall be entitled to receive any dividend and other distributions paid by the Fund with respect to such Units, but shall not be entitled to the other rights of a Member unless and until such transferee becomes a substituted Member. In no event, however, will any transferee or assignee be admitted as a Member without the consent of the Board or the Sponsor (or a delegate of either of them), which may be withheld in each of its (or each delegate's) sole discretion. The admission to the Fund of any transferee or successor as a substituted Member shall be effective upon such consent and the execution and delivery by, or on behalf of, such substituted Member of either a counterpart of this Agreement or an instrument that constitutes the execution and delivery of this Agreement, without the consent of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any pledge, transfer, or assignment not made in accordance with this Section 4.3 shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each transferring Member and transferee agrees to pay all expenses, including attorneys' and accountants' fees, incurred by the Fund in connection with such Transfer. Upon the Transfer to another Person or Persons of a Member's Units, such transferring Member shall cease to be a member of the Fund with respect to such Units. Unless prohibited by applicable law (and then only to the extent so prohibited) each transferring Member shall indemnify and hold harmless the Fund, the Sponsor, the Adviser, the Directors, the officers of the Fund, 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 such 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 (i) any Transfer made by such Member in violation of this Section 4.3 and (ii) any misrepresentation by such Member (or such Member's transferee) in connection with any such Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 ***Repurchase of Units.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in this Agreement, no Member or other Person holding any Units shall have the right to withdraw or tender to the Fund for repurchase of

------

any such Units. The Board may from time to time, and in its complete and exclusive discretion and on such terms and conditions as it may determine, cause the Fund to offer to repurchase Units from Members, including the Adviser, Sponsor or any Affiliates thereof, pursuant to written tenders. In determining whether to cause the Fund to offer to repurchase Units from Members pursuant to written tenders, the Board shall consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) whether the Master Fund is making a contemporaneous repurchase offer for interests therein, and the aggregate
value of interests the Master Fund is offering to repurchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) whether any Members have requested to tender Units to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the liquidity of the Fund's and the Master Fund's assets (including fees and costs associated with
disposing of the Fund's and the Master Fund's interests in underlying Investment Funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the investment plans and working capital and reserve requirements of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the relative economies of scale of the tenders with respect to the size of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the history of the Fund in repurchasing Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the availability of information as to the value of the Fund's and the Master Fund's investments in
underlying Investment Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the existing conditions 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;(9) the anticipated tax consequences to the Fund of any proposed repurchases of Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) the recommendations of the Adviser or Sponsor.

The Board shall cause the Fund to repurchase Units pursuant to written tenders only on terms fair to the Fund and to all Members and Persons holding Units acquired from Members, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board may cause the Fund to repurchase all or any portion of the Units of a Member or any Person acquiring any Units from or through a Member if the Board determines or has reason to believe that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) such Units have been transferred in violation of Section 4.3 hereof, or such Units have vested in any
Person by operation of law (*i.e.,* the result of the death, bankruptcy, insolvency, adjudicated incompetence, or dissolution of the Member);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if any transferee does not meet any investor eligibility requirements established by the Fund from time to
time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) ownership of such Units by a Member or other Person is likely to cause the Fund or the Master Fund to be in
violation of, or require registration of any Units under, or subject the Fund or the Master Fund to additional registration or regulation under, the securities, commodities, or other laws of the United States or any other relevant jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) continued ownership of such Units by a Member may be harmful or injurious to the business or reputation of the
Fund, the Master Fund, the Adviser, or the Sponsor, or may subject the Fund or any of the Members to an undue risk of adverse tax or other fiscal or regulatory consequences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any of the representations and warranties made by a Member or other Person in connection with the acquisition
of Units was not true when made or has ceased to be true;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) with respect to a Member subject to special laws or regulations, the Member is likely to be subject to
additional regulatory or compliance requirements under these special laws or regulations by virtue of continuing to hold any Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the investment balance of the Member falls below the amount the Board determines from time to time to be a
minimum investment in the Fund or rises above the amount the Board determines from time to time to be a maximum investment in the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) it would be in the interests of the Fund, as determined by the Board, for the Fund to repurchase such Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Repurchases of Units by the Fund shall be payable in non-interest bearing promissory notes with such terms as determined by the Board in its discretion, unless the Board, in its discretion, determines otherwise, or, in the discretion of the Board, in Securities (or any combination of Securities and cash) of equivalent value. All such repurchases shall be subject to any and all conditions as the Board may impose and shall be effective as of a date set by the Board after receipt by the Fund of all eligible written tenders of Units as of a date set by the Board. The amount due to any Member whose Units are repurchased shall be equal to the net asset value of such Member's Units as applicable as of the effective date of repurchase, subject to any applicable early repurchase fee, and subject to subsequent adjustment, in the discretion of the Adviser or the Sponsor, in the event that additional relevant information becomes available following the Fund's annual audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If, at any time after the first two full years of the Fund's operations, a Member submits to the Fund a written request to commence a repurchase offer and the Fund

------

does not, within two years from the date of such written request, commence a repurchase offer for at least 5% of the Net Assets of the Fund, the Fund promptly will thereafter offer to all then Members the opportunity to contribute their Units to a special purpose vehicle (an "SPV") to be registered under the 1940 Act or exempt from such registration and having the investment objective to liquidate at least 90% of its assets within three full fiscal years of such contribution. Any such offer to contribute will be made pursuant to an offering registered under the Securities Act of 1933, as amended, or pursuant to offering exempt from such registration. Any SPV organized pursuant to this section will not bear any investment advisory or investment management fees after the three fiscal year period.

ARTICLE V

UNITS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 ***Units.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The limited liability company interests in the Fund shall be divided into such transferable Units of one or more separate and distinct Classes of Units as the Board, in its sole discretion and without Member approval, from time to time create and establish. The Board shall have full power and authority, in its sole discretion, and without obtaining any prior authorization or vote of the Members of any Class of the Fund (i) to create, establish and designate, and to change in any manner, any initial Class or additional Classes, and to fix such preferences, voting powers, rights and privileges of such Classes, which may be superior to the preferences, voting powers, rights and privileges of any existing class, as the Board may from time to time determine; (ii) to divide or combine the Units or any Classes into a greater or lesser number, provided that such division or combination does not change the proportionate beneficial interest in the assets of the Fund of any Member or other holder of Units or in any way affect the rights of Units; (iii) to classify or reclassify any unissued Units or any Units previously issued and reacquired of any Class into one or more Classes that may be established and designated from time to time; and (iv) to take such other action with respect to the Units as the Board may deem desirable. Except as provided herein, each Unit of a particular Class shall represent an equal proportionate interest in the assets of the Fund (subject to the liabilities of the Fund), and each Unit of a particular Class shall be equal with respect to net asset value per Unit of that Class as against each other Unit of that Class. The rights attaching to all Units of a particular Class shall be identical as to right of repurchase by the Fund, dividends and other distributions (whether or not on liquidation), and voting rights. Unless another time is specified by the Board, the establishment and designation of any Class shall be effective upon the adoption of a resolution by the Board setting forth such establishment and designation and the preferences, powers, rights and privileges of the Units of such Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth such relative rights and preferences of such Class including, without limitation, any registration statement of the Fund, or as otherwise provided in such resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The number of the Fund's authorized Units of each Class and the number of Units that may be issued is unlimited, and, subject to Section 2.7 hereof and Section 5.1(k) hereof, the Board may issue Units of each Class for such consideration and on such terms as they may determine (or for no consideration if issued in connection with a dividend in Units or a split

------

of Units), or may reduce the number of issued Units in proportion to the relative net asset value of the Units then outstanding, all without action or approval of the Members. All Units when so issued on the terms determined by the Board shall be fully paid and non-assessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All references to Units in this Agreement shall be deemed to be Units of any or all Classes as the context may require. All provisions herein relating to the Fund shall apply equally to each Class of the Fund except as the context otherwise requires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In accordance with Section 2.8 hereof, any Director, officer or other agent of the Fund (including, without limitation, the Adviser and Sponsor), and any organization in which any such Person is interested may acquire, own, and dispose of Units of the Fund to the same extent as if such Person were not a Director, officer or other agent of the Fund; and the Fund may issue and sell or cause to be issued and sold and may purchase Units from any such Person or any such organization subject only to the limitations, restrictions or other provisions applicable to the sale or purchase of Units generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Units shall not be represented by certificates, but only by notation on the Unit records of the Fund, as kept by the Fund or by any transfer or similar agent, as the case may be. The Unit records of the Fund, whether maintained by the Fund or any transfer or similar agent, as the case may be, shall be conclusive as to who are the holders of each Class of Units and as to the number of Units of each Class held from time to time by each such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All consideration received by the Fund for the issue or sale of Units, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to the Fund generally and not to the account of any particular Member or holder of Units, subject only to the rights of creditors, and shall be so recorded upon the books of account of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The liabilities, expenses, costs, charges and reserves attributable to the Fund shall be charged and allocated to the assets belonging to the Fund generally and not to the account of any particular Member or holder of Units and shall be so recorded upon the books of account of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Dividends and distributions on Units may be paid to the Members or holders of Units, with such frequency as the Board may determine, which may be daily or otherwise pursuant to a standing resolution or resolutions adopted only once or with such frequency as the Board may determine, from such of the income, capital gains accrued or realized, and capital and surplus, after providing for actual and accrued liabilities of the Fund and for any reasonable reserves as determined by the Board in its sole discretion. All dividends and distributions on Units shall be distributed pro rata to the Members or other holders of Units in proportion to the number of Units held by such Persons at the date and time of record established for the payment of such dividends or distributions, except that in connection with any dividend or distribution program or procedure the Board may determine that no dividend or distribution shall be payable on Units as to which the Member's purchase order and/or payment have not been received by the time or times established by the Board under such program or procedure.

------

Dividends and distributions on Units may be made in cash or Units or a combination thereof as determined by the Board or pursuant to any program that the Board may have in effect at the time for the election by each Member or other holder of Units of the mode of the making of such dividend or distribution to that Person. Any dividend or distribution paid in Units will be paid at the net asset value thereof as determined in accordance with Section 7.2 hereof. Notwithstanding anything in this Agreement to the contrary, the Board may at any time declare and distribute a dividend of Units or other property pro rata among the Members or other holders of Units at the date and time of record established for the payment of such dividends or distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary contained herein, none of the Directors or the Members, nor any other Person on behalf of the Fund, shall make a distribution to the Members on account of their interest in the Fund if such distribution would violate Section 18-607 of the Delaware Act or any other applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Units shall be transferable only in accordance with Section 4.3 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Board, subject to Section 2.7 hereof, may accept investments in the Fund by way of Unit purchase, from such Persons, on such terms (including minimum purchase amounts) and for such consideration, not inconsistent with the provisions of the 1940 Act, as they from time to time authorize or determine. Such investments may be in the form of cash, Securities or other property in which the Fund is authorized to invest, hold or own, valued as provided in Section 7.2 hereof. The Board may authorize any distributor, principal underwriter, custodian, transfer agent or other Person to accept orders for the purchase or sale of Units that conform to such authorized terms and to reject any purchase or sale orders for Units whether or not conforming to such authorized terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Units may be issued as fractions thereof. Any fractional Unit, if outstanding, shall carry proportionately all the rights and obligations of a whole Unit, including those rights and obligations with respect to voting, receipt of dividends and distributions, redemption of Units, and liquidation of the Fund. Fractions of Units shall be calculated to three decimal points.

ARTICLE VI

DISSOLUTION AND LIQUIDATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 ***Dissolution.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall be dissolved at any time there are no Members, unless the Fund is continued in accordance with the Delaware Act, or upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) upon the affirmative vote to dissolve the Fund by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) upon the determination of the Members not to continue the business of the Fund at a meeting called by the
Sponsor in accordance with Section 2.6(b) hereof when no Director remains to continue the business of the Fund or if the required number of Directors is not elected within 60 days after the date on which the last Director ceased to act in that
capacity;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) at the election of the Sponsor to dissolve the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) as required by operation of law.

Except as provided above, Members shall not have the authority, by vote or otherwise, to dissolve or cause the dissolution of the Fund. Dissolution of the Fund shall be effective on the day on which the event giving rise to the dissolution shall occur, but the Fund shall not terminate until the assets of the Fund have been liquidated in accordance with Section 6.2 hereof and the Certificate has been canceled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 ***Liquidation of Assets.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the dissolution of the Fund as provided in Section 6.1 hereof, the Board, acting directly or through a liquidator it selects, shall liquidate, in an orderly manner, the business and administrative affairs of the Fund, except that if the Board is unable to perform this function, a liquidator elected by Members holding a majority of the total number of votes eligible to be cast by all Members shall liquidate, in an orderly manner, the business and administrative affairs of the Fund. The proceeds from liquidation shall, subject to the Delaware Act, be distributed in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) payments in satisfaction (whether by payment or the making of reasonable provision for payment thereof) of the
debts and liabilities of the Fund, including the expenses of liquidation (including legal and accounting expenses incurred in connection therewith), but not including debt and liabilities to Members, up to and including the date that distribution of
the Fund's assets to the Members has been completed, shall first be paid on a pro rata basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) such debts and liabilities as are owing to current or former Members who hold non-interest bearing promissory notes of the Fund as a result of having previously tendered their Units to the Fund for repurchase shall be paid next in their order of seniority and on a *pro rata* basis,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) such debts, liabilities or obligations as are owing to the Members shall be paid next in their order of
seniority and on a *pro rata* basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Members shall be paid next, on a *pro rata* basis, in proportion to the relative number of
Units held by such Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Anything in this Section 6.2 to the contrary notwithstanding, but subject to the priorities set forth in Section 6.2(a) above, upon dissolution of the Fund, the Board or other liquidator may distribute ratably in kind any assets of the Fund; *provided, however,* that if any in-kind distribution is to be made, the assets distributed in kind shall be valued pursuant to Section 7.2 hereof as of the actual date of their distribution and charged as so valued and distributed against amounts to be paid under Section 6.2(a) above.

------

ARTICLE VII

ACCOUNTING, VALUATIONS AND WITHHOLDING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 ***Accounting and Reports.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall adopt for tax accounting purposes any accounting method which the Board shall decide in its sole discretion is in the best interests of the Fund. The Fund's accounts shall be maintained in U.S. currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as required by the 1940 Act, no Member shall have the right to obtain any other information about the business or financial condition of the Fund, about any other Member or former Member or about the affairs of the Fund. To the fullest extent permitted by Section 18-305(f) of the Delaware Act, each Member agrees that its right to receive information from the Fund with respect to its interest in the Fund is restricted to only those rights to information set forth in this Agreement. No act of the Fund, the Adviser, the Sponsor, or any other Person that results in a Member being furnished any such information shall confer on such Member or any other Member the right in the future to receive such or similar information or constitute a waiver of, or limitation on, the Fund's ability to enforce the limitations set forth in the first sentence of this Section 7.1(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 ***Valuation of Assets.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as may be required by the 1940 Act, the Board shall value or have valued any Securities or other assets and liabilities of the Fund (other than assets invested in Investment Funds) as of the close of business on the last day of each Fiscal Period or more frequently, in the discretion of the Board, in accordance with such valuation procedures as shall be established from time to time by the Board. Assets of the Fund invested in Investment Funds shall be valued at fair value in accordance with procedures adopted by the Board. In determining the value of the assets of the Fund, no value shall be placed on the goodwill or name of the Fund, or the office records, files, statistical data or any similar intangible assets of the Fund not normally reflected in the Fund's accounting records, but there shall be taken into consideration any items of income earned but not received, expenses incurred but not yet paid, liabilities, fixed or contingent, and any other prepaid expenses to the extent not otherwise reflected in the books of account, and the value of options or commitments to purchase or sell Securities or commodities pursuant to agreements entered into prior to such valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The value of Securities and other assets of the Fund and the net worth of the Fund as a whole determined pursuant to this Section 7.2 shall be conclusive and binding on all of the Members and all parties claiming through or under them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 ***Withholding.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may withhold and pay over to the Internal Revenue Service (or any other relevant taxing authority) taxes from any distribution to any Member to the extent required by the Code or any other applicable law.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this Agreement, any taxes so withheld or paid over by the Fund with respect to any amount distributed by the Fund to any Member shall be deemed to be a distribution or payment to such Member, reducing the amount otherwise distributable to such Member pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board shall not be obligated to apply for or obtain a reduction of or exemption from withholding tax on behalf of any Member that may be eligible for such reduction or exemption. To the extent that a Member claims to be entitled to a reduced rate of, or exemption from, a withholding tax pursuant to an applicable income tax treaty, or otherwise, the Member shall furnish the Board with such information and forms as such Member may be required to complete where necessary to comply with any and all laws and regulations governing the obligations of withholding tax agents. Unless prohibited by applicable law (and then only to the extent so prohibited), each Member represents and warrants that any such information and forms furnished by such Member shall be true and accurate and agrees to indemnify the Fund and each of the Members from any and all damages, costs and expenses resulting from the filing of inaccurate or incomplete information or forms relating to such withholding taxes.

ARTICLE VIII

MISCELLANEOUS PROVISIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 ***Amendment of Limited Liability Company Agreement.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in this Section 8.1, this Agreement may be amended, in whole or in part, with the approval of (i) the Board (including the vote of a majority of the Independent Directors, if required by the 1940 Act); and (ii) if required by the 1940 Act, the approval of the Members by such vote as is required by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any amendment that would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) increase the obligation of a Member to make any contribution to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reduce the rights attaching to the Units held by any Person as against the rights attaching to the Units held
by any other Person, except to the extent specifically contemplated by Section 5.1(a); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) modify the events causing the dissolution of the Fund;

may be made only if (i) the written consent of each Member adversely affected thereby is obtained prior to the effectiveness thereof or (ii) such amendment does not become effective until (A) each Member has received written notice of such amendment (except an amendment contemplated in Section 8.1(c)(2) hereof) and (B) any Member objecting to such amendment has been afforded a reasonable opportunity (pursuant to such procedures as may be prescribed by the Board) to tender his or her Units for repurchase by the Fund (except as otherwise contemplated in Section 8.1(c) hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) By way of example only, the Board, at any time without the consent of the Members may:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) restate this Agreement together with any amendments hereto which have been duly adopted in accordance herewith
to incorporate such amendments in a single, integrated document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) amend this Agreement (other than with respect to the matters set forth in Section 8.1(b) hereof) to effect
compliance with any applicable law or regulation or to cure any ambiguity or to correct or supplement any provision hereof which may be inconsistent with any other provision hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) amend this Agreement, taking due consideration of the interests of the Members as a whole to make such changes
as may be necessary or desirable, based on advice of legal counsel to the Fund, to assure the Fund maintains its then-current federal tax treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board shall give written notice of any proposed amendment to this Agreement to each Member, which notice shall set forth (i) the text of the proposed amendment or (ii) a summary thereof and a statement that the text thereof will be furnished to any Member upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 ***Special Power of Attorney.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Member hereby irrevocably makes, constitutes and appoints the Sponsor and each of the Directors, acting severally, and any liquidator of the Fund's assets appointed pursuant to Section 6.2 hereof with full power of substitution, the true and lawful representatives and attorneys-in-fact of, and in the name, place and stead of, such Member, with the power from time to time to make, execute, sign, acknowledge, swear to, verify, deliver, record, file and/or publish:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any amendment to this Agreement which complies with the provisions of this Agreement (including the provisions
of Section 8.1 hereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any amendment to the Certificate required because this Agreement is amended or as otherwise required by the
Delaware Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all other such instruments, documents and certificates which, in the opinion of legal counsel to the Fund, from
time to time may be required by the laws of the United States of America, the State of Delaware or any other jurisdiction in which the Fund shall determine to do business, or any political subdivision or agency thereof, or which such legal counsel
may deem necessary or appropriate to effectuate, implement and continue the valid existence and business of the Fund as a limited liability company under the Delaware Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Member is aware that the terms of this Agreement permit certain amendments to this Agreement to be effected and certain other actions to be taken or omitted by or with respect to the Fund without such Member's consent. If an amendment to the Certificate

------

or this Agreement or any action by or with respect to the Fund is taken in the manner contemplated by this Agreement, each Member agrees that, notwithstanding any objection which such Member may assert with respect to such action, the attorneys-in-fact appointed hereby are authorized and empowered, with full power of substitution, to exercise the authority granted above in any manner which may be necessary or appropriate to permit such amendment to be made or action lawfully taken or omitted. Each Member is fully aware that each Member will rely on the effectiveness of this special power-of-attorney with a view to the orderly administration of the affairs of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Pursuant to Section 18-204(c) of the Delaware Act, this power-of-attorney is a special power-of-attorney and is irrevocable and is coupled with an interest sufficient in law to support an irrevocable power in favor of the Sponsor and each of the Directors, acting severally, and any liquidator of the Fund's assets, appointed pursuant to Section 6.2 hereof, and as such:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) shall be irrevocable and continue in full force and effect notwithstanding the subsequent death, disability,
incapacity, dissolution, termination of existence or bankruptcy of, or any other event concerning, any party granting this power-of-attorney, regardless of whether the
Fund, the Board or any liquidator shall have had notice thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) shall survive the delivery of a Transfer by a Member of its Units, except that where the transferee thereof has
been approved by the Board or the Sponsor for admission to the Fund as a substituted Member, this power-of-attorney given by the transferor shall survive the delivery of
such assignment for the sole purpose of enabling the Board, the Sponsor, or any liquidator to execute, acknowledge and file any instrument necessary to effect such substitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 ***Notices.***

Notices which may be or are required to be provided under this Agreement shall be made, if to a Member, by regular mail, hand delivery, registered or certified mail return receipt requested, commercial courier service, telex, telecopier or by Electronic Transmission, including e-mail, or, if to the Fund, by registered or certified mail, return receipt requested, and shall be addressed to the respective parties hereto at their addresses as set forth on the books and records of the Fund (or to such other addresses as may be designated by any party hereto by notice addressed to the Fund in the case of notice given to any Member, and to each of the Members in the case of notice given to the Fund). Notices shall be deemed to have been provided when delivered by hand, on the date indicated as the date of receipt on a return receipt or when received if sent by regular mail, Electronic Transmission (including e-mail), commercial courier service, telex or telecopier. A document that is not a notice and that is required to be provided under this Agreement by any party to another party may be delivered by any reasonable means.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 ***Agreement Binding Upon Successors and Assigns.***

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors, assigns, executors, trustees or other legal representatives, but the rights and obligations of the parties hereunder may not be Transferred or delegated except as provided in this Agreement and any attempted Transfer or delegation thereof which is not made pursuant to the terms of this Agreement shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 ***Applicability of 1940 Act and Form N-2.***

The parties hereto acknowledge that this Agreement is not intended to, and does not set forth the substantive provisions contained in the 1940 Act and the Form N-2 which affect numerous aspects of the conduct of the Fund's business and of the rights, privileges and obligations of the Members. Each provision of this Agreement shall be subject to and interpreted in a manner consistent with the applicable provisions of the 1940 Act and the Form N-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 ***Choice of Law; Derivative and Direct Claims.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding the place where this Agreement may be executed by any of the parties hereto, the parties expressly agree that all the terms and provisions hereof shall be governed by and construed under the laws of the State of Delaware, including the Delaware Act, without regard to the conflict of law principles of such State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Member shall commence any proceeding on behalf or for the benefit of the Fund until (i) a written demand has been made upon the Fund to take suitable action, and (ii) 90 days have elapsed from the date the demand was made, or, if the decision whether to reject such demand has been duly submitted to a vote of the Members, 120 days have elapsed from the date the demand was made, unless in either case the Member has earlier been notified that the demand has been rejected. Such demand shall be mailed to the Secretary of the Fund at the Fund's principal office and shall set forth with particularity the nature of the proposed proceeding or claim and the essential facts relied upon by the Member to support the allegations made in the demand. In its sole discretion, the Board may submit the matter to a vote of Members of the Fund or any Class, as appropriate. Any decision by the Board to bring, maintain or settle (or not to bring, maintain or settle) such proceeding, or to vindicate (or not vindicate) any claim on behalf or for the benefit of the Fund, or to submit the matter to a vote of Members, shall be made by a majority of the Independent Directors in their sole business judgment and shall be binding upon the Members, and no suit, proceeding or other action shall be commenced or maintained after a decision to reject a demand. The Fund shall advise the Member submitting such demand whether it requires additional reasonable time within which to conduct an inquiry into the allegations made in the demand. Any Independent Director acting in connection with any demand or any proceeding relating to a claim on behalf or for the benefit of the Fund shall be deemed to be independent and disinterested with respect to such demand, proceeding or claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No class of Members shall have the right to bring or maintain a direct action or claim for monetary damages against the Fund or the Directors predicated upon an express or implied right of action under this Agreement or the 1940 Act, nor shall any single

------

Member, who is similarly situated to one or more other Members with respect to an alleged injury, have the right to bring such an action, unless the class of Members or single Member has obtained authorization from a majority of the Independent Directors to bring the action. The requirement of authorization shall not be excused under any circumstances, including claims of alleged interest on the part of the Directors. A request for authorization shall be mailed to the Secretary of the Fund at the Fund's principal office and shall set forth with particularity the nature of the proposed court action, proceeding or claim and the essential facts relied upon by the class of Members or single Member to support the allegations made in the request. The Board shall consider such request within 90 days after its receipt by the Fund. In its sole discretion, the Board may submit the matter to a vote of Members of the Fund. Any decision by a majority of the Independent Directors to settle or to authorize (or not to settle or to authorize) such court action, proceeding or claim, or to submit the matter to a vote of Members, shall be binding upon the class of Members or single Member seeking authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 ***Not for Benefit of Creditors.***

The provisions of this Agreement are intended only for the regulation of relations among past, present and future Members, the Adviser, the Sponsor, officers of the Fund, Directors, and the Fund. This Agreement is not intended for the benefit of non-Member creditors and no rights are granted to non-Member creditors under this Agreement (except as provided in Section 3.6).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 ***Consents.***

Any and all consents, agreements or approvals provided for or permitted by this Agreement shall be in writing and a signed copy thereof shall be filed and kept with the books of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 ***Merger and Consolidation.***

Unless otherwise required by applicable law, notwithstanding any other provision of this Agreement, the Fund may merge or consolidate with or into one or more limited liability companies formed under the Delaware Act or other business entities (as defined in Section 18-209(a) of the Delaware Act) pursuant to an agreement of merger or consolidation which has been approved by the Board, without the consent of any other Member or Person being required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 ***Pronouns.***

All pronouns shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the Person or Persons, firm or corporation may require in the context thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 ***Confidentiality.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Member covenants that, except as required by applicable law or any regulatory body, it will not divulge, furnish or make accessible to any other Person the name or address (whether business, residence or mailing) of any Member (collectively, "Confidential Information") without the prior written consent of the Board, which consent may be withheld in its sole discretion, it being understood and agreed that the foregoing provision is not applicable to the Fund.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Member recognizes that in the event that this Section 8.11 is breached by any Member or any of its principals, partners, members, directors, officers, employees or agents or any of its affiliates, including any of such affiliates' principals, partners, members, directors, officers, employees or agents, irreparable injury may result to the non-breaching Members and the Fund. Accordingly, in addition to any and all other remedies at law or in equity to which the non-breaching Members and the Fund may be entitled, such Members also shall have the right to obtain equitable relief, including, without limitation, injunctive relief, to prevent any disclosure of Confidential Information, plus reasonable attorneys' fees and other litigation expenses incurred in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in this Agreement, the Fund, the Board, the Adviser, and the Sponsor shall each have the right to keep confidential from the Members for such period of time as it deems reasonable any information which the Board, the Adviser, or the Sponsor reasonably believes to be in the nature of trade secrets or other information the disclosure of which the Board, the Adviser, or the Sponsor in good faith believes is not in the best interest of the Fund or could damage the Fund or its business or which the Fund is required by law or by agreement with a third party to keep confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 ***Certification of Tax Status.***

Unless such certification is not deemed necessary by the Adviser or Sponsor, each Member or transferee of Units from a Member that is admitted to the Fund in accordance with this Agreement shall certify upon admission to the Fund whether he or she is a "United States Person" within the meaning of Section 7701(a)(30) of the Code on forms to be provided by the Fund, as well as such other tax matters as deemed necessary or appropriate by the Fund, Adviser, Sponsor, or Board, and shall notify the Fund within 30 days of any change in such Member's status; each Member or transferee of Units from a Member that is admitted to the Fund in accordance with this Agreement shall, from time to time, provide such tax certification, documentation, waivers, representations or information as requested by the Fund, Adviser, Sponsor, or Board. Any Member who shall fail to provide such certification when requested to do so by the Board may be treated as a non-United States Person for purposes of U.S. Federal tax withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 ***Severability.***

If any provision of this Agreement is determined by a court of competent jurisdiction not to be enforceable in the manner set forth in this Agreement, each Member agrees that it is the intention of the Members that such provision should be enforceable to the maximum extent possible under applicable law. If any provisions of this Agreement are held to be invalid or unenforceable, such invalidation or unenforceability shall not affect the validity or enforceability of any other provision of this Agreement (or portion thereof).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 ***Filing of Returns.***

The Board or its designated agent shall prepare and file, or cause the accountants of the Fund to prepare and file, a Federal income tax return in compliance with Section 6012 of the Code and any required state and local income tax and information returns for each tax year of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 ***Tax Election.***

The Sponsor, or any officer, Director, or Member (at the request of the Board) is hereby authorized to make any election and to take any necessary or appropriate action in connection therewith to cause the Fund to be classified as an association taxable as a corporation for U.S. Federal tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 ***Entire Agreement.***

This Agreement (including the Schedule attached hereto which is incorporated herein) constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. It is hereby acknowledged and agreed that the Fund, without the consent of any Member, may enter into written agreements which have been approved by the Board ("Other Agreements") with Members, executed contemporaneously with the admission of such Members to the Fund, effecting the terms hereof or of any application in order to meet certain requirements of such Members. The parties hereto agree that any terms contained in an Other Agreement with a Member shall govern with respect to such Member notwithstanding the provisions of this Agreement or of any application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17 ***Discretion.***

Notwithstanding anything to the contrary in this Agreement or any agreement contemplated herein or in any provisions of law or in equity, whenever in this Agreement, a Person is permitted or required to make a decision (i) in its "sole discretion" or "discretion" or under a grant of similar authority or latitude, such Person shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall, to the fullest extent permitted by law, have no duty or obligation to give any consideration to any interest of or factors affecting the Fund or the Members, or (ii) in its "good faith" or under another express standard, then such Person shall act under such express standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18 ***Counterparts.***

This Agreement may be executed in several counterparts, all of which together shall constitute one agreement binding on all parties hereto, notwithstanding that all the parties have not signed the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19 ***Effectiveness***. Pursuant to Section 18-201(d) of the Delaware Act, this Agreement shall be effective as of the time of the filing of the Certificate.

*[Signature Page Follows]* 

------

**EACH OF THE UNDERSIGNED ACKNOWLEDGES HAVING READ THIS AGREEMENT IN ITS ENTIRETY BEFORE SIGNING, INCLUDING THE CONFIDENTIALITY CLAUSE SET FORTH IN SECTION 8.11.** 

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| ORGANIZATIONAL MEMBER:<br>AMG FUNDS LLC | ORGANIZATIONAL MEMBER:<br>AMG FUNDS LLC |
| By: | /s/ Jeffrey T. Cerutti |
|  | Name: Jeffrey T. Cerutti |
|  | Title: President and Principal Executive Officer |

---

---

| | |
|:---|:---|
| PANTHEON VENTURES (US) LP, as Adviser | PANTHEON VENTURES (US) LP, as Adviser |
| By: | /s/ T. Sheldon Chang |
|  | Name: T. Sheldon Chang |
|  | Title: Managing Director |

---

---

| | |
|:---|:---|
| AMG FUNDS LLC, as Sponsor | AMG FUNDS LLC, as Sponsor |
| By: | /s/ Keitha L. Kinne |
|  | Name: Keitha L. Kinne |
|  | Title: Chief Operating Officer |

---

------

The undersigned understand and agree to the provisions of this Agreement pertaining to the obligations of Directors.

---

| | |
|:---|:---|
| By: | /s/ Christine C. Carsman |
|  | Christine C. Carsman, Director |

---

---

| | |
|:---|:---|
| By: | /s/ Kurt Keilhacker |
|  | Kurt Keilhacker, Director |

---

---

| | |
|:---|:---|
| By: | /s/ Eric Rakowski |
|  | Eric Rakowski, Director |

---

---

| | |
|:---|:---|
| By: | /s/ Victoria Sassine |
|  | Victoria Sassine, Director |

---

------

**PROSPECTUS** 

**AMG Pantheon Fund, LLC** 

**CLASS 2, CLASS 3,** 

**CLASS 4 AND CLASS 5 UNITS** 

**[July 31, 2026]** 

AMG Pantheon Fund, LLC (the "Fund") is a Delaware limited liability company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end, non-diversified, management investment company. The Fund's investment adviser is Pantheon Ventures (US) LP (the "Adviser"). The Fund's investment objective is to seek long-term capital appreciation. In pursuing its investment objective, the Fund invests substantially all of its assets in AMG Pantheon Master Fund, LLC (the "Master Fund"), a Delaware limited liability company also registered under the 1940 Act as a non-diversified, closed-end management investment company. The Master Fund has the same investment objective as that of the Fund. The Master Fund expects to invest primarily in private investments, including primary and secondary investments in private equity, infrastructure, and other private asset funds ("Investment Funds") and co-investments in portfolio companies, although the allocation among those types of investments may vary from time to time.

The Fund offers Class 1, Class 2, Class 3, Class 4 and Class 5 units of beneficial interest. The Fund has registered under the Securities Act of 1933, as amended (the "Securities Act"), $[ ] in units of beneficial interest that are for sale under this registration statement, or are being carried forward from a previous registration statement, to which this prospectus (the "Prospectus") relates. This Prospectus offers Class 2, Class 3, Class 4, and Class 5 units of beneficial interest of the Fund (the "Units"). Class 1 units of beneficial interest of the Fund are offered in a separate prospectus. You may call BNY Mellon Investment Servicing (US) Inc., the Fund's transfer agent (the "Transfer Agent"), at (877) 355-1566 to obtain more information concerning the Fund's Class 1 units, including the prospectus for such units. No person who is admitted as a unitholder of the Fund (an "Investor") will have the right to require the Fund to redeem any Units, and the Units will have very limited liquidity, as described in this Prospectus. A distribution by the Fund potentially may be treated as a return of capital for U.S. federal income tax purposes. A return of capital is not taxable, but it reduces an Investor's tax basis in its Units, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the Investor of its Units. The Fund has previously been registered under the 1940 Act.

[To be updated by amendment]

---

| | | |
|:---|:---|:---|
|  | Price to Public | Proceeds to the Fund<sup>(3)</sup> |
| Per Class 2 Unit<sup>(1)</sup> | At Current NAV | Amount Invested at<br> Current NAV |
| Per Class 3 Unit <sup>(1)</sup> | At Current NAV | Amount Invested at<br> Current NAV |
| Per Class 4 Unit<sup>(1)</sup> | At Current NAV | Amount Invested at<br> Current NAV |
| Per Class 5 Unit<sup>(2)</sup> | At Current NAV, plus a 3.50%<br>sales load | Amount Invested at<br>Current NAV |
| Total, including Class 1 units of the Fund | Up to $[ ] | Up to $[ ]<sup>(4)</sup> |

---

<sup>(1)</sup> The Class 2, Class 3 and Class 4 Units will be publicly offered at current net asset value ("NAV") per unit and are not subject to any sales loads. See "The Offering" below.

<sup>(2)</sup> The Class 5 Units will be publicly offered at current NAV per unit, plus a maximum sales load of up to 3.50%, as described herein. The table assumes the maximum sales load is charged. For some investors, the sales charge may be waived or reduced. The full amount of the sales charges may be reallowed to brokers or dealers participating in the offering. Your financial intermediary may impose additional or other charges when you purchase Units of the Fund. See "The Offering" below. 

P100-[0726]

------

<sup>(3)</sup> The Adviser has entered into an "Expense Limitation and Reimbursement Agreement" with the Fund, the Master Fund, and each of the Master Fund's two wholly-owned subsidiaries to waive the monthly management fee payable to the Adviser by any of the Master Fund and its subsidiaries, as applicable, and to pay or reimburse the Fund's expenses such that the Fund's total annual operating expenses (exclusive of certain "Excluded Expenses" listed on page [16]) do not exceed 1.45% per annum of the Fund's net assets as of the end of each calendar month (the "Expense Cap"). The Expense Limitation and Reimbursement Agreement shall remain in effect until such time that the Adviser ceases to be the investment adviser of the Fund or upon mutual agreement among the Adviser and the Board of the Fund. See "Expense Limitation and Reimbursement Agreement" below. 

<sup>(4)</sup> Total proceeds to the Fund assume the sale of all Units registered under this registration statement, or carried forward from a previous registration statement, to which this Prospectus relates. 

AMG Distributors, Inc. (the "Distributor") acts as the distributor for the Units and serves in that capacity on a best efforts basis, subject to various conditions. Pantheon Securities, LLC, a wholly-owned subsidiary of Pantheon Ventures Inc., acts as sub-distributor for the Units.

PURCHASERS OF UNITS OF THE FUND WILL BECOME BOUND BY THE TERMS AND CONDITIONS OF THE LIMITED LIABILITY COMPANY AGREEMENT OF THE FUND (THE "LLC AGREEMENT"). A COPY OF THE LLC AGREEMENT IS ATTACHED AS APPENDIX A TO THIS PROSPECTUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

AN INVESTMENT IN THE FUND SHOULD BE CONSIDERED A SPECULATIVE INVESTMENT THAT ENTAILS SUBSTANTIAL RISKS, INCLUDING BUT NOT LIMITED TO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **LOSS OF CAPITAL.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **THE UNITS WILL NOT BE LISTED ON ANY SECURITIES EXCHANGE AND IT IS NOT ANTICIPATED THAT A SECONDARY MARKET FOR THE UNITS WILL DEVELOP.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **THE UNITS ARE SUBJECT TO SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE LLC AGREEMENT.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **ALTHOUGH THE FUND MAY OFFER TO REPURCHASE UNITS FROM TIME TO TIME, UNITS ARE NOT REDEEMABLE AT AN INVESTOR'S SOLE OPTION NOR ARE THEY EXCHANGEABLE FOR UNITS OR SHARES OF ANY OTHER FUND. AS A RESULT, AN INVESTOR MAY NOT BE ABLE TO SELL OR OTHERWISE LIQUIDATE HIS OR HER UNITS OR MAY LIQUIDATE HIS OR HER UNITS BELOW THE PRICE OF THE INVESTOR'S INITIAL PURCHASE PRICE.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.** SEE "TYPES OF INVESTMENTS AND RELATED RISK FACTORS – CLOSED-END FUND; LIQUIDITY
RISKS" AND "– REPURCHASE RISKS."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **INVESTORS WILL BEAR SUBSTANTIAL DIRECT AND INDIRECT FEES AND EXPENSES IN CONNECTION WITH THEIR INVESTMENT IN THE FUND.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **THE UNDERLYING INVESTMENT FUNDS INVOLVE A HIGH DEGREE OF BUSINESS AND FINANCIAL RISK THAT CAN LEAD TO SUBSTANTIAL LOSSES.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **IT IS ANTICIPATED THAT THE FUND WILL REPURCHASE NO MORE THAN 5% OF ITS NET ASSETS PER QUARTER.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **THE FUND SHOULD BE CONSIDERED A COMPLEX INVESTMENT AND ENTAILS SUBSTANTIAL RISK. INVESTORS SHOULD INVEST IN THE FUND ONLY IF THEY CAN SUSTAIN A SUBSTANTIAL OR COMPLETE LOSS OF THEIR INVESTMENT.** 

------

See "Types of Investments and Related Risk Factors."

This Prospectus sets forth information that you should know about the Fund before investing. You are advised to read this Prospectus carefully and to retain it for future reference. Additional information about the Fund, including the Fund's statement of additional information ("SAI"), dated [July 31, 2026], as revised or supplemented from time to time, has been filed with the SEC. The SAI is incorporated by reference into this Prospectus in its entirety. You can obtain a copy of the SAI and the Fund's annual and semi-annual reports without charge by writing to or calling the Transfer Agent at (877) 355-1566. You can obtain the SAI, material incorporated by reference herein and other information about the Fund on the SEC's website (<u>http://www.sec.gov</u>). Additionally, quarterly and monthly performance, semi-annual and annual reports and other information regarding the Fund may be found on the Fund's investor web portal.

**None of the Securities and Exchange Commission (the "SEC"), the Commodity Futures Trading Commission, or any state securities commission has approved or disapproved the Fund's Units or passed upon the adequacy of the disclosure in this Prospectus. Any representation to the contrary is a criminal offense.** 

No broker-dealer, salesperson, or other person is authorized to give an Investor any information or to represent anything not contained in this Prospectus. As an Investor, you must not rely on any unauthorized information or representations that anyone provides to you, including information not contained in this Prospectus, the SAI or the accompanying exhibits. The information contained in this Prospectus is current only as of the date of this Prospectus.

The stated minimum initial investment in the Fund is $5,000,000 for the Class 2 Units, $25,000,000 for the Class 3 Units, $50,000,000 for the Class 4 Units, and $10,000 for the Class 5 Units, and the minimum additional investment in the Fund is $2,500. Each of the Adviser or AMG Funds LLC reserves the right, on behalf of the Fund, to waive the minimum initial and additional investment amounts in their sole discretion. See "Summary of Terms—Application for Units." Investors should review the prospectus for Class 1 units of the Fund to determine whether they are eligible to invest in such units.

Investors purchasing Class 5 Units may be charged a sales load of up to 3.50% of the Investor's subscription. Purchases of Class 5 Units will be subject to a sales load in the amounts set forth below:

---

| | | |
|:---|:---|:---|
| **Investment Amount** | **Sales Load** |  |
|  Less than $250,000 | 3.50 | % |
| $250000 – $499999 | 2.50 | % |
| $500000 – $999999 | 2.00 | % |
|  $1,000,000 or more | 0.00 | %\* |

---

\* Financial intermediaries or selling brokers may charge up to 2.00% of the purchase price of Class 5 Units. 

In making an investment decision, investors must rely upon their own examination of the Fund and the terms of the offering, including the merits and risks involved. Units of the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank or other insured financial institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Distributor may elect to reduce, otherwise modify or waive the sales load with respect to certain investors. See "Application for Investment."

Prospective investors should not construe the contents of this Prospectus as legal, tax, or financial advice. Each prospective investor should consult with his or her own professional advisers as to the legal, tax, financial, or other matters relevant to the suitability of an investment in the Fund.

The date of this Prospectus is [July 31, 2026].

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [SUMMARY OF TERMS](#pro2147541_1) | 5 |
|  [SUMMARY OF FUND EXPENSES](#pro2147541_2) | 31 |
|  [FINANCIAL HIGHLIGHTS](#pro2147541_3) | 34 |
|  [PRIVACY POLICY](#pro2147541_4) | 38 |
|  [USE OF PROCEEDS](#pro2147541_5) | 38 |
|  [THE FUND](#pro2147541_6) | 39 |
|  [STRUCTURE](#pro2147541_7) | 39 |
|  [INVESTMENT PROGRAM](#pro2147541_8) | 39 |
|  [TYPES OF INVESTMENTS AND RELATED RISK FACTORS](#pro2147541_9) | 49 |
|  [CONFLICTS OF INTEREST](#pro2147541_10) | 75 |
|  [MANAGEMENT OF THE FUND](#pro2147541_11) | 77 |
|  [FEES AND EXPENSES](#pro2147541_12) | 83 |
|  [DESCRIPTION OF UNITS](#pro2147541_13) | 86 |
|  [DISTRIBUTION POLICY; DIVIDENDS](#pro2147541_14) | 88 |
|  [APPLICATION FOR INVESTMENT](#pro2147541_15) | 88 |
|  [REPURCHASES OF UNITS AND TRANSFERS](#pro2147541_16) | 90 |
|  [CALCULATION OF NET ASSET VALUE](#pro2147541_17) | 94 |
|  [CERTAIN TAX CONSIDERATIONS](#pro2147541_18) | 96 |
|  [ERISA CONSIDERATIONS](#pro2147541_19) | 107 |
|  [ADDITIONAL INFORMATION](#pro2147541_20) | 108 |
|  [APPENDIX A: LIMITED LIABILITY COMPANY AGREEMENT](#pro2147541_21) | A-1 |

---

------

**AMG PANTHEON FUND, LLC** 

**Class 2, Class 3, Class 4 and Class 5 Units** 

**SUMMARY OF TERMS** 

This is only a summary and does not contain all of the information that a prospective Investor (as defined below) should consider before investing in AMG Pantheon Fund, LLC (the "Fund"). Before investing, a prospective Investor in the Fund should carefully read the more detailed information appearing elsewhere in this prospectus (the "Prospectus") and the Fund's statement of additional information (the "SAI"), each of which should be retained for future reference by any prospective Investor.

---

| | |
|:---|:---|
| **The Fund** | The Fund is a Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end, non-diversified management investment company. The Fund's investment adviser is Pantheon Ventures (US) LP (the "Adviser"). The Fund has elected and intends each year to qualify and be eligible to be treated as a regulated investment company (a "RIC") under the Internal Revenue Code of 1986, as amended (the "Code").<br>The Fund is an appropriate investment only for investors ("Investors") who can tolerate a high degree of risk and do not require a liquid investment.<br>The Fund offers Class 1, Class 2, Class 3, Class 4 and Class 5 units of beneficial interest, each of which is subject to different investment minimums and fees and expenses, which may affect performance. Each class of units (each, a "Class") has certain differing characteristics, particularly in terms of the sales load that Investors in that class may bear, and the distribution fees and investor servicing fees that each class may be charged. This Prospectus relates to Class 2, Class 3, Class 4, and Class 5 units of the Fund (the "Units"). Class 1 units of the Fund are offered in a separate prospectus. |
| **Investment Objective and Strategies** | The Fund's investment objective is to seek long-term capital appreciation. In pursuing its investment objective, the Fund invests substantially all of its assets in AMG Pantheon Master Fund, LLC (the "Master Fund"), a Delaware limited liability company also registered under the 1940 Act as a non-diversified, closed-end management investment company. The Master Fund has the same investment objective and identical investment policies as those of the Fund. This form of investment structure is commonly known as a "master-feeder fund" arrangement. In addition to units of the Master Fund, the Fund may hold a portion of its assets in cash to pay for current operating expenses. The Adviser also acts as investment adviser to the Master Fund.<br>Under normal circumstances, the Master Fund expects to invest, directly or indirectly, primarily in any of (i) private equity investments of any type, including primary and secondary investments in private equity, infrastructure and other private asset funds ("Investment Funds") and investments in companies that are typically made alongside one or more Investment Funds ("Co-Investment Opportunities"), (ii) exchange-traded funds ("ETFs") designed to track equity indexes and (iii) cash, cash equivalents and other short-term investments. The allocation among these types of investments may vary from time to time. |

---

------

The Fund's investments in Investment Funds, Co-Investment Opportunities and other private investments are referred to herein as "Private Fund Investments."<br>The Master Fund may make investments directly or indirectly through its subsidiaries that are 100% owned ("Wholly-Owned") by the Master Fund (each a "Subsidiary" and together, the "Subsidiaries").<br>Except as otherwise provided, references to the Fund's investments also will refer to the Master Fund's investments and each Subsidiary's investments, in each case, for the convenience of the reader.<br>The Adviser believes that the Fund's investment program will offer a unique approach to private equity investing for Investors who previously have not had access to high quality private equity investment funds and co-investments in portfolio companies. In pursuing the Fund's investment objective, the Adviser will allocate capital in the private equity portion of its portfolio across primary and secondary investments in Investment Funds and co-investments in portfolio companies. The Adviser will seek to invest across a broad spectrum of Investment Funds (e.g., buyout, growth capital, special situations, credit, private infrastructure, real estate, real assets, and other private asset funds), determined by a diverse selection of geographies (e.g., North America, Europe, Asia, and emerging markets) and vintage years (i.e., the year in which an Investment Fund begins investing).<br>Notwithstanding the foregoing, while the Master Fund seeks opportunities to deploy capital in any way consistent with its investment objectives and strategies, the Adviser to date has invested the private equity portion of its portfolio primarily in co-investments and/or secondaries of Investment Funds. At any given time, the Master Fund's geographic allocation may be overweighted to one geography, with a corresponding underweighting of, or potentially even the exclusion of, other geographies. In addition, the Master Fund's ability to access certain types of investment opportunities, including certain types of Private Fund Investments, may be limited by legal, regulatory or tax considerations related to the Master Fund's status as a registered investment company, resulting in periods during which the Master Fund may not have any exposure to such investments.<br>The Fund has been structured with the intent of seeking to alleviate or reduce a number of the burdens on investors typically associated with private equity investing, such as funding capital calls on short notice, reinvesting distribution proceeds, meeting large minimum commitment amounts, and receiving tax reporting on potentially late Schedule K-1s.<br>To maintain liquidity and to fund Investment Fund capital calls, the Master Fund may invest in ETFs designed to track equity indexes and, to a lesser extent, in cash and short-term securities. In addition, the Master Fund may use derivative instruments, primarily equity options and swaps, for hedging purposes. Furthermore, the Master Fund may hold a substantial portion of the Master Fund's assets in ETFs, cash and short term investments as it seeks desirable investments for the private equity portion of the Master Fund's portfolio.<br>In addition to the foregoing, the Master Fund may utilize a revolving credit facility to satisfy repurchase requests, to meet capital calls and to otherwise provide the Master Fund with temporary liquidity.<br>

------

&nbsp;&nbsp;&nbsp;&nbsp; The Master Fund has obtained an exemptive order from the SEC that permits the Master Fund to invest alongside affiliates, including certain public or private funds managed by the Adviser and its affiliates, subject to certain terms and conditions.<br>**The Fund**<br>The Fund is a specialized investment vehicle that incorporates both features of an unregistered private investment fund and features of a closed-end investment company that is registered under the 1940 Act. The Fund is similar to an unregistered private investment fund in that (i) certain classes of Units will be sold in comparatively large minimum denominations, and Units will be subject to restrictions on transfer; and (ii) the Fund will pay, and Investors will bear, an asset-based investment management fee, and will be subject indirectly to asset-based fees, carried interests, and incentive allocations charged by the underlying Investment Funds in which the Master Fund may invest.<br>Each underlying Investment Fund and Private Fund Investment made through an investment entity or structure (and not directly) is, or will be, managed by the general partner or manager (or equivalent) of the Investment Fund or entity or structure (such general partner, manager, or equivalent in respect of any Investment Fund, entity or structure being hereinafter referred to as the "Investment Fund Manager" of such Investment Fund, entity or structure) under the direction of the portfolio managers or investment teams selected by the Investment Fund Manager.<br>Private equity is a common term for investments that are typically made in non-public companies through privately negotiated transactions. Private equity investors generally seek to acquire quality assets at attractive valuations and use operational expertise to enhance value and improve portfolio company performance. Buyout funds acquire private and public companies, as well as divisions of larger companies. Private equity specialists then seek to uncover value enhancing opportunities in portfolio companies, unlock the value of the portfolio company and reposition it for sale at a multiple of invested equity.<br>The Master Fund may allocate assets to Investment Funds that focus on buyout, growth capital, special situations, credit, real estate, real assets, private infrastructure investments, and/or other private assets.<br>• *Buyout*. Control investments in established, cash flow positive companies are usually classified as buyouts. Buyout investments may focus on small-, mid-, large-, or mega-capitalization companies, and such investments collectively represent a substantial majority of the capital deployed in the overall private equity market. The use of debt financing, or leverage, is prevalent in buyout transactions—particularly in the large- and mega-cap segment.<br>• *Growth Capital*. Growth capital typically involves minority investments in established companies with strong growth characteristics and typically does not utilize much, if any, leverage. Companies that receive growth capital investments typically are profitable businesses that need capital for organic and acquisition growth strategies and shareholder liquidity.<br>• *Special Situations*. Special situations investments may include debt investments that provide a middle level of financing below the senior debt level and above the equity level. A typical special situations investment may include a loan to a borrower, together with equity in the form of warrants,<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common stock, preferred stock or some other form of equity investment. In addition, special situations investments may include other forms of investment not described herein, such as distressed debt, infrastructure, energy or utility investments and turnaround investments.<br>• *Credit*. Credit investments may include primary and secondary investments and co-investments in private credit funds targeting a range of debt strategies, including senior secured loans, mezzanine and subordinated debt investments, special situations and distressed investments. The Master Fund may also invest directly in the debt of private operating companies. The credit investments to which the Master Fund may directly or indirectly allocate its assets may include low grade or unrated debt securities (i.e., "high yield" or "junk" bonds).<br>• *Real Estate*. Real estate investments may include single-property real estate opportunities in the United States and abroad and large-cap companies with real estate portfolios. The Fund may invest in real estate, including without limitation, through joint ventures with affiliated or unaffiliated third parties.<br>• *Private Infrastructure, Real Assets and Other Private Assets*. Private infrastructure investments may include companies and funds that focus on utilities infrastructure (e.g., conventional and renewable power and transmission, electricity, gas and water networks) and/or transportation infrastructure (e.g., airports, ports, railways, and roads). Investments in real assets may provide exposure to real estate, commodities, natural resources (such as agriculture and timber), infrastructure, and precious metals. Other private asset investments may include opportunities in other assets.<br>Types of private equity investments that the Master Fund may make include:<br>• *Primary Investments*. Primary investments (primaries) are interests or investments in newly established private equity funds. Most private equity fund sponsors raise new funds only every two to four years. Because of the limited windows of opportunity for making primary investments in particular funds, strong relationships with leading fund sponsors are highly important for primary investors. Primary investors subscribe for interests during an initial fundraising period, and their capital commitments are then used to fund investments in a number of individual operating companies during a defined investment period. Primary investments are usually ten to thirteen years in duration, while underlying investments in portfolio companies generally have a three- to seven-year duration, if not longer.<br>• *Secondary Investments (secondaries)*. Traditional secondary investments, or "LP-led secondaries," 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. Because secondaries typically already have invested in portfolio companies, they are viewed as more mature investments than primaries and further along in their development pattern. General Partner (GP)-led secondaries are typically interests or investments in newly established vehicles that are created to acquire and hold one or more assets of an existing private investment fund and are led by the GP of the private investment fund.<br>

------

&nbsp;&nbsp;&nbsp; • *Direct Investment/Co-Investments*. Direct investments involve acquiring an interest in securities issued by an operating company. Such investments are typically made as co-investments alongside private equity funds, and are usually structured such that the lead investor holds a controlling interest. Direct investments and co-investments, unlike investments in Investment Funds, generally do not bear an additional layer of fees or bear significantly reduced fees. The Fund expects that a pro rata portion of any additional fees borne by the Master Fund as a result of direct investments and/or co-investments would be paid by the Fund and other investors in the Master Fund to the third party sponsoring such direct investments and/or co-investments and such additional fees are included as Acquired Fund Fees and Expenses in the Fund's Total Annual Expenses.<br>**Investment Strategies**<br>The principal elements of the Adviser's private equity investment strategy include: (i) allocating the assets of the Master Fund across Investment Funds, portfolio companies, and other assets, although the private equity portion of the Master Fund's portfolio to date has been invested primarily in portfolio companies (co-investments) and/or secondaries; (ii) seeking to secure access to attractive investment opportunities that the Adviser believes offer attractive value; (iii) seeking to manage the Master Fund's investment level and liquidity using the Adviser's commitment strategy; and (iv) seeking to manage risk through ongoing monitoring of the Master Fund's portfolio.<br>*Allocation*. Just as in public equity markets, the Adviser believes that asset allocation across private equity market segments is a cornerstone of long-term portfolio performance. The Adviser seeks to implement a proactive approach to portfolio construction driven by allocation across managers, stages, vintages, geographies, and industries.<br>*Access*. The Fund through the Master Fund will provide Investors with access to Private Fund Investments that are generally unavailable to the investing public due to resource requirements and high investment minimums.<br>*Commitment Strategy*. Private equity investments are complicated by the fact that commitments to Investment Funds are generally not immediately invested. Instead, amounts of capital committed to investment in the Investment Funds are drawn down and invested over time, as underlying investments are identified by the relevant Investment Fund Manager—a process that may take a period of several years. As a result, without an appropriate commitment strategy, a significant investment position could be difficult to achieve. "Commitment strategy" refers to the Adviser's strategy for managing this process of committing capital to underlying investments. The Adviser intends to manage the Master Fund's commitment strategy with a view towards balancing liquidity while maintaining a high level of investment. The Adviser will seek to address this challenge using a commitment strategy designed to provide an appropriate investment level. As disclosed above, the Master Fund to date has been comprised primarily of co-investments and secondary investments and will evolve over time to include a higher percentage of primary investments. Furthermore, the Master Fund may commit to invest in private equity investments—both primaries and secondaries—in an aggregate amount that exceeds the Master Fund's then-current assets (i.e., to "over-commit") to provide an appropriate investment level.<br>The commitment strategy will aim to sustain a high level of investment where possible by making commitments based on anticipated future distributions from investments. The commitment strategy will also take other anticipated cash flows into<br>

------

account, such as those relating to new subscriptions, borrowing through a credit facility, the tender of Units by Investors and any distributions made to Investors. To forecast portfolio cash flows, the Adviser will utilize a model that incorporates historical data, actual portfolio observations, insights from the Investment Fund Managers and forecasts by the Adviser. The commitment strategy—and, specifically, the "over-commitment" strategy—carries a degree of risk. See "Types of Investments and Related Risk Factors—Commitment Strategy."<br>*Primary Investments*. Primary investments, or "primaries," refer to investments in newly established private equity funds that have not yet begun operation. Primary investments are made during an initial fundraising period in the form of capital commitments, which are then called down by the Investment Fund and utilized to finance its investments in portfolio companies during a predefined period. Primary investments in Investment Funds typically range in duration from ten to thirteen years, while underlying investments in portfolio companies generally have a three to seven year range of duration, if not longer. Most private equity sponsors raise new funds only every two to four years. Because of the limited windows of opportunity for making primary investments in particular funds, strong relationships with leading fund sponsors are highly important for primary investors.<br>Primary investments typically exhibit a value development pattern, commonly known as the "J-curve," in which the net asset value typically declines moderately during the early years of the private equity fund's life as investment-related fees and expenses are incurred before investment gains have been realized. As the private equity fund matures and as portfolio companies are sold, the pattern typically reverses, with increasing net asset value and distributions. There can be no assurance, however, that any or all primary investments made by the Master Fund will exhibit this pattern of investment returns.<br>*Secondary Investments ("secondaries")*. Traditional secondary investments, or "LP-led secondaries," refer to investments in existing private equity funds through the acquisition of an existing interest in a private equity fund from a third-party investor in a privately negotiated transaction. The buyer of the existing investment agrees to take on future funding obligations in exchange for future returns and distributions. A secondary investment will often take place at a discount to an Investment Fund's net asset value and the Master Fund may, if deemed necessary or appropriate, for liquidity or portfolio management reasons, seek to sell Investment Fund positions on private equity secondary markets that may be at a discount to NAV. Because secondaries typically already have invested in portfolio companies, they are viewed as more mature investments than primaries and further along in their development pattern. As a result, their investment returns may not exhibit a pronounced J-curve pattern expected to be achieved by primaries in their early stages. In addition, secondaries can typically provide earlier distributions than primaries. There can be no assurance, however, that any or all secondary investments made by the Master Fund will exhibit this pattern of investment development. In addition, the Master Fund's ability to access secondary investments may be limited by legal, regulatory or tax considerations related to the Master Fund's status as a registered investment company, resulting in periods during which the Master Fund may not have any exposure to such investments.<br>General Partner (GP)-led secondaries are typically interests or investments in newly established vehicles that are created to acquire and hold one or more assets of an existing private investment fund and are led by the GP of the private investment fund. The GP initiates a sale of some or all of the private investment fund's assets to a new vehicle, and existing investors of the private investment fund and new investors are given the opportunity to invest in the new vehicle.<br>

------

*Co-Investments/Direct Investments*. Direct investments involve acquiring an interest in securities issued by an operating company. Such investments are typically made as co-investments alongside a private equity fund.<br>*Vintage Year*. "Vintage year" refers to the year in which an Investment Fund begins investing in portfolio companies. An Investment Fund's vintage year may be used to compare its performance to that of other private equity funds of the same vintage year.<br>*Risk Management*. The long-term nature of private equity investments requires a commitment to ongoing risk management. The Adviser seeks to maintain close contact with the Investment Fund Managers with whom it invests, and to monitor the performance of Investment Funds and developments at the individual portfolio companies in which the Master Fund invests directly and that are material positions in the Investment Funds held by the Master Fund. By tracking commitments, capital calls, distributions, valuations, and other pertinent details, the Adviser will seek to recognize potential issues and to take appropriate action.<br>The Adviser intends to use a range of techniques to reduce the risk associated with the commitment strategy. These techniques may include, without limitation, (i) allocating commitments across several geographies and vintage years; (ii) allocating capital among primary investments, secondary investments, and co-investment opportunities; (iii) actively managing cash and liquid assets; (iv) actively monitoring cash flows; (v) seeking to establish a credit line to provide liquidity to satisfy tender requests and capital call obligations, consistent with the limitations and requirements of the 1940 Act; (vi) seeking to invest in ETFs, cash, and short-term securities to provide liquidity to satisfy tender requests and capital calls, consistent with the limitations and requirements of the 1940 Act; and (vii) seeking the use of derivative instruments, primarily equity options and swaps, for hedging purposes.<br>The Adviser may sell the Master Fund's portfolio holdings at any time, including to enhance the Master Fund's liquidity, particularly in times of possible net outflows through the tender of Units by Investors (including, during adverse market conditions, selling investments at a discount).<br>The Master Fund expects that a portion of its holdings will consist of liquid assets for purposes of liquidity management. The Fund may borrow for investment purposes. The 1940 Act requires a registered investment company to satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time indebtedness occurs (the "Asset Coverage Requirement"). This means that the value of the Fund's total indebtedness may not exceed one-third of the value of its total assets, including the value of the assets purchased with the proceeds of its indebtedness. Subject to certain exceptions, the 1940 Act also generally restricts the Fund from declaring cash distributions on, or repurchasing, shares unless senior securities representing indebtedness have an asset coverage of not less than 300% after giving effect to such distribution or repurchase. 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, measured at the time of borrowing. Such temporary borrowings are not subject to the Asset Coverage Requirement in connection with the Fund's borrowings for investment purposes. Investments or trading practices that involve contractual obligations to pay in the future are generally subject to the Asset Coverage Requirement unless the Fund designates liquid assets in an amount the Fund believes to be equal to the Fund's contractual obligations (marked-to-market on a daily basis) or appropriately "covers" such obligations with offsetting positions.<br>

------

The Adviser and its personnel use a range of resources to identify and source the availability of promising Private Fund Investments. The Adviser's diligence process focuses on risk management, investment, and operational diligence. The Adviser incorporates both bottom-up and top-down analyses in the investment process, which is designed to identify those investments with the greatest potential to deliver superior performance, while being mindful of the need for adequate diversification and risk management. The bottom-up process seeks to identify the relevant strengths and weaknesses of each potential Investment Fund Manager, while the top-down process seeks to analyze whether each manager fits within the agreed overall target allocations for the strategy. The Adviser will select investment strategies and Investment Funds on the basis of availability, pricing in the case of secondaries, and various qualitative and quantitative criteria, including the Adviser's analysis of actual and projected cash flows and past performance of an Investment Fund during various time periods and market cycles; and the Investment Fund Managers' reputation, experience, expertise, and adherence to investment philosophy. During this diligence process, the Adviser reviews offering documents, financial statements, regulatory filings and client correspondence, and may conduct interviews with senior personnel of existing Investment Fund Managers. In particular, the Adviser expects to regularly communicate with Investment Fund Managers and other personnel about the Investment Funds in which the Master Fund has invested or may invest, or about particular investment strategies, categories of private equity, risk management and general market trends. This interaction facilitates ongoing portfolio analysis and may help to address potential issues, such as loss of key team members or proposed changes in constituent documents. It also provides ongoing due diligence feedback, as additional investments, secondary investments and new primary investments with a particular Investment Fund Manager are considered. The Adviser may also perform background and reference checks on Investment Fund personnel.<br>After making an investment in an Investment Fund, and as part of its ongoing diligence process, the Adviser will seek to: track operating information and other pertinent details; participate in periodic conference calls with Investment Fund Managers and onsite visits where appropriate; review audited and unaudited reports; and monitor turnover in senior Investment Fund personnel and changes in policies. In conjunction with the due diligence process, the tax treatment and legal terms of the investment are considered.<br>In allocating the Master Fund's capital, the Adviser will attempt to benefit from the strong performance track record of various Investment Funds and Investment Fund Managers, combined with access to new and existing Investment Funds and co-investments. The Adviser will seek to limit the Master Fund's investment in any one Investment Fund or co-investment to no more than 25% of the Master Fund's gross assets (measured at the time of investment).<br>The Adviser may invest the Master Fund's assets in Investment Funds that engage in investment strategies other than those described in this Prospectus, and may sell the Master Fund's portfolio holdings at any time.<br>The Fund invests substantially all of its assets in interests of the Master Fund ("Master Fund Interests"). The Fund is a non-diversified, closed-end management investment company for purposes of the 1940 Act. Each of the Fund and the Master Fund intends each year to qualify and be eligible to be treated as a RIC under the Code. To qualify and to be treated as a RIC under the Code, each of the Fund and the Master Fund<br>

------

---

| | |
|:---|:---|
|  | must, among other things: (i) derive in each taxable year at least 90% of its gross income from (a) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stocks, securities or foreign currencies, or other income derived with respect to its business of investing in such stocks, securities or currencies, and (b) net income from interests in "qualified publicly traded partnerships" (as defined in the Code); (ii) diversify its holdings so that, at the end of each quarter of the taxable year, (a) at least 50% of the value of its total assets is represented by cash and cash items (including receivables), U.S. government securities, the securities of other RICs and other securities, with such other securities of any one issuer limited for the purposes of this calculation to an amount not greater than 5% of the value of its total assets and not greater than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of its total assets is invested, including through corporations in which the Fund has a 20% or more voting stock interest, in the securities (other than U.S. government securities or the securities of other RICs) of a single issuer, two or more issuers that it controls and that are engaged in the same, similar or related trades or businesses or one or more qualified publicly traded partnerships; and (iii) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid — generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and net tax-exempt income, for such year. With respect to these limitations and restrictions imposed by the Code, the Master Fund will be required to look through to the income, assets and investments of certain Investment Funds. See "Types of Investments and Related Risk Factors—Tax Risks."<br>The Private Fund Investments are not subject to the Master Fund's or the Fund's investment restrictions and are generally subject to few investment limitations. |
| **Borrowing** | The Fund and the Master Fund are each authorized to borrow money in connection with its investment activities, subject to the limits of the 1940 Act. The Fund and the Master Fund may borrow money through a credit facility or other arrangements for investment purposes, to pay operating expenses, to satisfy repurchase requests from Investors, and to otherwise provide the Fund and the Master Fund with temporary liquidity. The Master Fund has entered into a credit facility for such purposes.<br>The Private Fund Investments may utilize leverage in their investment activities. However, the Private Fund Investments' borrowings are not subject to the limits of the 1940 Act. Accordingly, the Fund and the Master Fund, through investments in the Private Fund Investments, may be exposed to the risk of highly leveraged investment programs. See "Types of Investments and Related Risk Factors." |
| **Distribution Policy** | The Fund generally will pay dividends on the Units at least annually in amounts representing substantially all of the Fund's net investment income, if any, earned each year. The Fund reserves the right also to distribute substantially all net capital gain realized on investments to Investors at least annually.<br>Dividends and capital gain distributions paid by the Fund on a class of Units will be reinvested in additional Units of that class unless an Investor opts out (elects not to reinvest in the relevant class of Units). Investors may elect initially not to reinvest by indicating that choice in such Investor's Subscription Booklet (as defined below). Thereafter, Investors are free to change their election at any time by contacting the Transfer Agent (or, alternatively, by contacting their financial advisor, provided the financial advisor informs the Transfer Agent and provides sufficient supporting |

---

------

---

| | |
|:---|:---|
|  | documentation). Units purchased through reinvestment will be issued at their net asset value on the ex–dividend date (which is generally expected to be the last business day of a month). There is no sales load or other charge for reinvestment. The Fund reserves the right, in its sole discretion, to suspend or limit at any time the ability of Investors to reinvest distributions. A distribution by the Fund potentially may be treated as a return of capital for U.S. federal income tax purposes. A return of capital is not taxable, but it reduces an Investor's tax basis in its Units, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the Investor of its Units. See "Taxes – Taxation of Investors – Distributions by the Fund" in the SAI. |
| **Potential Benefits of Investing in the Fund** | Through the Fund, Investors will have access to Investment Fund Managers, whose services typically are not available to the investing public or who may otherwise restrict the number and type of persons whose money will be managed, and to co-investment opportunities. Investing in the Fund also permits Investors to invest with Investment Fund Managers without being subject to the high minimum investment requirements typically imposed by such Investment Fund Managers. Investment minimums for primary investments in Investment Funds may be higher than the Fund's investment minimums.<br>The Master Fund's investments in secondaries—which typically already have invested in portfolio companies and, therefore, are viewed as more mature investments than primaries and further along in their development pattern—may reduce the impact of the J-curve associated with private equity investing. The J-curve is a value development pattern in which the net asset value of a private equity fund typically declines moderately during the early years of the fund's life as investment-related fees and expenses are incurred before investment gains have been realized.<br>As described above, the Fund has been structured with the intent of seeking to alleviate or reduce a number of the burdens on investors typically associated with private equity investing, such as funding capital calls on short notice, reinvesting distribution proceeds, meeting large minimum commitment amounts and receiving tax reporting on potentially late Schedule K-1s. Because the Fund intends to qualify as a RIC under Subchapter M of the Code, it is expected to provide simpler tax reports to Investors on Form 1099-DIV. In addition, if the Fund qualifies as a RIC, the Fund potentially will block unrelated business taxable income for benefit plan investors and certain other investors that are generally otherwise exempt from payment of U.S. federal income tax. In order to qualify as a RIC, the Master Fund may structure its investments in a manner that results in tax inefficiencies, including the acceleration of income, the conversion of character of income, or the incurrence of an additional layer of income tax. |
| **The Offering** | The Fund offers Class 2, Class 3 and Class 4 Units on a continuous basis at the net asset value per Unit. The Fund offers Class 5 Units on a continuous basis at the net asset value per Unit, plus a maximum sales load of up to 3.50%. The sales load will be deducted out of the Investor's subscription amount, and will not constitute part of an Investor's capital contribution to the Fund or part of the assets of the Fund. The Fund commenced investment operations on October 1, 2014 (the Initial Closing Date). The Fund has registered under the Securities Act a total of $[7,500,000,000] in Class 1, Class 2, Class 3, Class 4 and Class 5 units, and $[ ] in Class 1, Class 2, Class 3, Class 4 and Class 5 units are available for sale under this registration statement or are being carried forward from a previous registration statement. Class 1 units of the Fund are offered in a separate prospectus. Units may be purchased as of the first business day of each month based upon the Fund's net asset value, as of the close of business on |

---

------

---

| | |
|:---|:---|
|  | the business day immediately preceding such date, plus any applicable sales load. Each date on which Units are delivered is referred to as a "Closing Date." Each prospective Investor will be required to complete a subscription booklet (the "Subscription Booklet"). Subscriptions received by the Fund will be held in a non-interest-bearing escrow account by the Fund's escrow agent. |
| **Board of Directors** | The Board of Directors (the "Board" or the "Directors") has overall responsibility for monitoring and overseeing the Fund's investment program and its management and operations. A majority of the Directors are not "interested persons" (as defined by the 1940 Act) of the Fund or the Adviser ("Independent Directors"). The Master Fund's Board of Directors (the "Master Fund Board"), which currently has the same composition as the Board, has overall responsibility for monitoring and overseeing the Master Fund's investment program and its management and operations. See "Management of the Fund." |
| **The Adviser** | Pantheon Ventures (US) LP serves as the Fund's and Master Fund's investment adviser (the "Adviser"). The Adviser is a limited partnership organized under the laws of the State of Delaware and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Affiliated Managers Group, Inc., a publicly-traded company, indirectly owns a majority of the interests of the Adviser.<br>The Fund has entered into an investment management agreement (the "Investment Management Agreement") with the Adviser. The Investment Management Agreement may be continued from year to year if its continuation is approved annually by the Board, including a majority of the Independent Directors. The Board, or the Fund's Investors, may terminate the Investment Management Agreement on sixty (60) days' prior written notice to the Adviser. The Adviser may terminate the Investment Management Agreement on sixty (60) days' prior written notice to the Fund.<br>The Master Fund and each Subsidiary have entered into similar investment advisory agreements with the Adviser with substantially the same terms (other than compensation) and substantially the same renewal and termination process. |
| **Management Fee** | Through its investment in the Master Fund, the Fund bears a proportionate share of the investment management fee paid by the Master Fund and each Subsidiary to the Adviser in consideration of the advisory and other services provided by the Adviser to the Master Fund and each Subsidiary. In consideration for such services, the Master Fund will pay the Adviser a management fee measured as of the end of each month at the annual rate of 0.70% of the Master Fund's net asset value, calculated prior to giving effect to the payment of such management fee and prior to the deduction of any other asset-based fees (e.g., any administration fee) payable by the Master Fund to either the Adviser or AMG Funds LLC, the Fund's administrator (the "Administrator" and the "Sponsor"), and prior to giving effect to any purchases or repurchases of interests of the Master Fund or any distributions by the Master Fund occurring as of or around the end of such month. In consideration for such services, each Subsidiary will pay the Adviser a management fee measured at the end of each month at the annual rate of 0.70% of such Subsidiary's net asset value, calculated prior to giving effect to the payment of such management fee and prior to the deduction of any other asset-based fees (e.g., any administration fee) payable by such Subsidiary to either the Adviser or the Sponsor, and prior to giving effect to any distributions by such Subsidiary occurring as of or around the end of such month. Furthermore, in |

---

------

---

| | |
|:---|:---|
|  | consideration of the management fee payable to the Adviser under the investment management agreement between the Adviser and each Subsidiary, the Adviser has agreed to waive the portion of the management fee that the Adviser otherwise would have been entitled to receive with respect to any particular month from the Master Fund in an amount equal to the investment management fee paid to the Adviser under such Subsidiary's investment management agreement with the Adviser with respect to such month. The management fee is paid to the Adviser out of the assets of the Master Fund and each Subsidiary and, therefore, decreases the net profits or increases the net losses of the Fund. Subject to the above, for purposes of determining the management fee payable to the Adviser for any month, net asset value is calculated as the value of the total assets of the Master Fund or applicable Subsidiary (including any assets attributable to leverage) minus accrued liabilities (other than liabilities representing leverage).<br>The management fee is in addition to the asset-based fees, carried interests, expenses, incentive allocations, or fees charged by the Investment Funds and indirectly borne by Fund Investors. |
| **Other Fees and Expenses** | The Fund, and, therefore, Investors, will bear all expenses incurred in the business of the Fund other than those specifically required to be borne by the Adviser pursuant to the Investment Management Agreement, and, through its investment in the Master Fund, a pro-rata portion of the operating expenses of the Master Fund (and each Subsidiary), including any charges, allocations and fees to which the Fund is subject as an investor in the Investment Funds. The Fund will also bear certain ongoing offering costs associated with the Fund's continuous offering of Units. The Fund, by investing in the Private Fund Investments, will indirectly bear its pro rata share of the expenses incurred in the business of the Private Fund Investments. The Investment Funds in which the Fund intends to invest generally charge a management fee of 1.00% to 2.00%, and 10% to 20% of net profits as a carried interest allocation. The fees and expenses associated with the Fund's investments in Investment Funds may be significant. See "Summary of Fund Expenses" and "Fees and Expenses." |
| **Expense Limitation and Reimbursement Agreement** | The Adviser has entered into an "Expense Limitation and Reimbursement Agreement" with the Fund, the Master Fund and each Subsidiary (for purposes of this section, the Master Fund and the Subsidiaries are referred to collectively as the "Underlying Funds") to waive the management fees payable by the Underlying Funds and pay or reimburse the Fund's expenses (whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Underlying Funds) such that the Fund's total annual operating expenses (exclusive of certain "Excluded Expenses" listed below) do not exceed 1.45% per annum of the Fund's net assets as of the end of each calendar month (the "Expense Cap"). "Excluded Expenses" is defined to include (i) the Fund's proportional share of (a) fees, expenses, allocations, carried interests, etc. of the private equity investment funds and co-investments in portfolio companies in which any Underlying Fund invests (including all acquired fund fees and expenses); (b) transaction costs, including legal costs and brokerage commissions, of any Underlying Fund associated with the acquisition and disposition of primary interests, secondary interests, co-investments, ETF investments, and other investments; (c) interest payments incurred by any Underlying Fund, (d) fees and expenses incurred in connection with any credit facilities obtained by any Underlying Fund; (e) taxes of any Underlying Fund; (f) extraordinary expenses of any Underlying Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses; (g) fees and expenses billed directly to a Subsidiary by any accounting firm for |

---

------

---

| | |
|:---|:---|
|  | auditing, tax and other professional services provided to the Subsidiary; and (h) fees and expenses billed directly to a Subsidiary for custody and fund administration services provided to the Subsidiary; and (ii) (a) any investment management fee paid by the Fund; (b) acquired fund fees and expenses of the Fund; (c) transaction costs, including legal costs and brokerage commissions, of the Fund; (d) interest payments incurred by the Fund; (e) fees and expenses incurred in connection with any credit facilities obtained by the Fund; (f) the Distribution and/or Service Fees (as applicable) paid by the Fund; (g) taxes of the Fund; and (h) extraordinary expenses of the Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses. Expenses that are subject to the Expense Limitation and Reimbursement Agreement include, but are not limited to, each Underlying Fund's investment management fee, the Funds' administration, custody, transfer agency, recordkeeping, fund accounting and investor services fees, the Funds' professional fees (outside of professional fees related to transactions), and fees and expenses of Fund Directors. To the extent that the Fund's total annual operating expenses for any month exceed the Expense Cap, the Adviser will pay or reimburse the Fund for expenses and/or waive the management fees payable by any of the Underlying Funds to the extent necessary to eliminate such excess. The Fund, or, with respect to the waived management fees, the applicable Underlying Funds, will be obligated to pay the Adviser all such amounts paid, waived, or reimbursed by the Adviser pursuant to the Expense Cap, provided that (A) the amount of such additional payment in any year, together with all expenses of the Fund (whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Underlying Funds), in the aggregate, would not cause the Fund's total annual operating expenses, whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Underlying Funds, exclusive of Excluded Expenses, in any such year to exceed the lesser of any expense limitation in place at the time of payment or the expense limitation in place at the time of waiver or reimbursement, (B) the amount of such additional payment shall be borne pro rata by all Fund Investors or, with respect to each Underlying Fund, by all such Underlying Fund's unitholders, as applicable, and (C) no such additional payments by the Fund, or, with respect to any waived management fees, the applicable Underlying Fund, will be made with respect to amounts paid, waived, or reimbursed by the Adviser more than thirty-six (36) months after the date such amounts are paid, waived, or reimbursed by the Adviser. The Expense Limitation and Reimbursement Agreement shall remain in effect until such time that the Adviser ceases to be the investment adviser of the Fund or upon mutual agreement among the Adviser and the Board of the Fund. |
| **Conflicts of Interest** | The Adviser, the Investment Fund Managers, and their respective affiliates may conduct investment activities for their own accounts and other accounts they manage that may give rise to conflicts of interest that may be disadvantageous to the Fund. |
| **Distribution of Units** | In addition to the distribution of Units through AMG Distributors, Inc., the Fund's distributor (the "Distributor"), the Fund itself may also accept offers to purchase Units that it receives directly from Investors. The Class 2, Class 3 and Class 4 Units will be publicly offered at current NAV per unit. The Class 5 Units will be publicly offered at current NAV per unit, plus a maximum sales load of up to 3.50%. The sales load will be deducted out of the Investor's subscription amount, and will not constitute part of an Investor's capital contribution to the Fund or part of the assets of the Fund. The Fund is not obligated to sell any Units to anyone. |

---

------

---

| | |
|:---|:---|
|  | The Fund will pay the Distributor an ongoing fee (the "Distribution and/or Service Fee") at an annual rate of 0.50% of the net assets of the Class 2 Units, 0.25% of the net assets of the Class 3 Units, and 1.00% of the net assets of the Class 5 Units as of the end of each month, calculated prior to giving effect to the payment of the Distribution and/or Service Fee and prior to the deduction of any other asset-based fees (e.g., the management fee and any administration fee), for distribution and investor services provided to Investors of each applicable Class (such as responding to Investor inquiries and providing information regarding investments in the Fund; processing purchase, exchange, and redemption requests by beneficial owners; placing orders with the Fund or its service providers; providing sub-accounting with respect to Units beneficially owned by Investors; and processing dividend payments for the Fund on behalf of Investors). The Fund will also pay the Distributor an ongoing distribution and/or service fee with respect to the Class 1 units of the Fund, which are offered in a separate prospectus. The Distributor may pay all or a portion of the Distribution and/or Service Fee to one or more sub-distributors ("Sub-Distributors") and to selling agents and other financial intermediaries ("Selling Agents") that provide distribution and investor services to Investors. The Distributor has appointed Pantheon Securities, LLC as a Sub-Distributor under a sub-distribution agreement pursuant to which Pantheon Securities, LLC may carry out certain of the Distributor's obligations in return for a portion of the Distribution and/or Service Fee.<br>In addition, the Adviser or Distributor may compensate certain Selling Agents, out of its own assets and not as an additional charge to the Fund or the Master Fund, in connection with the sale and distribution of the Units and also in connection with various other services including those related to the support and conduct of due diligence, Investor account maintenance, the provision of information and support services to clients, and the inclusion on preferred provider lists. Such Selling Agents may be affiliated with the Fund, the Master Fund or the Adviser. |
| **Subscription Process** | Investors may purchase Units through the Distributor or through a registered investment adviser (a "RIA") or other financial intermediary. RIAs and other financial intermediaries may impose additional eligibility requirements for Investors as well as additional charges. Notwithstanding the foregoing, the Sponsor, Adviser, and Distributor retain the discretion to accept direct subscriptions for Units.<br>Investors should review the prospectus for Class 1 units of the Fund to determine whether they are eligible to invest in such units.<br>Each prospective Investor must submit a completed Subscription Booklet agreeing, among other things, that the Investor will not transfer the Units purchased except in the limited circumstances permitted. If a Subscription Booklet is not accepted by the Fund by the Closing Date, the subscription will not be accepted at such Closing Date and will be held in a non-interest-bearing escrow account by the Fund's escrow agent until the next Closing Date following its acceptance.<br>An investment in the Fund involves a considerable amount of risk. An Investor may lose money. Before making an investment decision, a prospective Investor should (i) consider the suitability of this investment with respect to the Investor's investment objectives and personal situation and (ii) consider factors such as the Investor's personal net worth, income, age, risk tolerance and liquidity needs. The Fund is an illiquid investment. Investors have no right to require the Fund to redeem their Units of the Fund. |

---

------

---

| | |
|:---|:---|
| **Exchange of Units Between Classes** | An Investor is permitted to exchange units between Classes of the Fund, provided that the Investor's aggregate investment meets the minimum initial investment requirements in the applicable Class, that the units of the applicable Class are eligible for sale in the Investor's state of residence and that the units are otherwise available for offer and sale. Investors should review the prospectus for Class 1 units of the Fund to determine whether they are eligible to invest in such units. When an individual Investor cannot meet the initial investment requirements of the applicable Class, exchanges of units from one Class to the applicable Class will be permitted if such Investor's investment is made by an intermediary that has discretion over the account and that has invested other clients' assets in the Fund which when aggregated together with such Investor's investment meet the initial investment requirements for the applicable Class. Investors will not be charged any fees by the Fund for such exchanges, nor shall any intermediary charge any fees for such exchanges. Additionally, the time period for determining the imposition of any early repurchase fee associated with the repurchase of an Investor's units will not be affected by an exchange transaction. Ongoing fees and expenses incurred by a given Class will differ from those of other Classes, and an Investor receiving new units in an intra-Fund exchange may be subject to higher or lower total expenses following such exchange. Exchange transactions will be effected only into an identically registered account. For U.S. federal income tax purposes such exchanges between two Classes of the Fund's units will not reduce an Investor's interest in the Fund. Investors should consult their tax advisors as to the federal, state, local and foreign tax consequences of an intra-Fund exchange. Such exchange transactions must be effected according to other applicable law. The Fund also reserves the right to revise or terminate the exchange privilege, limit the amount or number of exchanges or reject any exchange. |
| **Valuation** | Pursuant to Rule 2a-5 under the 1940 Act, the Board and the Master Fund Board have designated the Adviser as the Fund's and the Master Fund's "Valuation Designee" to perform the Fund's and the Master Fund's fair value determinations, which are subject to Board and Master Fund Board oversight, as applicable, and certain reporting and other requirements intended to ensure that the Board and the Master Fund Board receive the information they need to oversee the Adviser's fair value determinations.<br>The Investment Funds will invest a large percentage of their assets in certain securities and other financial instruments that do not have readily ascertainable market prices. In addition, co-investments will not have readily ascertainable market prices. The Fund's and the Master Fund's securities valuation and pricing services policies and procedures provide that valuations for Private Fund Investments will be determined based in part on estimated valuations provided by Investment Fund Managers and also on valuation determinations made by the Adviser based on information from third-party valuation estimation services or otherwise, under the general supervision of the Board and the Master Fund Board, as applicable. Investment Fund Managers typically provide estimated valuations on a quarterly basis whereas the Adviser will consider valuations on an ongoing basis and will determine valuations on a monthly basis using its valuation methodology. However, while any model that may be used would be designed to assist in confirming or adjusting valuation recommendations, the Adviser will not be able to confirm with certainty the accuracy of the Investment Fund Managers' valuations until the Funds receive the Private Fund Investments' audited annual financial statements (and even then, the Adviser will only be able to confirm the value as of the financial statement date) and, as with all models, any imperfections, errors, or limitations in the model could affect the ability of the Fund to accurately value Private Fund Investment assets. |

---

------

---

| | |
|:---|:---|
| **Unlisted Closed-End Structure; Limited Liquidity and Transfer Restrictions** | The Fund is organized as a closed-end management investment company. Unlike open-end management investment companies (commonly known as "mutual funds"), investors in closed-end funds do not have the right to redeem their units on a daily basis. To meet daily redemption requests, mutual funds must comply with more stringent regulations than closed-end funds.<br>The Fund is not listed on a national stock exchange, and there currently is no secondary market for the Fund's Units. In addition, Units are subject to limitations on transferability and liquidity will be provided only through limited repurchase offers described below. An investment in the Fund is suitable only for Investors who can bear the risks associated with the limited liquidity of the Units and should be viewed as a long-term investment. See "Types of Investments and Related Risk Factors—Limitations on Transfer; Units Not Listed; No Market for Units" and "Repurchases of Units and Transfers." |
| **Repurchases of Units by the Fund** | Investors do not have the right to require the Fund to redeem their Units. To provide a limited degree of liquidity to Investors, the Fund may, from time to time, offer to repurchase Units pursuant to written tenders by Investors. Repurchases will be made at such times, in such amounts and on such terms as may be determined by the Board, in its sole discretion. In determining whether the Fund should offer to repurchase Units, the Board will consider the recommendations of the Adviser and the Sponsor as to the timing of such an offer, as well as a variety of operational, business and economic factors. The Adviser and the Sponsor anticipate that they will recommend to the Board that the Fund offer to repurchase Units from Investors on a quarterly basis, with such repurchases to occur as of the last day of March, June, September, and December (or, if any such date is not a business day, on the immediately preceding business day). The Adviser and the Sponsor also expect that, generally, they will recommend to the Board that each repurchase offer should apply to up to 5% of the net assets of the Fund although any particular recommendation may exceed such percentage. Investors tendering Units for repurchase must do so by a date specified in the notice describing the terms of the repurchase offer, and there will be a substantial period of time between the date as of which Investors must submit a request to have their Units repurchased and the date they can expect to receive payment for their Units from the Fund.<br>Since all or substantially all of the Fund's assets will be invested in the Master Fund, the Fund expects to conduct repurchase offers at approximately the same time as any repurchase offer by the Master Fund.<br>If a repurchase offer is oversubscribed by Investors who tender Units, the Fund may extend the repurchase offer, repurchase a pro rata portion of the Units tendered, or take any other action permitted by applicable law. Under unusual market conditions, the Adviser and the Sponsor anticipate that they may not recommend to the Board that the Fund conduct a repurchase offer in any particular quarter if the Fund's repurchase offers in the two immediately preceding quarters were oversubscribed by a substantial amount in the opinion of the Adviser and the Sponsor. In addition, the Fund may cause the repurchase of an Investor's Units if, among other reasons, the Fund determines that such repurchase would be in the interest of the Fund.<br>The Master Fund will make repurchase offers, if any, to all holders of Master Fund Interests, including the Fund and other investors in the Master Fund. The Fund does not expect to make a repurchase offer that is larger than the portion of the Master Fund's corresponding repurchase offer expected to be available for acceptance by the Fund. Consequently, the Fund will conduct repurchase offers on a schedule and in |

---

------

---

| | |
|:---|:---|
|  | amounts that will depend on the Master Fund's repurchase offers. Such repurchase offers principally will be funded by cash and cash equivalents, as well as by the sale of certain liquid securities. The Fund may need to suspend or postpone repurchase offers if it is required to dispose of interests in Private Fund Investments and is not able to do so in a timely manner.<br>A 2.00% early repurchase fee will be charged by the Fund with respect to any repurchase of Units from an Investor at any time prior to the day immediately preceding the one-year anniversary of the Investor's purchase of the Units. Such repurchase fee will be retained by the Fund and will benefit the Fund's remaining Investors. Units tendered for repurchase will be treated as having been repurchased on a "first in-first out" basis. An early repurchase fee payable by an Investor may be waived by the Fund in circumstances where the Board determines that doing so is in the best interests of the Fund. |
| **Summary of Taxation** | Each of the Fund and the Master Fund (but not the Subsidiaries) has elected to be treated as a RIC under Subchapter M of the Code and intends each year to qualify and to be eligible to be treated as such. A fund, such as the Fund or the Master Fund, that qualifies as a RIC is not subject to U.S. federal income tax to the extent its income is timely distributed to its investors in a manner qualifying for the dividends-paid deduction. In order to qualify for treatment as a RIC, the Fund and Master Fund must, among other things, satisfy a diversification test, a 90% gross income test and a requirement that it distribute at least 90% of its investment company taxable income and net short-term gains in the form of deductible dividends. The Fund generally expects to satisfy the requirements to qualify and be eligible to be treated as a RIC, provided that the Master Fund also meets these requirements; the Fund currently expects that the Master Fund will meet these requirements. Nonetheless, there can be no assurance that either the Fund or the Master Fund will so qualify or be eligible.<br>Certain of the Investment Funds or co-investments in which the Fund (through the Master Fund) invests may be classified as partnerships for U.S. federal income tax purposes. For the purpose of satisfying certain of the requirements for qualification as a RIC, the Fund will be required to look through to the character of the income of, and will likely be required to look through to the character of the assets and investments held by such Investment Funds or co-investments treated as partnerships for U.S. federal income tax purposes. However, Investment Funds and co-investments generally are not obligated to disclose the contents of their portfolios. This lack of transparency may make it difficult for the Adviser to monitor the sources of the Fund's income and the diversification of its assets, and its ability to otherwise comply with Subchapter M of the Code, and ultimately may limit the universe of Investment Funds and co-investments in which the Fund can invest. Furthermore, although the Fund expects to receive information from each Investment Fund Manager regarding its investment performance on a regular basis, in most cases there is little or no means of independently verifying this information.<br>If the Fund or Master Fund were to fail to qualify as a RIC or to satisfy the distribution requirement in any taxable year, that Fund would be subject to tax on its taxable income at corporate rates, whether or not distributed to its Investors, and all distributions out of earnings and profits would be taxable to Investors as ordinary income. In addition, the Fund or the Master Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make distributions (which could be subject to interest charges) before requalifying as a RIC that is accorded special tax treatment. |

---

------

---

| | |
|:---|:---|
|  | Provided the Fund qualifies as a RIC, distributions from the Fund generally will be taxable to Investors as ordinary income or net capital gains, whether or not such distributions are reinvested in Units. An Investor that is not subject to tax on its income will generally not be required to pay tax on amounts distributed to it by the Fund, provided that such Investor's acquisition of its Units is not debt-financed within the meaning of Section 514 of the Code. The Fund will inform Investors of the amount and character of its distributions to Investors.<br>See "Certain Tax Considerations" and "Types of Investments and Related Risk Factors—Tax Risks" below for additional information. |
| **ERISA Plans and Other Tax-Exempt Entities** | Investors subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and Section 4975 of the Code, including employee benefit plans, individual retirement accounts (each, an "IRA"), and Keogh plans may purchase Units. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund will not be considered to be "plan assets" subject to the fiduciary responsibility and prohibited transaction rules of ERISA and Section 4975 of the Code. Thus, it is not intended that the Adviser will be a "fiduciary" within the meaning of ERISA with respect to the assets of any "benefit plan investor" within the meaning of ERISA that becomes an Investor, solely as a result of the Investor's investment in the Fund. See "ERISA Considerations" below for additional information. |
| **Reports to Investors** | The Fund will furnish to Investors, as soon as practicable after the end of each taxable year, information on Form 1099-DIV as required by law to assist the Investors in preparing their tax returns. The Fund will also prepare and transmit or make available to Investors unaudited semi-annual reports and audited annual reports (when each becomes available). It is anticipated that reports regarding the Fund's operations during each quarter will be posted to the Fund's investor web portal, as well as monthly performance updates that focus on quantitative performance. |
| **Term** | The Fund's term is perpetual unless the Fund is otherwise terminated under the terms of the Fund's organizational documents. |
| **Risk Factors** | &nbsp;&nbsp;&nbsp;&nbsp; All investments carry risks to some degree. The Fund cannot guarantee that its investment objective will be achieved or that its investment strategy will be successful, and its net asset value may decrease. While the benefits of investing in private equity may be considerable, private equity is not for everyone. Private equity investments involve significant risks, including a total loss of capital. The risks associated with private equity arise from several factors including: limited diversification, the use of leverage, limited liquidity and capital calls made on short notice (failure by the Master Fund to meet capital call obligations may result in significantly negative consequences including a total loss of investment). Except as otherwise noted herein, references in this section to the "Master Fund" also include the Subsidiaries, which share the same risks as the Master Fund. Additional risks involved in investing in the Fund include:<br>**General Risks**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loss of capital, up to the entire amount of an Investor's investment.<br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investing indirectly in Private Fund Investments that may be newly organized and therefore have no, or only limited, operating histories.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's Units represent illiquid securities of an unlisted closed-end fund, are not listed on any securities exchange or traded in any other market, and are subject to substantial limitations on transferability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser and Investment Fund Managers may face conflicts of interest.<br>**Investment Program Risks**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's performance depends upon the performance of the Master Fund and the Investment Fund Managers and selected strategies, the adherence by such Investment Fund Managers to such selected strategies, the instruments used by such Investment Fund Managers, the Adviser's ability to select Investment Fund Managers and strategies and effectively allocate Master Fund assets among them and the co-investments selected by the Adviser. The Fund is organized to provide Investors with a multi-strategy investment program and not as an indirect way to gain access to any particular Investment Fund.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's investment portfolio through the Master Fund will consist of Investment Funds which hold securities issued primarily by privately held companies, and will also consist of investments directly in companies, and operating results for the portfolio 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. In addition, the investments held by the Investment Funds may impact the strategies, risks, and costs of and for the Fund and the Master Fund.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The securities in which an Investment Fund Manager may invest, or in which the Master Fund may invest directly as a co-investment, may be among the most junior in a portfolio company's capital structure and, thus, subject to the greatest risk of loss. Generally, there will be no collateral to protect an investment once made.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to the limitations and restrictions of the 1940 Act, the Fund and the Master Fund may borrow money or otherwise utilize leverage through a credit facility or other arrangements for investment purposes, to satisfy repurchase requests and for other temporary purposes, which may increase the Fund's volatility.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to the limitations and restrictions of the 1940 Act, the Master Fund may use derivative transactions, primarily equity options and swaps, for hedging purposes. Options and swaps transactions present risks arising from the use of leverage (which increases the magnitude of losses), volatility, non-correlation with underlying assets, mispricing, improper valuation, the possibility of default by a counterparty or the clearing member and clearing house through which a derivative position is held, and illiquidity. Use of options and swaps transactions for hedging purposes by the Master Fund could present significant risks, including the risk of losses in excess of the amounts invested.<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Investment Fund Manager's investments, depending upon strategy, and the Master Fund's co-investments, may be in companies whose capital structures are highly leveraged. Such investments involve a high degree of risk in that adverse fluctuations in the cash flow of such companies, or increased interest rates, may impair their ability to meet their obligations, which may accelerate and magnify declines in the value of any such portfolio company investments in a down market.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund Investors will bear two layers of fees and expenses: asset-based fees and expenses at the Fund and the Master Fund level, and asset-based fees, carried interests, incentive allocations or fees and expenses at the Investment Fund level.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By investing in the Subsidiaries, the Master Fund is indirectly exposed to the risks associated with each Subsidiary's investments, which are the same risks associated with the Master Fund's investments. Neither Subsidiary is registered under the 1940 Act, but each Subsidiary will comply with certain sections of the 1940 Act and be subject to the same policies and restrictions as the Master Fund as they relate to the investment portfolio.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund and the Master Fund are non-diversified funds, which means that the percentage of each Fund's assets that may be invested in the securities of a single issuer is not limited by the 1940 Act, although it will be limited by each of the Fund's and the Master Fund's intention to qualify as a RIC under the Code. As a result, the investment portfolios of the Fund and the Master Fund may be subject to greater risk and volatility than if investments had been made in the securities of a broad range of issuers.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although Fund Investors will receive information about the Master Fund's investments through the Fund's shareholder reports, the Private Fund Investments do not provide the same degree of information as funds registered under the 1940 Act. Fund Investors will have no right to receive information about the Private Fund Investments from the Private Fund Investments, including a Private Fund Investment's holdings, liquidity, and valuation. Fund Investors will also have no right to receive information about the Investment Fund Managers from the Private Fund Investments, and will have no recourse against the Private Fund Investments or their Investment Fund Managers.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each of the Fund and the Master Fund (but not the Subsidiaries) intends to qualify as a RIC under the Code; this will limit the percentage of each Fund's assets that may be invested in the securities of a single issuer. If either the Fund or the Master Fund fails to qualify as such, it may be subject to increased income tax liability.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund and the Master Fund are subject to the risk that Investment Fund Managers may not provide information sufficient to ensure that each of the Fund and the Master Fund qualifies as a RIC under the Code.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Master Fund is permitted to invest up to 25% of its total assets in the Corporate Subsidiary, a Delaware limited liability company that has elected to be treated as a corporation for U.S. federal income tax purposes. A RIC generally does not take into account income earned by a U.S. corporation in<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where, as here, the Corporate Subsidiary is organized in the U.S., the Corporate Subsidiary will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Master Fund's return on its investment in the Corporate Subsidiary. If a net loss is realized by the Corporate Subsidiary, such loss is not generally available to offset the income of the Master Fund. Changes in the tax laws of the United States and/or the State of Delaware could result in the inability of the Master Fund and/or the Corporate Subsidiary to operate as described in this prospectus and the Fund's SAI and could adversely affect the Fund and its members. The Fund may in the future restructure the Corporate Subsidiary, the manner in which it invests in the Corporate Subsidiary and/or the manner in which the Corporate Subsidiary makes investments, directly or indirectly. The Fund may also invest in the Lead Fund, another Wholly-Owned Subsidiary. See "Investment Program" for additional information about the Fund's Subsidiaries.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is subject to, and indirectly invests in Investment Funds that are subject to, risks associated with legal and regulatory changes applicable to private equity funds, such as the Investment Funds, hedge funds, and real estate funds.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may invest indirectly a substantial portion of its assets in Investment Funds that follow a particular type of investment strategy, which may expose the Fund to the risks of that strategy.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Master Fund's investments in Private Fund Investments, and many of the investments held by the Investment Funds, and the Master Fund's co-investments, will be priced in the absence of a readily available market and may be priced based on determinations of fair value. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. Neither the Adviser nor the Board will be able to confirm independently the accuracy of the Investment Fund Managers' valuations (which are unaudited, except at year-end) or the co-investment valuations. This risk is exacerbated to the extent that the Private Fund Investments generally provide valuations only on a quarterly basis. Such valuations provided by the Investment Fund Managers may be based on fair valuation procedures and may prove to be inaccurate. While such information is provided on a quarterly basis, the Fund will provide valuations based on the fair value of the Fund's Private Fund Investments, and will issue Units, on a monthly basis.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The valuations reported by the Private Fund Investments based upon which the Master Fund determines its month-end net asset value, the net asset value of the Master Fund, and the net asset value of the Fund's Master Fund Interest, may be subject to later adjustment or revision. Because such adjustments or revisions, whether increasing or decreasing the net asset value of the Master Fund, and therefore the Fund, at the time they occur, relate to information available only at the time of the adjustment or revision, the<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adjustment or revision may not affect the number of Units received by an Investor in a purchase or the amount of the repurchase proceeds of the Fund received by Investors 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 Investors under certain circumstances as described in "Repurchases of Units and Transfers."<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Master Fund may not be able to vote on matters that require the approval of investors of Private Fund Investments, including matters that could adversely affect the Master Fund's investment in such Private Fund Investments.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund, through the Master Fund, may receive from a Private Fund Investment an in-kind distribution of securities that are illiquid or difficult to value and difficult to dispose of.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Master Fund may invest in a number of Investment Funds, resulting in investment-related expenses that may be higher than if the Master Fund invested in only one Investment Fund.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-U.S. investments may be subject to foreign withholding or other taxes, which may reduce the return of the Fund and its Investors.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Funds will not be registered as investment companies under the 1940 Act and are not limited by the 1940 Act in how they invest their assets, and, therefore, the Fund's investments in Private Fund Investments will not benefit from the protections of the 1940 Act. In addition, the Private Fund Investments are not subject to the Fund's or the Master Fund's investment restrictions and are generally subject to few investment limitations.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund and the Master Fund are registered as investment companies under the 1940 Act, which may limit such funds' investment flexibility or access to certain types of investments, including secondary investments, compared to a fund that is not so registered.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Fund Managers may invest the Investment Funds' assets in securities of early-stage venture investments which may result in or contribute to significant losses to the Fund.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To maintain liquidity and to fund Investment Fund capital calls, the Master Fund may invest in ETFs designed to track equity indexes and in cash and short-term securities. The Adviser expects that, even when fully invested, the Master Fund may from time to time hold up to 30% of its assets in liquid investments.<br>The risks of investment in an ETF typically reflect the risks of the types of instruments in which the ETF invests. When the Master Fund invests in ETFs, Investors of the Fund bear indirectly their proportionate share of their fees and expenses, as well as their share of the Fund's fees and expenses. As a result, an investment by the Master Fund in an ETF could cause the Fund's operating expenses (taking into account indirect expenses such as the fees and expenses of the ETF) to be higher and, in turn, performance to be lower than if it were to invest directly in the instruments underlying the investment company or ETF. The trading in an ETF may be halted if the trading in one or more of the ETF's underlying securities is halted.<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The risks of ETFs designed to track equity indexes may include passive strategy risk (the ETF may hold constituent securities of an index regardless of the current or projected performance of a specific security or a particular industry, market sector, country, or currency, which could cause returns to be lower or higher than if an active strategy were used), non-correlation risk (the ETF's return may not match the returns of the relevant index), equity securities risk (the value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions, and/or economic conditions), market trading risks (the ETF faces market trading risks, including losses from trading in secondary markets and disruption in the creation/redemption process of the ETF), and concentration risk (to the extent the ETF or underlying index's portfolio is concentrated in the securities of a particular geography or market segment, the ETF may be adversely affected by the performance of that market, may be subject to increased price volatility, and may be more susceptible to adverse economic, market, political, or regulatory occurrences affecting that market).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Master Fund may maintain a sizeable cash position in anticipation of funding capital calls. Even though the Master Fund may maintain a sizeable position in cash and short-term securities, it may not contribute the full amount of its commitment to an Investment Fund at the time of its admission to the Investment Fund. Instead, the Master Fund will be required to make incremental contributions pursuant to capital calls issued from time to time by the Investment Fund.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holding a sizeable cash position may result in lower returns than if the Master Fund employed a more aggressive "over-commitment" strategy. However, an inadequate cash position presents other risks to the Fund and the Master Fund, including an adverse impact on the Master Fund's ability to fund capital contributions, the Fund's ability to pay for repurchases of Units tendered by Investors or each of the Fund's and the Master Fund's ability to meet expenses generally. Moreover, if the Master Fund defaults on its commitment to an Investment Fund or fails to satisfy capital calls to an Investment Fund in a timely manner then, generally, it will be subject to significant penalties, including the complete forfeiture of the Master Fund's investment in the Investment Fund. Any failure by the Master Fund to make timely capital contributions in respect of its commitments may (i) impair the ability of the Fund and the Master Fund to pursue its investment program, (ii) force the Master Fund to borrow through a credit facility or other arrangements, (iii) indirectly cause the Fund, and, indirectly, the Investors to be subject to certain penalties from the Investment Funds (including the complete forfeiture of the Master Fund's investment in an Investment Fund), or (iv) otherwise impair the value of the Fund's investments (including the devaluation of the Fund).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Fund Managers may invest the Investment Funds' assets in securities of, and co-investments may be invested in, non-U.S. issuers, including those in emerging markets, and the Master Fund's assets may be invested in Private Fund Investments that may be denominated in non-U.S. currencies, thereby exposing the Fund to various risks that may not be<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; applicable to U.S. securities. Investment in foreign issuers or securities principally traded outside the United States may involve special risks due to foreign economic, political, and legal developments, including favorable or unfavorable changes in currency exchange rates, exchange control regulations (including currency blockage), expropriation, nationalization or confiscatory taxation of assets, and possible difficulty in obtaining and enforcing judgments against foreign entities. The Fund, the Master Fund and/or a Private Fund Investment may be subject to foreign taxation which may reduce the Fund's yield.<br>Issuers of foreign securities are subject to different accounting, custody, reporting, and disclosure requirements than U.S. issuers. The securities of some foreign governments, companies, and securities markets are less liquid, and at times more volatile, than comparable U.S. securities and securities markets. Foreign brokerage commissions and related fees also are generally higher than in the United States. Investment Funds that invest in foreign securities also may be affected by different custody and/or settlement practices or delayed settlements in some foreign markets. The laws of some foreign countries may limit an Investment Fund's ability to invest in securities of certain issuers located in those countries.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• While the Master Fund seeks opportunities to deploy capital in any way consistent with its investment objectives and strategies, the Master Fund may be more concentrated due to its anticipated focus on co-investments and/or secondaries. This increased concentration may subject the Master Fund, and thus the Fund, to greater risk and volatility than if the Master Fund were less concentrated. In addition, while the Master Fund seeks opportunities to deploy capital in any way consistent with its investment objectives and strategies, the Master Fund may hold a substantial portion of its assets in ETFs, cash and short term investments as it seeks desirable investments for the private equity portion of the Master Fund's portfolio.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Master Fund may invest a significant portion of its assets in private infrastructure fund investments and co-investments, which focus on utilities infrastructure (e.g., conventional and renewable power and transmission, electricity, gas and water networks) and/or transportation infrastructure (e.g., airports, ports, railways, and roads). Concentration in these sectors may subject the Master Fund, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of industries.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Investment Fund Manager may focus on a particular industry or sector (e.g., energy, utilities, transportation, financial services, healthcare, real estate, credit, consumer products, natural resources, precious metals, industrials, and technology), which may subject the Investment Fund, and thus the Fund, through the Master Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of industries.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Investment Fund Manager may focus on a particular country or geographic region, which may subject the Investment Fund, and thus the Fund, through the Master Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of geographic regions. Co-investments may also be disproportionally exposed to specific geographic regions.<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Investment Fund's assets may be invested in a limited number of securities, or portfolio companies which may subject the Investment Fund, and thus the Fund, to greater risk and volatility than if investments had been made in a larger number of securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Secondary investments may be acquired based on incomplete or imperfect information, and may expose the Fund, through the Master Fund, to contingent liabilities, counterparty risks, reputational risks and execution risks. Additionally, the absence of a recognized "market" price means that the Master Fund cannot be assured that it is realizing the most favorable price in connection with trades in secondaries. In some instances, returns on secondaries will be higher than returns on primaries as a result of secondaries typically being purchased at a discount, and then revalued based on such investment's net asset value.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Master Fund may be required to sell its position in any Private Fund Investment on private secondary markets at a discount to net asset value, if deemed necessary or appropriate for liquidity or portfolio management reasons.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in co-investments are dependent upon the capabilities of the Investment Fund Managers alongside whom the investment is made. The Master Fund will not have any control over the underlying portfolio companies and the Fund's and the Master Fund's returns will be dependent upon the performance of the particular portfolio company and its management.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The realization of portfolio company investments made as co-investments may take longer than would the realization of investments under the sole control of the Adviser or the Fund or Master Fund, because the co-investors may require an exit procedure requiring notification of the other co-investors and possibly giving the other co-investors a right of first refusal or other such contractually limiting right.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third-party co-investors may also have economic or business interests or goals that are inconsistent with those of the Fund or Master Fund, or may be in a position to take or block action in a manner contrary to the Fund's or Master Fund's investment objectives.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund or Master Fund may indirectly make binding commitments to co-investment vehicles without an ability to participate in their management and control and with no or limited ability to transfer its interests in such co-investment vehicles.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund and Master Fund also generally will not have control over any of the portfolio companies in any of the underlying Investment Funds and will not be able to direct the policies or management decisions of such portfolio companies.<br>

------

---

| | |
|:---|:---|
|  | **No assurance can be given that the Fund's investment program will be successful. Accordingly, the Fund should be considered a speculative investment that entails substantial risks, and a prospective Investor should invest in the Fund only if it can sustain a complete loss of its investment. An investment in the Fund should be viewed only as part of an overall investment program.**<br>See "Types of Investments and Related Risk Factors." |
| **Application for Units** | The stated minimum initial investment in the Fund is $5,000,000 for the Class 2 Units, $25,000,000 for the Class 3 Units, $50,000,000 for the Class 4 Units, and $10,000 for the Class 5 Units. The minimum additional investment in the Fund is $2,500. Prior to July 31, 2020, the minimum initial investment in the Fund was $25,000 for the Class 2 Units, $1,000,000 for the Class 3 Units and $25,000,000 for the Class 4 Units. Existing investors and registered investment advisers that had accounts or client assets invested in the Fund and/or had a distribution relationship with the Fund as of July 31, 2020 may continue to purchase Units at the prior investment minimums. Investors should review the prospectus for Class 1 units of the Fund to determine whether they are eligible to invest in such units.<br>Each of the Adviser or Sponsor reserves the right, on behalf of the Fund, to waive the minimum initial and additional investment amounts in their sole discretion. The Fund may, in the sole discretion of the Adviser or Sponsor, also aggregate the accounts of clients of registered investment advisers and other financial intermediaries whose clients invest in the Fund for purposes of determining satisfaction of minimum investment amounts. The Fund may accept initial and additional purchases of Units as of the first business day of each calendar month, and proceeds relating to such purchases will represent the Fund's capital and become the Fund's assets on such business day.<br>Any amounts received in advance of initial or additional purchases of Units are placed in a non-interest-bearing account with The Bank of New York Mellon, the custodian to the Fund, prior to the amounts being invested in the Fund. The Fund reserves the right to reject any purchase of Units (including when the Fund has reason to believe that such purchase would be unlawful or when the Fund believes that it cannot appropriately determine its net asset value due to market or other circumstances beyond its control). Unless otherwise required by applicable law, any amount received in advance of a purchase ultimately rejected by the Fund will be returned to the prospective Investor without interest. |
| **Additional Information about the Fund** | The Directors of the Fund oversee generally the operations of the Fund. The Fund enters into contractual arrangements with various parties, including among others the Adviser, the Administrator, the Distributor and the Fund's custodian, transfer agent, and accountants, each of whom provides services to the Fund. Investors are not parties to any such contractual arrangements or intended beneficiaries of those contractual arrangements, and those contractual arrangements are not intended to create in any Investor any right to enforce such arrangements against the service providers or to seek any remedy thereunder against the service providers, either directly or on behalf of the Fund.<br>Neither this Prospectus nor any contract that is an exhibit hereto is intended to, nor does it, give rise to any agreement or contract between the Fund and any Investor, or give rise to any contractual or other rights in any individual Investor, group of Investors or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived. See "Additional Information—Board Management of the Fund." |

---

------

---

| | |
|:---|:---|
| **Additional Information about the Master Fund** | The Directors of the Master Fund oversee generally the operations of the Master Fund. The Master Fund enters into contractual arrangements with various parties, including among others the Adviser, the Administrator and the Master Fund's custodian, transfer agent, and accountants, each of whom provides services to the Master Fund. Investors are not parties to any such contractual arrangements or intended beneficiaries of those contractual arrangements, and those contractual arrangements are not intended to create in any Investor any right to enforce such arrangements against the service providers or to seek any remedy thereunder against the service providers, either directly or on behalf of the Master Fund.<br>Neither this Prospectus nor any contract that is an exhibit hereto is intended to, nor does it, give rise to any agreement or contract between the Master Fund and any Investor or give rise to any contractual or other rights in any individual Investor, group of Investors or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived. See "Additional Information—Board Management of the Fund." |

---

**SUMMARY OF FUND EXPENSES** 

The following table illustrates the expenses and fees that the Fund expects to incur and that Investors can expect to bear directly or indirectly. Investors will indirectly bear fees and expenses of the Master Fund, which are reflected in the following chart and in the example below.

[To be updated by amendment]

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class 2** | **Class 3** | **Class 4** | **Class 5** |
|  **Investor Transaction Expenses** |  |  |  |  |
|  Maximum sales load (as a percentage of purchase amount)<sup>(1)</sup> |  |  |  | 3.50% |
|  Maximum early repurchase fee (as a percentage of repurchased amount)<sup>(2)</sup> | 2.00% | 2.00% | 2.00% | 2.00% |
|  **Annual Expenses** (as a percentage of net assets attributable to Units) |  |  |  |  |
|  Management Fee<sup>(3)</sup> | 0.70% | 0.70% | 0.70% | 0.70% |
|  Distribution and/or Service Fee<sup>(4)</sup> | 0.50% | 0.25% | 0.00% | 1.00% |
|  Other Expenses<sup>(5), (7)</sup> | []% | []% | []% | []% |
|  Acquired Fund Fees and Expenses <sup>(6)</sup> | []% | []% | []% | []% |
|  Total Annual Expenses | []% | []% | []% | []% |

---

(1) While neither the Fund nor the Distributor imposes an initial sales charge on Class 2, Class 3, or
Class 4 Units, if you buy Class 2, Class 3, or Class 4 Units through certain financial intermediaries, they may directly charge you transaction or other fees in such amounts as they may determine. Class 2, Class 3,
Class 4, and Class 5 Units will be sold on a continuous basis at the Fund's then current NAV per Share, plus for Class 5 Units only, a maximum front-end sales commission of 3.50%. Please
consult your financial intermediary for additional information.

(2) A 2.00% early repurchase fee payable to the Fund will be charged with respect to the repurchase of an
Investor's Units at any time prior to the day immediately preceding the one-year anniversary of an Investor's purchase of the Units (on a "first in-first out" basis). An early repurchase fee payable by an Investor 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 that will not discriminate unfairly against any Investor. The early repurchase fee will be retained by the Fund for the benefit of the remaining Investors. See "Repurchases of Units and Transfers."

------

(3) The management fee shown is payable in part by the Master Fund and in part by each Subsidiary, but will be
borne indirectly by Investors as a result of the Fund's investment in the Master Fund. The Master Fund will pay the Adviser a management fee at the annual rate of 0.70% of the Master Fund's net asset value (excluding the assets
attributable to each Subsidiary) as of the end of each month, and each Subsidiary will pay the Adviser a management fee at the annual rate of 0.70% of such Subsidiary's net asset value as of the end of each month. For purposes of determining
the management fee payable to the Adviser for any month, net asset value is calculated prior to giving effect to the payment of such management fee and prior to the deduction of any other asset-based fees (e.g., any administration fee) payable by
the Master Fund or a Subsidiary, as applicable, to either the Adviser or the Sponsor and prior to giving effect to any purchases or repurchases of interests of the Master Fund or a Subsidiary, as applicable, or any distributions by the Master Fund
or a Subsidiary, as applicable, occurring as of or around the end of such month.

(4) The Class 2, Class 3 and Class 5 Units will pay the Distributor the Distribution and/or Service
Fee at an annualized rate of 0.50% of the net assets of the Fund that are attributable to Class 2 Units, 0.25% of the net assets of the Fund that are attributable to Class 3 Units and 1.00% of the net assets of the Fund that are
attributable to Class 5 Units, in each case determined as of the end of each month. The Fund will also pay the Distributor an ongoing distribution and/or service fee with respect to the Class 1 units of the Fund, which are offered in a
separate prospectus. These Distribution and/or Service Fees are paid for distribution and investor services provided to Investors (such as responding to Investor inquiries and providing information regarding investments in Units of the Fund;
processing purchase, exchange, and redemption requests by beneficial owners of Units; placing orders with the Fund or its service providers for Units; providing sub-accounting with respect to Units
beneficially owned by Investors; and processing dividend payments for Units of the Fund on behalf of Investors). The Distributor may pay all or a portion of the Distribution and/or Service Fee to Selling Agents that provide distribution and investor
services to Investors. For purposes of determining the Distribution and/or Service Fee payable to the Distributor for any month, net asset value is calculated prior to giving effect to the payment of the Distribution and/or Service Fee and prior to
the deduction of any other asset-based fees (e.g., the management fee and any administration fee).

(5) "Other Expenses" are estimated for the current fiscal year and include fees and expenses incurred
in connection with the Master Fund's credit facility, professional fees and other expenses, including, without limitation, administration fees, custody fees, trustee fees, insurance costs, financing costs, Corporate Subsidiary tax expenses and
other expenses that the Fund bears directly and indirectly through the Master Fund.

(6) Includes fees and expenses of the Investment Funds in which the Master Fund invests. Some or all of the
Investment Funds in which the Master Fund intends to invest charge carried interests, incentive fees, or allocations based on the Investment Funds' performance. The Investment Funds in which the Master Fund intends to invest generally charge a
management fee of 1.00% to 2.00%, and 10% to 20% of net profits as a carried interest allocation. The "Acquired Fund Fees and Expenses" disclosed above are based on historic returns of the Investment Funds in which the Master Fund
invests, which may change substantially over time and, therefore, significantly affect "Acquired Fund Fees and Expenses." The [ ]% shown as "Acquired Fund Fees and Expenses" reflects operating expenses of the Investment Funds
(i.e., management fees, administration fees, and professional and other direct, fixed fees and expenses of the Investment Funds). The "Acquired Fund Fees and Expenses" disclosed above, however, do not reflect any performance-based fees
or allocations paid by the Investment 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 Investment Funds.

(7) The Adviser has entered into an "Expense Limitation and Reimbursement Agreement" with the Fund, the
Master Fund and each Subsidiary (for purposes of this section, the Master Fund and the Subsidiaries are referred to collectively as the "Underlying Funds") to waive the management fees payable by the Underlying Funds and pay or reimburse
the Fund's expenses (whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Underlying Funds) such that the Fund's total annual operating expenses (exclusive of certain
"Excluded Expenses" listed below) do not exceed 1.45% per annum of the Fund's net assets as of the end of each calendar month (the "Expense Cap"). "Excluded Expenses" is defined to include (i) the
Fund's proportional share of (a) fees, expenses, allocations, carried interests, etc. of

------

the private equity investment funds and co-investments in portfolio companies in which any Underlying Fund invests (including all acquired fund fees and expenses); (b) transaction costs, including legal costs and brokerage commissions, of any Underlying Fund associated with the acquisition and disposition of primary interests, secondary interests, co-investments, ETF investments, and other investments; (c) interest payments incurred by any Underlying Fund, (d) fees and expenses incurred in connection with any credit facilities obtained by any Underlying Fund; (e) taxes of any Underlying Fund; (f) extraordinary expenses of any Underlying Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses; (g) fees and expenses billed directly to a Subsidiary by any accounting firm for auditing, tax and other professional services provided to the Subsidiary; and (h) fees and expenses billed directly to a Subsidiary for custody and fund administration services provided to the Subsidiary; and (ii) (a) any investment management fee paid by the Fund; (b) acquired fund fees and expenses of the Fund; (c) transaction costs, including legal costs and brokerage commissions, of the Fund; (d) interest payments incurred by the Fund; (e) fees and expenses incurred in connection with any credit facilities obtained by the Fund; (f) the Distribution and/or Service Fees (as applicable) paid by the Fund; (g) taxes of the Fund; and (h) extraordinary expenses of the Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses. Expenses that are subject to the Expense Limitation and Reimbursement Agreement include, but are not limited to, each Underlying Fund's investment management fee, the Funds' administration, custody, transfer agency, recordkeeping, fund accounting and investor services fees, the Funds' professional fees (outside of professional fees related to transactions), and fees and expenses of Fund Directors. To the extent that the Fund's total annual operating expenses for any month exceed the Expense Cap, the Adviser will pay or reimburse the Fund for expenses and/or waive the management fee payable by any of the Underlying Funds to the extent necessary to eliminate such excess. The Fund, or, with respect to the waived management fee, the applicable Underlying Funds, will be obligated to pay the Adviser all such amounts paid, waived, or reimbursed by the Adviser pursuant to the Expense Cap, provided that (A) the amount of such additional payment in any year, together with all expenses of the Fund (whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Underlying Funds), in the aggregate, would not cause the Fund's total annual operating expenses, whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Underlying Funds, exclusive of Excluded Expenses, in any such year to exceed the lesser of any expense limitation in place at the time of payment or the expense limitation in place at the time of waiver or reimbursement, (B) the amount of such additional payment shall be borne pro rata by all Fund Investors or, with respect to each Underlying Fund, by all such Underlying Fund's unitholders, as applicable, and (C) no such additional payments by the Fund, or, with respect to any waived management fees, the applicable Underlying Fund, will be made with respect to amounts paid, waived, or reimbursed by the Adviser more than thirty-six (36) months after the date such amounts are paid, waived, or reimbursed by the Adviser. The Expense Limitation and Reimbursement Agreement shall remain in effect until such time that the Adviser ceases to be the investment adviser of the Fund or upon mutual agreement among the Adviser and the Board of the Fund.

The purpose of the table above is to assist you in understanding the various costs and expenses you will bear directly or indirectly as an Investor in the Fund. The table assumes the reinvestment of all dividends and distributions at net asset value. For a more complete description of the various fees and expenses of the Fund, see "Fees and Expenses."

<u>Example</u> 

[To be updated by amendment]

You would pay the following expenses on a $1,000 investment, assuming a 5% annual return:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
|  Class 2 Units | $[ ] | $[ ] | $[ ] | $[ ] |
|  Class 3 Units | $[ ] | $[ ] | $[ ] | $[ ] |
|  Class 4 Units | $[ ] | $[ ] | $[ ] | $[ ] |
|  Class 5 Units | $[ ] | $[ ] | $[ ] | $[ ] |

---

------

The example does not present actual expenses and should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown. Moreover, the Fund's actual rate of return may be greater or less than the hypothetical 5% return shown in the example above; if the actual return were greater, the amount of fees and expenses would increase.

**FINANCIAL HIGHLIGHTS** 

[To be updated by amendment]

The financial highlights table is intended to help you understand the Fund's financial performance for the past ten fiscal years. The information for the fiscal years ended March 31, 2017, March 31, 2018, March 31, 2019 and March 31, 2020 is derived from the Fund's financial statements and has been audited and reported on by the Funds' previous independent registered public accountant. The financial data for the fiscal years ended March 31, 2021, March 31, 2022, March 31, 2023, March 31, 2024, March 31, 2025, and March 31, 2026 is derived from the Fund's financial statements, which have been audited by [ ], the Fund's independent registered public accounting firm, whose report, along with the Fund's financial statements, is included in the Fund's annual report to shareholders, which is available upon request.

**<u>Class 2 Financial Highlights</u>**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** | **2017** |
|  **Class 2 Units\*** |  |  |  |  |  |  |  |  |  |  |
|  **Net Asset Value, Beginning of Year** | $[ | $24.00 | $21.68 | $20.88 | $18.39 | $13.76 | $14.19 | $13.27 | $11.68 | $10.27 |
|  **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup> | [(| (0.16) | (0.14) | (0.15) | (0.16) | (0.09) | (0.07) | (0.07) | (0.06) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain from investments | [ | 2.43 | 2.63 | 1.36 | 3.37 | 4.89 | 0.61 | 1.31 | 1.66 | 1.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | [ | 2.27 | 2.49 | 1.21 | 3.21 | 4.80 | 0.54 | 1.24 | 1.60 | 1.41 |
|  **Less Distributions to Investors from:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | [ |  |  |  |  |  |  | (0.27) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | [(| (0.25) | (0.17) | (0.41) | (0.72) | (0.17) | (0.97) | (0.05) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to unitholders | [(| (0.25) | (0.17) | (0.41) | (0.72) | (0.17) | (0.97) | (0.32) | (0.01) |  |
|  **Net Asset Value, End of Year** | $[ | $26.02 | $24.00 | $21.68 | $20.88 | $18.39 | $13.76 | $14.19 | $13.27 | $11.68 |
|  Total Return<sup>1</sup> | [ | 9.43% | 11.49% | 5.89% | 17.76% | 35.12% | 3.64% | 9.53% | 13.69% | 13.73% |
|  **Ratio/ Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | [ | 0.61% | 0.62% | 0.72%<sup>4</sup> | 0.85%<sup>4</sup> | 0.56%<sup>4</sup> | 0.50% | 0.50% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup> | [ | 1.31% | 1.32% | 1.42%<sup>4</sup> | 1.55%<sup>4</sup> | 1.57%<sup>4</sup> | 2.11% | 4.16% | 9.57% | 23.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>1</sup> | [(| (0.61%) | (0.62%) | (0.72%) | (0.85%) | (0.56%) | (0.50%) | (0.50%) | (0.50%) | (0.50%) |
|  Portfolio turnover rate (Master Fund) | [ | 6% | 3% | 5% | 14% | 0% | 0% | 59% | 0%<sup>7</sup> | 0%<sup>7</sup> |
|  Net assets, end of year (in thousands) | $[ | $547968 | $415744 | $294326 | $190690 | $73555 | $33062 | $11955 | $1430 | $202 |

---

\* Effective July 31, 2020, Advisory Class Units were renamed Class 2 Units.

<sup>1</sup> Total return and net investment loss would have been lower had certain expenses not been offset. 

<sup>2</sup> Per Unit numbers have been calculated using average Units.

<sup>3</sup> Not annualized.

<sup>4</sup> Such ratio includes recoupment of waived/reimbursed fees from prior periods amounting to 0.07%, 0.13% and less than 0.005% for the fiscal years ended March 31, 2023, March 31, 2022 and March 31, 2021, respectively. 

<sup>5</sup> Annualized.

<sup>6</sup> Excludes the impact of expense reimbursements or fee waivers and expense reductions, but includes expense recoupments and non-reimbursable expenses, if any, such as interest and taxes.

<sup>7</sup> Less than 0.5%. 

------

**<u>Class 3 Financial Highlights</u>**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** |
|  | **2026** |  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** | **2017** |
|  **Class 3 Units\*** |  |  |  |  |  |  |  |  |  |  |  |
|  **Net Asset Value, Beginning of Year** | $[ | ] | $24.53 | $22.10 | $21.22 | $18.63 | $13.91 | $14.30 | $13.37 | $11.73 | $10.29 |
|  **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup> | [(|)] | (0.09) | (0.09) | (0.10) | (0.12) | (0.05) | (0.04) | (0.03) | (0.03) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain from investments | [ | ] | 2.47 | 2.69 | 1.39 | 3.43 | 4.94 | 0.62 | 1.30 | 1.68 | 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | [ | ] | 2.38 | 2.60 | 1.29 | 3.31 | 4.89 | 0.58 | 1.27 | 1.65 | 1.44 |
|  **Less Distributions to Investors from:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | [ | ] |  |  |  |  |  |  | (0.29) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | [(|)] | (0.25) | (0.17) | (0.41) | (0.72) | (0.17) | (0.97) | (0.05) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to unitholders | [(|)] | (0.25) | (0.17) | (0.41) | (0.72) | (0.17) | (0.97) | (0.34) | (0.01) |  |
|  **Net Asset Value, End of Year** | $[ | ] | $26.66 | $24.53 | $22.10 | $21.22 | $18.63 | $13.91 | $14.30 | $13.37 | $11.73 |
|  Total Return<sup>1</sup> | [ | ]% | 9.67% | 11.78% | 6.17% | 18.07% | 35.39% | 3.89% | 9.70% | 14.06% | 13.99% |
|  **Ratio/ Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | [ | ]% | 0.36% | 0.37% | 0.47%<sup>4</sup> | 0.60%<sup>4</sup> | 0.30%<sup>4</sup> | 0.25% | 0.25% | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup> | [ | ]% | 1.06% | 1.07% | 1.17%<sup>4</sup> | 1.30%<sup>4</sup> | 1.32%<sup>4</sup> | 1.86% | 3.91% | 9.32% | 23.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>1</sup> | [(|)]% | (0.36%) | (0.37%) | (0.47%) | (0.60%) | (0.30%) | (0.25%) | (0.25%) | (0.25%) | (0.25%) |
|  Portfolio turnover rate (Master Fund) | [ | ]% | 6% | 3% | 5% | 14% | 0% | 0% | 59% | 0%<sup>7</sup> | 0%<sup>7</sup> |
|  Net assets, end of year (in thousands) | $[ | ] | $1101951 | $677874 | $442354 | $344161 | $153552 | $58897 | $17122 | $1672 | $1149 |

---

\* Effective July 31, 2020, Institutional Class Units were renamed Class 3 Units.

<sup>1</sup> Total return and net investment loss would have been lower had certain expenses not been offset. 

<sup>2</sup> Per Unit numbers have been calculated using average Units.

<sup>3</sup> Not annualized.

<sup>4</sup> Such ratio includes recoupment of waived/reimbursed fees from prior periods amounting to 0.07%, 0.13% and less than 0.005% for the fiscal years ended March 31, 2023, March 31, 2022 and March 31, 2021, respectively. 

<sup>5</sup> Annualized.

<sup>6</sup> Excludes the impact of expense reimbursements or fee waivers and expense reductions, but includes expense recoupments and non-reimbursable expenses, if any, such as interest and taxes.

<sup>7</sup> Less than 0.5%. 

------

**<u>Class 4 Financial Highlights</u>**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** |
|  | **2026** |  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** | **2017** |
|  **Class 4 Units\*** |  |  |  |  |  |  |  |  |  |  |  |
|  **Net Asset Value, Beginning of Year** | $[ | ] | $25.08 | $22.53 | $21.57 | $18.88 | $14.06 | $14.41 | $13.44 | $11.77 | $10.30 |
|  **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | [(|)] | (0.03) | (0.03) | (0.04) | (0.07) | (0.01) | (0.00)<sup>3</sup> | (0.00)<sup>3</sup> | (0.00)<sup>3</sup> | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain from investments | [ | ] | 2.53 | 2.75 | 1.41 | 3.48 | 5.00 | 0.62 | 1.33 | 1.68 | 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | [ | ] | 2.50 | 2.72 | 1.37 | 3.41 | 4.99 | 0.62 | 1.33 | 1.68 | 1.47 |
|  **Less Distributions to Investors from:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | [ | ] |  |  |  |  |  |  | (0.31) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | [(|)] | (0.25) | (0.17) | (0.41) | (0.72) | (0.17) | (0.97) | (0.05) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to unitholders | [(|)] | (0.25) | (0.17) | (0.41) | (0.72) | (0.17) | (0.97) | (0.36) | (0.01) |  |
|  **Net Asset Value, End of Year** | $[ | ] | $27.33 | $25.08 | $22.53 | $21.57 | $18.88 | $14.06 | $14.41 | $13.44 | $11.77 |
|  Total Return<sup>1</sup> | [ | ]% | 9.94% | 12.08% | 6.45% | 18.36% | 35.72% | 4.15% | 10.11% | 14.26% | 14.27% |
|  **Ratio/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | [ | ]% | 0.11% | 0.12% | 0.22%<sup>4</sup> | 0.35%<sup>4</sup> | 0.05%<sup>4</sup> | 0.00%<sup>5</sup> | 0.00%<sup>5</sup> | 0.00%<sup>5</sup> | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup> | [ | ]% | 0.81% | 0.82% | 0.92%<sup>4</sup> | 1.05%<sup>4</sup> | 1.07%<sup>4</sup> | 1.61% | 3.66% | 9.07% | 22.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>1</sup> | [(|)] | (0.11%) | (0.12%) | (0.22%) | (0.35%) | (0.05%) | (0.00%)<sup>5</sup> | (0.00%)<sup>5</sup> | (0.00%)<sup>5</sup> | 0.00% |
|  Portfolio turnover rate (Master Fund) | [ | ]% | 6% | 3% | 5% | 14% | 0% | 0% | 59% | 0%<sup>7</sup> | 0%<sup>7</sup> |
|  Net assets, end of year (in thousands) | $[ | ] | $270455 | $239390 | $138849 | $6752 | $5095 | $3144 | $3868 | $3680 | $2794 |

---

\* Effective July 31, 2020, Institutional Plus Class Units were renamed Class 4 Units.

<sup>1</sup> Total return and net investment income (loss) would have been lower had certain expenses not been offset. 

<sup>2</sup> Per Unit numbers have been calculated using average Units.

<sup>3</sup> Less than (0.005).

<sup>4</sup> Such ratio includes recoupment of waived/reimbursed fees from prior periods amounting to 0.07%, 0.13% and less than 0.005% for the fiscal years ended March 31, 2023, March 31, 2022 and March 31, 2021, respectively. 

<sup>5</sup> Less than 0.005% or (0.005%). 

<sup>6</sup> Excludes the impact of expense reimbursements or fee waivers and expense reductions, but includes expense recoupments and non-reimbursable expenses, if any, such as interest and taxes.

<sup>7</sup> Less than 0.5%. 

------

**<u>Class 5 Financial Highlights</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal<br>period ended** |
|  | **2026** |  | **2025** | **2024** | **2023** | **2022** | **March 31, 2021\*** |
|  **Class 5 Units** |  |  |  |  |  |  |  |
|  **Net Asset Value, Beginning of Period** | $[ | ] | $23.11 | $20.98 | $20.32 | $18.01 | $14.37 |
|  **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup> | [(|)] | (0.27) | (0.25) | (0.24) | (0.25) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain from investments | [ | ] | 2.33 | 2.55 | 1.31 | 3.28 | 3.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | [ | ] | 2.06 | 2.30 | 1.07 | 3.03 | 3.81 |
|  **Less Distributions to Investors from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | [(|)] | (0.25) | (0.17) | (0.41) | (0.72) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to unitholders | [(|)] | (0.25) | (0.17) | (0.41) | (0.72) | (0.17) |
|  **Net Asset Value, End of Period** | $[ | ] | $24.92 | $23.11 | $20.98 | $20.32 | $18.01 |
|  Total Return<sup>1,3</sup> | [ | ]% | 8.88% | 10.97% | 5.36% | 17.13% | 26.73%<sup>4</sup> |
|  **Ratio/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | [ | ]% | 1.11% | 1.12% | 1.22%<sup>5</sup> | 1.35%<sup>5</sup> | 1.05%<sup>5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup> | [ | ]% | 1.81% | 1.82% | 1.92%<sup>5</sup> | 2.05%<sup>5</sup> | 2.07%<sup>5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>1</sup> | [(|)]% | (1.11%) | (1.12%) | (1.22%) | (1.35%) | (1.05%)<sup>6</sup> |
|  Portfolio turnover rate (Master Fund) | [ | ]% | 6% | 3% | 5% | 14% | 0%<sup>4</sup> |
|  Net assets, end of period (in thousands) | $[ | ] | $503451 | $231222 | $39011 | $3593 | $13 |

---

\* Class commenced operations on July 31, 2020.

<sup>1</sup> Total return and net investment loss would have been lower had certain expenses not been offset. 

<sup>2</sup> Per Unit numbers have been calculated using average Units.

<sup>3</sup> Excludes the effects of any sales charges.

<sup>4</sup> Not annualized.

<sup>5</sup> Such ratio includes recoupment of waived/reimbursed fees from prior periods amounting to 0.07%, 0.13% and less than 0.005% for the fiscal years ended March 31, 2023, March 31, 2022 and March 31, 2021, respectively. 

<sup>6</sup> Annualized.

<sup>7</sup> Excludes the impact of expense reimbursements or fee waivers and expense reductions, but includes expense recoupments and non-reimbursable expenses, if any, such as interest and taxes.

------

**PRIVACY POLICY** 

This Privacy Policy covers the practices of the Fund and applies to the nonpublic personal information of its Investors and former Investors (to the extent required by applicable law, including Gramm-Leach-Bliley Act ("GLBA") requirements).

The Fund may collect nonpublic personal information about Investors that the law allows or requires the Fund to have in order to conduct its business and properly service its accounts.

The Fund only uses and re-discloses third-party information in accordance with the purpose for which it is received and does not share with other nonaffiliated third parties (other than Fund service providers), unless the original third party could have legally shared with such a party.

The Fund does not disclose any nonpublic personal information about Investors or former Investors to nonaffiliated third parties, except in accordance with the GLBA. In no circumstances does the Fund share credit-related information, such as income, total wealth, or other credit header information, with nonaffiliated third parties, other than in their capacity as service providers of the Fund.

The Fund has relationships with nonaffiliated third parties that require the Fund to share Investor information in order for the third party to carry out its services for the Fund. These nonaffiliated third parties provide marketing, administration or other related services to the Fund and/or carry out marketing activities on the Fund's behalf. Each of these nonaffiliated third parties described in this exception is required to enter into a joint marketing or other agreements with the Administrator. These agreements include confidentiality provisions as required by GLBA privacy regulations. These provisions ensure that the nonaffiliated third party only uses and re-discloses Investor nonpublic personal information for the purpose for which it was originally disclosed.

The Fund may also share information when it is necessary to effect, administer, or enforce a transaction for an Investor or if an Investor initiates a request for the Fund to share information with an outside party. All requests by Investors must be received in writing from the Investor or the Investor's authorized representative.

It also may be necessary under anti-money laundering and similar laws to disclose information about Investors in order to accept subscriptions from them. The Fund also will release information about Investors if compelled to do so by law in connection with any government request or investigation, or if any Investors direct the Fund to do so.

**USE OF PROCEEDS** 

The proceeds will be invested in accordance with the Fund's investment objective and strategies as soon as practicable. The Fund invests substantially all of its assets in the Master Fund.

The Master Fund may invest a portion of the proceeds of the offering, which may be a substantial portion, directly, or indirectly through a Subsidiary, in Private Fund Investments pursuant to the Master Fund's investment objective and principal strategies. Notwithstanding the foregoing, the Adviser anticipates that it may take up to 3 months to invest all or substantially all of the proceeds from a sale of Units in accordance with the Master Fund's investment objective and policies. The Adviser anticipates this to be the case because of the limited opportunities that exist to invest in Private Fund Investments.

------

To maintain liquidity and to fund Investment Fund capital calls, the Master Fund may invest in ETFs designed to track equity indexes and in cash and short-term securities. In addition, the Master Fund may use derivative instruments, primarily equity options and swaps (and, to a lesser extent, futures and forwards), for hedging purposes, and may also invest in dividend paying equities or ETFs of dividend paying equities. Furthermore, while the Master Fund seeks opportunities to deploy capital in any way consistent with its investment objectives and strategies, the Master Fund may hold a substantial portion of its assets in ETFs, cash and short term investments as it seeks for desirable investments for the private equity portion of the Master Fund's portfolio.

**THE FUND** 

The Fund, which is registered under the 1940 Act as a closed-end, non-diversified, management investment company, was organized as a Delaware limited liability company on May 16, 2014. The Fund's principal office is located at 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901, and its telephone number is (877) 355-1566. The Fund invests all or substantially all of its assets in ownership interests in the Master Fund. The Master Fund is a closed-end, non-diversified management investment company, organized as a Delaware limited liability company on May 16, 2014 and registered under the 1940 Act. Investment advisory services are provided to the Fund and the Master Fund by the Adviser pursuant to the Investment Management Agreements. The individuals who serve on the Board are responsible for monitoring and overseeing the Fund's investment program. The Master Fund Board, which currently has the same composition as the Board, has overall responsibility for monitoring and overseeing the investment program of the Master Fund. See "Management of the Fund."

**STRUCTURE** 

The Fund is a specialized investment vehicle that incorporates both features of an unregistered private investment fund and features of a closed-end investment company that is registered under the 1940 Act. Private investment funds (such as private equity funds) are collective asset pools that typically offer their securities privately, without registering such securities under the Securities Act. Securities offered by private investment funds are typically sold in large minimum denominations (often at least $5 million to $20 million) to a limited number of institutional investors. The managers of such funds are generally compensated through asset-based fees and incentive-based/carried interest allocations. Registered closed-end investment companies are typically managed more conservatively than most private investment funds because of the requirements and restrictions imposed on them by the 1940 Act. Compared to private investment funds, registered closed-end companies may have more modest minimum investment requirements, and generally offer their units to a broader range of investors. Advisers to such investment companies, such as the Adviser, are typically compensated through asset-based fees.

Investors purchase Units in the Fund. Units may be purchased as of the first business day of each month based upon the Fund's net asset value as of the close of business on the business day immediately preceding such date.

Similar to private investment funds, certain classes of Units of the Fund are sold in relatively large minimum denominations. In contrast to many Private Fund Investments, however, the Fund is permitted to offer Units to an unlimited number of Investors. The Fund was designed to permit Investors to participate in an investment program that employs private equity strategies without requiring, among other things, Investors to commit the more substantial minimum investments required by many Private Fund Investments, and without subjecting the Fund to the same restrictions on the number of Investors as are imposed on many of those Private Fund Investments.

**INVESTMENT PROGRAM** 

The Fund's investment objective is to seek long-term capital appreciation. In pursuing its investment objective, the Fund invests substantially all of its assets in the Master Fund. The Master Fund has the same investment objective as the Fund and will seek to achieve its investment objective by investing predominantly in interests in Investment Funds and co-investments in portfolio companies. In addition to units of the Master Fund, the Fund may hold a portion of its assets in cash to pay for current operating expenses. Each Investment Fund is managed by the general partner or manager (or equivalent) of the Investment Fund (such general partner, manager, or equivalent in respect of any Investment Fund being hereinafter referred to as the "Investment Fund Manager" of such Investment Fund) under the direction of the portfolio managers or investment teams selected by the Investment Fund Manager.

------

Under normal circumstances, the Master Fund expects to invest primarily in any of (i) private equity investments of any type, including primary and secondary investments in private equity, infrastructure and other private asset funds ("Investment Funds") and investments in companies that are typically made alongside one or more Investment Funds ("Co-Investment Opportunities"), (ii) exchange-traded funds ("ETFs") designed to track equity indexes and (iii) cash, cash equivalents and other short-term investments. The allocation among these types of investments may vary from time to time.

The Fund's investments in Investment Funds, Co-Investment Opportunities and other private investments are referred to herein as "Private Fund Investments." The term "Investment Fund" as used herein refers to Private Fund Investments made through an investment entity or structure (and not directly).

The Master Fund may make investments directly or indirectly through its two subsidiaries that are 100% owned ("Wholly-Owned") by the Master Fund (each, a "Subsidiary" and together the "Subsidiaries"). Each Subsidiary has the same investment objective and strategies as the Master Fund and, like the Fund and the Master Fund, is managed by the Adviser. Pursuant to Subchapter M of the Code, the Master Fund may invest up to 25% of its total assets measured quarterly in the Wholly-Owned subsidiary organized as a Delaware limited liability company that has elected to be treated as a corporation for U.S. federal income tax purposes (the "Corporate Subsidiary"). The Master Fund's investment in the Corporate Subsidiary permits the Master Fund to pursue its investment objective and strategies in a potentially tax-efficient manner. The Master Fund may also invest all or a portion of its assets in a second Wholly-Owned subsidiary organized as a Delaware limited liability company that intends to be treated as a disregarded entity for U.S. federal income tax purposes (the "Lead Fund"). The Lead Fund was organized for the purpose of facilitating the Master Fund's use of a revolving credit facility. Except as otherwise provided, references to the Master Fund's investments include each Subsidiary's investments for the convenience of the reader.

The Adviser believes that the Master Fund's investment program will offer a unique approach to private equity investing for Investors who previously have not had access to high quality private equity Investment Funds. In pursuing the Master Fund's investment objective, the Adviser will allocate capital in the private equity portion of the portfolio across primary and secondary investments in Investment Funds and co-investments in portfolio companies. The Adviser will seek to invest across a broad spectrum of Investment Funds (e.g., buyout, growth capital, special situations, credit, private infrastructure, real estate, real assets, and other private asset funds), determined by a diverse selection of geographies (e.g., North America, Europe, Asia, and emerging markets) and vintage years. Notwithstanding the foregoing, while the Master Fund seeks opportunities to deploy capital in any way consistent with its investment objectives and strategies, the Adviser to date has invested the private equity portion of its portfolio primarily in co-investments and/or secondaries of Investment Funds. At any given time, the Master Fund's geographic allocation may be overweighted to one geography, with a corresponding underweighting of, or potentially even the exclusion of, other geographies. In addition, the Master Fund's ability to access certain types of investment opportunities, including certain types of Private Fund Investments, may be limited by legal, regulatory or tax considerations related to the Master Fund's status as a registered investment company, resulting in periods during which the Master Fund may not have any exposure to such investments.

The Fund and the Master Fund have been structured with the intent of seeking to alleviate or reduce a number of the burdens on investors typically associated with private equity investing, such as funding capital calls on short notice, reinvesting distribution proceeds, meeting large minimum commitment amounts, and receiving tax reporting on potentially late Schedule K-1s. To maintain liquidity and to fund Investment Fund capital calls, the Master Fund may invest in ETFs designed to track equity indexes and in cash and short-term securities. In addition, the Master Fund may use derivative instruments, primarily equity options and swaps (and, to a lesser extent, futures and forwards), for hedging purposes, and may also invest in dividend paying equities or ETFs of dividend paying equities. Furthermore, while the Master Fund seeks opportunities to deploy capital in any way consistent with its investment objectives and strategies, the Master Fund may hold a substantial portion of its assets in ETFs, cash and short term investments as it seeks desirable investments for the private equity portion of the Master Fund's portfolio.

------

In addition to the foregoing, the Master Fund may utilize a revolving credit facility to satisfy repurchase requests, to meet capital calls and to otherwise provide the Master Fund with temporary liquidity.

The Master Fund has obtained an exemptive order from the SEC that permits the Master Fund to invest alongside affiliates, including certain public or private funds managed by the Adviser and its affiliates, subject to certain terms and conditions.

**Investment Philosophy** 

Registered investment companies, such as the Fund and the Master Fund, are generally subject to significant regulatory restrictions with respect to selling securities short and using leverage and derivatives. The Investment Funds generally are not subject to the same investment restrictions as the Master Fund or the Fund, and are generally subject to few investment limitations, including investment limitations under the 1940 Act or the Code. While the 1940 Act applies to the Master Fund and the Fund, the Investment Funds are not subject to the 1940 Act.

By investing in the Fund, Investors gain access to funds managed by Investment Fund Managers whose services are generally not available to the investing public, or who may otherwise restrict the number and type of persons whose money will be managed. Investing in the Fund also permits Investors to invest with Investment Fund Managers without being subject to the high minimum investment requirements typically charged by such Investment Fund Managers. The Fund should also benefit from its exposure to a number of different investment styles. Investing through various Investment Fund Managers that employ different strategies may reduce the volatility inherent in a direct investment by the Fund with a single Investment Fund Manager.

**Investment Strategies** 

The Master Fund seeks to provide investors with long-term capital appreciation by investing a substantial portion of its assets in a diverse portfolio of Investment Funds.

The principal elements of the Adviser's investment strategy include: (i) allocating the assets of the Master Fund across Investment Funds, portfolio companies, and other assets; (ii) seeking to secure access to attractive investment opportunities that the Adviser believes offer attractive value; (iii) seeking to manage the Master Fund's investment level and liquidity using the Adviser's commitment strategy; and (iv) seeking to manage risk through ongoing monitoring of the portfolio.

• *Asset Allocation.* With respect to Investment Funds, the Master Fund will define a strategic asset
allocation that seeks to benefit from long-term diverse investments through exposure to different geographic markets, investment types, and vintage years. The Adviser seeks to implement a proactive approach to portfolio construction, defining
strategic goals and reviewing the portfolio's development on an on-going basis. This approach enables the Adviser to construct portfolios that the Adviser believes are appropriately diverse and reflect
the Adviser's assessment of sector and valuation themes. To seek to achieve the targeted strategic asset allocation, the Master Fund will allocate its capital among Private Fund Investments.

• *Access.* The Fund will seek to provide Investors with access to Private Fund Investments that are generally
unavailable to the investing public due to resource requirements and high investment minimums.

• *Commitment Strategy.* The Adviser intends to manage the Master Fund's commitment strategy with a view
towards balancing liquidity while maintaining a high level of investment.

• *Risk Management.* The long-term nature of private equity investments requires a commitment to ongoing risk
management. The Adviser seeks to maintain close contact with the Investment Fund Managers and to monitor the performance of individual Investment Funds and co-investments by tracking operating information and
other pertinent details.

**No guarantee or representation is made that the investment program of the Fund, the Master Fund, or any Investment Fund will be successful, that the various Investment Funds selected will produce positive returns or that the Fund and the Master Fund will achieve their investment objective. The Adviser also may invest the Master Fund's assets in Investment Funds that engage in investment strategies other than those described in this Prospectus, and may sell the Master Fund's portfolio holdings at any time.** 

------

**Private Equity** 

Private equity is a common term for investments that are typically made in non-public companies through privately negotiated transactions. Private equity investors generally seek to acquire quality assets at attractive valuations and use operational expertise to enhance value and improve portfolio company performance. Buyout funds acquire private and public companies, as well as divisions of larger companies. Private equity specialists then seek to uncover value enhancing opportunities in portfolio companies, unlock the value of the portfolio company and reposition it for sale at a multiple of invested equity.

Private equity investments 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, subordinated debt and warrants or other derivatives.

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 provide up to a certain amount of capital when requested by the fund's manager or general partner. The general partner then makes private equity investments on behalf of the fund. The fund's investments are usually realized, or "exited" after a three to seven year holding period through a private sale, an initial public offering (IPO) or a recapitalization. Proceeds of such exits are then distributed to the fund's investors. The funds themselves typically have a term of ten to thirteen years.

The private equity market is diverse and can be divided into several different segments. 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 20 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 allocate significant assets to private equity.

**Buyouts, Growth Capital, Special Situations, Venture Capital/Other** 

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 may have distinct risk, return and correlation characteristics, and play different roles within a diverse private equity portfolio. Broadly speaking, private equity investments can be broken down into four financing stages: buyout, growth capital, special situations, and venture capital. These categories may be further subdivided based on the investment strategies that are employed (e.g., credit investments or real estate investments).

• *Buyouts.* Control investments in established, cash flow positive companies are usually classified as
buyouts. Buyout investments may focus on small-, mid-, large-, or mega-capitalization companies, and such investments collectively represent a substantial majority of the capital deployed in the overall
private equity market. The use of debt financing, or leverage, is prevalent in buyout transactions – particularly in the large- and mega-cap segment. Overall, debt financing typically makes up 50-70% of the price paid for a company.

• *Growth Capital.* Typically involves minority investments in established companies with strong growth
characteristics. Companies that receive growth capital investments typically are profitable businesses that need capital for organic and acquisition growth strategies and shareholder liquidity.

• *Special Situations.* A broad range of investments including mezzanine, distressed debt, infrastructure,
energy/utility investing and turnarounds may be classified as special situations.

• *Venture Capital/Other.* Investments in new and emerging companies are usually classified as venture
capital. Such investments are often in technology and healthcare-related industries. Companies financed by venture capital are generally not cash flow positive at the time of investment and may require several rounds of financing before the company
can be sold privately or taken public. Venture capital investors may finance companies along the full path of development or focus on certain sub-stages (usually classified as seed, early and late stage) in
partnership with other investors. It is not anticipated that venture capital will be a meaningful portion of the Master Fund's allocations.

------

**Private Equity Investment Types** 

Some of the investments that the Adviser will consider with respect to the Master Fund include, but are not limited to:

• *Primary Investments.* Primary investments (primaries) are interests or investments in newly established
private equity funds that are typically acquired by way of subscription during their fundraising period. Most private equity fund sponsors raise new funds only every two to four years. Because of the limited windows of opportunity for making primary
investments in particular funds, strong relationships with leading fund sponsors are highly important for primary investors.

Primary investors subscribe for interests during an initial fundraising period, and their capital commitments are then used to fund investments in a number of individual operating companies during a defined investment period. The investments of the fund are usually unknown at the time of commitment, and investors typically have little or no ability to influence the investments that are made during the fund's life. Because primary investors must rely on the expertise of the fund manager, an accurate assessment of the manager's capabilities is essential.

Primary investments typically exhibit a value development pattern, commonly known as the "J-curve," in which the fund's net asset value typically declines moderately during the early years of the fund's life as investment-related fees and expenses are incurred before investment gains have been realized. As the fund matures and portfolio companies are sold, the pattern typically reverses with increasing net asset value and distributions to fund investors. There can be no assurance, however, that any or all primary investments made by the Master Fund will exhibit this pattern of investment development. Primary investments are usually ten to thirteen years in duration, while underlying investments in portfolio companies generally have a three to seven year duration, if not longer.

• *Secondary Investments (secondaries).* Traditional secondary investments, or "LP-led secondaries," 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 at a premium or discount to the private equity funds' net asset value at a specific reference date. Secondary investments may play an important role in a diverse private equity portfolio. Because secondaries typically already have
invested in portfolio companies, they are viewed as more mature investments than primaries and further along in their development pattern. As a result, their investment returns may not exhibit a pronounced J-curve pattern expected to be achieved by primaries in their early stages. In addition, secondaries typically provide earlier distributions than primaries. Past performance is not indicative of future
results. There can be no assurance, however, that any or all secondary investments made by the Master Fund will exhibit this pattern of investment development. In addition, the Master Fund's ability to access secondary investments may be
limited by legal, regulatory or tax considerations related to the Master Fund's status as a registered investment company, resulting in periods during which the Master Fund may not have any exposure to such investments.

General Partner (GP)-led secondaries are typically interests or investments in newly established vehicles that are created to acquire and hold one or more assets of an existing private investment fund and are led by the GP of the private investment fund. The GP initiates a sale of some or all of the private investment fund's assets to a new vehicle, and existing investors of the private investment fund and new investors are given the opportunity to invest in the new vehicle.

• *Direct Investments/Co-Investments.* Direct investments involve
acquiring (directly or indirectly) an interest in securities issued by an operating company. Co-investments represent opportunities to separately invest in specific portfolio companies that are otherwise
represented in an Investment Fund. Such investments are typically made as co-investments alongside private equity funds, and are usually structured such that the lead investor holds a controlling interest. Co-investments are typically offered to Investment Fund investors when the Investment Fund Manager believes that there is an attractive investment for the Investment Fund but the total size of the potential holding
exceeds the targeted size for the Investment Fund. Direct investments and co-investments, unlike investments in Investment Funds, generally do not bear an additional layer of fees or bear significantly reduced
fees. It is anticipated that Co-Investment Vehicles will be formed and managed by third-party fund managers and that neither the Adviser nor the Fund or Master Fund will be able to exercise day to day control
over the Co-Investment Vehicles.

------

**Portfolio Allocation** 

The Master Fund's investment process will begin with an allocation framework among: (i) primary and secondary private equity investments and co-investments in portfolio companies; (ii) buyout, growth capital, credit, distressed investments, special situations investments, private infrastructure funds, real estate, real assets, and other private asset funds; and (iii) investments focused in North America, Europe, Asia, and emerging markets. The framework also provides for diverse allocations over vintage years and with respect to individual investments. It is expected that through such diversification, the Master Fund may be able to achieve more consistent returns and lower volatility than would generally be expected if its portfolio were more concentrated in a single fund, geography, sector, vintage year, or a smaller number of funds.

Because of the distinct cash flow characteristics associated with different types of private equity investments, asset allocation is based on both quantitative and qualitative factors.

Over time, the allocation ranges and commitment strategy may be adjusted based on the Adviser's analysis of the private equity market, the Master Fund's existing portfolio at the relevant time, or other pertinent factors.

The Adviser intends to manage the Master Fund's commitment strategy with a view towards balancing liquidity while maintaining a high level of investment. Commitments to private equity funds generally are not immediately invested. Instead, committed amounts are drawn down by private equity funds and invested over time, as underlying investments are identified—a process that may take a period of several years. As a result, without an appropriate commitment strategy, a significant exposure to private equity investments could be difficult to achieve. The Adviser will seek to address this challenge using a commitment strategy designed to provide an appropriate investment level. As disclosed above, the private equity portion of the Master Fund's portfolio to date has been comprised primarily of co-investments and secondary investments and will evolve over time to include a higher percentage of primary investments. As such, the proportion of assets allocated to secondary investments, primary investments, and co-investments will depend on the maturity profile of the existing portfolio and the cash flows into the Master Fund and will be managed to achieve a stated investment strategy. Furthermore, the Master Fund may over-commit to private equity investments—both primaries and secondaries—to provide an appropriate investment level. The Master Fund's exposure to certain types of investments has been minimal at times and may continue to vary depending on legal, regulatory or tax considerations. See "Types of Investments and Related Risk Factors."

To maintain liquidity and to fund Investment Fund capital calls, the Master Fund may invest in ETFs designed to track equity indexes and cash and short term securities. In addition, the Fund may use derivative instruments, primarily equity options and swaps, for hedging purposes, and may also invest in dividend paying equities or ETFs of dividend paying equities. Furthermore, and as described previously, while the Master Fund seeks opportunities to deploy capital in any way consistent with its investment objectives and strategies, the Master Fund may hold a substantial portion of the Master Fund's assets in ETFs, cash and short term investments as it seeks desirable investments for the private equity portion of the Master Fund's portfolio.

The Master Fund's asset allocation with respect to the private equity portion of its portfolio, when fully deployed, is expected to be as noted below. The Adviser expects that even when the Master Fund's assets are fully invested, a substantial portion of the Master Fund's assets may consist of liquid assets, including ETFs, high quality fixed income securities, money market instruments, money market mutual funds, and other short-term securities, and cash or cash equivalents. At any given time, the Master Fund's geographic allocation may be overweighted to one geography, with a corresponding underweighting of, or potentially even the exclusion of, other geographies.

------

**Asset Allocation** 

---

| | | |
|:---|:---|:---|
| Financing Stage |  |  |
|  Buyout | 40 | %-100% |
|  Growth Capital | 0 | %-20% |
|  Special Situations/Real Estate/Other Private Assets | 0 | %-40% |
| Geographic Region |  |  |
|  North America | 20 | %-100% |
|  Europe | 0 | %-40% |
|  Asia and Rest of World | 0 | %-40% |

---

**Hedging Techniques** 

From time to time, the Adviser may employ various hedging techniques in an attempt to reduce certain potential risks to which the Master Fund's portfolio may be exposed. These hedging techniques may involve the use of derivative instruments, including swaps, exchange-listed and over-the-counter put and call options, futures, and forward contracts.

**Temporary Defensive Strategies** 

The Master Fund may, from time to time in its sole discretion, significantly alter its portfolio as a temporary defensive strategy. A defensive strategy may be employed as an alternative to, or in conjunction with, an option hedging strategy if, in the judgment of the Adviser, the performance of ETFs is likely to be adversely affected by current or anticipated economic, financial, political, or social factors. For defensive purposes, the Master Fund may invest without limit in short-term securities, including high-quality commercial paper, obligations of banks and savings institutions, U.S. Government securities, government agency securities, and repurchase agreements, or it may retain funds in cash. When the Master Fund is invested defensively, it may not meet its investment objective. In addition, the Master Fund may, in the Adviser's sole discretion, hold cash, cash equivalents, other short-term securities or investments in money market funds in significant amount while the Master Fund seeks opportunities to deploy capital in any way consistent with its investment objectives and strategies, pending investment, in order to fund anticipated repurchases, expenses of the Master Fund, or other operational needs, or otherwise in the sole discretion of the Adviser. Given the nature of the Fund's investments, the Fund may be unable to significantly alter its portfolio to respond to short term market changes.

**Investment Selection** 

<u>Primaries</u> 

The Adviser intends to invest in a broad spectrum of Private Fund Investments, determined by a diverse selection of strategies, Investment Fund Managers, geographies, and vintage years. The Adviser's manager selection process seeks to pick high-quality Investment Fund Managers from a broad range of opportunities by incorporating both a top-down and a bottom-up approach. The top-down process seeks to analyze whether each Investment Fund Manager fits within the overall target strategy allocations for the Master Fund, while the bottom-up process seeks to identify the relevant strengths and weaknesses of each Investment Fund Manager and identify the Investment Fund Managers with the greatest potential to deliver superior performance within a given market. The Adviser will select Private Fund Investments on the basis of strategy, availability, pricing (in the case of secondaries and co-investments), and various qualitative and quantitative criteria, including its analysis of actual and projected cash flows and past performance of an Investment Fund Manager during various time periods and market cycles; and an Investment Fund Manager's reputation, experience, expertise, and adherence to its investment philosophy. Opportunities are sourced through a network of relationships with intermediaries, agents, and investors, and then individually evaluated by the Adviser's and its affiliates' investment professionals using its selection process. See "Investment Program—Due Diligence" below.

------

<u>Secondaries</u>

With respect to investments in secondaries, the Adviser's approach to the market is driven by a strategic approach to asset allocation, value investing, and a focus on asset quality. The Adviser seeks to implement a proactive approach to asset allocation, deciding on strategic goals and reviewing the portfolio's development on an on-going basis. This approach enables the Adviser to construct portfolios it believes are appropriately diverse and reflect the Adviser's assessment of sector and valuation themes. The Adviser seeks opportunities to invest in portfolios of assets at a discount to their intrinsic worth, with an emphasis on finding relative value across markets. Opportunities are assessed by reference to cyclically adjusted measures of value on a sector basis, incorporating earnings multiples, dividend ratios, and book value measures, as appropriate. These valuation metrics are used to help support the Adviser's philosophy of focusing on and prioritizing entry value, and helping to identify and favor those assets that the Adviser believes are the most attractively priced secondary transaction opportunities available in the market for the Master Fund at a particular point in time. A key consideration informing the Adviser's secondary investment strategy is manager and asset quality. In sourcing opportunities, the Adviser focuses on funds from historically high-performing management groups, with a close alignment of the Investment Fund Manager's incentives with those of investors, and on developing a diverse portfolio of quality underlying assets with the characteristics to provide upside potential as well as resilience in downside scenarios.

<u>Co-Investments</u> 

The Adviser seeks to identify co-investment opportunities for the Master Fund from a select group of Investment Fund Managers with which the Adviser generally has long-standing relationships. Co-investments are managed by primary fund managers that are screened, analyzed, and monitored by the Adviser. The Adviser focuses on Investment Fund Managers with strong sector expertise and resulting operational capabilities that are well positioned to source, operationally improve, and exit companies successfully. This framework of manager selection within the Adviser's investment programs, and the Adviser's evaluation of current market conditions, determines the amount, quality, and type of co-investments the Adviser is likely to originate.

**Affiliated Transactions** 

The Master Fund has obtained exemptive relief from the SEC permitting the Master Fund to invest alongside affiliates, including certain public or private funds managed by the Adviser or its affiliates, subject to certain terms and conditions.

**Due Diligence** 

The Adviser and its personnel use a range of resources to identify and source the availability of promising Private Fund Investments. The Adviser's diligence process focuses on risk management and investment and operational diligence. The Adviser will select Private Fund Investments on the basis of availability, pricing in the case of secondaries and various qualitative and quantitative criteria, including the Adviser's analysis of actual and projected cash flows and past performance of an Investment Fund Manager during various time periods and market cycles; and the Investment Fund Managers' reputation, experience, expertise, and adherence to investment philosophy. After making an investment in a Private Fund Investment, and as part of its ongoing diligence process, the Adviser will seek to: track operating information and other pertinent details; participate in periodic conference calls with Investment Fund Managers and onsite visits where appropriate; review audited and unaudited reports; and monitor turnover in senior Private Fund Investment personnel and changes in policies. In conjunction with the due diligence process, the tax treatment and legal terms of the investment are considered.

The Adviser and its personnel use a range of sources to identify, evaluate, select, and monitor investments for the Master Fund. The Adviser's investment professionals are involved throughout the process, and draw on the significant resources and insights available through its relationships with Investment Fund Managers. The Adviser's investment committees are responsible for portfolio allocation and final investment decisions.

------

The Adviser typically identifies prospective investments from multiple sources, including a network of intermediaries, agents, and investors. The Adviser seeks to maximize the number of available investment opportunities through active research of the market, industry relationships, meetings with managers before they become investable, and knowledge acquired throughout the primary, secondary, and co-investment teams.

Investment opportunities are typically subjected to initial screening. For primary investments, the initial screening is based on initial quantitative research and an introductory meeting with Investment Fund Managers. For secondary investments, deals are screened for other pertinent information, such as vendor motivations and objectives of the vendor, transaction details, and nature of the sale (proprietary or otherwise). For co-investments, the screening process is two-fold, taking account of both the Investment Fund Manager's credentials and the investment opportunity in the target portfolio company. The initial screening process for primary and secondary investment opportunities also incorporates the results of both bottom-up and top-down analyses. The Adviser's bottom-up investment process seeks to identify the Investment Fund Managers with the greatest potential to deliver superior performance within a given market and includes set of investment criteria designed to assess the likelihood of a manager generating superior returns in the future. Top-down analysis seeks to identify themes relevant to portfolio construction, such as key sectors, stages, and strategies, and includes consideration of macroeconomic outlook; strength of financial markets, in particular the strength and depth of the IPO and debt markets; merger and acquisitions activity; regulatory and political environment and deal flow in the underlying private equity market and market of potential private equity targets.

During its due diligence process for primary investments, the Adviser expects to hold a series of onsite meetings with prospective Investment Fund Managers during which qualitative and quantitative evaluation processes may be applied. The Adviser may also hold discussions with underlying portfolio companies of the target Investment Fund or any predecessor fund. The Adviser typically reviews offering documents, performs a systematic analysis of an Investment Fund Manager's track record using proprietary due diligence models, and considers terms of the investment.

During its due diligence process for secondary investments, the Adviser conducts an evaluation of individual companies within the portfolio of the target Investment Funds and seeks to understand key terms, cash flows, valuations, performance, large portfolio company developments, availability of discounts, and historical performance of prior funds, if any. The Adviser also considers the tax issues and legal terms of the investment.

During its due diligence process for co-investments, the Adviser engages in a combination of qualitative and quantitative analysis, assessing the merits and risks of an investment opportunity as well as the capability and experience of the Investment Fund Manager. The Adviser will engage with the lead private equity firm to assess the risks of the business, the value creation thesis, financial performance, and market position. The Adviser typically will meet with management of the target operating company, review due diligence reports prepared on the target operating company, analyze the capital structure and the valuation of the target operating company, conduct financial modeling under various investment cases, and consider the exit strategies for the target company and the terms of the proposed investment.

While the summary above provides an overall framework of diligence processes anticipated to be used by the Adviser, it is not intended to be prescriptive or restrictive to the Adviser's investment work, as flexibility of approach is required. In particular, it should be noted that due diligence is necessarily and deliberately tailored to each investment and may differ across regions and in different situations, based on the experience and judgment of the investment professionals concerned.

After making an investment, and as part of its ongoing monitoring process, the Adviser will seek to (i) track operating information and other information regarding the investment; (ii) participate in periodic conference calls with Investment Fund Managers and conduct onsite visits where appropriate; (iii) review audited and unaudited reports relating to the investment; and (iv) monitor turnover in senior Investment Fund Manager personnel and changes in investment and operational policies and guidelines. In performing some of its due diligence activities, the Adviser will be required to rely on the Investment Fund Managers. No assurance can be given that all performance and other data sought by the Adviser will be accurate or will be provided on a timely basis or in the manner requested.

------

The Adviser uses its private equity investment experience through various economic cycles and in different regional markets to inform its diversification strategies, thematic investment strategies, and due diligence process, and to seek to produce attractive risk-adjusted returns. The Adviser utilizes its due diligence and monitoring processes in assessing the past performance and future potential of investments.

**Portfolio Construction** 

The Adviser manages the Master Fund's portfolio with a view towards managing liquidity and maintaining a high investment level and maximizing capital appreciation. 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 Investors and any distributions made to Investors.

The Adviser intends to use a range of techniques to reduce the risk associated with the Master Fund's investment strategy. From time to time, these techniques may include, without limitation: (i) allocating commitments across several geographies and vintage years; (ii) allocating capital among primary investments, secondary investments, and co-investment opportunities; (iii) actively managing cash and liquid assets; (iv) actively monitoring cash flows; (v) seeking to establish a credit line to provide liquidity to satisfy tender requests and capital call obligations, consistent with the limitations and requirements of the 1940 Act; (vi) seeking to invest in ETFs, cash, and short-term securities to provide liquidity to satisfy tender requests and capital calls, consistent with the limitations and requirements of the 1940 Act; and (vii) seeking the use of derivative instruments, primarily equity options and swaps, for hedging purposes.

The Master Fund expects that a portion of its holdings will consist of liquid assets for purposes of liquidity management. The Adviser may sell the Master Fund's portfolio holdings at any time, including to enhance the Fund's liquidity, particularly in times of possible net outflows through the tender of Units by investors.

The Adviser will seek to allocate Master Fund assets among the Private Fund Investments that, in its view, represent attractive investment opportunities. Allocation depends on the Adviser's assessment of the potential risks and returns of various investment strategies that the Investment Funds utilize as well as expected cash flows of such strategies. The Adviser generally seeks to invest the Master Fund's assets in Private Fund Investments whose expected risk-adjusted returns are deemed attractive.

The Fund and the Master Fund are both "non-diversified" funds under the 1940 Act. See "Types of Investments and Related Risk Factors—Non-Diversified Status." The Adviser believes, however, that the Master Fund should generally maintain a portfolio of Private Fund Investments varied by underlying investment strategies, vintage year, geography, and financing stage to diminish the impact on the Fund of any one Private Fund Investment's losses or poor returns. There is no guarantee that the Master Fund will be able to avoid substantial losses as a result of poor returns with regards to any Private Fund Investment.

The Adviser will seek to limit the Master Fund's investment in any one Investment Fund or co-investment to no more than 25% of the Master Fund's gross assets (measured at the time of investment). Where only voting securities may be available for purchase by the Master Fund, the Master Fund may seek to create by contract the same result as owning a non-voting security by entering into a contract, typically before the initial purchase, to relinquish the right to vote in respect of its investment.

The Private Fund Investments generally are not subject to the Master Fund's or the Fund's investment restrictions and are generally subject to few investment limitations, including investment limitations under the 1940 Act or the Code. While the 1940 Act applies to the Master Fund and the Fund, the Private Fund Investments are not subject to the 1940 Act.

There can be no assurance that the Fund's or the Master Fund's investment program will be successful, that the objectives of the Fund or the Master Fund with respect to liquidity management will be achieved or that the Master 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 "Types of Investments and Related Risk Factors."

------

**TYPES OF INVESTMENTS AND RELATED RISK FACTORS** 

**General Risks** 

Investing in the Fund involves risks, including those associated with investments made by the Private Fund Investments in which the Master Fund invests. References in this section to the "Master Fund" also include each Subsidiary, which shares the same risks as the Master Fund.

<u>Investment Risk</u>. All investments risk the loss of capital. The value of the Fund's total net assets should be expected to fluctuate. To the extent that the Fund's portfolio (which, for this purpose, means the aggregate investments held by the Master Fund) is concentrated in securities of a few issuers or issuers in a single sector, the risk of any investment decision is increased. A Private Fund Investment's use of leverage is likely to cause the Fund's average net assets to appreciate or depreciate at a greater rate than if leverage were not used.

An investment in the Fund involves a high degree of risk, including the risk that the Investor's entire investment may be lost. No assurance can be given that the Master Fund's and Fund's investment objective will be achieved. The Fund's performance depends upon the Adviser's selection of Private Fund Investments, the allocation of offering proceeds thereto and the performance of the Private Fund Investments. The Private Fund Investments' investment activities involve the risks associated with private equity investments generally. Risks include adverse changes in national or international economic conditions, adverse local market conditions, the financial conditions of portfolio companies, changes in the availability or terms of financing, changes in interest rates, exchange rates, corporate tax rates and other operating expenses, environmental laws and regulations, and other governmental rules and fiscal policies, energy prices, changes in the relative popularity of certain industries or the availability of purchasers to acquire companies, and dependence on cash flow, as well as acts of God, uninsurable losses, labor strikes, war, terrorism, cyberterrorism, major or prolonged power outages or network interruptions, earthquakes, hurricanes, floods, fires, epidemics or pandemics and other factors which are beyond the control of the Master Fund, the Fund or the Private Fund Investments. Although the Adviser will attempt to moderate these risks, no assurance can be given that (i) the Private Fund Investments' investment programs, investment strategies and investment decisions will be successful; (ii) the Private Fund Investments will achieve their return expectations; (iii) the Private Fund Investments will achieve any return of capital invested; (iv) the Fund's or the Master Fund's investment activities will be successful; or (v) Investors will not suffer losses from an investment in the Fund. Any event which affects adversely the value of an investment by the Fund or an Investment Fund would be magnified to the extent the Fund or such Investment Fund is leveraged.

All investments made by the Private Fund Investments risk the loss of capital. The Private Fund Investments' results may vary substantially over time.

<u>Investment Discretion; Dependence on the Adviser</u>. The Adviser has complete discretion to select the Investments Funds as opportunities arise. The Fund, and, accordingly, Investors, must rely upon the ability of the Adviser to identify and implement investments for the Master Fund ("Master Fund Investments") consistent with the Fund's investment objective and consistent with prospectus disclosure. Investors will not receive or otherwise be privy to due diligence or risk information prepared by or for the Adviser in respect of the Master Fund Investments. Through the Fund's interest in the Master Fund, the Fund's assets are indirectly invested in the Master Fund Investments. The Adviser has the authority and responsibility for portfolio construction, the selection of Master Fund Investments and all other investment decisions for the Master 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 and the Master Fund. Investors will have no right or power to participate in the management or control of the Fund, the Master Fund or the Master 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 their respective investment objectives. The Fund is organized to provide Investors access to a multi-strategy investment program and not an indirect way for Investors to gain access to any particular Private Fund Investment.

------

<u>Master-Feeder Structure</u>. The Fund and the Master Fund are part of a "master-feeder" structure. The Master Fund may accept investments from other investors, including other investment vehicles that are managed or sponsored by the Adviser or the Sponsor, or an affiliate thereof, which may or may not be registered under the 1940 Act and which may be established in jurisdictions outside of the U.S. Because each feeder fund may be subject to different investment minimums, feeder-specific expenses, and other terms, one feeder fund may offer access to the Master Fund on more attractive terms, or could experience better performance, than the Fund.

Because the Fund incurs expenses that may not be incurred by other investors investing directly or indirectly in the Master Fund, such investors may experience better performance than Investors in the Fund. Such other investors in the Master Fund may include other registered investment companies, the seed investor and other select investors. Substantial repurchase requests by investors of the Master Fund in a concentrated period of time could require the Master Fund to raise cash by liquidating certain of its investments more rapidly than might otherwise be desirable. This may limit the ability of the Adviser to successfully implement the investment program of the Master Fund and could have a material adverse impact on the Fund. Moreover, regardless of the time period over which substantial repurchase requests are fulfilled, the resulting reduction in the Master Fund's asset base could make it more difficult for the Master Fund to generate profits or recover losses. Investors will not receive notification of such repurchase requests and, therefore, may not have the opportunity to redeem their Units prior to or at the same time as the investors of the Master Fund that are requesting to have their Master Fund Interests repurchased. If other investors in the Master Fund, including the seed investor and other investment vehicles that are managed or sponsored by the Adviser or Sponsor or an affiliate thereof, request to have their Master Fund Interests repurchased, this may reduce the amount of the Fund's Master Fund Interests that may be repurchased by the Master Fund and, therefore, the amount of Units that may be repurchased by the Fund. See "Repurchases of Units and Transfers."

<u>Limitations on Transfer; Units Not Listed; No Market for Units</u>. The transferability of Units is subject to certain restrictions contained in the limited liability company agreement of the Fund, a copy of which is attached as Appendix A to this prospectus (the "LLC Agreement"). Units are not traded on any securities exchange or other market. No secondary market currently exists for Units. Although the Adviser and the Fund expect to recommend to the Board that the Fund offer to repurchase 5% of the Units on a quarterly basis, no assurances can be given that the Fund will do so and any particular recommendation may exceed such percentage. Consequently, Units should only be acquired by Investors able to commit their funds for an indefinite period of time.

<u>Closed-End Fund; Liquidity Risks</u>. 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. An Investor should not invest in the Fund if the Investor needs 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 units on a daily basis at a price based on net asset value. Units in the Fund are not traded on any securities exchange or other market and are subject to substantial restrictions on transfer. Although the Fund may offer to repurchase Units from time to time, an Investor may not be able to tender its Units in the Fund for a substantial period of time.

<u>Repurchase Risks</u>. To provide liquidity to Investors, the Fund may, from time to time, offer to repurchase Units pursuant to written tenders by Investors. Repurchases will be made at such times, in such amounts and on such terms as may be determined by the Board, in its sole discretion. The Fund will conduct repurchase offers on a schedule and in amounts that will depend on the Master Fund's repurchase offers. With respect to any future repurchase offer, Investors tendering Units for repurchase must do so by a date specified in the notice describing the terms of the repurchase offer, and there will be a substantial period of time between the date as of which Investors must submit a request to have their Units repurchased and the date they can expect to receive payment for their Units from the Fund. Investors that elect to tender any Units for repurchase will not know the price at which such Units will be repurchased until the Fund's net asset value as of the date that the Units to be repurchased are valued by the Fund (the "Valuation Date") is able to be determined. The Fund will only provide offers to repurchase at approximately the same time as the Master Fund.

A 2.00% early repurchase fee will be charged by the Fund with respect to any repurchase of Units from an Investor at any time prior to the day immediately preceding the one-year anniversary of the Investor's purchase of Units. Such repurchase fee will be retained by the Fund and will benefit the Fund's remaining Investors. Units tendered for repurchase will be treated as having been repurchased on a "first in-first out" basis. An early repurchase fee payable by an Investor may be waived by the Fund in circumstances where the Board determines that doing so is in the best interests of the Fund.

------

The Master Fund may be limited in its ability to liquidate its holdings in Private Fund Investments to meet repurchase requests. Repurchase offers principally will be funded by cash and cash equivalents, as well as by the sale of certain liquid securities. Accordingly, the Fund may tender fewer Units than Investors may wish to sell, resulting in the proration of Investor repurchases, or the Fund may need to suspend or postpone repurchase offers if it is required to dispose of interests in Private Fund Investments and is not able to do so in a timely manner. In addition, the Board may from time to time approve agreements for the Master Fund that contain covenants or restrictions that limit the Master Fund's ability to repurchase Units in certain circumstances. See "Repurchases of Units and Transfers."

Substantial requests for the Fund to repurchase Units could require the Master Fund to liquidate certain of its investments more rapidly than otherwise desirable for the purpose of raising cash to fund the repurchases and could cause the Adviser to sell investments at different times than similar investments are sold by other investment vehicles advised by the Adviser. This could have a material adverse effect on the value of the Units and the performance of the Fund and the Master Fund. In addition, substantial repurchases of Units may decrease the Fund's total assets and accordingly may increase its expenses as a percentage of average net assets. If a repurchase offer is oversubscribed by Investors who tender Units, the Fund may extend the repurchase offer, repurchase a *pro rata* portion of the Units tendered, or take any other action permitted by applicable law. Under unusual market conditions, the Adviser and the Sponsor anticipate that they may not recommend to the Board that the Fund conduct a repurchase offer in any particular quarter if the Fund's repurchase offers in the two immediately preceding quarters were oversubscribed by a substantial amount in the opinion of the Adviser and the Sponsor. If a repurchase offer is oversubscribed, or if the Fund does not conduct a repurchase offer in any particular quarter, investors will have to wait until the next repurchase offer to make another repurchase request. As a result, investors may be unable to liquidate all or a given percentage of their investment in the Fund during a particular quarter. In addition, the repurchase of Units by the Fund may be a taxable event to investors, potentially including investors who do not tender any Units in such repurchase.

<u>Distributions In-Kind</u>. The Fund generally expects to distribute to the holder of Units that are repurchased cash or a debt obligation, which may or may not be certificated, and which would entitle such holder to the payment of cash in satisfaction of such repurchase. See "Repurchases of Units and Transfers." 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, it is possible that the Master Fund may receive securities from a Private 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 Master Fund, which may include a distribution in-kind to the Master Fund's investors followed, in turn, by a distribution in-kind to the Fund's Investors. In the event that the Fund makes a distribution of such securities, Investors 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.

<u>Exchange-Traded Funds</u>. To maintain liquidity and to fund Private Fund Investment capital calls, the Master Fund may invest in ETFs designed to track equity indexes. ETFs are hybrid investment companies that are registered as open-end investment companies or unit investment trusts ("UITs") but possess some of the characteristics of closed-end funds. ETFs in which the Master Fund may invest typically hold a portfolio of common stocks that is intended to track the price and dividend performance of a particular equity index.

The risks of investment in an ETF typically reflect the risks of the types of instruments in which the ETF invests. When the Master Fund invests in ETFs, Investors of the Fund bear indirectly their proportionate share of their fees and expenses, as well as their share of the Fund's fees and expenses. As a result, an investment by the Master Fund in an ETF could cause the Fund's operating expenses (taking into account indirect expenses such as the fees and expenses of the ETF) to be higher and, in turn, performance to be lower than if it were to invest directly in the instruments underlying the investment company or ETF. The trading in an ETF may be halted if the trading in one or more of the ETF's underlying securities is halted.

------

The risks of ETFs designed to track equity indexes may include passive strategy risk (the ETF may hold constituent securities of an index regardless of the current or projected performance of a specific security or a particular industry, market sector, country, or currency, which could cause returns to be lower or higher than if an active strategy were used), non-correlation risk (the ETF's return may not match the returns of the relevant index), equity securities risk (the value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions, and/or economic conditions), market trading risks (the ETF faces market trading risks, including losses from trading in secondary markets and disruption in the creation/redemption process of the ETF), and concentration risk (to the extent the ETF or underlying index's portfolio is concentrated in the securities of a particular geography or market segment, the ETF may be adversely affected by the performance of that market, may be subject to increased price volatility, and may be more susceptible to adverse economic, market, political, or regulatory occurrences affecting that market). The market value of ETF shares may differ from their net asset value per share. This difference in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not always identical to the value of the underlying investments that the ETF holds. There may be times when an ETF share trades at a premium or discount to its net asset value.

The provisions of the 1940 Act may impose certain limitations on the Master Fund's investments in other investment companies, including ETFs. In particular, the 1940 Act, subject to certain exceptions, generally limits a fund's investments in ETFs to no more than (i) 3% of the total outstanding voting stock of any one ETF, (ii) 5% of the fund's total assets with respect to any one ETF, and (iii) 10% of the fund's total assets with respect to ETFs or other investment companies in the aggregate (the "Limitation"). Pursuant to rules adopted by the SEC, the Master Fund may invest in excess of the Limitation if the Master Fund and the investment company in which the Master Fund would like to invest comply with certain conditions, including limits on control and voting, required evaluations and findings, required fund investment agreements and limits on complex fund of funds structures. Certain of these conditions do not apply if the Master Fund is investing in shares issued by affiliated funds. In addition, the Master Fund may invest in shares issued by money market funds, including certain unregistered money market funds, in excess of the Limitation.

The Master Fund's or the Fund's purchase of shares of ETFs may result in the payment by a shareholder of duplicative management fees. Pantheon Ventures (US) LP, the Master Fund's and the Fund's investment adviser (the "Adviser"), will consider such fees in determining whether to invest in other mutual funds. The return on the Master Fund's and the Fund's investments in investment companies will be reduced by the operating expenses, including investment advisory and administrative fees, of such companies.

<u>Wholly-Owned Subsidiaries Risk</u>. By investing in the Subsidiaries, the Master Fund is indirectly exposed to the risks associated with each Subsidiary's investments, which are the same risks associated with the Master Fund's investments. Neither Subsidiary is registered under the 1940 Act, but each Subsidiary will comply with certain sections of the 1940 Act (e.g., it will enter into an investment management agreement with the Adviser that contains the provisions required by Section 15(a) of the 1940 Act (including the requirement of annual renewal), will have an eligible custodian or otherwise meet the criteria of Section 17(f) of the 1940 Act, and, together with the Master Fund on a consolidated basis, will comply with the provisions of Section 8 of the 1940 Act relating to fundamental investment policies, Section 17 relating to affiliated transactions and fidelity bond requirements, Section 18 relating to capital structure and leverage, and Section 31 regarding books and records) and be subject to the same policies and restrictions as the Master Fund as they relate to the investment portfolio. The Master Fund owns 100% of, and controls, each Subsidiary, which, like the Master Fund, is managed by the Adviser, making it unlikely that a Subsidiary will take action contrary to the interests of the Master Fund and its members. In managing a Subsidiary's investment portfolio, the Adviser will manage the Subsidiary's portfolio in accordance with the Master Fund's investment policies and restrictions. There can be no assurance that a Subsidiary's investment objective will be achieved. Changes in the laws of the United States and/or the State of Delaware, under which the Master Fund and the Subsidiaries are organized, could result in the inability of the Master Fund and/or a Subsidiary to operate as described in this prospectus and the Fund's SAI and could adversely affect the Fund and its members.

------

<u>Borrowing</u>. The Fund and the Master Fund may borrow money in connection with their investment activities—i.e., the Fund and the Master Fund may utilize leverage. The Fund and the Master Fund may borrow money through a credit facility or other arrangements to satisfy repurchase requests from Fund Investors, to pay operating expenses, to fund capital commitments to Private Fund Investments, and to otherwise provide temporary liquidity. The Master Fund may also borrow money through a credit facility to manage timing issues in connection with the acquisition of its investments, such as providing the Master Fund with temporary liquidity to fund investments in Private Fund Investments in advance of the Master Fund's receipt of distributions from another Private Fund Investment. The Master Fund has entered into a credit facility for such purposes.

The 1940 Act generally requires a registered investment company to satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time the indebtedness is incurred. This means that, as a general matter, the value of the Master Fund's or Fund's total indebtedness may not exceed one-third of the value of its total assets, including the value of the assets purchased with the proceeds of its indebtedness. Subject to certain exceptions, the 1940 Act also generally restricts the Fund from declaring cash distributions on, or repurchasing, shares unless senior securities representing indebtedness have an asset coverage of not less than 300% after giving effect to such distribution or repurchase.

The Fund or the Master Fund may be required to maintain minimum average balances in connection with borrowings or to pay commitment fees and other costs of borrowings under the terms of a line of credit or credit facility. Moreover, interest on borrowings will be an expense of the Fund. With the use of borrowings, there is a risk that the interest rates paid by the Fund or the Master Fund on the amount it borrows will be higher than the return on the Fund's investments. Such additional costs and expenses may affect the operating results of the Fund. If the Fund or the Master Fund cannot generate sufficient cash flow from investments, they may need to refinance all or a portion of indebtedness on or before maturity. Additionally, uncertainty in the debt and equity markets may negatively impact the Fund's or the Master Fund's ability to access financing on favorable terms or at all and a lender may terminate or not renew any credit facility. The inability to obtain additional financing could have a material adverse effect on the Fund's operations and on its ability to meet its debt obligations. If it is unable to refinance any of its indebtedness on commercially reasonable terms or at all, the Fund's returns may be harmed. Moreover, the Master Fund may be forced to sell investments in Private Fund Investments at inopportune times, which may further depress returns.

<u>Hedging</u>. Subject to the limitations and restrictions of the 1940 Act, the Master Fund may use derivative transactions, primarily equity options and swaps (and, to a lesser extent, futures and forwards contracts) for hedging purposes. Derivative transactions present risks arising from the use of leverage (which increases the magnitude of losses), volatility, non-correlation with underlying assets, mispricing, improper valuation, the possibility of default by a counterparty or clearing member and clearing house through which a derivative position is held, and illiquidity. Use of options and swaps transactions for hedging purposes by the Master Fund could present significant risks, including the risk of losses in excess of the amounts invested. See "Derivatives Counterparty Risk" and "Legal and Regulatory Risks."

*Options*. There are various risks associated with transactions in options. The value of options will be affected by many factors, including changes in the value of underlying securities or indices, changes in the dividend rates of underlying securities (or in the case of indices, the securities comprising such indices), changes in interest rates, changes in the actual or perceived volatility of the stock market and underlying securities, and the remaining time to an option's expiration. The Master Fund's ability to use options as part of its investment program depends on the liquidity of the markets in those instruments. There can be no assurance that a liquid market will exist when the Master Fund seeks to close out an option position. If no liquid market exists, the Master Fund might not be able to effect an offsetting transaction in a particular option. If the Master Fund were unable to close out an option that it had purchased on a security, it would have to exercise the option in order to realize any profit or the option may expire worthless. As the writer of a call option on a portfolio security, during the option's life, the Master Fund foregoes the opportunity to profit from increases in the market value of the security underlying the call option above the sum of the premium and the strike price of the call, but retains the risk of loss (net of premiums received) should the price of the underlying security decline. Similarly, as the writer of a call option on a securities index, the Master Fund foregoes the opportunity to profit from increases in the index over the strike price of the option, though it retains the risk of loss (net of premiums received) should the price of the index decline. If the Master Fund writes a

------

call option and does not hold the underlying security or instrument, the amount of the Master Fund's potential loss is theoretically unlimited. Stock or index options that may be purchased or sold by the Master Fund may include options not traded on a securities exchange. The risk of nonperformance by the Master Fund's counterparty to such bilateral options may be greater and the ease with which the Master Fund can dispose of or enter into closing transactions with respect to such an option may be less than in the case of an exchange-traded option.

*Swap Agreements.* 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 earned on specified assets, such as the return on, or increase in value of, a particular dollar amount invested at a particular interest rate, in a particular non-U.S. currency, or in a security or "basket" of securities representing a particular index. Because swap agreements are two-party contracts that may be subject to contractual restrictions on transferability and termination, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary securities transactions. The Master Fund's use of swaps could create significant investment leverage.

*Futures and Forwards.* Futures contracts markets are highly volatile and are influenced by a variety of factors, including national and international political and economic developments. In addition, because of the low margin deposits normally required in futures trading, a high degree of leverage is typical of a futures trading account. As a result, a relatively small price movement in a futures contract may result in substantial losses. Positions in futures contracts may be closed out only on the exchange on which they were entered into or through a linked exchange, and no secondary market exists for such contracts. Certain futures exchanges do not permit trading in particular futures contracts at prices that represent a fluctuation in price during a single day's trading beyond certain set limits. Futures contracts have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of future positions and subjecting some futures traders to substantial losses. The inability to close futures positions also could have an adverse impact on the ability of the Master Fund to hedge a portfolio investment or to establish a substitute for a portfolio investment. When used for hedging purposes, an imperfect or variable degree of correlation between price movements of the futures contracts and the underlying investment sought to be hedged may prevent the Master Fund from achieving the intended hedging effect or expose the Master Fund to the risk of loss.

Forward contracts, unlike futures contracts, are not traded on exchanges and are not standardized; rather, banks and dealers act as principals in these markets, negotiating each transaction on an individual basis. Forward trading is relatively unregulated; there is no limitation on daily price movements and speculative position limits are not applicable. Disruptions can occur in any market traded by the Master Fund due to unusual trading volume, political intervention, or other factors. The imposition of controls by governmental authorities might also limit such forward (and futures) trading to less than that which the Master Fund would otherwise recommend, to the possible detriment of the Master Fund. Market illiquidity or disruption could result in major losses to the Master Fund. In addition, the Master Fund will be exposed to credit risks with regard to counterparties with whom the Master Fund trades as well as risks relating to settlement or other default by its counterparties. Such risks could result in substantial losses to the Master Fund.

*<u>Derivatives Counterparty Risk</u>*. The Master Fund will be subject to credit risk with respect to the counterparties to derivative contracts (including the clearing member and clearing house through which derivatives positions are held). There can be no assurance that a counterparty will be able or willing to meet its obligations. Events that affect the ability of the Master Fund's counterparties to comply with the terms of the derivative contracts may have an adverse effect on the Master Fund. If the counterparty defaults, the Master Fund will have contractual remedies, but there can be no assurance that the Master Fund will succeed in enforcing contractual remedies. Counterparty risk still exists even if a counterparty's obligations are secured by collateral because the Master Fund's interest in collateral may not be perfected or additional collateral may not be promptly posted as required. Counterparty risk also may be more pronounced if a counterparty's obligations exceed the amount of collateral held by the Master Fund, if any, the Master Fund is unable to exercise its interest in collateral upon default by the counterparty, or the termination value of the instrument varies significantly from the marked-to-market value of the instrument. If a counterparty becomes insolvent, the Master Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding or may obtain a limited or no recovery of amounts due to it under the derivative contract.

------

Transactions in certain types of derivatives including futures and options on futures as well as some types of swaps are required to be (or are capable of being) centrally cleared. In a transaction involving such derivatives, the Master Fund's counterparty is a clearing house so the Master Fund is subject to the credit risk of the clearing house and the member of the clearing house (the "clearing member") through which it holds its position. Credit risk of market participants with respect to such derivatives is concentrated in a few clearing houses and clearing members, and it is not clear how an insolvency proceeding of a clearing house would be conducted and what impact an insolvency of a clearing house would have on the financial system. A clearing member is generally obligated to segregate all funds received from customers with respect to cleared derivatives transactions from the clearing member's proprietary assets. However, all funds and other property received by a clearing broker from its customers are generally held by the clearing member on a commingled basis in an omnibus account, and the clearing member may invest those funds in certain instruments permitted under the applicable regulations. The assets of the Master Fund might not be fully protected in the event of the insolvency of the Master Fund's clearing member, because the Master Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member's customers for a relevant account class. In addition, financial difficulty, fraud or misrepresentation at any of these institutions could lead to significant losses as well as impair the operational capabilities or capital position of the Master Fund. For example, if a clearing member does not comply with applicable regulations or its agreement with the Master Fund, or in the event of fraud or misappropriation of customer assets by a clearing member, the Master Fund could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the margin held by the clearing member.

<u>Legal and Regulatory Risks</u>. Recent legal and regulatory changes, and additional legal and regulatory changes that could occur during the term of the Fund and the Master Fund, may substantially affect private equity funds and such changes may adversely impact the performance of the Fund and the Master Fund. The regulation of the U.S. and non-U.S. securities, derivatives (including futures) markets and investment funds has undergone substantial change in recent years and such change may continue. Such market regulations may increase the costs of the Master Fund's investments, may limit the availability or liquidity of certain investments, or may otherwise adversely affect the value or performance of the Master Fund's investments. Any such developments could impair the effectiveness of the Master Fund's investments and cause the Master Fund to lose value. Counterparty risk with respect to derivatives and certain other transactions has also been impacted by rules and regulations affecting such markets. For example, the Master Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, in the event of an insolvency of its counterparties (or their affiliates) could be stayed or eliminated under special resolution regimes adopted in the United States and various other jurisdictions.

Greater regulatory scrutiny may increase the Fund's, the Master Fund's and the Adviser's exposure to potential liabilities. Increased regulatory oversight can also impose administrative burdens on the Fund, the Master Fund and the Adviser, including, without limitation, responding to examinations or investigations and implementing new policies and procedures.

With the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), there have been extensive rulemaking and regulatory changes that affect private fund managers, the funds that they manage, the instruments in which funds invest (such as derivatives), and the financial industry as a whole. The Dodd-Frank Act, among other things, grants regulatory authorities broad rulemaking authority to implement various provisions of the Act. The full impact of the Dodd-Frank Act, and of follow-on regulation, is impossible to predict. There can be no assurance that current or future regulatory actions will not have a material adverse effect on the Fund, the Master Fund, and the Private Fund Investments, significantly reduce the profitability of the Fund or the Master Fund, or impair the ability of the Fund, the Master Fund, and the Private Fund Investments to achieve their investment objectives. The implementation of the Dodd-Frank Act also could adversely affect the Fund and the Master Fund by increasing transaction and/or regulatory compliance costs. In addition, greater regulatory scrutiny may increase the Fund's, the Master Fund's and the Adviser's exposure to potential liabilities. Increased regulatory oversight can also impose administrative burdens on the Fund, the Master Fund and the Adviser, including, without limitation, responding to examinations or investigations and implementing new policies and procedures.

------

Rule 18f-4 under the 1940 Act governs the classification and use of derivative investments and certain financing transactions (e.g., reverse repurchase agreements) by registered investment companies. Among other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. A fund that uses derivative instruments in a limited amount is not subject to the full requirements of Rule 18f-4. If a fund meets certain specified conditions, Rule 18f-4 permits a fund to enter into an unfunded commitment agreement without treating it as a senior security subject to otherwise applicable restrictions under the 1940 Act. In connection with the adoption of Rule 18f-4, the SEC also eliminated the asset segregation framework for covering certain derivative instruments and related transactions arising from prior SEC guidance. Compliance with Rule 18f-4 could, among other things, make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance. Rule 18f-4 may limit the Fund's and the Master Fund's ability to use derivatives as part of their investment strategy.

The derivatives markets are also subject to various forms of regulatory oversight. Global regulations require most derivatives to be margined and reported, require certain derivatives to be cleared and in some cases also traded on an exchange, impose business conduct requirements on counterparties, and impose other regulatory requirements that impact derivatives markets. These requirements or additional future regulation of the derivatives markets may make the use of derivatives more costly, may limit the availability or reduce the liquidity of derivatives, and may impose limits or restrictions on the counterparties with which the Master Fund engages in derivative transactions.

The U.S. Commodity Futures Trading Commission ("CFTC"), certain foreign regulators and many futures exchanges have established (and continue to evaluate and revise) limits ("position limits") on the maximum net long or net short positions which any person, or group of persons acting in concert, may hold or control in particular contracts. In addition, U.S. federal position limits apply to swaps that are economically equivalent to futures contracts on certain agricultural, metals and energy commodities. 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 limits have been exceeded, unless an exemption applies. It is possible that different clients managed by the Adviser and its affiliates may be aggregated for this purpose. Therefore, the trading decisions of the Adviser (acting in its capacity as investment adviser of the Master Fund) may have to be modified and positions held by the Master Fund 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 Master Fund and, thus, the Fund. A violation of position limits could also lead to regulatory action materially adverse to the Fund's and the Master Fund's investment strategy. The Fund and the Master Fund may also be affected by other regimes, including those of the European Union ("EU") and United Kingdom ("UK"), and trading venues that impose position limits on commodity derivative contracts.

The Adviser has claimed the relief provided to fund-of-funds operators pursuant to CFTC No-Action Letter 12-38 and is therefore not subject to registration or regulation as a pool operator under the Commodity Exchange Act with respect to the Fund and the Master Fund. For the Adviser to remain eligible for the relief, the Fund and the Master Fund must comply with certain limitations, including limits on their ability to gain exposure to certain financial instruments such as futures, options on futures and certain swaps. These limitations may restrict each of the Fund's and the Master Fund's ability to pursue its investment objectives and strategies, increase the costs of implementing its strategies, result in higher expenses for it, and/or adversely affect its total return.

<u>Substantial Fees and Expenses</u>. An Investor in the Fund meeting the eligibility conditions imposed by the Private Fund Investments, including minimum initial investment requirements that may be substantially higher than those imposed by the Fund, could invest directly in the Private Fund Investments. In addition, by investing in the Private Fund Investments through the Fund, an Investor in the Fund will bear a portion of the management fee and other expenses of the Fund and the Master Fund. An Investor in the Fund will also indirectly bear a portion of the asset-based fees, incentive allocations, carried interests or fees and operating expenses borne by the Master Fund as an investor in the Private Fund Investments. In addition, to the extent that the Master Fund invests in an Investment Fund that is itself a "fund of funds," the Fund will bear a third layer of fees. Each Investment Fund Manager receives any incentive-based allocations or performance fees to which it is entitled irrespective of the performance of the other Private Fund Investments and the Fund generally. As a result, a Private Fund Investment with positive performance may receive compensation from the Master Fund, even if the Master Fund's overall returns are negative. The operating expenses of a Private Fund Investment may include, but are not limited to, organizational and offering expenses; the cost of investments; administrative, legal and internal and external accounting fees; and extraordinary or non-recurring expenses (such as litigation or indemnification expenses). It is difficult to predict the future expenses of the Fund.

------

<u>Investments in Non-Voting Stock; Inability to Vote</u>. The Master Fund may hold its interests in the Private Fund Investments in non-voting form in order to avoid becoming (i) an "affiliated person" of any Private Fund Investment within the meaning of the 1940 Act and (ii) subject to the 1940 Act limitations and prohibitions on transactions with affiliated persons. Where only voting securities are available for purchase, the Master Fund may seek to create by contract the same result as owning a non-voting security by agreeing to relinquish the right to vote in respect of its investment. The Master Fund may irrevocably waive its rights (if any) to vote its interest in a Private Fund Investment. The Fund will not receive any consideration in return for entering into a voting waiver arrangement. To the extent that the Master Fund contractually foregoes the right to vote Investment Fund securities or its interest in a portfolio company, the Master Fund will not be able to vote on matters that may be adverse to the Master Fund's and the Fund's interests. As a result, the Master Fund's influence on a Private Fund Investment could be diminished, which may consequently adversely affect the Fund and its Investors. Any such waiver arrangement should benefit the Master Fund, as it will enable the Master Fund to acquire more interests of a Private Fund Investment that the Adviser believes is desirable than the Fund would be able to if it were deemed to be an "affiliate" of the Private Fund Investment within the meaning of the 1940 Act.

<u>Non-Diversified Status</u>. Each of the Fund and the Master Fund is a "non-diversified" investment company for purposes of the 1940 Act, which means neither is subject to percentage limitations under the 1940 Act on assets that may be invested in the securities of any one issuer. As a result, the Fund's net asset value may be subject to greater volatility than that of an investment company that is subject to diversification limitations. The Master Fund will not, however, invest more than 25% of its gross assets (measured at the time of investment) in any one Investment Fund.

<u>Dilution from Subsequent Offering of Units and Master Fund Interests</u>. 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 Investors in the Private Fund Investments prior to such purchases, which could have an adverse impact on the existing Investors' interests in the Fund if subsequent Private Fund Investments underperform the prior investments in the Private Fund Investments. In addition, the Master Fund generally accepts additional investments in Master Fund Interests as determined by the Master Fund Board, in its sole discretion. Such additional investments in the Master Fund may dilute the indirect interests of existing investors of the Master Fund, including the Fund, in the Private Fund Investments made prior to such purchases, which could have an adverse impact on the Master Fund Interests of the existing investors of the Master Fund, including the Fund, if subsequent Private Fund Investments underperform the prior investments in the Private Fund Investments.

<u>Valuations Subject to Adjustment</u>. The valuations reported by the Private Fund Investments based upon which the Master Fund determines its month-end net asset value, the net asset value of the Master Fund, and the net asset value of the Fund's Master Fund Interest, may be subject to later adjustment or revision. For example, net asset value calculations may be revised as a result of fiscal year-end audits or other conditions that impact the Private Fund Investments' investments but that are unknown to the Adviser at the time of the Master Fund's valuation estimate. Other adjustments may occur from time to time. Because such adjustments or revisions, whether increasing or decreasing the net asset value of the Master Fund, and therefore 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 number of Units received by an Investor in a purchase or the amount of the repurchase proceeds of the Fund received by Investors 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 Investors under certain circumstances as described in "Repurchases of Units and Transfers." As a result, to the extent that such subsequently adjusted valuations from the Private Fund Investments, direct private equity investments, the Master Fund, or the Fund adversely affect the Master Fund's net asset value, and therefore the Fund's net asset value, the outstanding Units may be adversely affected by prior repurchases to the benefit of Investors 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 Investors 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 Investors may be affected in a similar way.

------

<u>Reporting Requirements</u>. Investors who beneficially own Units that constitute more than 5% or 10% of a Class of the Fund's Units may be subject to certain requirements under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules promulgated thereunder. These include requirements to file certain reports with the SEC. The Fund has no obligation to file such reports on behalf of such Investors or to notify Investors that such reports are required to be made. Investors who may be subject to such requirements should consult with their legal advisors.

<u>Nature of Portfolio Companies</u>. The Master Fund may make co-investments in, and the Investment Funds will make direct and indirect 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 Master 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.

<u>Co-Investment Vehicles</u>. The Master Fund may invest indirectly in Portfolio Companies with third party co-investors by means of co-investment vehicles formed to facilitate such investments ("Co-Investment Vehicles"). It is anticipated that Co-Investment Vehicles will be formed and managed by third-party fund managers and that neither the Adviser nor the Fund or Master Fund will be able to exercise day to day control over the Co-Investment Vehicles. The realization of Portfolio Company investments made as co-investments may take longer than would the realization of investments under the sole control of the Adviser or the Fund or Master Fund because the co-investors may require an exit procedure requiring notification of the other co-investors and possibly giving the other co-investors a right of first refusal or a right to initiate a buy-sell procedure (i.e*.,* one party specifying the terms upon which it is prepared to purchase the other party's or parties' participation in the investment and the non-initiating party or parties having the option of either buying the initiating party's participation or selling its or their participation in the investment on the specified terms).

Co-Investment Vehicles may involve risks in connection with such third-party involvement, including the possibility that a third-party may have financial difficulties, resulting in a negative impact on such investment, or that the Fund or Master Fund may in certain circumstances be held liable for the actions of such third-party co-investor. Third-party co-investors may also have economic or business interests or goals which are inconsistent with those of the Fund or Master Fund, or may be in a position to take or block action in a manner contrary to the Fund's or Master Fund's investment objective. In circumstances where such third parties involve a management group, such third parties may receive compensation arrangements relating to the Co-Investment Vehicles, including incentive compensation arrangements, and the interests of such third parties may not be aligned with the interests of the Fund or Master Fund.

With respect to Co-Investment Vehicles, the Fund and Master Fund will be highly dependent upon the capabilities of the private equity fund managers alongside whom the investment is made. The Fund or Master Fund may indirectly make binding commitments to Co-Investment Vehicles without an ability to participate in their management and control and with no or limited ability to transfer its interests in such Co-Investment Vehicles. In

------

some cases, the Fund or Master Fund will be obligated to fund its entire investment for a Co-Investment Vehicle up front, and in other cases the Fund or Master Fund will make commitments to fund from time to time as called by the managers of the underlying Co-Investment Vehicles. Neither the Adviser nor the Fund or Master Fund will have control over the timing of capital calls or distributions received from Co-Investment Vehicles, or over investment decisions made by such Co-Investment Vehicles.

Through Co-Investment Vehicles and co-investments, the Fund and Master Fund also generally will not have control over any of the underlying Portfolio Companies and will not be able to direct the policies or management decisions of such Portfolio Companies. Thus, the returns to the Fund or Master Fund from any such investments will be dependent upon the performance of the particular Portfolio Company and its management and the Fund will not be able to direct the policies or management decisions of such Portfolio Companies.

<u>Private Equity Investments</u>. Private equity is a common term for investments that are typically made in private or public companies through privately negotiated transactions, and generally involve equity-related finance intended to bring about some kind of change in a private business (e.g., providing growth capital, recapitalizing a company or financing an acquisition). Private equity funds, often organized as limited partnerships, are the most common vehicles for making private equity investments. Investment in private equity involves the same types of risks associated with an investment in any operating company. However, securities issued by private partnerships tend to be more illiquid, and highly speculative. Private equity has generally been dependent on the availability of debt or equity financing to fund the acquisitions of their investments. Depending on market conditions, however, the availability of such financing may be reduced dramatically, limiting the ability of private equity to obtain the required financing.

Private Fund Investments are not registered as investment companies under the 1940 Act, and, therefore, are not subject to the same restrictions and reporting requirements as the Fund. The Fund may not have transparency regarding a Private Fund Investment's practices and holdings and the value of interests held by Private Fund Investments, which can impact the valuation of the Fund's holdings.

<u>Venture Capital</u>. A Private Fund Investment may invest in venture capital. Venture capital is usually classified by investments in private companies that have a limited operating history, are attempting to develop or commercialize unproven technologies or 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 business and financial risk that can result in substantial losses, which risks generally are greater than the risks of investing in public companies that may be at a later stage of development.

<u>Debt Securities</u>. An Investment Fund may invest in bonds or other debt securities. The value of a debt security may increase or decrease as a result of the following: market fluctuations, increases in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments or illiquidity in debt securities markets; the risk of low rates of return due to reinvestment of securities during periods of falling interest rates or repayment by issuers with higher coupon or interest rates; and/or the risk of low income due to falling interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of fixed income securities to decrease, may adversely impact the liquidity of fixed income securities, and increase the volatility of fixed income markets. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by an Investment Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities.

<u>Credit Risk</u>. An issuer of bonds or other debt securities may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely interest, principal or settlement payments or otherwise honor its obligations. This risk of default for most debt securities is monitored by several nationally recognized statistical rating organizations such as Moody's and S&P. Actual or perceived changes in a company's financial health will affect the valuation of its debt securities. Bonds or debt securities rated BBB/Baa by S&P/Moody's, although investment grade, may have speculative characteristics because their issuers are more vulnerable to financial setbacks and economic pressures than issuers with higher ratings.

------

<u>Interest Rate Risk</u>. Changes in interest rates can impact bond and debt security prices. As interest rates rise, the fixed coupon payments (cash flows) of debt securities become less competitive with the market and thus the price of the securities will fall. Interest rate risk is generally higher for investments with longer maturities or durations. Duration is the weighted average time (typically quoted in years) to the receipt of cash flows (principal plus interest) for a particular bond, debt security or portfolio, and is used to evaluate such bond's, debt security's or portfolio's interest rate sensitivity. For example, if interest rates rise by one percentage point, the share price of a fund with an average duration of one year would be expected to fall approximately 1% and a fund with an average duration of five years would be expected to decline by about 5%. If rates decrease by one percentage point, the share price of a fund with an average duration of one year would be expected to rise approximately 1% and the share price of a fund with an average duration of five years would be expected to rise by about 5%. Negative or very low interest rates could magnify the risks associated with changes in interest rates. During periods of increasing interest rates, an Investment Fund may experience high levels of volatility and shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices, which could reduce the returns of the Fund. Changes in interest rate levels are caused by a variety of factors, such as central bank monetary policies, inflation rates, and general economic and market conditions. Through the implementation of monetary policy, central banks, such as the U.S. Federal Reserve, take actions that are designed to increase or decrease interest rates. There can be no assurance that the actions taken by central banks will have their intended effect. Fiscal, economic, monetary or other governmental policies have in the past caused or exacerbated risks associated with interest rates, including changes in interest rates, and they may do so in the future.

<u>Inflation Risk</u>. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund's or the Master Fund's assets or distributions may decline. This risk is more prevalent with respect to debt securities held by the Master Fund. Inflation creates uncertainty over the future real value (after inflation) of an investment. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy (or expectations that such policies will change), and the Master Fund's investments may not keep pace with inflation, which may result in losses to Fund investors or adversely affect the real value of shareholders' investments in the Funds. Investors' expectation of future inflation can also impact the current value of portfolio investments, resulting in lower asset values and potential losses. This risk may be elevated compared to historical market conditions because of recent monetary policy measures and the current interest rate environment.

<u>Defaulted Debt Securities and Other Securities of Distressed Companies</u>. The Investment Funds may invest in low grade or unrated debt securities (i.e., "high yield" or "junk" bonds) and Private Fund Investments may invest in securities of distressed companies. Such investments involve substantial risks. For example, high yield bonds are regarded as being predominantly speculative as to the issuer's ability to make payments of principal and interest. Issuers of high yield debt may be highly leveraged and may not have available to them more traditional methods of financing. Therefore, the risks associated with acquiring the securities of such issuers generally are greater than is the case with higher rated securities. In addition, the risk of loss due to default by the issuer is significantly greater for the holders of high yield bonds because such securities may be unsecured and may be subordinated to other creditors of the issuer. Similar risks apply to other private debt securities. Successful investing in distressed companies involves substantial time, effort and expertise, as compared to other types of investments. Information necessary to properly evaluate a distress situation may be difficult to obtain or be unavailable and the risks attendant to a restructuring or reorganization may not necessarily be identifiable or susceptible to considered analysis at the time of investment.

<u>Mezzanine Investments</u>. An Investment Fund may invest in mezzanine loans. Structurally, mezzanine loans usually rank subordinate in priority of payment to senior debt, such as senior bank debt, and are often unsecured. However, mezzanine loans rank senior to common and preferred equity in a borrower's capital structure. Mezzanine debt is often used in leveraged buyout and real estate finance transactions. Typically, mezzanine loans have elements of both debt and equity instruments, offering the fixed returns in the form of interest payments

------

associated with senior debt, while providing lenders an opportunity to participate in the capital appreciation of a borrower, if any, through an equity interest. This equity interest typically takes the form of warrants. Due to their higher risk profile and often less restrictive covenants as compared to senior loans, mezzanine loans generally earn a higher return than senior secured loans. The warrants associated with mezzanine loans are typically detachable, which allows lenders to receive repayment of their principal on an agreed amortization schedule while retaining their equity interest in the borrower. Mezzanine loans also may include a "put" feature, which permits the holder to sell its equity interest back to the borrower at a price determined through an agreed-upon formula. Mezzanine investments may be issued with or without registration rights. Similar to other high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average life is significantly shorter at three to five years. Mezzanine investments are usually unsecured and subordinate to other obligations of the issuer.

<u>Real Estate Investments</u>. The Master Fund may be exposed to real estate risk through its allocation to real estate investments. The residential housing sector in the United States came under considerable pressure for a prolonged period beginning in 2007 and home prices nationwide were down significantly on average. In addition, the commercial real estate sector in the United States was under pressure with prices down significantly on average. Residential and commercial mortgage delinquencies and foreclosures increased over this time period, which led to widespread selling in the mortgage-related market and put downward pressure on the prices of many securities. Accordingly, the instability in the credit markets adversely affected, and could adversely affect in the future, the price at which real estate funds can sell real estate because purchasers may not be able to obtain financing on attractive terms or at all. These developments also adversely affected, and could adversely affect in the future, the broader economy, which in turn adversely affected, and could adversely affect in the future, the real estate markets. Such developments could, in turn, reduce returns from real estate funds or reduce the number of real estate funds brought to market during the investment period, thereby reducing the Master Fund's investment opportunities.

Real estate funds are subject to risks associated with the ownership of real estate, including terrorist attacks, war, natural or environmental disasters or other acts that destroy real property (in addition to market risks, such as the events described above). Investments in real estate-related investments may also be negatively affected by pandemics, which may result in lower occupancy rates, decreased lease payments, defaults, and foreclosures, among other consequences. Some real estate funds may invest in a limited number of properties, in a narrow geographic area, or in a single property type, which increases the risk that such real estate funds could be unfavorably affected by the poor performance of a single investment or investment type. These companies are also sensitive to factors such as changes in applicable laws, real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand, and the management skill and creditworthiness of the issuer. Borrowers could default on or sell investments that a real estate fund holds, which could reduce the cash flow needed to make distributions to investors. In addition, real estate funds may also be affected by tax and regulatory requirements impacting the real estate fund's ability to qualify for preferential tax treatments or exemptions.

The Master Fund may enter into joint ventures with affiliated and unaffiliated third parties to make certain real estate investments. In these joint ventures, the Master Fund, along with other third-party partners, can, from time to time, either have approval rights or negative control rights over some or all of the joint venture's activities, and in limited circumstances, may have the ability to require that the joint venture take specific actions. In many cases, the third-party partner may provide services for the joint venture or its assets, including, without limitation, management of day-to-day operations, asset management, property management, construction or development management, and leasing, refinancing or disposition related services. Such investments may involve risks not otherwise present with other methods of investment. In addition, disputes between the Master Fund and its joint venture partners may result in litigation or arbitration that would increase the Master Fund's and the Fund's expenses and prevent the Fund's and the Master Fund's directors and officers from focusing their time and efforts on the Fund's business.

<u>Small- and Medium-Capitalization Companies</u>. Some Private Fund Investments may invest a portion of their assets in Portfolio Companies with small- to medium-sized market capitalizations. While such investments may provide significant potential for appreciation, they may also involve higher risks than do investments in securities of larger companies. For example, the risk of bankruptcy or insolvency is higher than for larger, "blue-chip" companies.

------

<u>Geographic Concentration Risks</u>. An Investment Fund may concentrate its investments in specific geographic regions. This focus may constrain the liquidity and the number of Portfolio Companies available for investment by an Investment Fund. In addition, the investments of such an Investment Fund will be disproportionately exposed to the risks associated with the region of concentration. Other Private Fund Investments may also be disproportionally exposed to specific geographic regions.

<u>Foreign Investments</u>. Investment in foreign issuers or securities principally traded outside the United States may involve special risks due to foreign economic, political, and legal developments, including favorable or unfavorable changes in currency exchange rates, exchange control regulations (including currency blockage), expropriation, nationalization or confiscatory taxation of assets, diplomatic relations, embargoes, sanctions or the threat of sanctions against a particular country or countries, organizations, entities and/or individuals, limitation on the removal of funds or assets, and possible difficulty in obtaining and enforcing judgments against foreign entities. The Fund, the Master Fund and/or a Private Fund Investment may be subject to foreign taxation on realized capital gains, dividends or interest payable on foreign securities, on transactions in those securities and on the repatriation of proceeds generated from those securities. Transaction-based charges are generally calculated as a percentage of the transaction amount and are paid upon the sale or transfer of portfolio securities subject to such taxes. Any taxes or other charges paid or incurred by the Fund, the Master Fund and/or a Private Fund Investment in respect of its foreign securities will reduce the Fund's yield.

Issuers of foreign securities are subject to different, often less comprehensive, accounting, custody, reporting, and disclosure requirements than U.S. issuers. The securities of some foreign governments, companies, and securities markets are less liquid, and at times more volatile, than comparable U.S. securities and securities markets. Foreign brokerage commissions and related fees also are generally higher than in the United States. Private Fund Investments that invest in foreign securities also may be affected by different custody and/or settlement practices or delayed settlements in some foreign markets. The laws of some foreign countries may limit a Private Fund Investment's ability to invest in securities of certain issuers located in those countries. Foreign countries may have reporting requirements with respect to the ownership of securities, and those reporting requirements may be subject to interpretation or change without prior notice to investors. No assurance can be given that the Private Fund Investments will satisfy applicable foreign reporting requirements at all times.

In addition, the tax laws of some foreign jurisdictions in which a Private Fund Investment may invest are unclear and interpretations of such laws can change over time. As a result, in order to comply with guidance related to the accounting and disclosure of uncertain tax positions under U.S. generally accepted accounting principles ("GAAP"), a Private Fund Investment may be required to accrue for book purposes certain foreign taxes in respect of its foreign securities or other foreign investments that it may or may not ultimately pay. Such tax accruals will reduce a Private Fund Investment's net asset value at the time accrued, even though, in some cases, the Private Fund Investment ultimately will not pay the related tax liabilities. Conversely, a Private Fund Investment's net asset value will be increased by any tax accruals that are ultimately reversed.

<u>Emerging Markets</u>. Some Private Fund Investments may invest in Portfolio Companies located in emerging industrialized or less developed countries. Risks particularly relevant to such emerging markets may include greater dependence on exports and the corresponding importance of international trade, higher risk of inflation, more extensive controls on foreign investment and limitations on repatriation of invested capital, increased likelihood of governmental involvement in, and control over, the economies, decisions by the relevant government to cease its support of economic reform programs or to impose restrictions, and less established laws and regulations regarding fiduciary duties of officers and directors and protection of investors.

<u>Sector Concentration</u>. The 1940 Act requires the Fund to state the extent, if any, to which it concentrates investments in a particular industry or group of industries. While the 1940 Act does not define what constitutes "concentration" in an industry, the staff of the SEC takes the position that, in general, investments of more than 25% of a fund's assets in an industry constitutes concentration. The Master Fund or a Private Fund Investment may concentrate its investments in specific industry sectors, which means each may invest more than 25% of its assets in a specific industry sector. This focus may constrain the liquidity and the number of Portfolio Companies available for investment by a Private Fund Investment. In addition, the investments of such a Private Fund Investment will be disproportionately exposed to the risks associated with the industry sectors of concentration.

------

<u>Utilities and Energy Sectors</u>. Energy companies may be significantly affected by outdated technology, short product cycles, falling prices and profits, market competition and risks associated with using hazardous materials. Energy companies may also be negatively affected by legislation that results in stricter government regulations and enforcement policies or specific expenditures. The Master Fund may invest a significant portion of its assets in private infrastructure fund investments and co-investments, which may include investments with a focus on the utilities and energy sectors, thereby exposing the Master Fund to risks associated with these sectors. Additionally, an Investment Fund may invest in Portfolio Companies in the utilities and energy sectors, exposing the Investment Fund, and thereby the Master Fund, to risks associated with these sectors. Rates charged by traditional regulated utility companies are generally subject to review and limitation by governmental regulatory commissions, and the timing of rate changes will adversely affect such companies' earnings and dividends when costs are rising.

<u>Transportation Sector</u>. Transportation infrastructure companies are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, the effects of economic slowdowns, adverse changes in fuel prices, labor relations, insurance costs, government regulations, political changes, and other factors. The Master Fund may invest a significant portion of its assets in private infrastructure fund investments and co-investments, which may include investments with a focus on the transportation sector, thereby exposing the Master Fund to risks associated with this sector. Additionally, an Investment Fund may invest in Portfolio Companies in the transportation sector, exposing the Investment Fund, and thereby the Master Fund, to risks associated with this sector.

<u>Technology Sector</u>. Certain technology companies may have limited product lines, markets or financial resources, or may depend on a limited management group. In addition, these companies are strongly affected by worldwide technological developments, and their products and services may not be economically successful or may quickly become outdated.

<u>Financial Sector</u>. Financial services companies are subject to extensive governmental regulation that may limit the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge. Profitability of such companies is generally dependent on the availability and cost of capital, and can fluctuate as a result of increased competition or changing interest rates.

<u>Natural Resources Sector</u>. Investments in securities of natural resource companies involve risks. The market value of securities of natural resource companies may be affected by numerous factors, including events occurring in nature, inflationary pressures, and international politics. If the Master Fund has significant exposure to natural resource companies, there is the risk that the Master Fund will perform poorly during a downturn in the natural resource sector. For example, events occurring in nature (such as earthquakes or fires in natural resource areas) and political events (such as coups, military confrontations, or acts of terrorism) can affect the overall supply of a natural resource and the value of companies involved in such natural resource. Rising interest rates and general economic conditions may also affect the demand for natural resources.

<u>Precious Metals Sector</u>. Investments related to gold and other precious metals are considered speculative and are affected by a variety of worldwide economic, financial, and political factors. The price of precious metals may fluctuate sharply over short periods of time due to changes in inflation or expectations regarding inflation in various countries, the availability of supplies of precious metals, changes in industrial and commercial demand, precious metals sales by governments, central banks, or international agencies, investment speculation, monetary and other economic policies of various governments, and government restrictions on private ownership of gold and other precious metals. No income is derived from holding physical gold or other precious metals, which is unlike securities that may pay dividends or make other current payments.

<u>Currency Risk</u>. Private Fund Investments may include direct and 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 Master Fund investments are denominated against the U.S. dollar may result in a decrease in the Master Fund's and the Fund's net asset value. Forward currency contracts and options may be utilized on behalf of the Fund and the Master Fund by Private Fund Investments to hedge against currency fluctuations, but Private Fund Investments are not required to hedge and there can be no assurance that such hedging transactions, even if undertaken, will be effective. Accordingly, the performance of the Fund could be adversely affected by such currency fluctuations.

------

<u>Risks Relating to Accounting, Auditing and Financial Reporting, etc</u>. The Master Fund and certain of the Private Fund Investments may invest 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 Master Fund and the Private Fund Investments may be incomplete, inaccurate and/or significantly delayed. The Master Fund and the Private Fund Investments 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.

<u>Valuation of the Master Fund's Interests in Private Fund Investments</u>. A large percentage of the securities in which the Master Fund invests will not have a readily determinable market price and will be fair valued by the Master Fund. The valuation of the Master Fund's interests in Private Fund Investments is ordinarily determined monthly based in part on estimated valuations provided by Investment Fund Managers and also on valuation determinations made by the Adviser, which may be based in whole or in part on information from third-party valuation services, under the general supervision of the Master Fund Board. Pursuant to Rule 2a-5 under the 1940 Act, the Board and the Master Fund Board have designated the Adviser as the Fund's and the Master Fund's "Valuation Designee" to perform the Fund's and the Master Fund's respective fair value determinations, which are subject to Board and Master Fund Board oversight, as applicable, and certain reporting and other requirements intended to ensure that the Board and the Master Fund Board receive the information they need to oversee the Adviser's fair value determinations.

Like the Master Fund's investments, a large percentage of the securities in which the Investment Funds invest and the Portfolio Companies of co-investments will not have a readily determinable market price and will be valued periodically by the Investment Fund or co-investment based on fair valuation procedures. In this regard, an Investment Fund Manager may face a conflict of interest in valuing the securities, as their value may affect the Investment Fund Manager's compensation or its ability to raise additional funds in the future. No assurances can be given regarding the valuation methodology or the sufficiency of systems utilized by any Private Fund Investment, the accuracy of the valuations provided by the Private Fund Investments, that the Private Fund Investments will comply with their own internal policies or procedures for keeping records or making valuations, or that the Private Fund Investments' policies and procedures and systems will not change without notice to the Master Fund. As a result, valuations of the securities may be subjective and could subsequently prove to have been wrong, potentially by significant amounts.

The Fund's and the Master Fund's securities valuation and pricing services policies and procedures (the "Valuation Procedures") provide that valuations for Private Fund Investments will be determined based in part on estimated valuations provided by Investment Fund Managers and also on valuation determinations made by the Adviser pursuant to a valuation methodology that incorporates general private equity pricing principles and information from third-party valuation services, under the general supervision of the Board and the Master Fund Board. The Adviser seeks to maintain accurate Private Fund Investment valuations by undertaking a detailed assessment of a Private Fund Investment's valuation procedures prior to investing in the Private Fund Investment. Based on the methodology, the Adviser may adjust a Private Fund Investment's periodic valuation, as appropriate, including through the use of a third-party valuation service, which uses fair value techniques considered by such service most applicable to the Private Fund Investment. The Fund and the Master Fund run the risk that the Adviser's valuation techniques will fail to produce the desired results. Any imperfections, errors, or limitations in any model that is used could affect the ability of the Master Fund to accurately value Private Fund Investment assets. By necessity, models make assumptions that limit their efficacy. Models that appear to explain prior market data can fail to predict future market events. Further, the data used in models may be inaccurate and may not include all knowable information or the most recent information about a company, security, or market factor. In addition, the Adviser may face conflicts of interest in valuing the Fund's and the Master Fund's investments, as the value of the Fund's and the Master Fund's investments will affect the Adviser's compensation. Moreover, Private Fund Investment Managers typically provide estimated valuations on a quarterly basis whereas the Adviser will consider valuations on an ongoing basis and will determine valuations on a monthly basis. While any model that may be used

------

would be designed to assist in confirming or adjusting valuation recommendations, the Adviser generally will not have sufficient information in order to be able to confirm with certainty the accuracy of valuations provided by a Private Fund Investment until the Funds receive the Private Fund Investment's audited annual financial statements (and even then, the Adviser will only be able to confirm the value as of the financial statement date).

A Private Fund Investment's information could be inaccurate due to fraudulent activity, misevaluation, or inadvertent error. In any case, the Master Fund may not uncover errors for a significant period of time, if ever. Even if the Adviser elects to cause the Master Fund to sell its interests in such a Private Fund Investment, the Master 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 Private Fund Investment's valuations of such interests could remain subject to such fraud or error, and the Adviser may, in its sole discretion, determine to discount the value of the interests or value them at zero.

Investors should be aware that situations involving uncertainties as to the valuations by Private Fund Investments could have a material adverse effect on the Fund and the Master Fund if judgments regarding valuations should prove incorrect. Persons who are unwilling to assume such risks should not make an investment in the Fund.

<u>Indemnification of Private Fund Investments, Investment Fund Managers and Others</u>. The Master Fund may agree to indemnify certain of the Private Fund Investments and their respective managers, 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 Private Fund Investments. If the Master Fund were required to make payments (or return distributions) in respect of any such indemnity, the Fund and the Master Fund could be materially adversely affected. Indemnification of sellers of secondaries may be required as a condition to purchasing such securities.

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

<u>General Risks of Secondary Investments</u>. The overall performance of the Master 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 Master Fund may not be able to carve out from such purchases those investments that the Adviser considers (for commercial, tax, legal or other reasons) less attractive. Where the Master Fund acquires an Investment Fund interest as a secondary investment, the Master Fund will generally not have the ability to modify or amend such Investment 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.

<u>Contingent Liabilities Associated with Secondary Investments</u>. Where the Master Fund acquires an Investment Fund interest as a secondary investment, the Master Fund may acquire contingent liabilities associated with such interest. Specifically, where the seller has received distributions from the relevant Investment Fund and, subsequently, that Investment Fund recalls any portion of such distributions, the Master 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 Investment Fund. While the Master Fund may be able, in turn, to make a claim against the seller of the interest for any monies so paid to the Investment Fund, there can be no assurance that the Master Fund would have such right or prevail in any such claim. The Adviser does not anticipate that the Master Fund will accrue contingent liabilities with respect to secondary investments often, but each secondary investment bears the risk of being subject to contingent liabilities.

------

<u>Risks Relating to Secondary Investments Involving Syndicates</u>. The Master Fund may acquire secondary investments as a member of a purchasing syndicate, in which case the Master 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.

<u>Commitment Strategy</u>. The Master Fund anticipates that it will maintain a sizeable cash and/or liquid assets position in anticipation of funding capital calls. The Master Fund will be required to make incremental contributions pursuant to capital calls issued from time to time by Private Fund Investments.

Holding a sizeable cash and/or liquid assets position may result in lower returns than if the Master Fund employed a more aggressive "over-commitment" strategy. However, an inadequate cash position presents other risks to the Fund and the Master Fund, including the potential inability to fund capital contributions, to pay for repurchases of Units tendered by Investors or to meet expenses generally. Moreover, if the Master Fund defaults on its commitments or fails to satisfy capital calls in a timely manner then, generally, it will be subject to significant penalties, including the complete forfeiture of the Master Fund's investment in the Private Fund Investment. Any failure by the Master Fund to make timely capital contributions in respect of its commitments may (i) impair the ability of the Fund and the Master Fund to pursue its investment program, (ii) force the Master Fund to borrow through a credit facility or other arrangements, (iii) indirectly cause the Fund, and, indirectly, the Investors to be subject to certain penalties from the Private Fund Investments (including the complete forfeiture of the Master Fund's investment in a Private Fund Investment), or (iv) otherwise impair the value of the Fund's investments (including the devaluation of the Fund).

<u>Registered Investment Companies</u>. The Fund and the Master Fund may invest in the securities of other registered investment companies to the extent that such investments are consistent with the Master Fund's investment objective and permissible under the 1940 Act or made pursuant to an exemption under the 1940 Act. Under one provision of the 1940 Act, the Master Fund may not acquire the securities of other registered investment companies if, as a result, (i) more than 10% of the Master Fund's total assets would be invested in securities of other registered investment companies; (ii) such purchase would result in more than 3% of the total outstanding voting securities of any one registered investment company being held by the Master Fund; or (iii) more than 5% of the Master Fund's total assets would be invested in any one registered investment company. These restrictions are applicable to the Fund as well, although there is an exception for the Fund's holding of Master Fund Interests. Pursuant to rules adopted by the SEC, the Fund or the Master Fund may invest in excess of the above limitations if the Fund or the Master Fund and the investment company in which the Fund or the Master Fund would like to invest comply with certain conditions, including limits on control and voting, required evaluations and findings, required fund investment agreements and limits on complex fund of funds structures. Other provisions of the 1940 Act are less restrictive provided that the Master Fund or Fund is able to meet certain conditions. The above limitations do not apply to the acquisition of units of any registered investment company in connection with a merger, consolidation, reorganization or acquisition of substantially all of the assets of another registered investment company.

The Master Fund or Fund, as a holder of the securities of other investment companies, will bear its *pro rata* portion of the other investment companies' expenses, including advisory fees. These expenses will be in addition to the direct expenses incurred by the Fund.

<u>Cash, Cash Equivalents, Investment Grade Bonds and Money Market Instruments</u>. The Master Fund, the Fund, and Private Fund Investments may invest, including for defensive purposes, some or all of their respective assets in high quality fixed-income securities, money market instruments, money market mutual funds, and other short-term securities, or hold cash or cash equivalents in such amounts as the Adviser or Investment Fund Managers deem appropriate under the circumstances. In addition, the Master Fund, the Fund or a Private Fund Investment may invest in these instruments pending allocation of its respective offering proceeds, and the Master Fund will retain cash or cash equivalents in sufficient amounts to satisfy capital calls from Private Fund Investments. Money market instruments are high quality, short-term fixed-income obligations, which generally have remaining maturities of one year or less and may include U.S. Government securities, commercial paper, certificates of deposit and bankers acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements.

------

These investments may be adversely affected by tax, legislative, regulatory, credit, political or government changes, interest rate increases and the financial conditions of issuers, which may pose credit risks that result in issuer default.

<u>Repurchase Agreements.</u> The Master Fund and Private Fund Investments may enter into repurchase agreements, by which the Master Fund or the Private Fund Investment, as applicable, purchases a security and obtains a simultaneous commitment from the seller to repurchase the security at an agreed-upon price and date (usually seven days or less from the date of original purchase). The resale price typically is in excess of the purchase price and reflects an agreed-upon market interest rate unrelated to the coupon rate on the purchased security. Repurchase agreements are economically similar to collateralized loans by a fund and afford the Master Fund or the Private Fund Investment the opportunity to earn a return on temporarily available cash. The Fund and the Master Fund do not have percentage limitations on how much of their total assets may be invested in repurchase agreements. The Master Fund typically may also use repurchase agreements for cash management and temporary defensive purposes. The Master Fund may invest in a repurchase agreement that does not produce a positive return to the Master Fund if the Adviser believes it is appropriate to do so under the circumstances (for example, to help protect the Master Fund's uninvested cash against the risk of loss during periods of market turmoil). While in some cases the underlying security may be a bill, certificate of indebtedness, note or bond issued by an agency, authority or instrumentality of the U.S. government, the obligation of the seller is not guaranteed by the U.S. government and there is a risk that the seller may fail to repurchase the underlying security. In such event, the Master Fund would attempt to exercise rights with respect to the underlying security, including possible disposition in the market. However, the Master Fund may be subject to various delays and risks of loss, including (i) possible declines in the value of the underlying security during the period while the Master Fund seeks to enforce its rights thereto, (ii) possible reduced levels of income and lack of access to income during this period and (iii) inability to enforce rights and the expenses involved in the attempted enforcement, for example, against a counterparty undergoing financial distress.

In certain instances, the Master Fund may engage in repurchase agreement transactions that are novated to the Fixed Income Clearing Corporation ("FICC") or another clearing house. The clearing house acts as the common counterparty to all repurchase transactions that enter its netting system and guarantees that participants will receive their cash or securities collateral (as applicable) back at the close of repurchase transaction. While this guarantee is intended to mitigate counterparty/credit risk that exists in the case of a bilateral repurchase transaction, the Master Fund is exposed to risk of delays or losses in the event of a bankruptcy or other default or nonperformance by the clearing house or the clearing house sponsoring member through which the Fund acts in connection with such transactions. The SEC has finalized rules that will require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared. Compliance with these rules is expected to be required in the middle of 2027. Although the impact of these rules on the Fund and the Master Fund is difficult to predict, they may reduce the availability or increase the costs of such transactions and could make it more difficult for the Master Fund and the Private Fund Investments to execute certain investment strategies and may adversely affect such funds' performance.

<u>Control Positions</u>. Private Fund Investments may take control positions in companies. The exercise of control over a company imposes additional risks of liability for environmental damage, product defects, failure to supervise and other types of liability related to business operations. In addition, the act of taking a control position, or seeking to take such a position, may itself subject a Private Fund Investment to litigation by parties interested in blocking it from taking that position. If such liabilities were to arise, or if such litigation were to be resolved in a manner that adversely affected the Private Fund Investments, those Private Fund Investments would likely incur losses on their investments.

<u>Access to Secondary Investments</u>. The Fund and the Master Fund are registered as investment companies under the 1940 Act and are subject to certain restrictions under the 1940 Act, and certain tax requirements, among other restrictions, that limit the Master Fund's ability to make secondary investments, as compared to a fund that is not so registered. Such restrictions may prevent the Master Fund from participating in (or increasing its share of) certain favorable investment opportunities, or may lead to a lack of exposure to a certain type of investment for certain periods of time. The Fund's and the Master Fund's intention to qualify and be eligible for treatment as RICs under the Code can limit their ability to acquire or continue to hold positions in secondary

------

investments that would otherwise be consistent with their investment strategy. The Master Fund incurs additional expenses (compared to a fund that is not registered under the 1940 Act) in determining whether an investment is permissible under the 1940 Act and in structuring investments to comply with the 1940 Act, which reduces returns to investors in the Master Fund, and correspondingly, the Fund.

<u>Market Disruption and Geopolitical Risk</u>. The Fund and the Master Fund are subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. War, terrorism, conflicts, trade disputes and related geopolitical events (and their aftermath) have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. Likewise, natural and environmental disasters, such as, for example, earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, as well as the spread of infectious illness or other public health issues, including widespread epidemics or pandemics such as the COVID-19 pandemic, and systemic market dislocations can be highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and domestic economic and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Private Fund Investments.

The impact of COVID-19 and the effects of other infectious illness outbreaks, epidemics, or pandemics, may be short term or may continue for an extended period of time. For example, a global pandemic or other widespread health crisis could cause significant market volatility and declines in global financial markets and may affect adversely the global economy, the economies of the United States and other individual countries, the financial performance of individual issuers, borrowers and sectors, and the health of capital markets and other markets generally in potentially significant and unforeseen ways. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may also exacerbate other pre-existing political, social, and economic risks in certain countries or globally. A global pandemic or other widespread health crisis could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates, and adverse effects on the values and liquidity of securities or other assets. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers. The foregoing could impair the Fund's and the Master Fund's ability to maintain operational standards, disrupt the operations of the Fund, the Master Fund, and their service providers, adversely affect the value and liquidity of the Master Fund's investments, and negatively impact the Fund's and the Master Fund's performance and your investment in the Fund. Other epidemics or pandemics that arise in the future may have similar impacts.

Given the increasing interdependence between global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the U.S. Continuing uncertainty as to the status of the Euro and the European Monetary Union (the "EMU") has created significant volatility in currency and financial markets generally. Any partial or complete dissolution of the EMU, or any continued uncertainty as to its status, could have significant adverse effects on currency and financial markets, and on the values of the Fund's investments. The UK left the EU on January 31, 2020 (commonly referred to as "Brexit"). During an 11-month transition period, the UK and the EU agreed to a Trade and Cooperation Agreement that sets out the agreement for certain parts of the future relationship between the EU and the UK from January 1, 2021. The Trade and Cooperation Agreement does not provide the UK with the same level of rights or access to all goods and services in the EU as the UK previously maintained as a member of the EU and during the transition period. In particular, the Trade and Cooperation Agreement does not include an agreement on financial services (and such an agreement on financial services may never be concluded). Accordingly, uncertainty remains in certain areas as to the future relationship between the UK and the EU.

Beginning on January 1, 2021, EU laws ceased to apply in the UK. Many EU laws are assimilated into UK law and continue to apply in the UK; however, the UK government has enacted legislation that will repeal, replace or otherwise make substantial amendments to the EU laws that apply in the UK, with a view to those laws being replaced by purely domestic legislation. The process of revoking EU laws and replacing them with bespoke UK laws has already begun. It is impossible to predict the consequences of these amendments on the Fund and the Master Fund and their investments. Such changes could be materially detrimental to investors.

------

Although one cannot predict the full effect of Brexit, it could have a significant adverse impact on the UK, European and global macroeconomic conditions and could lead to prolonged political, legal, regulatory, tax and economic uncertainty. This uncertainty is likely to continue to impact the global economic climate and may impact opportunities, pricing, availability and cost of bank financing; regulation; values; or exit opportunities of companies or assets based, doing business, or having service or other significant relationships in, the UK or the EU, including companies or assets held or considered for prospective investment by the Master Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Adverse developments that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, may reduce liquidity in the market generally or have other adverse effects on the economy, the Fund or Master Fund, or issuers in which the Fund or Master Fund invests.

Unexpected political, regulatory and diplomatic events within the United States and abroad, such as the U.S.-China "trade war" that intensified in 2018, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. The current political climate and the renewal or escalation of a trade war between China and the United States may have an adverse effect on both the U.S. and Chinese economies, including as the result of one country's imposition of tariffs on the other country's products. In addition, sanctions or other investment restrictions could preclude a fund from investing in certain Chinese issuers or cause a fund to sell investments at disadvantageous times. Events such as these and their impact on the Fund and the Master Fund are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future.

New or escalation of hostilities in the Middle East region could disrupt energy production or transportation, including through key shipping routes, which may lead to increased volatility in energy and other commodity prices. The extent and duration of these conflicts, and others around the world, are impossible to predict but could continue to be significant. Market disruption caused by these conflicts, and any countermeasures or responses thereto (including international sanctions, a downgrade in a country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could continue to have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund and Master Fund performance.

Recent technological developments in, and the increasingly widespread use of, artificial intelligence ("AI"), including machine learning technology and generative AI, may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

<u>Cyber Security Risk</u>. With the increased use of technologies such as the Internet and the dependence on computer systems to perform business and operational functions, investment companies (such as the Fund and the Master Fund) and their service providers (including the Adviser) may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorization, and causing operational disruption. Successful cyber-attacks against, or security breakdowns of, the Fund, the Master Fund, the Private Fund Investments, the Adviser, or a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect the Fund or the Investors. For instance, cyber-attacks may interfere with the processing of Investor transactions, affect the Fund's ability to calculate its NAV, cause the release of private Investor information or confidential Fund information, impede trading, cause reputational damage, and subject the Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. Cyber-attacks may render records of Fund or Master Fund assets and transactions, Investor ownership of Units, and other data integral

------

to the functioning of the Fund or Master Fund inaccessible or inaccurate or incomplete. The Fund and the Master Fund may also incur substantial costs for cyber security risk management in order to prevent cyber incidents in the future. The Fund and the Investors could be negatively impacted as a result. The use of AI and machine learning could exacerbate these risks or result in cyber security incidents that implicate personal data. While the Adviser has established business continuity plans and systems designed to prevent cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. The Fund and the Master Fund rely on third-party service providers for many of their day-to-day operations, and are subject to the risk that the protections and protocols implemented by those service providers will be ineffective to protect the Fund or the Master Fund from cyber-attack. Any problems relating to the performance and effectiveness of security procedures used by the Fund and the Master Fund or third-party service providers to protect the Fund's and the Master Fund's assets, such as algorithms, codes, passwords, multiple signature systems, encryption and telephone call-backs, may have an adverse impact on an investment in the Fund or the Master Fund. The Adviser does not control the cyber security plans and systems put in place by third-party service providers and such third-party service providers may have limited indemnification obligations to the Adviser or the Fund. Similar types of cyber security risks also are present for the Private Fund Investments and other issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the investments of the Private Fund Investments to lose value.

<u>Large Shareholder Transactions Risk</u>. To the extent a large proportion of the shares of the Fund are highly concentrated or held by a small number of shareholders (or a single shareholder), including funds or accounts over which the Adviser has investment discretion, the Fund is subject to the risk that these shareholders will purchase or redeem Fund shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Adviser. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large amounts rapidly or unexpectedly (collectively, such transactions are referred to as "large shareholder transactions"). Large shareholder transactions could adversely affect the ability of the Fund to conduct its investment program. For example, they could require the Fund to sell portfolio securities or purchase portfolio securities unexpectedly and incur substantial transaction costs and/or accelerate the realization of taxable income and/or gains to shareholders. The effects of taxable income and/or gains resulting from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an individual retirement account, 401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains, such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a taxable account. In addition, the Fund may be required to sell its more liquid portfolio investments, if any, to meet a large redemption, in which case the Fund's remaining assets may be less liquid, more volatile, and more difficult to price. The Fund may hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns. A number of circumstances may cause the Fund to experience large redemptions, such as changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.

**Other Risks** 

Investing in the Fund involves risks other than those associated with investments made by the Private Fund Investments. Some of these risks are described below:

<u>Incentive Allocation Arrangements</u>. Each Investment Fund Manager may receive a performance fee, carried interest or incentive allocation generally equal to up to 20% of the net profits earned by the Investment Fund that it manages, typically subject to a clawback. These performance incentives may create an incentive for the Investment Fund Managers to make investments that are riskier or more speculative than those that might have been made in the absence of the performance fee, carried interest, or incentive allocation. Investment Fund Managers may also receive a performance fee, carried interest or incentive allocation in connection with other Investment Funds.

<u>Availability of Investment Opportunities</u>. The business of identifying and structuring investments of the types contemplated by the Fund and the Master Fund is competitive, and involves a high degree of uncertainty. The availability of investment opportunities is subject to market conditions and may also be affected by the prevailing regulatory or political climate. The Fund and Master Fund will compete for attractive investments with other

------

prospective Investors and there can be no assurance that the Adviser will be able to identify, gain access to, or complete attractive investments, that the investments which are ultimately made will satisfy all of the Fund's or Master Fund's objectives, or that the Fund or Master Fund will be able to fully invest its assets. Other investment vehicles managed or advised by the Adviser and its affiliates may seek investment opportunities similar to those the Master Fund may be seeking. Consistent with the Adviser's allocation policies, the Adviser will allocate fairly between the Master Fund and such other investment vehicles any investment opportunities that may be appropriate for the Master Fund and such other investment vehicles. Similarly, identifying attractive investment opportunities for an Investment Fund is difficult and involves a high degree of uncertainty. Even if an Investment Fund Manager identifies an attractive investment opportunity, an Investment Fund may not be permitted to take advantage of the opportunity to the fullest extent desired.

The Adviser may sell the Master Fund's holdings of certain of its investments at different times than similar investments are sold by other investment vehicles advised by the Adviser, particularly if significant redemptions in the Fund occur, which could negatively impact the performance of the Master Fund and the Fund.

<u>Inadequate Return</u>. No assurance can be given that the returns on the Fund's investments will be proportionate to the risk of investment in the Fund. Potential Investors should not commit money to the Fund unless they have the resources to sustain the loss of their entire investment.

<u>Inside Information</u>. From time to time, the Master Fund, the Fund or a Private Fund Investment or their respective affiliates may come into possession of material, non-public information concerning an entity or issuer related to a co-investment or in which the Master Fund or an Investment Fund has invested or may invest. The possession of such information may limit the Master Fund's or the Private Fund Investment's ability to buy or sell securities of the issuer.

<u>Recourse to the Fund's Assets</u>. The Fund's assets, including any investments made by the Master Fund and any interest in the Private Fund Investments held by the Fund through the Master Fund, are available to satisfy all liabilities and other obligations of the Fund. If the Fund becomes subject to a liability, parties seeking to have the liability satisfied may have recourse to the Fund's assets generally and not be limited to any particular asset, such as the asset representing the investment giving rise to the liability.

<u>Possible Exclusion of Investors Based on Certain Detrimental Effects</u>. The Fund may repurchase Fund Units held by an Investor or other person acquiring Units from or through an Investor, if: (i) the Units have been transferred in violation of the LLC Agreement or have vested in any person by operation of law (*i.e.*, the result of the death, bankruptcy, insolvency, adjudicated incompetence or dissolution of the Investor); (ii) any transferee does not meet any investor eligibility requirements established by the Fund from time to time; (iii) ownership of the Units by the Investor or other person likely will cause the Fund to be in violation of, or subject the Fund to additional registration or regulation under, the securities, commodities or other laws of the United States or any other relevant jurisdiction; (iv) continued ownership of the Units by the Investor or other person may be harmful or injurious to the business or reputation of the Fund, the Master Fund, the Adviser or the Sponsor, or may subject the Fund or any Investor to an undue risk of adverse tax or other fiscal or regulatory consequences; (v) any of the representations and warranties made by the Investor or other person in connection with the acquisition of the Units was not true when made or has ceased to be true; (vi) the Investor is subject to special laws or regulations, and the Fund determines that the Investor is likely to be subject to additional regulatory or compliance requirements under these special laws or regulations by virtue of continuing to hold the Units; (vii) the Investor's investment balance falls below $5,000 or the amount the Board determines from time to time to be a minimum investment in the Fund or rises above the amount the Board determines from time to time to be a maximum investment in the Fund; or (viii) the Fund or the Board determines that the repurchase of the Units would be in the interest of the Fund. These provisions may, in effect, deprive an Investor in the Fund of an opportunity for a return that might be received by other Investors.

<u>Potential Significant Effect of the Performance of a Limited Number of Investments or Strategies</u>. The Adviser expects that the Fund will participate in multiple investments. The Fund may, however, make investments in a limited number of the Private Fund Investments and Investment Funds may make investments in a limited number of Portfolio Companies. In either instance, these limited numbers of investments may have a significant effect on the performance of the Fund. In addition, the Fund, through the Master Fund, may invest a substantial portion of its assets in Investment Funds that follow a particular investment strategy. In such event, the Fund would be exposed to the risks associated with that strategy to a greater extent than it would if the Master Fund's assets were invested more broadly among Investment Funds pursuing various investment strategies.

------

<u>Placement Risk</u>. It is expected that many Investors will invest in the Fund with RIAs. When a limited number of RIAs represents a large percentage of Investors, actions recommended by the RIAs may result in significant and undesirable variability in terms of Investor subscription or tender activity. Additionally, it is possible that if a matter is put to a vote at a meeting of Investors, clients of a single RIA may vote as a block, if so recommended by the RIA.

<u>Tax Risks</u>. Special tax risks are associated with an investment in the Fund. Each of the Fund and the Master Fund has elected and intends to qualify to be treated as a RIC under Subchapter M of the Code. As such, the Fund and the Master Fund must satisfy, among other requirements, diversification and 90% gross income requirements, and a requirement that it distribute at least 90% of its investment company taxable income and net short-term gains in the form of deductible dividends. Because the Fund will invest substantially all its assets in the Master Fund, if the Master Fund were to fail to satisfy such requirements, the Fund itself would be unable to satisfy the diversification requirement, and would thus be ineligible for treatment as a RIC.

Each of the aforementioned ongoing requirements for qualification for the favorable tax treatment available to RICs requires that the Adviser obtain information from or about the Investment Funds in which the Master Fund is invested. However, Investment Funds generally are not obligated to disclose the contents of their portfolios. This lack of transparency may make it difficult for the Adviser to monitor the sources of the Master Fund's income and the diversification of its assets, and otherwise to comply with Subchapter M of the Code. Ultimately this may limit the universe of Investment Funds in which the Master Fund can invest.

Investment Funds and co-investments classified as partnerships for U.S. federal income tax purposes may generate income allocable to the Master Fund that is not qualifying income for purposes of the 90% gross income test, described below. In order to meet the 90% gross income test, the Master Fund may structure its investments in a manner that potentially increases the taxes imposed thereon or in respect thereof. Because the Master Fund may not have timely or complete information concerning the amount or sources of such an Investment Fund's or co-investment's income until such income has been earned by the Investment Fund or co-investment or until a substantial amount of time thereafter, it may be difficult for the Master Fund to satisfy the 90% gross income test.

The Master Fund intends to invest a portion of its assets in the Corporate Subsidiary, a Delaware limited liability company that has elected to be treated as a corporation for U.S. federal income tax purposes. A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where, as here, the Corporate Subsidiary is organized in the U.S., the Corporate Subsidiary will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Master Fund's return on its investment in the Corporate Subsidiary. If a net loss is realized by the Corporate Subsidiary, such loss is not generally available to offset the income of the Master Fund.

In the event that the Master Fund believes that it is possible that it will fail the asset diversification requirement at the end of any quarter of a taxable year, it may seek to take certain actions to avert such failure, including by acquiring additional investments to come into compliance with the asset diversification tests or by disposing of non-diversified assets. Although the Code affords the Master Fund the opportunity, in certain circumstances, to cure a failure to meet the asset diversification test, including by disposing of non-diversified assets within six months, there may be constraints on the Master Fund's ability to dispose of its interest in an Investment Fund or co-investment that limit utilization of this cure period. See "Certain Tax Considerations – Taxation of the Fund – Qualification for and Treatment as a Regulated Investment Company."

If the Master Fund were to fail to satisfy the asset diversification or other RIC requirements, absent a cure, it would lose its status as a RIC under the Code, in which case the Fund would lose its status as a RIC. Such loss of RIC status could affect the amount, timing and character of the Fund's distributions and would cause all of the Master Fund's and the Fund's taxable income to be subject to U.S. federal income tax at regular corporate rates without any deduction for distributions to Investors. In addition, all distributions (including distributions of net capital gain) would be taxed to their recipients as dividend income to the extent of the Fund's current and accumulated earnings and profits. Accordingly, disqualification as a RIC would have a significant adverse effect on the value of the Fund's Units.

------

Each of the Fund and the Master Fund must distribute at least 90% of its investment company taxable income, in a manner qualifying for the dividends-paid deduction, to qualify as a RIC, and must distribute substantially all its income in order to avoid a fund-level tax. In addition, if the Fund or the Master Fund were to fail to distribute in a calendar year a sufficient amount of its income for such year, it will be subject to an excise tax. The determination of the amount of distributions sufficient to qualify as a RIC and avoid a fund-level income or excise tax will depend on income and gain information that must be obtained from the underlying Investment Funds. The Master Fund's investment in Investment Funds and co-investments will make it difficult to estimate the Master Fund's and thus the Fund's income and gains in a timely fashion. Given the difficulty of estimating Master Fund income and gains in a timely fashion, each year the Master Fund is likely to be liable for a 4% excise tax, and it is possible that the Fund will also be liable for such tax. See "Certain Tax Considerations."

The Master Fund may directly or indirectly invest in Investment Funds, co-investments or Portfolio Companies located outside the United States. Such Investment Funds, co-investments or Portfolio Companies may be subject to withholding taxes or other taxes in such jurisdictions with respect to their investments or operations, as applicable. In addition, adverse U.S. federal income tax consequences can result by virtue of certain foreign investments, including potential U.S. withholding taxes on foreign investment entities with respect to their U.S. investments and potential adverse tax consequences associated with investments in any foreign corporations that are characterized for U.S. federal income tax purposes as "passive foreign investment companies" See "Certain Tax Considerations—Passive Foreign Investment Companies."

<u>Senior Secured Loans</u>. Senior secured loans are of a type generally incurred by the obligors thereunder in connection with highly leveraged transactions, often (although not exclusively) to finance internal growth, acquisitions, mergers and/or stock purchases. As a result of, among other things, the additional debt incurred by the obligor in the course of such a transaction, the obligor's creditworthiness is often judged by the rating agencies to be below investment grade. Senior secured loans are typically at the most senior level of the capital structure. Senior secured loans are generally secured on shares in certain group companies and may also be secured by specific collateral or guarantees, including but not limited to, trademarks, patents, accounts receivable, inventory, equipment, buildings, real estate, franchises and common and preferred stock of the obligor and its subsidiaries. Senior secured loans usually have shorter terms than more junior obligations and often require mandatory prepayments from excess cash flow, asset dispositions and offerings of debt and/or equity securities on a priority basis.

Although any particular senior secured loan often will share many similar features with other loans and obligations of its type, the actual terms of any particular senior secured loan will have been a matter of negotiation and will thus be unique. The types of protection afforded to creditors will therefore vary from investment to investment. Because of the unique nature of a loan agreement, and the private syndication of the loan, leveraged loans are generally not as easily purchased or sold as publicly traded securities.

An interest in a non-investment grade loan is generally considered speculative in nature and may become a defaulted obligation for a variety of reasons. Upon any investment becoming a defaulted obligation, such defaulted obligation may become subject to either substantial workout negotiations or restructuring, which may entail, among other things, a substantial reduction in the interest rate, a substantial write-down of principal and a substantial change in the terms, conditions and covenants with respect of such defaulted obligation. In addition, such negotiations or restructuring may be quite extensive and protracted over time, and therefore may result in uncertainty with respect to ultimate recovery on such defaulted obligation. The liquidity for defaulted obligations may be limited, and to the extent that defaulted obligations are sold, it is highly unlikely that the proceeds from such sale will be equal to the amount of unpaid principal and interest thereon. Consequently, the fact that a loan is secured does not guarantee that a Private Fund Investment will receive principal and interest payments according to the loan's terms, or at all, or that a Private Fund Investment will be able to collect on the loan should it be forced to enforce its remedies.

------

<u>Mezzanine and Other Subordinated Debt, Unsecured Debt, Low/Unrated Debt Risks</u>. Certain investments (or a portion thereof) may be made in certain high-yield securities known as mezzanine investments, which are subordinated debt securities that may be issued together with an equity security (e.g., with attached warrants). Mezzanine investments can be lower-rated, unsecured and generally subordinate to other obligations of the issuer.

Mezzanine investments share all of the risks of other high yield securities and are subject to greater risk of loss of principal and interest than higher-rated securities, especially in the case of deterioration of general economic conditions. Because investors generally perceive that there are greater risks associated with the lower-rated securities, the yields and prices of those securities may tend to fluctuate more than those for higher-rated securities.

There are additional risks associated with second-lien or other subordinated loans. In the event of a loss of value of the underlying assets that collateralize the loans, the subordinate portions of the loans may suffer a loss prior to the more senior portions suffering a loss. If a borrower defaults and lacks sufficient assets to satisfy the loan, the Master Fund may directly or indirectly suffer a loss of principal or interest. If a borrower defaults on the loan or on debt senior to the loan, or in the event of the bankruptcy of a borrower, the loan will be satisfied only after all senior debt is paid in full. Similarly, in the event of default on an unsecured loan, the first priority lien holder has first claim to the underlying collateral of the loan. It is possible that no collateral value would remain for an unsecured holder and therefore result in a direct or indirect loss of investment. Unsecured loans also generally have greater price volatility than secured loans and may be less liquid.

<u>Equity Securities, Warrants, Convertible Securities</u>. In addition to the Master Fund's investment in Private Fund Investments and otherwise, the Master Fund may invest in equity securities that fall within the definition of "subordinated debt investments" or may receive equity securities or warrants rights as a result of its debt investments. As with other investments, the value of equity securities held by the Master Fund may be adversely affected by actual or perceived negative events relating to the issuer of such securities, the industry or geographic areas in which such issuer operates or the financial markets generally; however, equity securities may be even more susceptible to such events given their subordinate position in the issuer's capital structure, thus subjecting them to greater price volatility. Risks associated with the use of warrants and rights are generally similar to risks associated with the use of options, the terms of which may limit the Master Fund's ability to exercise the warrants or rights at such time, or in such quantities, as the Master Fund would otherwise wish.

The Master Fund may also invest in convertible securities, which have unique investment characteristics in that they generally (i) have higher yields than common stocks, but lower yields than comparable non-convertible securities, (ii) are less subject to fluctuation in value than the underlying common stock due to their fixed income characteristics and (iii) provide the potential for capital appreciation if the market price of the underlying common stock increases. A convertible security may 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 held by the Master Fund is called for redemption, the Master Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Master Fund's ability to achieve its investment objective.

<u>Special Situations</u>. The Master Fund may make investments in Private Fund Investments or with respect to an obligor involved in (or the target of) acquisition attempts or tender offers, or companies involved in spin-offs and similar transactions. In any investment opportunity involving any such type of business enterprise, there exists the risk that the transaction in which such business enterprise is involved will either be unsuccessful, take considerable time or result in a distribution of cash or a new security, the value of which will be less than the purchase price of the security or other financial instrument in respect of which such distribution is received. Similarly, if an anticipated transaction does not in fact occur, the Master Fund may be required to sell its investment at a loss. In connection with such transactions (or otherwise), the Master Fund may purchase securities on a when-issued basis, which means that delivery and payment take place sometime after the date of the commitment to purchase and are often conditioned upon the occurrence of a subsequent event, such as approval and consummation of a merger, reorganization or debt restructuring. The purchase price or interest rate receivable with respect to a when issued security is fixed when the Master Fund enters into the commitment. Such securities are subject to changes in market value prior to their delivery.

------

**The success of an Investment Fund's activities will typically depend on the ability of the relevant Investment Fund Manager to identify attractive investment opportunities, enhance Portfolio Company value and to see when target improvements/value is reached. The success of a co-investment's activities will typically depend on the ability of the relevant Investment Fund Manager to manage the Portfolio Company, enhance Portfolio Company value and to see when target improvements/value is reached. The Fund should be considered a speculative investment, and you should invest in the Fund only if you can sustain a complete loss of your investment.** 

The above discussions of the various risks associated with the Fund and the 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 Prospectus and consult with their own advisors before deciding whether to invest in the Fund. In addition, as the Fund's and the Master Fund's investment programs change or develop over time, or market conditions change or develop, an investment in the Fund may be subject to risk factors not described in this Prospectus.

**No guarantee or representation is made that the investment program of the Fund, the Master Fund or any Private Fund Investment will be successful, that the various Private Fund Investments selected will produce positive returns or that the Fund and the Master Fund will achieve their investment objective.** 

**CONFLICTS OF INTEREST** 

**The Adviser** 

The Adviser or its affiliates provide or may provide investment advisory and other services to various entities. The Adviser, and certain of its investment professionals and other principals, may also carry on substantial investment activities for their own accounts, for the accounts of family members and for other accounts (collectively, with the other accounts advised by the Adviser and its affiliates, "Other Accounts"). The Fund and the Master Fund have no interest in these activities. The Adviser, its affiliates and the Distributor may receive payments from private equity sponsors in connection with such activities. As a result of the foregoing, the Adviser and the investment professionals who, on behalf of the Adviser, will manage the Master Fund's and Fund's investment portfolio will be engaged in substantial activities other than on behalf of the Fund and the Master Fund, may have differing economic interests in respect of such activities, and may have conflicts of interest in allocating their time and activity between the Master Fund, the Fund and Other Accounts. Such persons will devote only so much of their time as in their judgment is necessary and appropriate.

There also may be circumstances under which the Adviser will cause one or more Other Accounts to commit a larger percentage of its assets to an investment opportunity than to which the Adviser will commit the Master Fund's or Fund's assets. There also may be circumstances under which the Adviser will consider participation by Other Accounts in investment opportunities in which the Adviser does not intend to invest on behalf of the Master Fund or Fund, or vice versa. In allocating investments among the Master Fund, the Fund, and Other Accounts, the Adviser will consider the appropriateness of a particular investment opportunity in light of the investment objectives, strategies, and liquidity needs of the Master Fund, Fund, and Other Accounts and will follow its allocation policies and procedures in order to minimize conflicts of interest.

The Adviser or Distributor may compensate, from its own resources, Selling Agents in connection with the distribution of Units and also in connection with various other services including those related to the support and conduct of due diligence, Investor account maintenance, the provision of information and support services to clients, and the inclusion on preferred provider lists. Such Selling Agents may be affiliated with the Fund, the Master Fund or the Adviser. Such compensation may take various forms, including a fixed fee, a fee determined by a formula that takes into account the amount of client assets invested in the Fund, the timing of investment or the overall net asset value of the Fund, or a fee determined in some other method by negotiation between the Adviser or Distributor

------

and such Selling Agents. Each Selling Agent also may charge Investors, at the Selling Agent's discretion, a distribution fee based on the purchase price of Fund Units purchased by the Investor, and with respect to the Class 5 Units, a Selling Agent may receive the 3.5% upfront sales load. All or a portion of such compensation may be paid by the Selling Agent to the financial advisory personnel involved in the sale of Units. As a result of the various payments that Selling Agents may receive from Investors and the Adviser or Distributor, the amount of compensation that a Selling Agent may receive in connection with the sale of Units in the Fund may be greater than the compensation it may receive for the distribution of other investment products. This difference in compensation may create an incentive for a Selling Agent to recommend the Fund over another investment product.

Selling Agents may be subject to certain conflicts of interest with respect to the Fund. For example, the Fund, the Master Fund, the Adviser, Investment Funds, or Portfolio Companies, or other investment vehicles managed or sponsored by the Adviser or Investment Fund Managers, may (i) purchase securities or other assets directly or indirectly from, (ii) enter into financial or other transactions with or (iii) otherwise convey benefits through commercial activities to, a Selling Agent. As such, certain conflicts of interest may exist between such persons and a Selling Agent. Such transactions may occur in the future and generally there is no limit to the amount of such transactions that may occur.

Selling Agents may perform investment advisory and other services for other investment entities with investment objectives and policies similar to those of the Fund, the Master Fund or an Investment Fund. Such entities may compete with the Fund, the Master Fund or the Investment Fund for investment opportunities and may invest directly in such investment opportunities. Selling Agents that invest in an Investment Fund or a Portfolio Company may do so on terms that are more favorable than those of the Fund or the Master Fund.

Selling Agents that act as selling agents for the Fund or the Master Fund also may act as selling agents for a Private Fund Investment in which the Master Fund invests and may receive compensation in connection with such activities. Such compensation would be in addition to the fees described above. A Selling Agent may pay all or a portion of the fees paid to it to certain of its affiliates, including, without limitation, financial advisors whose clients purchase Units of the Fund. Such fee arrangements may create an incentive for a Selling Agent to encourage investment in the Fund, independent of a prospective Investor's objectives.

A Selling Agent may provide financing, investment banking services or other services to third parties and receive fees therefor in connection with transactions in which such third parties have interests which may conflict with those of the Fund, the Master Fund or a Private Fund Investment. A Selling Agent may give advice or provide financing to such third parties that may cause them to take actions adverse to the Fund, the Master Fund, a Private Fund Investment or a Portfolio Company. A Selling Agent may directly or indirectly provide services to, or serve in other roles for compensation for, the Fund, the Master Fund, a Private Fund Investment or a Portfolio Company. These services and roles may include (either currently or in the future) managing trustee, managing member, general partner, investment manager or adviser, investment sub-adviser, distributor, broker, dealer, selling agent and investor servicer, custodian, transfer agent, fund administrator, prime broker, recordkeeper, shareholder servicer, interfund lending servicer, Fund accountant, transaction (e.g., a swap) counterparty and/or lender. A Selling Agent is expected to provide certain of such services to the Fund and the Master Fund in connection with the Fund and the Master Fund obtaining a credit facility, if any.

In addition, issuers of securities held by the Fund, the Master Fund or an Investment Fund may have publicly or privately traded securities in which a Selling Agent is an investor or makes a market. The trading activities of Selling Agents generally will be carried out without reference to positions held by the Fund, the Master Fund or an Investment Fund and may have an effect on the value of the positions so held, or may result in a Selling Agent having an interest in the issuer adverse to the Fund, the Master Fund or the Investment Fund. No Selling Agent is prohibited from purchasing or selling the securities of, otherwise investing in or financing, issuers in which the Fund, the Master Fund or an Investment Fund has an interest.

A Selling Agent may sponsor, organize, promote or otherwise become involved with other opportunities to invest directly or indirectly in the Fund, the Master Fund or an Investment Fund. Such opportunities may be subject to different terms than those applicable to an investment in the Fund, the Master Fund or the Investment Fund, including with respect to fees and the right to receive information.

------

**Participation in Investment Opportunities** 

Directors, principals, officers, employees, and affiliates of the Adviser may buy and sell securities or other investments for their own accounts and may have actual or potential conflicts of interest with respect to investments made on behalf of the Master Fund or an Investment Fund or co-investment in which the Master Fund invests. As a result of differing trading and investment strategies or constraints, positions may be taken by directors, principals, officers, employees and affiliates of the Adviser, or by the Adviser for the Other Accounts, or any of their respective affiliates on behalf of their own other accounts ("Investment Fund Manager Accounts") that are the same as, different from or made at a different time than, positions taken for the Master Fund or an Investment Fund or co-investment.

**Other Matters** 

An Investment Fund Manager may, from time to time, cause an Investment Fund to effect certain principal transactions in securities with one or more Investment Fund Manager Accounts, subject to certain conditions. Future investment activities of the Investment Fund Managers, or their affiliates, and the principals, partners, directors, officers, or employees of the foregoing, may give rise to additional conflicts of interest.

The Adviser and its affiliates will not purchase securities or other property from, or sell securities or other property to, the Master Fund or Fund, except that (i) the Adviser and its affiliates may invest in the Fund and the Master Fund, and (ii) the Master Fund may, in accordance with rules under the 1940 Act, engage in transactions with accounts that are affiliated with the Master Fund or Fund. The transactions referred to in (ii) above would be effected in circumstances in which the Adviser determined that it would be appropriate for the Master Fund to purchase and another client to sell, or the Master Fund to sell and another client to purchase, the same security or instrument on the same day.

Future investment activities of the Adviser and its affiliates and their principals, partners, members, directors, officers or employees may give rise to conflicts of interest other than those described above.

**MANAGEMENT OF THE FUND** 

**Board of Directors** 

The Fund has a Board, currently consisting of Jill R. Cuniff, Kurt A. Keilhacker, Peter W. MacEwen, Eric Rakowski, Victoria L. Sassine and Garret W. Weston, which supervises the conduct of the Fund's affairs. The Board has overall responsibility for monitoring and overseeing the Fund's investment program and its management and operations. Messrs. Keilhacker, MacEwen and Rakowski and Mses. Cuniff and Sassine are persons who are not "interested persons" (as defined in the 1940 Act) of the Fund, and Mr. Weston is an "interested person" of the Fund. There is no stated term of office for Directors. Each Director serves during the continued lifetime of the Fund until he or she dies, resigns or is removed, or, if sooner, until the next meeting of members called for the purpose of electing Directors and until the election and qualification of his or her successor in accordance with the Fund's organizational documents. Each officer holds office at the pleasure of the Board. The Master Fund's Board of Directors, which currently has the same composition as the Board of the Fund, has overall responsibility for the management and supervision of the business operations of the Master Fund on behalf of the Master Fund's investors, including the Fund. References herein to the "Board" refer to the Board of Directors of the Fund or the Master Fund, as appropriate, and references herein to "Directors" refer to the Directors of the Fund or the Master Fund, as appropriate.

**The Adviser** 

Pantheon Ventures (US) LP serves as the Fund's and Master Fund's investment adviser. The Adviser is a limited partnership organized under the laws of the State of Delaware and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). As of [ ], the Adviser had approximately $[ ] in discretionary assets under management and is an adviser to pooled investment vehicles, pension and profit sharing plans, charitable organizations and other entities. Affiliated Managers Group, Inc. ("AMG"), a publicly-traded company, indirectly owns a majority of the interests of the Adviser. AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally.

------

The Adviser serves as investment adviser to the Fund and the Master Fund pursuant to investment advisory agreements entered into between the Fund and the Adviser and the Master Fund and the Adviser (the "Investment Management Agreements"). The Directors have engaged the Adviser to provide investment advice to the Fund and the Master Fund, in each case under the ultimate supervision of, and subject to any policies established by, the Board. The Adviser allocates the Master Fund's assets and monitors regularly each Investment Fund and co-investment to determine whether its investment program is consistent with the Master Fund's and Fund's investment objective and whether the Investment Fund's or co-investment's investment performance and other criteria are satisfactory. The Adviser may purchase and sell Investment Funds and co-investments and select additional Investment Funds and co-investments, subject in each case to the ultimate supervision of, and any policies established by, the Board.

**Additional Information About the Master Fund's Wholly-Owned Subsidiaries** 

The Master Fund intends to invest a portion of its assets in the Corporate Subsidiary, a Delaware limited liability company that has elected to be treated as a corporation for U.S. federal income tax purposes, provided that no more than 25% of the Master Fund's total assets may be invested in the Corporate Subsidiary at any quarter end of the Master Fund's taxable year. The Master Fund also intends to invest a portion of its assets in the Lead Fund, a Delaware limited liability company that has elected to be treated as a disregarded entity for U.S. federal income tax purposes.

Each Subsidiary is overseen by its own board of directors. Each Subsidiary's board of directors currently has the same composition as the Board and the Master Fund Board. The Adviser provides investment advisory services to each Subsidiary pursuant to a separate investment management agreement, which has substantially the same terms and provisions as the Fund's and Master Fund's investment management agreements. In consideration of the management fee payable to the Adviser under the investment management agreement between the Adviser and each Subsidiary, the Adviser has agreed to waive the portion of the investment management fee that the Adviser otherwise would have been entitled to receive with respect to any particular month from the Master Fund in an amount equal to the investment management fee paid to the Adviser under each Subsidiary's investment management agreement with the Adviser with respect to such month.

In determining which investments should be bought and sold for a Subsidiary, the Adviser will treat the assets of the Subsidiary as if the assets were held directly by the Master Fund. The financial statements of each Subsidiary are consolidated with those of the Master Fund.

A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where, as here, the Corporate Subsidiary is organized in the U.S., the Corporate Subsidiary will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Master Fund's return on its investment in the Corporate Subsidiary.

The Fund may in the future restructure the Corporate Subsidiary, the manner in which it invests in the Corporate Subsidiary and/or the manner in which the Corporate Subsidiary makes investments, directly or indirectly.

The offices of the Adviser are located at 555 California Street, Suite 3450, San Francisco, California 94104, and its telephone number is (415) 249-6200.

------

**Pantheon** 

The Adviser is an affiliate of Pantheon Ventures (UK) LLP ("Pantheon UK"), Pantheon Holdings Limited ("Pantheon Holdings"), Pantheon Ventures, Inc. ("Pantheon Ventures"), Pantheon Infra Advisors LLC, Pantheon Capital (Asia) Limited, Pantheon Ventures (Ireland) DAC, and Pantheon Ventures (Singapore) Pte. Ltd. (together with the Adviser, each of their respective subsidiaries, subsidiary undertakings, successors and assigns, collectively "Pantheon").

Pantheon is a leading international private equity fund investor that has been delivering private equity solutions across a broad range of geographies and strategies for over 30 years. Pantheon's investment strategies include primary fund, secondary fund, co-investment, infrastructure, and customized programs.

**Investment Management Agreement** 

Pursuant to the Investment Management Agreements, the Adviser is responsible, subject to the supervision of the Directors, for formulating a continuing investment program for the Fund and the Master Fund. Each Investment Management Agreement is terminable without penalty, on sixty (60) days' prior written notice by the applicable Board, by vote of a majority of the outstanding voting securities of the Master Fund or Fund, as applicable, or by the Adviser. Each Investment Management Agreement will continue in effect from year to year if its continuance is approved annually by either the Board or the vote of a majority of the outstanding voting securities of the Master Fund or Fund, respectively, provided that, in either event, the continuance also is approved by a majority of the Directors who are not "interested persons" of the Adviser by vote cast in person at a meeting called for the purpose of voting on such approval. Each Investment Management Agreement also provides that it will terminate automatically in the event of its "assignment" (as defined in the 1940 Act).

The contractual terms of the Fund's Investment Management Agreement with the Adviser are substantially the same as the terms of the Master Fund's Investment Management Agreement with the Adviser, except that the Adviser will waive, under separate agreement, the management fee payable by the Fund under the Fund's Investment Management Agreement. In consideration of the management services provided by the Adviser to the Master Fund, the Master Fund will pay the Adviser, out of the Master Fund's assets, the management fee at the annual rate of 0.70% of the Master Fund's net asset value, calculated prior to giving effect to the payment of such management fee and prior to the deduction of any other asset-based fees (e.g., any administration fee) payable by the Master Fund to either the Adviser or the Sponsor and prior to giving effect to any purchases or repurchases of interests of the Master Fund or any distributions by the Master Fund occurring as of or around the end of the month. Furthermore, the Adviser will charge a management fee to each Subsidiary, but the Adviser will also waive, under separate agreement, a portion of the management fee that the Adviser otherwise would have been entitled to receive with respect to any particular month from the Master Fund in an amount equal to the investment management fee paid to the Adviser under each Subsidiary's investment management agreement with the Adviser with respect to such month. A discussion of the factors considered by the Board in renewing the Investment Management Agreement for an additional year is set forth in the Fund's semi-annual report to Investors for the six-month period ended September 30.

The Investment Management Agreements provide that, in the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations and duties to the Master Fund or the Fund, as applicable, the Adviser will not be liable to the Master Fund or the Fund, as the case may be, or any investor of the Master Fund or Fund, as the case may be, for any for any act or omission in the course of, or connected with, rendering services under the Investment Management Agreements. The Investment Management Agreements also provide for indemnification, to the fullest extent permitted by law, by the Fund and the Master Fund of the Adviser, its affiliates, and any of their respective partners, members, directors, officers, employees, or investors (each, an "Indemnitee"), against any claim, liability, damage, loss, cost, or expense incurred by the Indemnitee that arise out of or in connection with the performance or non-performance of any of the Adviser's responsibilities under the applicable Investment Management Agreement, provided that the Indemnitee acted in good faith and not opposed to the best interests of the Master Fund or Fund, as applicable, and the claim, liability, damage, loss, cost, or expense is not incurred by reason of the Indemnitee's willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations to the Master Fund or Fund, as applicable.

------

**Portfolio Management** 

While the Adviser's investment committee reviews and approves all investments made by the Fund and the Master Fund, the below portfolio managers are jointly and primarily responsible for the day-to-day management of the Fund and the Master Fund's portfolio and share equal responsibility and authority for managing the Fund and the Master Fund's portfolio.

<u>Brian Buenneke</u>. Brian joined Pantheon in 2004. Prior to joining Pantheon, Brian spent seven years at HarbourVest Partners, Duke Street Capital and Paul Capital Partners. Brian holds an AB in government from Dartmouth College and a MBA from the Kellogg School of Management at Northwestern University. Brian is based in San Francisco and has served as a portfolio manager of the fund since November 2016.

<u>Evan Corley</u>. Evan joined Pantheon in 2004. Prior to joining Pantheon, Evan worked at Polaris Venture Partners in Boston and JP Morgan in London. Evan holds a BS in Business Administration, with a concentration in finance and economics, from Boston University's School of Management. Evan is based in San Francisco and has served as a portfolio manager of the Fund since April 2018.

<u>Kevin Dunwoodie</u>. Kevin joined Pantheon in 2008. Prior to joining Pantheon, Kevin worked at Morgan Stanley in New York where he spent over a year as an Associate in the firm's strategy and execution group. Before joining Morgan Stanley, Kevin spent two years at Pacific Corporate Group in La Jolla as a Private Equity Analyst and, prior to that, two years at Deutsche Bank Alex Brown as an Investment Banking Analyst in the firm's consumer group. Kevin graduated Magna Cum Laude with a finance degree from the University of Notre Dame, earned his MBA from Harvard Business School and is a CFA charterholder. Kevin is based in San Francisco and has served as a portfolio manager of the Fund since February 2019.

<u>Kathryn Leaf</u>. Kathryn joined Pantheon in 2008. Prior to joining Pantheon, Kathryn was with GIC Special Investments. Before that, Kathryn was responsible for direct investments at Centre Partners, a New York-based private equity firm. Kathryn holds a BA and MA in Modern Languages from Oxford University. Kathryn is based in San Francisco and has served as a portfolio manager of the Fund since February 2019.

<u>Jeff Miller</u>. Jeff joined Pantheon in 2008. Prior to joining Pantheon, Jeff was a principal at Allied Capital. Previously, Jeff was a vice president in Lehman Brothers' investment banking division. Jeff holds a BA in Economics and Mathematics from Gustavus Adolphus College and a MBA from Northwestern University. Jeff is a CFA Charterholder. Jeff is based in San Francisco and has served as a portfolio manager of the Fund since February 2019.

<u>Rakesh (Rick) Jain</u>. Rick joined Pantheon in 2019. Prior to joining Pantheon, Rick was managing director and an investment committee member at Star Mountain, where he led the direct investment business. Rick previously held several senior principal investment positions across asset managers and boutique investment firms including Citigroup, Stone Tower Equity Partners and Green Brook Capital Management. Rick received a Bcom in Economic and Finance from McGill University. Rick is based in New York and has served as a portfolio manager of the Fund since June 2023.

<u>Amyn Hassanally.</u> Amyn joined Pantheon in 2022. Prior to joining Pantheon, Amyn was an Investment Partner at Coller Capital, where he worked for 17 years in both London and New York and was formerly the global Co-Head of Investment Execution. Prior to joining Coller, he practiced corporate law, focusing on private equity transactions and fund structuring. Amyn holds a bachelor's degree in Politics from Brandeis University and a JD in Law from the Duke University School of Law. Amyn is based in New York and has served as a portfolio manager of the Fund since July 2024.

<u>Matt Cashion</u>. Matt joined Pantheon in 2020 and is a Partner in Pantheon's Global Co-investment Team and a member of the Co-Investment Committee. Matt is responsible for sourcing, execution and monitoring co-investments in the U.S. Prior to joining Pantheon, Matt was a Managing Principal at GoldPoint Partners, where he was product head for the firm's co-investment business and also responsible for evaluating and executing private

------

equity fund investments and private credit transactions in North America and Europe. Previously, Matt was an Analyst in the Private Finance Group of New York Life, specializing in bank loans and private high-yield investments. Matt holds a BA with dual majors in Comparative Government and Spanish Language from Georgetown University, and an MBA from Columbia Business School. Matt is based in New York.

<u>Dinesh Ramasamy</u>. Dinesh joined Pantheon in 2016 and is a Partner in Pantheon's Global Infrastructure and Real Assets Investment Team where he focuses on the analysis, evaluation and completion of infrastructure and real asset investment opportunities in the U.S. He is a member of Pantheon's Global Infrastructure and Real Assets Investment Committee. Prior to joining Pantheon, Dinesh was a Vice President in Goldman Sachs' Global Natural Resources group where he executed on a variety of M&A and capital markets transactions across the infrastructure, power and utilities sectors. Previously, Dinesh was in the Power & Utilities group in the Investment Banking Division at RBC in New York. He holds a BS in Electrical and Computer Engineering from Cornell University and MBA from NYU's Stern School of Business. Dinesh is based in San Francisco.

**Other Service Providers to the Fund and Master Fund** 

**Administrator** 

AMG Funds LLC (the "Administrator") serves as the Administrator for the Fund. The Administrator's principal business address is 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. The Administrator is an indirect, wholly-owned subsidiary of AMG. As a result of its affiliation with AMG, the Administrator is an affiliate of the Adviser. The Administrator performs certain administration, accounting, and investor services for the Fund. In consideration for these services, the Fund pays the Administrator a fee based on the average net assets of the Fund (the "Administration Fee"), calculated prior to giving effect to the payment of the Administration Fee and prior to the deduction of any other asset-based fees (e.g., the management fee, the Distribution and/or Service Fee and any other administration fee).

The Administrator maintains certain of the Fund's and Master Fund's accounts, books, and other documents required to be maintained under the 1940 Act at 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. Other such accounts, books, and other documents are maintained at the offices of the Adviser (555 California Street, Suite 3450, San Francisco, California 94104 or 11 Times Square, 35<sup>th</sup> Floor, New York, New York 10036), or the Custodian (240 Greenwich Street, New York, New York 10286).

**Transfer Agent** 

BNY Mellon Investment Servicing (US) Inc., P.O. Box 534417, Pittsburgh, Pennsylvania 15253-4417, serves as Transfer Agent to the Fund. The Transfer Agent performs certain transfer agency, recordkeeping, fund accounting, and investor services for the Fund.

**Custodian** 

The Bank of New York Mellon, a subsidiary of The Bank of New York Mellon Corporation (the "Custodian"), 240 Greenwich Street, New York, New York 10286, serves as a custodian and fund accounting agent for the Fund and Master Fund. The Custodian is responsible for holding all cash assets and portfolio securities of the Fund and the Master Fund in connection with the Fund's and the Master Fund's investments, releasing and delivering assets as directed by the Fund and the Master Fund, maintaining bank accounts in the names of the Fund and the Master Fund, receiving for deposit into such accounts payments for units of the Fund and the Master Fund, collecting income and other payments due the Fund and the Master Fund with respect to investments, paying out monies of the Fund and the Master Fund, and providing certain fund accounting services to the Fund and the Master Fund.

The Custodian may maintain custody of the Fund's assets with domestic and foreign sub-custodians (which may be banks, trust companies, securities depositories and clearing agencies) approved by the Board. 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 a custodian in a securities depository, clearing agency, or omnibus customer account of such custodian.

------

**The Distributor and Distribution Arrangements** 

AMG Distributors, Inc. (the "Distributor") acts as the distributor of the Fund's Units on a best efforts basis. The Distributor's principal address is 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. The Distributor is a wholly-owned subsidiary of the Administrator.

The Class 2, Class 3 and Class 4 Units are publicly offered at current NAV per unit. The Class 5 Units are publicly offered at current NAV per unit, plus a maximum sales load of up to 3.50%. The sales load will be deducted out of the Investor's subscription amount, and will not constitute part of an Investor's capital contribution to the Fund or part of the assets of the Fund. The Distributor is not obligated to buy from the Fund any of the Units and does not intend to make a market in the Units. The Fund is not obligated to sell any Units that have not been placed with Investors that meet all applicable requirements to invest in the Fund. 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 should consult with their financial intermediaries about any additional fees or charge they might impose. Investors purchasing Units of the Fund through financial intermediaries should acquaint themselves with their financial intermediary's procedures and should read the Prospectus in conjunction with any materials and information provided by their financial intermediary.

The Fund will pay the Distributor a Distribution and/or Service Fee at an annual rate of 0.50% of the net assets of the Class 2 Units, 0.25% of the net assets of the Class 3 Units and 1.00% of the net assets of the Class 5 Units as of the end of each month, calculated prior to giving effect to the payment of the Distribution and/or Service Fee and prior to the deduction of any other asset-based fees (e.g., the management fee and any administration fee), for distribution and investor services provided to Investors of each applicable Class (such as responding to Investor inquiries and providing information regarding investments in the Fund; processing purchase, exchange, and redemption requests by beneficial owners; placing orders with the Fund or its service providers; providing sub-accounting with respect to Units beneficially owned by Investors; and processing dividend payments for the Fund on behalf of Investors). The Fund will also pay the Distributor an ongoing distribution and/or service fee with respect to the Class 1 units of the Fund, which are offered in a separate prospectus. The Distributor may pay all or a portion of the Distribution and/or Service Fee to one or more sub-distributors ("Sub-Distributors") or Selling Agents that provide distribution and investor services to Investors. The Distributor has appointed Pantheon Securities, LLC as a Sub-Distributor under a sub-distribution agreement pursuant to which Pantheon Securities, LLC may carry out certain of the Distributor's obligations in return for a portion of the Distribution and/or Service Fee.

With respect to Class 2, Class 3, and Class 5 Units, the Fund pays the Distribution and/or Service Fees (as applicable) pursuant to its Distribution and Service Plan, which it has voluntarily adopted and implemented in conformity with Rule 12b-1. In conformity with Rule 12b-1, when the Distribution and Service Plan was adopted, the Board, including the Independent Directors who have no direct or indirect financial interest in the operation of the Distribution and Service Plan, concluded that there is a reasonable likelihood that the Distribution and Service Plan will benefit the Fund and its Investors. In further conformity with Rule 12b-1, the Distribution and Service Plan contains the following provisions, among others: (i) quarterly reports are to be provided to the Board regarding the amounts expended under the Distribution and Service Plan and the purposes for which such expenditures were made; (ii) the Distribution and Service Plan will continue only as long as its continuance is approved at least annually by the Board and the Independent Directors who have no direct or indirect financial interest in the operation of the Distribution and Service Plan or any agreement related to such Plan, acting in person at a meeting called for the purpose of voting on the Distribution and Service Plan; (iii) any material amendment to the Distribution and Service Plan must be approved by the Board and the Independent Directors who have no direct or indirect financial interest in the operation of the Distribution and Service Plan, acting in person at a meeting called for said purpose; and (iv) any amendment to increase materially the costs which the units of a Class may bear for distribution services pursuant to the Distribution and Service Plan shall be effective only upon approval by a vote of a majority of the outstanding units of such Class and by a majority of the Independent Directors who have no direct or indirect financial interest in the operation of the Distribution and Service Plan. The Distribution and Service Plan is terminable without penalty at any time by a vote of a majority of the Independent Directors who have no direct or indirect financial interest in the operation of the Distribution and Service Plan, or by a vote of the holders of a majority of the outstanding units of the applicable Class of the Fund.

------

The Adviser or the Distributor may compensate certain Selling Agents, out of its own assets and not as an additional charge to the Fund or the Master Fund, in connection with the sale and/or distribution of Units or the retention and/or servicing of Investor accounts. The level of such payments may be substantial and may be different for different Selling Agents. These payments may create incentives on the part of a Selling Agent to view the Fund favorably compared with investment funds that do not make these payments, or that make smaller payments. In addition to the above, the Adviser may compensate the Distributor, out of its own assets and not as an additional charge to the Fund or the Master Fund, in connection with the sale and/or distribution of Units or the retention and/or servicing of Investor accounts. Such Selling Agents may be affiliated with the Fund, the Master Fund or the Adviser.

**Independent Registered Public Accounting Firm** 

[ ], [ ], is the independent registered public accounting firm for the Fund and the Master Fund. [ ] conducts an annual audit of the financial statements of the Fund and the Master Fund and may provide other audit, tax and related services.

**Legal Counsel** 

Ropes & Gray LLP, One Maritime Plaza, Suite 1800, 300 Clay Street, San Francisco, California 94111, acts as legal counsel to the Fund and the Master Fund.

**FEES AND EXPENSES** 

**Fees and Expenses** 

The Adviser will bear all of its own costs incurred in providing investment advisory services to the Fund and the Master Fund. For purposes of this section, the "Master Fund" includes each Subsidiary. The Fund will bear (whether borne directly or indirectly through and in proportion to, the Fund's interest in the Master Fund) all expenses incurred in the business and investment program of the Fund, including all costs related to its organization and offering of Units, and any charges and fees to which the Fund is subject as an investor in the Private Fund Investments.

The Fund (and thus, indirectly, the Investors) will bear all expenses incurred in the business of the Fund and, through its investment in the Master Fund, a pro-rata portion of the operating expenses of the Master Fund, including, but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all expenses related to its investment program, including, but not limited to: (i) expenses borne indirectly
through the Master Fund's investments in the Private Fund Investments, or expenses borne through the Fund's investments in the Private Fund Investments, if applicable in each case, including, without limitation, any fees and expenses
charged by the Investment Fund Managers (such as management fees, performance, carried interests, or incentive fees or allocations, monitoring fees, property management fees, and redemption or withdrawal fees); (ii) all costs and expenses directly
related to portfolio transactions and positions for the Fund's account, such as direct and indirect expenses associated with the Master Fund's or the Fund's investments in Private Fund Investments (whether or not consummated), and
enforcing the Fund's and Master Fund's rights in respect of such investments; (iii) transfer taxes and premiums; (iv) taxes withheld on non-U.S. dividends or other non-U.S. source income; (v) professional fees (including, without limitation, the fees and expenses of consultants, attorneys and experts); and (vi) if applicable, brokerage commissions, interest and
commitment fees on loans and debit balances, borrowing charges on securities sold short, dividends on securities sold but not yet purchased and margin fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the management fee and Administration Fee;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any Distribution and/or Service Fees based on the net assets attributable to a Class of Units and any other
distribution or service fees to be paid by the Fund pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all costs and expenses associated with the operation and registration of the Fund and the Master Fund, including,
without limitation, all costs and expenses associated with the repurchase offers, offering costs, and the costs of compliance with any applicable federal or state laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses incurred in exchange for loan administration services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses of the Independent Directors of the Fund and the independent directors of the Master Fund and
the fees and expenses of independent counsel thereto, and the costs and expenses of holding any meetings of the Board or Investors for the Fund or the Master Fund that are regularly scheduled, permitted or required to be held under the terms of the
LLC Agreement, the 1940 Act or other applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a portion, as determined by the Board, of the expenses attributable to implementing the Fund's and the
Master Fund's compliance program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fees and disbursements of any attorneys, accountants, independent registered public accounting firms, and
other consultants and professionals engaged on behalf of the Fund and the Independent Directors and the Master Fund and its independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs of a fidelity bond and any liability or other insurance obtained on behalf of the Fund, or the
Directors or the officers of the Fund, or the Master Fund, or the directors or the officers of the Master Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recordkeeping, custody, transfer agency and similar fees and expenses incurred by the Fund and the Master Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs and expenses incurred in connection with certain investor reporting and preparing, setting in type,
printing and distributing certain reports and other communications, including repurchase offer correspondence or similar materials, to Investors or potential investors or the Master Fund's investors or potential investors, including
information technology costs related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all expenses of computing the Fund's and the Master Fund's net asset value, including any equipment
or services obtained for the purpose of valuing the Fund's and the Master Fund's investment portfolio, including appraisal and valuation services provided by third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all charges for equipment or services used for communications between the Fund or the Master Fund and any
custodian, or other agent engaged by the Fund or the Master Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees of custodians, other service providers to the Fund or the Master Fund including transfer agents and
depositaries (including The Depository Trust & Clearing Corporation and National Securities Clearing Corporation), and other persons providing administrative services to the Fund or the Master Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any extraordinary expenses, including, without limitation, (i) any actual or potential litigation, claim,
mediation, arbitration or other disputes (including expenses incurred in connection with the investigation, prosecution, defense, judgment, award or settlement of litigation and the appointment of any agents for service of process); (ii)
indemnification or contribution obligations under the Fund's or the Master Fund's organizational documents, including advanced payment of any such fees, costs or expenses to persons entitled to such indemnification, or other matters that
are the subject of indemnification or contribution pursuant to the Fund's organizational documents; (iii) excise taxes and (iv) costs incurred in connection with holding and/or soliciting proxies for a meeting of Investors or
investors of the Master Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all taxes to which the Fund or the Master Fund may be subject, directly or indirectly, and whether in the United
States, any state thereof or any other U.S. or non-U.S. jurisdictions;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all statutory fees or other governmental, administrative, legal regulatory or other similar charges, if any,
levied against or in respect of or in relation to the Fund or the Master Fund or in connection with its business or operations, including relating to compliance with any Fund-related agreements or Master Fund-related agreements and agreements with
Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any actual or potential audit, inquiry, assessment, examination, investigation or other proceeding by any taxing
authority or incurred in connection with any governmental inquiry, investigation or proceeding, in each case, involving or otherwise applicable to the Fund or the Master Fund, including the amount of any judgment, settlement, remediation, fine,
interest, late interest and/or penalty paid in connection therewith and including advancement of any such amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all borrowings related payments, including interest and fees incurred in connection with the negotiation and
establishment of credit facilities, credit support, guarantees, swap or other relevant arrangements with respect to such borrowings or related to securing the same by mortgage, pledge, or other encumbrance, if applicable, or relating to hedging
activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any activities with respect to protecting the confidential or non-public nature of any information or data, including confidential information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such other types of expenses as may be approved from time to time by the Board or the Master Fund Board.

Except as set forth in the Investment Management Agreements, the Adviser shall be entitled to reimbursement from the Fund for any of the above expenses that the Adviser pays on behalf of the Fund or from the Master Fund for any of the above expenses that the Adviser pays on behalf of the Master Fund.

The Fund will bear certain ongoing offering costs associated with the Fund's continuous offering of Units (mostly filing and printing expenses). Offering costs cannot be deducted for tax purposes by the Fund or the Fund's Investors.

The Investment Funds bear various expenses in connection with their operations similar to those incurred by the Fund. Investment Fund Managers generally assess asset-based fees to, and receive incentive-based allocations from, the Investment Funds. As a result, the investment returns of the Investment Funds will be reduced. As an investor in the Investment Funds, the Master Fund, and therefore the Fund, will bear its proportionate share of the expenses and fees of the Investment Funds and will also be subject to incentive allocations to the Investment Fund Managers.

**Expense Limitation and Reimbursement Agreement** 

The Adviser has entered into an "Expense Limitation and Reimbursement Agreement" with the Fund, the Master Fund and each Subsidiary (for purposes of this section, the Master Fund and the Subsidiaries are referred to collectively as the "Underlying Funds") to waive the management fee payable by the Underlying Funds and pay or reimburse the Fund's expenses (whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Underlying Funds) such that the Fund's total annual operating expenses (exclusive of certain "Excluded Expenses" listed below) do not exceed 1.45% per annum of the Fund's net assets as of the end of each calendar month (the "Expense Cap"). "Excluded Expenses" is defined to include (i) the Fund's proportional share of (a) fees, expenses, allocations, carried interests, etc. of the private equity investment funds and co-investments in portfolio companies in which any Underlying Fund invests (including all acquired fund fees and expenses); (b) transaction costs, including legal costs and brokerage commissions, of any Underlying Fund associated with the acquisition and disposition of primary interests, secondary interests, co-investments, ETF investments, and other investments; (c) interest payments incurred by any Underlying Fund, (d) fees and expenses incurred in connection with any credit facilities obtained by any Underlying Fund; (e) taxes of any Underlying Fund; (f) extraordinary expenses of any Underlying Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses; (g) fees

------

and expenses billed directly to a Subsidiary by any accounting firm for auditing, tax and other professional services provided to the Subsidiary; and (h) fees and expenses billed directly to a Subsidiary for custody and fund administration services provided to the Subsidiary; and (ii) (a) any investment management fee paid by the Fund; (b) acquired fund fees and expenses of the Fund; (c) transaction costs, including legal costs and brokerage commissions, of the Fund; (d) interest payments incurred by the Fund; (e) fees and expenses incurred in connection with any credit facilities obtained by the Fund; (f) the Distribution and/or Service Fees (as applicable) paid by the Fund; (g) taxes of the Fund; and (h) extraordinary expenses of the Fund (as determined in the sole discretion of the Adviser), which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses. Expenses that are subject to the Expense Limitation and Reimbursement Agreement include, but are not limited to, each Underlying Fund's investment management fee, the Funds' administration, custody, transfer agency, recordkeeping, fund accounting and investor services fees, the Funds' professional fees (outside of professional fees related to transactions), and fees and expenses of Fund Directors. To the extent that the Fund's total annual operating expenses for any month exceed the Expense Cap, the Adviser will pay or reimburse the Fund for expenses and/or waive the management fee payable by any of the Underlying Funds to the extent necessary to eliminate such excess. The Fund, or, with respect to the waived management fees, the applicable Underlying Funds, will be obligated to pay the Adviser all such amounts paid, waived, or reimbursed by the Adviser pursuant to the Expense Cap, provided that (A) the amount of such additional payment in any year, together with all expenses of the Fund (whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Underlying Funds), in the aggregate, would not cause the Fund's total annual operating expenses, whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Underlying Funds, exclusive of Excluded Expenses, in any such year to exceed the lesser of any expense limitation in place at the time of payment or the expense limitation in place at the time of waiver or reimbursement, (B) the amount of such additional payment shall be borne pro rata by all Fund Investors or, with respect to each Underlying Fund, by all such Underlying Fund's unitholders, as applicable, and (C) no such additional payments by the Fund, or, with respect to any waived management fees, the applicable Underlying Fund, will be made with respect to amounts paid, waived, or reimbursed by the Adviser more than thirty-six (36) months after the date such amounts are paid, waived, or reimbursed by the Adviser. The Expense Limitation and Reimbursement Agreement shall remain in effect until such time that the Adviser ceases to be the investment adviser of the Fund or upon mutual agreement among the Adviser and the Board of the Fund.

**DESCRIPTION OF UNITS** 

**General** 

The Fund is a limited liability company organized under the laws of the state of Delaware and has elected to be treated as a RIC for U.S. federal income tax purposes. The Fund is authorized to issue an unlimited number of units and may divide the units into one or more Classes. The units are currently offered in five Classes: Class 1, Class 2, Class 3, Class 4 and Class 5. This Prospectus offers Class 2, Class 3, Class 4, and Class 5 Units of the Fund. Class 1 units are offered in a separate prospectus. Each Class has separate investment minimum and fee arrangements. The members of the Fund are entitled to one vote for each unit held of the Fund (or Class thereof), on matters on which units of the Fund (or Class thereof) shall be entitled to vote. Each unit, when issued and paid for in accordance with the terms of this offering, will be fully paid and non-assessable. Any meeting of Investors may be called by the Board or Investors holding one-third of the total number of votes eligible to be cast by all Investors at such meeting. Except for the exercise of their voting privileges, Investors 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.

All units of a Class are equal as to right of repurchase by the Fund, dividends and other distributions, and voting rights and currently have no preemptive or other subscription rights.

An Investor is permitted to exchange units between Classes of the Fund, provided that the Investor's aggregate investment meets the minimum initial investment requirements in the applicable Class, that the units of the applicable Class are eligible for sale in the Investor's state of residence and that the units are otherwise available for offer and sale. Investors should review the prospectus for Class 1 units of the Fund to determine whether they are

------

eligible to invest in such units. When an individual Investor cannot meet the initial investment requirements of the applicable Class, exchanges of units from one Class to the applicable Class will be permitted if such Investor's investment is made by an intermediary that has discretion over the account and that has invested other clients' assets in the Fund which when aggregated together with such Investor's investment meet the initial investment requirements for the applicable Class. Investors will not be charged any fees by the Fund for such exchanges, nor shall any intermediary charge any fees for such exchanges. Additionally, the time period for determining the imposition of any early repurchase fee associated with the repurchase of an Investor's units will not be affected by an exchange transaction. Ongoing fees and expenses incurred by a given Class will differ from those of other Classes, and an Investor receiving new units in an intra-Fund exchange may be subject to higher or lower total expenses following such exchange. Exchange transactions will be effected only into an identically registered account. Exchange transactions will not be treated as a redemption for federal income tax purposes. Investors should consult their tax advisors as to the federal, foreign, state and local tax consequences of an intra-Fund exchange. Such exchange transactions must be effected according to other applicable law. The Fund also reserves the right to revise or terminate the exchange privilege, limit the amount or number of exchanges or reject any exchange.

Investors are not liable for further calls or assessments, except that an Investor may be obligated to repay any funds wrongfully distributed to such Investor. The Fund will send periodic reports (including financial statements) to all Investors. The Fund does not intend to hold annual meetings of Investors. Investors are entitled to receive dividends only if and to the extent declared by the Board and only after the Board has made provision for working capital and reserves as it in its sole discretion deems advisable. Units are not available in certificated form. With very limited exceptions, Units are not transferable and liquidity will be provided principally through limited repurchase offers. See "Types of Investments and Related Risk Factors—Limitations on Transfer; Units Not Listed; No Market for Units."

Except as otherwise required by any provision of the LLC Agreement or of the 1940 Act, any action requiring a vote of Investors shall be effective if taken or authorized by the affirmative vote of a majority of the total number of votes eligible to be cast by Investors that are present in person or by proxy at the meeting. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, after payment of all of the liabilities of the Fund, Investors generally are entitled to share ratably in all the remaining assets of the Fund.

Except as otherwise required by any provision of the LLC Agreement or of the 1940 Act, (i) those candidates for election to be a Director receiving a plurality of the votes cast at any meeting of Members shall be elected as Directors, and (ii) all other actions of the Members taken at a meeting shall require the affirmative vote of Members holding a majority of the total number of votes eligible to be cast by those Members who are present in person or by proxy at such meeting.

[To be updated by amendment]

**Outstanding Securities as of [ ]** 

---

| | | | |
|:---|:---|:---|:---|
| **(1)**<br> **Title of Class** | **(2)**<br>**Amount**<br>**Authorized** | **(3)**<br>**Amount Held by**<br>**Registrant for**<br>**its Account** | **(4)**<br>**Amount**<br>**Outstanding**<br>**Exclusive of Amount**<br>**Shown Under (3)** |
|  Class 2 Units<sup>1</sup> | Unlimited | [] | [] |
|  Class 3 Units<sup>2</sup> | Unlimited | [] | [] |
|  Class 4 Units<sup>3</sup> | Unlimited | [] | [] |
|  Class 5 Units<sup>4</sup> | Unlimited | [] | [] |

---

<sup>1</sup> Prior to July 31, 2020, Class 2 was known as the Advisory Class.

<sup>2</sup> Prior to July 31, 2020, Class 3 was known as the Institutional Class.

<sup>3</sup> Prior to July 31, 2020, Class 4 was known as the Institutional Plus Class. Prior to October 1, 2015, the Institutional Plus Class was known as the Advisory Class.

<sup>4</sup> Class 5 commenced operations on July 31, 2020.

------

**DISTRIBUTION POLICY; DIVIDENDS** 

The Fund expects that dividends will be paid annually on the Units in amounts representing substantially all of the net investment income, if any, earned each year. Payments on the Units may vary in amount depending on investment income received, the class of Units held and expenses of operation.

The Fund reserves the right to distribute to Investors substantially all of any net capital gain realized on investments on an annual basis. A distribution by the Fund potentially may be treated as a return of capital for federal income tax purposes. A return of capital is not taxable, but it reduces an Investor's tax basis in its Units, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the Investor of its Units. See "Taxes—Taxation of Investors—Distributions by the Fund" in the SAI.

The net asset value of each Unit that an Investor owns will be reduced by the amount of the distributions or dividends that the Investor receives in respect of Units.

An Investor's dividends and capital gain distributions will be automatically reinvested if the Investor does not instruct the Administrator otherwise. An Investor who elects not to reinvest will receive both dividends and capital gain distributions in cash. The Fund may limit the extent to which any distributions that are returns of capital may be reinvested in the Fund.

Units will be issued at their net asset value on the ex-dividend date; there is no sales load or other charge for reinvestment. Investors may elect initially not to reinvest by indicating that choice on the Subscription Booklet. Investors are free to change their election at any time by contacting the Administrator. Your request must be received by the Fund before the record date to be effective for that dividend or capital gain distribution.

The Fund reserves the right to suspend at any time the ability of Investors to reinvest distributions and to require Investors to receive all distributions in cash, or to limit the maximum amount that may be reinvested, either as a dollar amount or as a percentage of distributions. The Fund may determine to do so if, for example, the amount being reinvested by Investors exceeds the available investment opportunities that the Adviser considers suitable for the Fund.

**APPLICATION FOR INVESTMENT** 

**Purchase Terms** 

The Fund may accept initial and additional purchases of Units as of the first business day of each calendar month. Each prospective Investor will be required to complete a Subscription Booklet. If available funds and the application are not received and accepted prior to the applicable Closing Date, the order will not be accepted at such Closing Date. The Fund will not be obligated to sell any Units, including Units that have not been placed with Investors. The Fund does not issue the Units purchased (and an investor does not become an Investor with respect to such Units) until the beginning of the day on the applicable purchase date, i.e., the first business day of the relevant calendar month. Consequently, purchase proceeds do not represent capital of the Fund, and do not become assets of the Fund, until such date.

Any amounts received in advance of initial or additional purchases of Units are placed in a non-interest-bearing escrow account prior to the amounts' being invested in the Fund, in accordance with Rule 15c2-4 under the Exchange Act. The purchase amount will be released from the escrow account only after the Investor's order is accepted and then only as of the applicable purchase date. If a Subscription Booklet is not accepted by the Fund by the Closing Date, the subscription will not be accepted at such Closing Date and will be held in the escrow account by the Fund's escrow agent until the next Closing Date. The Fund reserves the right to reject any purchase of Units in its sole and absolute discretion (including, without limitation, when the Fund has reason to believe that such purchase would be unlawful or when the Fund believes that it cannot appropriately determine its net asset value due to market or other circumstances beyond its control). Unless otherwise required by applicable law, any amount received in advance of a purchase ultimately rejected by the Fund will be returned to the prospective Investor.

------

The Fund has registered under the Securities Act a total of $[7,500,000,000] in Class 1, Class 2, Class 3, Class 4 and Class 5 units, and $[ ] in Class 1, Class 2, Class 3, Class 4 and Class 5 units are available for sale under this registration statement or are being carried forward from a previous registration statement. Class 1 units of the Fund are offered in a separate prospectus. Units will be publicly offered at current NAV per unit, plus any applicable sales load. Investors purchasing Class 5 Units may be charged a sales load of up to 3.5% of the amount of the Investor's purchase, in the manner set forth below. The Fund or the Distributor may elect to reduce, otherwise modify or waive the sales charges with respect to any Investor. The availability of sales charge waivers, discounts, and/or breakpoints may depend on the particular financial intermediary or type of account through which you purchase or hold Units.

---

| | | |
|:---|:---|:---|
| **Investment Amount** | **Sales Load** |  |
|  Less than $250,000 | 3.5 | % |
| $250000 – $499999 | 2.5 | % |
| $500000 – $999999 | 2.0 | % |
|  $1,000,000 or more | 0.0 | %\* |

---

\* Financial intermediaries or selling brokers may charge up to 2.00% of the purchase price of Class 5 Units. 

The sales load for Class 5 Units will be deducted out of the investor's subscription amount, and will not constitute part of an investor's capital contribution to the Fund or part of the assets of the Fund. No Sales Load may be charged without the consent of the Distributor. The Distributor may elect to reduce, otherwise modify or waive the sales load with respect to any investor on behalf of: (i) purchasers for whom the Distributor, the Adviser, or one of their affiliates acts in a fiduciary, advisory, custodial, or similar capacity; (ii) employees and retired employees (including spouses, children, and parents of employees and retired employees) of the Distributor, the Adviser, and any affiliates of the Distributor or the Adviser; (iii) Directors and retired Directors of the Fund (including spouses, children, and parents of Directors and retired Directors); (iv) purchasers who use proceeds from an account for which the Distributor, the Adviser, or one of their affiliates acts in a fiduciary, advisory, custodial, or similar capacity, to purchase Units; (v) clients of brokers, dealers, investment advisers, financial planners or other financial services firms with which the Fund has a special arrangement; (vi) participants in an investment advisory or agency commission program under which such participant pays a fee to an investment adviser or other firm for portfolio management or brokerage services; (vii) orders placed on behalf of other investment companies that the Distributor or an affiliated company distributes; and (viii) orders placed on behalf of purchasers who have previously invested in the Fund or other funds advised or distributed (as applicable) by the Adviser, the Distributor, and any affiliates of the Adviser or the Distributor in amounts that, if combined with the new order for Units of the Fund, may qualify the purchaser for a lesser sales load (or a complete waiver of the sales load). To receive a sales load waiver in conjunction with any of the above categories, an investor must, prior to the time of purchase, inform the Fund about the investor's eligibility for the waiver of the sales load and give the Fund sufficient information to permit the Distributor to confirm that the investor qualifies for such a waiver. Your financial intermediary may also elect to reduce, otherwise modify or waive the sales load with respect to any investor of such financial intermediary.

Notwithstanding any waiver, investors remain subject to eligibility requirements set forth in this Prospectus.

The stated minimum initial investment in the Fund is $5,000,000 for the Class 2 Units, $25,000,000 for the Class 3 Units, $50,000,000 for the Class 4 Units, and $10,000 for the Class 5 Units, and the minimum additional investment in the Fund is $2,500. Prior to July 31, 2020, the minimum initial investment in the Fund was $25,000 for the Class 2 Units, $1,000,000 for the Class 3 Units and $25,000,000 for the Class 4 Units. Existing investors and registered investment advisers that had accounts or client assets invested in the Fund and/or had a distribution relationship with the Fund as of July 31, 2020 may continue to purchase Units at the prior investment minimums. Investors should review the prospectus for Class 1 units of the Fund to determine whether they are eligible to invest in such units. Each of the Adviser or Sponsor reserves the right, on behalf of the Fund, to waive the minimum initial and additional investment amounts in their sole discretion. The Fund may, in the sole discretion of the Adviser or Sponsor, also aggregate the accounts of clients of registered investment advisers and other financial intermediaries whose clients invest in the Fund for purposes of determining satisfaction of minimum investment amounts. The Adviser may from time to time impose stricter or less stringent eligibility requirements. Investors may purchase

------

Units through the Distributor or through an RIA or other financial intermediary. RIAs and other financial intermediaries may impose additional eligibility requirements for Investors. Notwithstanding the foregoing, the Sponsor, Adviser and Distributor retain the discretion to accept direct subscriptions for Units. Investors should review the prospectus for Class 1 units of the Fund to determine whether they are eligible to invest in such units.

To help the government fight terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each Investor. As a result, Investors will need to identify the name, address, date of birth, and other identifying information about the Investors. If an Investor's identity cannot be verified, the Investor may be restricted from conducting additional transactions and/or have their investment liquidated. In addition, any other action required by law will be taken.

**Lost Stockholders, Inactive Accounts and Unclaimed Property** 

It is important that the Fund maintains a correct address for each investor. An incorrect address may cause an investor's account statements and other mailings to be returned to the Fund. Based upon statutory requirements for returned mail, the Transfer Agent will attempt to locate the investor or rightful owner of the account. If the Transfer Agent is unable to locate the investor, then it will determine whether the investor's account can legally be considered abandoned. Fund accounts may be transferred to the state government of an investor's state of residence if no activity occurs within the account during the "inactivity period" specified in the applicable state's abandoned property laws, which varies by state. The Fund is legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The investor's last known address of record determines which state has jurisdiction. It is your responsibility to ensure that you maintain a correct address for your account. Please proactively contact the Transfer Agent toll-free at (877) 355-1566 at least annually to ensure your account remains in active status. The Fund and the Adviser will not be liable to shareholders or their representatives for good faith compliance with escheatment laws.

**REPURCHASES OF UNITS AND TRANSFERS** 

**No Right of Redemption** 

No Investor or other person holding Units acquired from an Investor has the right to require the Fund to redeem any Units. No public market for Units currently exists. As a result, Investors may not be able to liquidate their investment other than through repurchases of Units by the Fund, as described below.

**Periodic Repurchases** 

The Fund intends to provide liquidity to Investors by offering to repurchase Units pursuant to written tenders by Investors. Repurchases will be made at such times, in such amounts and on such terms as may be determined by the Board, in its sole discretion. Investors tendering Units for repurchase must do so by a date specified in the notice describing the terms of the repurchase offer, and there will be a substantial period of time between the date as of which Investors must submit a request to have their Units repurchased and the date they can expect to receive payment for their Units from the Fund. Investors that elect to tender their Units in the Fund will not know the price at which such Units will be repurchased until such valuation date.

Since all or substantially all of the Fund's assets will be invested in the Master Fund, the Fund will generally find it necessary to liquidate a portion of its Master Fund Interests in order to satisfy repurchase requests. Because Master Fund Interests are not redeemable solely at the discretion of the Fund, the Fund may withdraw a portion of its Master Fund Interest only pursuant to repurchase offers by the Master Fund. Therefore, the Fund expects to conduct a repurchase offer of Units at approximately the same time as any repurchase offer by the Master Fund.

In determining whether the Fund should offer to repurchase Units, the Board will consider the recommendations of the Adviser as to the timing of such an offer, as well as a variety of operational, business, and economic factors. The Adviser expects that, generally, it will recommend to the Board that the Fund offer to repurchase Units from Investors on a quarterly basis and that each repurchase offer made during the calendar quarters (i.e.*,* quarters ending March 31, June 30, September 30, and December 31) should apply to no more than 5% of the net assets of the Fund, although any particular recommendation may exceed such percentage.

------

In determining whether to accept a recommendation to conduct a repurchase offer at any such time, the Board will consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the Master Fund is making a contemporaneous repurchase offer for interests therein, and the aggregate
value of interests the Master Fund is offering to repurchase;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the liquidity of the Fund's and the Master Fund's assets (including fees and costs associated with
disposing of the Fund's and the Master Fund's interests in underlying Investment Funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investment plans and working capital and reserve requirements of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the relative economies of scale of the tenders with respect to the size of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the history of the Fund in repurchasing Units, including the results of prior repurchase offers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of information as to the value of the Fund's and the Master Fund's investments in
underlying Investment Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the existing conditions 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;• any anticipated tax consequences to the Fund of any proposed repurchases of Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the recommendations of the Adviser or Sponsor.

The Fund will repurchase Units from Investors pursuant to written tenders on terms and conditions that the Board determines to be fair to the Fund and to all Investors. When the Board determines that the Fund will repurchase Units, notice will be provided to Investors describing the terms of the offer, containing information Investors should consider in deciding whether to participate in the repurchase opportunity, and containing information on how to participate. Investors deciding whether to tender their Units during the period that a repurchase offer is open may obtain the applicable Class's net asset value per unit by contacting the Adviser during the period.

Subject to applicable law, the LLC Agreement provides, as applicable, that if an Investor submits to the Fund a written request to commence a repurchase offer and the Fund does not, within two years from the date of such written request, commence a repurchase offer of at least 5% of the net assets of the Fund, the Fund will promptly thereafter offer to all then Investors the opportunity to contribute their Units to a special purpose vehicle (an "SPV") to be registered under the 1940 Act or exempt from such registration and having the investment objective to liquidate at least 90% of its assets within three full fiscal years of such contribution. Any such offer to contribute will be made pursuant to an offering registered under the Securities Act, or pursuant to offering exempt from such registration. Any such SPV will not bear any investment advisory or investment management fees after the three fiscal year period. Any such SPV will be organized only if the Fund does not commence a repurchase offer within two years from the date of such written request by an Investor, as described above. The Master Fund will not transfer portfolio securities to the SPV unless the Fund has obtained an exemptive order or received no-action relief from the requirements of Section 17(a) and Section 17(d) of the 1940 Act, and there is no assurance that any such exemptive or no-action relief will be granted.

If a repurchase offer is oversubscribed by Investors who tender Units, the Fund may extend the repurchase offer, repurchase a *pro rata* portion of the Units tendered, or take any other action permitted by applicable law. In addition, the Fund may repurchase Units of Investors if, among other reasons, the Fund determines that such repurchase would be in the interests of the Fund.

Repurchases will be effective after receipt and acceptance by the Fund of eligible written tenders of Units from Investors by the applicable repurchase offer deadline.

------

The Fund does not impose any charges in connection with repurchases of Units unless the Unit is held for less than one year. A 2.00% early repurchase fee (the "Early Repurchase Fee") will be charged by the Fund with respect to any repurchase of Units from an Investor at any time prior to the day immediately preceding the one-year anniversary of the Investor's purchase of the Units. The Early Repurchase Fee will be retained by the Fund and will be for the benefit of the Fund's remaining Investors. Units tendered for repurchase will be treated as having been repurchased on a "first in – first out" basis. Units will be repurchased by the Fund after the management fee has been deducted from the Fund's assets as of the end of the quarter in which the repurchase occurs (i.e., the accrued management fee for the quarter in which Units are to be repurchased is deducted before effecting the repurchase).

In the event that the Adviser, Sponsor, or any of its affiliates holds Units in the Fund or Interests in the Master Fund in the capacity of an investor, the Units or Interests may be tendered for repurchase in connection with any repurchase offer made by the Fund or the Master Fund, as applicable. The Master Fund will not impose an Early Repurchase Fee on redemptions by its investors.

**Procedures for Repurchase of Units** 

The Fund expects that payment upon a repurchase of Units will be made in the form of cash or a debt obligation, which may or may not be certificated, and which would entitle the applicable Investor to payment in satisfaction of the repurchase of Units. If the debt obligation is certificated, unless otherwise instructed by the applicable Investor, the Fund will deliver the certificate to the Fund's Transfer Agent to be held on behalf of the applicable Investor until such time as the Fund distributes payment in satisfaction of the repurchase of Units, at which point the certificate will be cancelled. The Fund does not generally expect to distribute securities (other than the debt obligation) as payment for repurchased Units except in unusual circumstances, including if making a cash payment would result in a material adverse effect on the Fund or the Investors, or if the Master Fund has received distributions from Investment Funds in the form of securities that are transferable to the Master Fund's members. Securities which are distributed in-kind in connection with a repurchase of Units may be illiquid. Any in-kind distribution of securities will be valued in accordance with the LLC Agreement and will be distributed to all tendering Investors on a proportional basis. See "CALCULATION OF NET ASSET VALUE."

In light of liquidity constraints associated with many of the Master Fund Investments and the fact that the Master Fund may have to liquidate interests in such investments to pay for Master Fund Interests being repurchased in order to fund the repurchase of Units and due to other considerations applicable to the Fund and the Master Fund, the Fund intends to follow the procedures described below in connection with a repurchase of Units:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser anticipates that, generally, the Adviser will recommend to the Board that the Fund offer to
repurchase Units from Investors on a quarterly basis, with such tender valuation dates to occur as of each March 31, June 30, September 30, and December 31 (each, a "Tender Valuation Date"). Each Tender Valuation Date
will be determined by the Board in its sole discretion. Tenders will be revocable prior to the expiration of the offer, as described in the notice provided to Investors. The value of Units being repurchased will be determined as of the Tender
Valuation Date. Within thirty days after the Tender Valuation Date, the Fund will give to each Investor whose Units have been accepted for repurchase cash or issue to such Investor a debt obligation, in each case, entitling the Investor to be paid
an amount equal to the value, determined as of the Tender Valuation Date, of the repurchased Units, subject to any post-audit adjustments if the Board determines that a holdback is necessary. As described above, any certificated debt obligation will
be held by the Transfer Agent on behalf a tendering Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Fund issues a debt obligation, which may or may not be certificated, the debt obligation will be non-interest bearing and non-transferable and is expected to contain terms providing payment on or before the thirtieth day after the Tender Valuation Date or, if the Fund has
requested the repurchase of all or a portion of its Master Fund Interest in order to satisfy the payment, ten business days after the Fund has received the aggregate amount so requested to be repurchased by the Fund from the Master Fund (the
"Payment"), subject to any post-audit adjustments if the Board determines that a holdback is necessary. Similarly, when the Fund and other members of the Master Fund request the repurchase of a portion of their Master Fund Interests, the
Master Fund is entitled to postpone the Payment in respect of any debt obligation issued in connection therewith until ten business days after the Master Fund has received the aggregate amount anticipated to be received through pending liquidations
of Master Fund Investments in order to fund repurchases of Master Fund Interests.

------

The repurchase of Units is subject to regulatory requirements imposed by the SEC. The Fund's repurchase procedures are intended to comply with such requirements. However, in the event that the Board determines that modification of the repurchase procedures described above is required, appropriate or desired, the Board will adopt revised repurchase procedures as necessary to ensure the Fund's compliance with applicable regulations or as the Board in its sole discretion deems appropriate or desirable in accordance with federal securities regulations. Following the commencement of an offer to repurchase Units, the Fund may suspend, postpone or terminate such offer in certain circumstances upon the determination of a majority of the Board, including a majority of the Independent Directors, that such suspension, postponement or termination is advisable for the Fund and its Investors, including, without limitation, circumstances as a result of which it is not reasonably practicable for either the Fund or the Master Fund to dispose of its investments or to determine its net asset value, and other unusual circumstances.

As described above, in certain circumstances the Board or the Master Fund Board may determine not to conduct a repurchase offer, or to conduct a repurchase offer of less than 5% of the Fund's or the Master Fund's net assets. In particular, during periods of financial market stress, the Master Fund Board may determine that some or all of the Master Fund investments cannot be liquidated at their fair value, making a determination not to conduct repurchase offers more likely. In addition, under certain circumstances, the Board or the Master Fund Board may determine to conduct a repurchase offer of more than 5% of the Fund's or the Master Fund's net assets. Under unusual market conditions, the Adviser and the Sponsor anticipate that they may not recommend to the Board that the Fund conduct a repurchase offer in any particular quarter if the Fund's repurchase offers in the two immediately preceding quarters were oversubscribed by a substantial amount in the opinion of the Adviser and the Sponsor. If a repurchase offer is oversubscribed, or if the Fund does not conduct a repurchase offer in any particular quarter, investors will have to wait until the next repurchase offer to make another repurchase request. As a result, investors may be unable to liquidate all or a given percentage of their investment in the Fund during a particular quarter.

The Fund may be required to liquidate portfolio holdings earlier than the Adviser would have desired in order to meet the repurchase requests. Such necessary liquidations may potentially result in losses to the Fund, and may increase the Fund's investment related expenses as a result of higher portfolio turnover rates. The Adviser intends to take measures, subject to policies as may be established by the Board, to attempt to avoid or minimize potential losses and expenses resulting from the repurchase of Units. If the Fund borrows to finance repurchases, interest on that borrowing will negatively affect Investors who do not tender their Units in a repurchase offer by increasing the Fund's expenses and reducing any net investment income.

An Investor tendering for repurchase only a portion of its Units must maintain an investment balance of at least $5,000 after the repurchase is effected. If an Investor tenders an amount that would cause the Investor's investment balance to fall below the required minimum, the Fund reserves the right to repurchase all of the Investor's Units in the Fund.

**Mandatory Redemption by the Fund** 

The Fund may repurchase all or any portion of the Units of an Investor without consent or other action by the Investor or other person if the Fund determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Units have been transferred or have vested in any person by operation of law (*i.e.*, the result of the
death, bankruptcy, insolvency, adjudicated incompetence, or dissolution of the Investor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if any transferee does not meet any investor eligibility requirements established by the Fund from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership of Units by an Investor or other person is likely to cause the Fund or the Master Fund to be in
violation of, or subject the Fund or the Master Fund to additional registration or regulation under, the securities, commodities, or other laws of the United States or any other relevant jurisdiction;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continued ownership of Units by an Investor may be harmful or injurious to the business or reputation of the
Fund, the Master Fund, or the Adviser, or the Sponsor, or may subject the Fund or any Investor to an undue risk of adverse tax or other fiscal or regulatory consequences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any of the representations and warranties made by an Investor or other person in connection with the acquisition
of Units was not true when made or has ceased to be true;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to an Investor subject to special laws or regulations, the Investor is likely to be subject to
additional regulatory or compliance requirements under these special laws or regulations by virtue of continuing to hold any Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investment balance of the Investor falls below $5,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it would be in the interest of the Fund, as determined by the Board, for the Fund to repurchase the Units.

**Dividend Reinvestment** 

Unless an Investor is ineligible or otherwise elects, all distributions of dividends (including Capital Gain Dividends (as defined below)) with respect to a Class of Units will be automatically reinvested by the Fund in additional Units of that Class, which will be issued at their net asset value on the ex-dividend date. Election not to reinvest dividends and to instead receive all dividends and capital gain distributions in cash may be made by indicating that choice in the Subscription Booklet or by contacting the Administrator at (877) 355-1566.

**Transfers of Units** 

Units may be transferred only (i) by operation of law pursuant to the death, bankruptcy, insolvency, adjudicated incompetence or dissolution of an Investor or (ii) with the written consent of the Board or Sponsor, which may be withheld in each of its sole and absolute discretion and is expected to be granted, if at all, only in limited circumstances. Notice to the Fund of any proposed transfer must include evidence satisfactory to the Fund that the proposed transferee meets any requirements imposed by the Fund with respect to Investor eligibility and suitability, and must be accompanied by a properly completed Subscription Booklet.

Each Investor and transferee is required to pay all expenses, including attorneys' and accountants' fees, incurred by the Fund in connection with such transfer. If such a transferee does not meet the Investor eligibility requirements, the Fund reserves the right to repurchase the Units transferred.

By purchasing Units of the Fund, each Investor has agreed to indemnify and hold harmless the Fund, the Sponsor, the Adviser, the Directors, the officers of the Fund, each other Investor, 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 such losses, claims, damages, liabilities, costs and expenses and 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 such Investor in violation of these provisions or any misrepresentation made by such Investor in connection with any such transfer.

**CALCULATION OF NET ASSET VALUE** 

The net asset value of the Master Fund and each Class of the Fund will be calculated as of the close of business on the last business day of each calendar month, 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, each Class of the Fund and the Master Fund will value its investments as of the relevant Determination Date. The net asset value of the Master Fund and of each Class of the Fund will equal the assets of the Master Fund or Class, as applicable, less the liabilities attributable to the Master Fund or Class, including accrued fees and expenses, each determined as of the relevant Determination Date. Because of the differences in distribution and service fees and Class-specific expenses, the per Unit net asset value of each Class will differ.

------

Because the Fund invests all or substantially all of its assets in the Master Fund, the value of the assets of each Class of the Fund will depend on the value of its *pro rata* interest in the Master Fund investments. The Fund's investments, and the Master Fund's investments in Private Fund Investments, will be based on valuations provided by Investment Fund Managers and the Adviser according to the Valuation Procedures, subject to the general supervision of the Board and the Master Fund Board. The Adviser will value the Master Fund's investments, including ETFs and other securities, according to the Valuation Procedures. The net asset value of each Class of the Fund and the Master Fund may be subject to subsequent adjustment in the discretion of the Adviser, in the event that relevant information becomes available following the Fund's and the Master Fund's annual audit.

The Valuation Procedures provide that, absent a market price, the Master Fund will value its investments in Private Fund Investments at fair value. The fair value of such investments as of each Determination Date ordinarily will be the carrying amount (book value) of the Master Fund's interest in such investments as determined by reference to the most recent balance sheet, statement of capital account, or other estimated valuation provided by the relevant Investment Fund Manager as of or prior to the relevant Determination Date as adjusted for any other relevant information known by or calculated by the Adviser at the time the Master Fund values its portfolio, including capital activity and material events occurring between the reference dates of the Investment Fund Manager's valuations and the relevant Determination Date and any third-party valuations received by the Adviser. The valuations reported by the Private Fund Investments may be subject to later adjustment or revision. For example, net asset value calculations may be revised as a result of fiscal year-end audits or other conditions that impact the Private Fund Investments' investments but that are unknown to the Adviser at the time of the Master Fund's valuation estimate. Other adjustments may occur from time to time.

As discussed above, a meaningful input in the Fund's valuation of Private Fund Investments will be the estimated valuations provided by Investment Fund Managers to the Adviser. In addition to reviewing and using as inputs the valuations provided by Investment Fund Managers, the Adviser will use a proprietary valuation methodology that incorporates general private equity pricing principles and will generally also incorporate information from third-party valuation services. The Adviser will consider such information, and may conclude in certain circumstances that the information provided by the Investment Fund Manager does not represent the fair value of a particular Private Fund Investment. The Adviser will consider whether it is appropriate, in light of all relevant circumstances, to adjust the value of such investments in light of this assessment. Any such decision will be made in good faith by the Adviser and will be subject to the general supervision of the Master Fund Board. The Adviser will be responsible for ensuring that the Valuation Procedures are fair to the Master Fund and consistent with applicable regulatory guidelines.

Investment Fund Managers may adopt a variety of valuation techniques and provide differing levels of information concerning Private 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. The Adviser generally will not be able to confirm with certainty the accuracy of valuations provided by any Investment Fund Managers until the Master Fund receives the Investment Funds' audited financial statements (and even then, the Adviser will only be able to confirm the value as of the financial statement date). The Investment Fund's fair value valuation and/or the Adviser's fair value valuation may prove to be inaccurate. Incorrect valuations of an Investment Fund could have an adverse effect on the Master Fund's and the Fund's net asset value and Investor transactions in the Units. See "Types of Investments and Related Risk Factors – Valuations Subject to Adjustment."

To the extent the Fund or the Master Fund holds ETFs or other securities or portfolio instruments that are not investments in Private Fund Investments, the Adviser will price each portfolio instrument in the Master Fund or the Fund, as applicable, using one of the third-party pricing services approved by the Adviser, unless it is determined pursuant to the Valuation Procedures that market quotations or prices provided by the pricing services are not readily available or are considered unreliable and any market based valuations issued by the pricing services are not readily available or are considered unreliable.

Securities for which a pricing service or other approved source either does not supply a quotation, price, or market based valuation, or supplies a quotation, price, or market based valuation that is believed by the primary pricing service or the Adviser to be unreliable, will be valued according to fair value procedures specified in the Valuation Procedures. In general, fair value represents a good faith determination of the current value of an asset and will be used when there is no public market or possibly no market at all for the asset. The fair values of one or more assets may not be the prices at which those assets are ultimately sold and the differences may be significant.

------

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 or the Master Fund. Consequently, the fees charged to the Fund or the Master 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 Master Fund, including the management fee, are accrued on a monthly basis on the Determination Date and taken into account for the purpose of determining the Master Fund's net asset value. Similarly, expenses of the Fund 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 Master Fund's net asset value and the Fund if the judgments of the Adviser or the Investment Fund Managers regarding appropriate valuations should prove incorrect.

**CERTAIN TAX CONSIDERATIONS** 

The following discussion offers only a brief outline of the U.S. federal income tax consequences of investing in the Fund and is based on the U.S. federal tax laws in effect on the date hereof. Such tax laws are subject to change by legislative, judicial or administrative action, possibly with retroactive effect. For more detailed information regarding tax considerations, see the SAI. There may be other tax considerations applicable to particular Investors, including Foreign Investors (as defined below). Investors should consult their own tax advisors for more detailed information and for information regarding the impact of state, local and foreign taxes on an investment in the Fund.

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans or arrangements. Investors should consult their tax advisors to determine the suitability of Units of the Fund as an investment through such plans and the precise effect of an investment on their particular tax situation.

The Fund invests substantially all of its assets in the Master Fund, and so substantially all of the Fund's income will be as a result of distributions (or deemed distributions) from the Master Fund. Therefore, as applicable, references to the U.S. federal income tax treatment of the Fund, including to the assets owned, income earned by or decisions made by or on behalf of the Fund, will be to or will include the Master Fund, and, as applicable, the assets owned, income earned by or decisions made by or on behalf of the Master Fund.

**Taxation of the Fund** 

*Qualification for and Treatment as a Regulated Investment Company* 

The Fund has elected to be treated as a RIC under Subchapter M of the Code and intends each year to qualify and to be eligible to be treated as such. In order to qualify for the special tax treatment accorded RICs and their investors, the Fund must, among other things: (a) derive at least 90% of its gross income for each taxable year from (i) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies and (ii) net income derived from interests in "qualified publicly traded partnerships" (as defined in the Code); (b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the market value of the Fund's total assets consists of cash and cash items (including receivables), U.S. government securities, securities of other RICs, and other securities limited in respect of any one issuer to a value not greater than 5% of the value of the Fund's total assets and not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets is invested, including through corporations

------

in which the Fund holds a 20% or more voting stock interest, in (x) the securities (other than those of the U.S. government or other RICs) of any one issuer or of two or more issuers each of which the Fund controls and that are engaged in the same, similar, or related trades or businesses, or (y) the securities of one or more "qualified publicly traded partnerships" (as defined in the Code and as discussed further in the SAI); and (c) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid—generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and net tax-exempt income, for such year, in a manner qualifying for the dividends-paid deduction.

In general, for purposes of the 90% gross income requirement described in (a) above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the RIC.

If the Fund qualifies as a RIC that is accorded special tax treatment, the Fund will not be subject to U.S. federal income tax on income distributed in a timely manner to its Investors in the form of dividends (including Capital Gain Dividends, as defined below) that qualify for the dividends-paid deduction.

The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in the Master Fund, which itself has elected to be treated and intends to qualify and be eligible to be treated as a RIC. The Fund generally expects to satisfy the requirements to qualify and be eligible to be treated as a RIC, provided that the Master Fund also meets these requirements; the Fund currently expects that the Master Fund will meet these requirements. Nonetheless, there can be no assurance that either the Fund or the Master Fund will so qualify and be eligible. If the Master Fund were to fail to satisfy the 90% gross income or diversification requirement for qualification as a RIC and were not to cure that failure (as described below), the Fund may as a result itself fail to meet the asset diversification test and may be ineligible to or may otherwise not cure such failure.

The federal income tax rules applicable to the Master Fund's investments are unclear in some cases. An adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the Master Fund, and thus the Fund, has satisfied the requirements to maintain its qualification as a RIC. See "Fund Investments" below.

From time to time, the Fund or the Master Fund may increase its investments in ETFs and/or other securities generating qualifying income in order to increase the percentage of the Fund's or the Master Fund's income constituting qualifying income.

If the Fund were to fail to meet the income, diversification or distribution test described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax or interest, making additional distributions, or disposing of certain assets. If the Fund were ineligible to or otherwise did not cure such failure for any year, or if the Fund were otherwise to fail to qualify as a RIC accorded special tax treatment for such year, the Fund would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to Investors as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate Investors and may be eligible to be treated as "qualified dividend income" in the case of Investors taxed as individuals, provided, in both cases, the Investor meets certain holding period and other requirements in respect of the Units of the Fund (as described below). In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before re-qualifying as a RIC that is accorded special tax treatment. As stated above, this discussion of the U.S. federal income tax treatment of the Fund includes the Master Fund. If the Master Fund were to fail to qualify to be treated as a RIC, the Fund would also most likely fail to qualify as a RIC.

The Fund intends to distribute at least annually to its Investors all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction), its net tax-exempt income (if any) and reserves the right to distribute annually substantially all its net capital gain. Any taxable income, including any net capital gain, retained by the Fund will be subject to tax at the Fund level at regular corporate rates. In the case of net capital gain, the Fund is permitted to designate the retained amount as undistributed capital gain in a

------

timely notice to its Investors (or the Fund, in the case of the Master Fund making such designation) who would then, in turn, be (i) required to include in income for U.S. federal income tax purposes, as long-term capital gain, their shares of such undistributed amount, and (ii) entitled to credit their proportionate share of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds on a properly filed U.S. tax return to the extent the credit exceeds such liabilities. If the Fund makes this designation, for U.S. federal income tax purposes, the tax basis of Units owned by an Investor of the Fund (or Master Fund Interests owned by the Fund, in the case of the Master Fund making such designation) would be increased by an amount equal under current law to the difference between the amount of undistributed capital gains included in the Investor's gross income under clause (i) of the preceding sentence and the tax deemed paid by the Investor under clause (ii) of the preceding sentence. The Fund is not required to, and there can be no assurance the Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

*Excise Tax* 

If the Fund were to fail to distribute in a calendar year at least an amount generally equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income for the one-year period ending October 31 of such year, plus any such amounts retained from the prior year, the Fund would be subject to a nondeductible 4% excise tax on the undistributed amounts. For purposes of the required excise tax distribution, the income and gains of Investment Funds and co-investments treated as partnerships for federal tax purposes will be treated as arising in the hands of the Master Fund at the time realized and recognized by the Investment Funds or co-investments. Given the difficulty of estimating Master Fund income and gains in a timely fashion, each year the Master Fund is likely to be liable for the 4% excise tax, and it is possible that the Fund will also be liable for such tax.

*Capital Loss Carryforwards* 

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against the Fund's net investment income. Instead, potentially subject to certain limitations, a RIC may carry net capital losses from any taxable year forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent taxable years. Distributions from capital gains are generally made after applying any available capital loss carryforwards. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether a RIC retains or distributes such gains. A RIC may carry net capital losses forward to one or more subsequent taxable years without expiration. The Fund must apply long-term capital loss carryforwards first against long-term capital gains, and short-term capital loss carryforwards first against short-term capital gains. The Fund's available capital loss carryforwards, if any, will be set forth in its annual report for each fiscal year.

Because a RIC cannot "pass through" its losses to its investors, and thus the Master Fund cannot pass through losses to the Fund, any capital losses the Master Fund recognizes for U.S. federal income tax purposes will remain at the Master Fund level until the Master Fund can use them to reduce future capital gains. Accordingly, the Fund generally does not expect to realize any net capital losses, except possibly in the case where it disposes of a certain portion of its investment in the Master Fund at a loss as part of a tender offer by the Master Fund. For further discussion of the effect on the Fund of net capital losses realized by the Master Fund and of the consequences of a redemption by the Fund of a portion of its investment in the Master Fund, see "Investment in Master Fund" below.

**Fund Investments** 

The Master Fund may invest a significant portion of its assets in Investment Funds and co-investments that are classified as partnerships for U.S. federal income tax purposes.

The Master Fund, and thus the Fund, may be required to recognize items of taxable income and gain prior to the time that the Master Fund receives corresponding cash distributions from an Investment Fund or co-investment. In such case, the Master Fund might have to borrow money or dispose of investments, including interests in Investment Funds, and the Fund might have to sell interests of the Master Fund, in each case including when it is disadvantageous to do so, in order to make the distributions required in order to maintain their status as RICs and to avoid the imposition of a federal income or excise tax.

------

Investment Funds and co-investments classified as partnerships for federal income tax purposes may generate income allocable to the Master Fund that is not qualifying income for purposes of the 90% gross income test described above. In order to meet the 90% gross income test, the Master Fund may structure its investments in a way potentially increasing the taxes imposed thereon or in respect thereof. Because the Master Fund may not have timely or complete information concerning the amount and sources of such an Investment Fund's or co-investment's income until such income has been earned by the Investment Fund or co-investment or until a substantial amount of time thereafter, it may be difficult for the Master Fund to satisfy the 90% gross income test.

Furthermore, it may not always be clear how the asset diversification rules for RIC qualification will apply to the Master Fund's investments in Investment Funds or co-investments that are classified as partnerships for federal income tax purposes. It is possible that the Master Fund and the Fund will engage the services of a third-party service provider to collect, aggregate and analyze data on the Master Fund's direct and indirect investments in order to ensure that the Master Fund meets the asset diversification test. In the event that the Master Fund believes that it is possible that it will fail the asset diversification requirement at the end of any quarter of a taxable year, it may seek to take certain actions to avert such failure, including by acquiring additional investments to come into compliance with the asset diversification test or by disposing of non-diversified assets. Although the Code affords the Master Fund the opportunity, in certain circumstances, to cure a failure to meet the asset diversification test, including by disposing of non-diversified assets within six months, there may be constraints on the Master Fund's ability to dispose of its interest in an Investment Fund that limit utilization of this cure period.

As a result of the considerations described in the preceding paragraphs, the Fund's and the Master Fund's intention to qualify and be eligible for treatment as RICs can limit their ability to acquire or continue to hold positions in Investment Funds or co-investments that would otherwise be consistent with their investment strategy or can require them to engage in transactions in which they would otherwise not engage, resulting in additional transaction costs and reducing the Fund's return to Investors.

As stated above, unless otherwise indicated, references in this discussion to the Fund's investments, activities, income, gain, and loss include, as applicable, the direct investments, activities, income, gain, and loss of Master Fund, as well as those indirectly attributable to the Fund as result of the Master Fund's investment in any Investment Fund (or other entity, including a co-investment or the Lead Fund) that is properly classified as a partnership or disregarded entity for U.S. federal income tax purposes (and not an association or publicly traded partnership taxable as a corporation).

*Passive Foreign Investment Companies* 

The Master Fund may invest in Investment Funds or in other entities, including co-investments, that are classified as passive foreign investment companies ("PFICs") for U.S. federal income tax purposes, and Investment Funds themselves may invest in entities that are classified as PFICs. Investments in PFICs could potentially subject the Master Fund to a U.S. federal income tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company. This tax cannot be eliminated by making distributions to its investors. The Master Fund (or, as applicable, the Investment Fund or another entity) generally may elect to avoid the imposition of that tax by, for example, electing to treat a PFIC in which it holds an interest as a "qualified electing fund" (i.e., make a "QEF election"), in which case the Master Fund will be required to include its share of the PFIC's income and net capital gains annually, regardless of whether it receives any distributions from the PFIC.

In certain circumstances, the Master Fund may be permitted to and elect to mark the gains (and to a limited extent losses) in such PFIC holdings "to the market" as though it had sold (and, solely for purposes of this mark-to-market election, repurchased) such holdings on the last day of the Master Fund's taxable year. Such gains and losses are treated as ordinary income and loss. If the Master Fund realizes a loss with respect to a PFIC which has elected such mark-to-market treatment, whether by virtue of selling all or part of its interest in the PFIC or because of the "mark to market" adjustment described above, the loss will be ordinary to the extent of the excess of the sum of the mark-to-market gains over the mark-to-market losses previously recognized with respect to the PFIC. To the extent that the Master Fund's mark-to-market loss with respect to a PFIC exceeds that limitation, the loss will effectively be taken into account in offsetting future mark-to-market gains from the PFIC, and any remaining loss will generally be deferred until the PFIC interests are sold, at which point the loss will be treated as a capital loss.

------

Where the mark-to-market election is made, it is possible that the Master Fund will be required to recognize income (which generally must be distributed to the Fund, and in turn to the Fund's Investors) in excess of the distributions that it receives in respect of an interest in a PFIC. Accordingly, the Master Fund may need to borrow money or to dispose of investments, potentially including its interests in the PFIC, in order to make the distributions required in order to maintain its status as a RIC and to avoid the imposition of a federal income tax and/or the nondeductible 4% excise tax. There can be no assurances, however, that the Master Fund will be successful in this regard; if the Master Fund were unsuccessful in this regard, it could limit the ability of the Master Fund, and thus, the Fund to qualify and be eligible for treatment as a RIC.

In certain cases, neither the Fund nor the Master Fund will be the party legally permitted to make the QEF election or the mark-to-market election in respect of indirectly held PFICs and, in such cases, will not have control over whether the QEF or mark-to-market election is made.

If neither a "mark-to-market" nor a QEF election is made with respect to an interest in a PFIC, the ownership of the PFIC interest may have significantly adverse tax consequences for the Master Fund, and thus the Fund. In such a case, the holder of the PFIC interest would be subject to an interest charge (at the rate applicable to tax underpayments) on tax liability treated as having been deferred with respect to certain distributions and on gain from the disposition of the interests in a PFIC (collectively referred to as "excess distributions"), even if, in the case where the holder is a RIC, those excess distributions are paid by the RIC as a dividend to its shareholders.

Because it is not always possible to identify a foreign corporation as a PFIC, in certain instances the Fund or the Master Fund may unexpectedly incur the tax and interest charges described above in some instances. Any such tax will reduce the value of an Investor's investment in the Fund.

*Investments in Other RICs* 

The Fund's investment in the shares of mutual funds, ETFs or other companies that qualify as a RIC including, as discussed in "Investment in the Master Fund" below, the Master Fund (each, an "underlying RIC") can cause the Fund to be required to distribute greater amounts of net investment income or net capital gain than the Fund would have distributed had it invested directly in the securities held by the underlying RIC, rather than in shares of the underlying RIC. Further, the amount or timing of distributions from the Fund qualifying for treatment as a particular character (e.g., long-term capital gain, exempt interest, eligible for dividends-received deduction, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the underlying RIC.

If the Fund receives dividends from an underlying RIC and the underlying RIC reports such dividends as "qualified dividend income," then the Fund is permitted in turn to report a portion of its distributions as qualified dividend income, provided that the Fund meets holding period and other requirements with respect to shares of the underlying RIC.

If the Fund receives dividends from an underlying RIC and the underlying RIC reports such dividends as eligible for the dividends-received deduction, then the Fund is permitted in turn to report its distributions derived from those dividends as eligible for the dividends-received deduction as well, provided the Fund meets holding period and other requirements with respect to shares of the underlying RIC.

*Book-Tax Differences* 

Certain of the Fund's investments in derivative instruments and foreign currency-denominated instruments, and any of the Fund's transactions in foreign currencies and hedging activities, are likely to produce a difference between the Fund's book income and its taxable income. If such a difference arises, and the Fund's book income is less than its taxable income, the Fund could be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment. In the alternative, if the Fund's book income exceeds its taxable income (including realized capital gains), the distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits, (ii) thereafter, as a return of capital to the extent of the recipient's basis in its interests, and (iii) thereafter as gain from the sale or exchange of a capital asset.

------

*Investment in the Master Fund* 

Because the Fund will invest all or substantially all of its assets in the Master Fund, its distributable income and gains will normally consist entirely of distributions (or deemed distributions) from the Master Fund and gains and losses on the disposition of units of the Master Fund. To the extent that the Master Fund realizes net losses on its investments for a given taxable year, the Fund will not be able to benefit from those losses unless (i) the losses are capital losses and the Master Fund realizes subsequent capital gains that it can reduce by those losses, or (ii) the Fund is able to recognize its share of the Master Fund's losses when it disposes of units of the Master Fund. Even if the Fund were able to recognize its share of those losses by making such a disposition, a portion of its loss may be recognized as a long-term capital loss, which will not be treated as favorably for U.S. federal income tax purposes as a short-term capital loss or an ordinary deduction. In particular, the Fund will not be able to offset any capital losses from its dispositions of Master Fund units against its ordinary income (including distributions of any net short-term capital gains realized by the Master Fund).

As a result of the foregoing rules, and certain other special rules, it is possible that the amounts of net investment income and net capital gain that the Fund will be required to distribute to Investors will be greater than such amounts would have been had the Fund invested directly in the securities held by the Master Fund, rather than investing in units of the Master Fund. For similar reasons, the amount or timing of distributions from the Fund qualifying for treatment as a particular character (e.g., long-term capital gain, exempt interest, eligibility for dividends-received deduction, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the Master Fund.

A redemption, if any, of Master Fund units (including a redemption in connection with a tender offer of the Fund) by the Fund generally will be treated as a distribution under Section 301 of the Code (a "Section 301 distribution") unless the redemption is treated as being any of (i) a complete termination of the Fund's interest in the Master Fund, (ii) "substantially disproportionate" with respect to the Fund or (iii) otherwise "not essentially equivalent to a dividend" under the relevant rules of the Code. The Fund expects that its redemption of Master Fund units, if any, will be treated as Section 301 distributions. A Section 301 distribution is not treated as a sale or exchange giving rise to capital gain or loss, but rather is treated as a dividend to the extent supported by the Master Fund's current and accumulated earnings and profits, with the excess treated as a return of capital reducing the Fund's tax basis in its units, and thereafter as capital gain.

In the case where the Fund is treated as having received a taxable dividend from the Master Fund, there is a risk that non-tendering investors in the Master Fund, and other investors of the Master Fund who tender some but not all of their units therein or not all of whose units therein are repurchased, in each case whose percentage interests in the Master Fund increase as a result of such tender, will be treated as having received a taxable distribution from the Master Fund. The extent of such risk will vary depending upon the particular circumstances of the tender offer, and in particular whether such offer is a single and isolated event or is part of a plan for periodically redeeming units of the Master Fund. Dividend treatment of a tender by the Master Fund would affect the amount and character of income required to be distributed by both the Master Fund and the Fund for the year in which the redemption occurred. It is possible that such a dividend would qualify as qualified dividend income; otherwise, it would be taxable as ordinary income.

The Master Fund is permitted to invest up to 25% of its total assets in the Corporate Subsidiary, a Delaware limited liability company that has elected to be treated as a corporation for U.S. federal income tax purposes. A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where, as here, the Corporate Subsidiary is organized in the U.S., the Corporate Subsidiary will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Master Fund's return on its investment in the Corporate Subsidiary. If a net loss is realized by the Corporate Subsidiary, such loss is not generally available to offset the income of the Master Fund.

------

*Foreign Taxation* 

Income, proceeds and gains received by the Fund or Master Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. This will decrease the Fund's yield on securities subject to such taxes. Tax treaties between certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the Master Fund's assets at the end of its taxable year consists of the securities of foreign corporations, the Master Fund may elect to permit its investors, including the Fund, to claim a credit or deduction on their U.S. federal income tax returns for their pro rata portions of qualified taxes paid by the Master Fund to foreign countries in respect of foreign securities that the Master Fund has held for at least the minimum period specified in the Code. In such a case, the investors, including the Fund, will include in gross income from foreign sources their pro rata share of such taxes paid by the Master Fund. If at the close of each quarter of the Fund's taxable year, at least 50% of its total assets consists of interests in other RICs, including the Master Fund the Fund will be a "qualified fund of funds." If the Fund is a "qualified fund of funds," it also may elect to pass through to its Investors foreign taxes it has paid or foreign taxes passed through to it by any RIC, including the Master Fund, in which it invests that itself was eligible to elect and did elect to pass through such taxes to Investors (see "Investment in Master Fund" and "Investments in Other RICs" above). Even if the Fund is eligible to make such an election for a given year, it may determine not to do so. If the Fund is not so eligible or does not so elect, foreign taxes, if any, would nonetheless reduce the Fund's taxable income. An Investor's ability to claim an offsetting foreign tax credit or deduction in respect of foreign taxes passed through by the Fund is subject to certain limitations imposed by the Code, which may result in the Investor's not receiving a full credit or deduction (if any) for the amount of such taxes. Investors who do not itemize deductions on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. Investors that are not subject to U.S. federal income tax, and those who invest in the Fund through tax-advantaged accounts (including those who invest through individual retirement accounts or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by the Fund.

If the Fund is not eligible to or does not make the above election, the Fund's taxable income will be reduced by the foreign taxes paid or withheld, and Investors will not be entitled separately to claim a credit or deduction with respect to such taxes. Investors are advised to consult their own tax advisers with respect to the treatment of foreign source income and foreign taxes under the U.S. federal income tax laws.

**Taxation of Investors** 

*Distributions by the Fund* 

For U.S. federal income tax purposes, distributions of investment income are generally taxable to Investors as ordinary income. Taxes on distributions of capital gains are determined by how long the Fund owned or is considered to have owned the investments that generated them, rather than how long an Investor has owned his or her interests. In general, the Fund will recognize long-term capital gain or loss on investments it has owned (or is deemed to have owned) for more than one year, and short-term capital gain or loss on investments it has owned (or is deemed to have owned) for one year or less. Distributions of net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case determined with reference to any loss carryforwards) that are properly reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable to Investors as long-term capital gains includible in net capital gain and taxed to individuals at reduced rates. The IRS and the U.S. Department of the Treasury have issued final regulations that impose special rules in respect of Capital Gain Dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code. Distributions of net short-term capital gain (as reduced by any net long-term capital loss for the taxable year) will be taxable to Investors as ordinary income. Distributions from capital gains are generally made after applying any available capital loss carryovers. Distributions of investment income reported by the Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to net capital gain, provided holding period and other requirements are met at both the Investor and Fund level. The Fund does not expect a significant portion of Fund distributions to be derived from qualified dividend income. Distributions of investment income reported by the Fund as derived from eligible dividends will qualify for the "dividends-received deduction" in the hands of corporate Investors, provided holding period and certain other requirements are met. The Fund does not expect a significant portion of Fund distributions to be eligible for the dividends-received deduction.

------

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. For these purposes, "net investment income" generally includes, among other things (i) distributions paid by the Fund of net investment income and capital gains and (ii) any net gain from the sale, exchange, or other taxable disposition of interests. Investors are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in the Fund.

As required by federal law, detailed federal tax information with respect to each calendar year will be furnished to each Investor early in the succeeding year.

If the Fund makes a distribution to an Investor in excess of the Fund's current and accumulated earnings and profits in any taxable year, the excess distribution will be treated as a return of capital to the extent of such Investor's tax basis in its interests, and thereafter as capital gain. A return of capital is not taxable, but it reduces an Investor's tax basis in its interests, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the Investor of its interests.

Distributions are taxable as described herein whether Investors receive them in cash or reinvest them in additional interests. A dividend paid to Investors in January generally is deemed to have been paid by the Fund on December 31 of the preceding year, if the dividend was declared and payable to Investors of record on a date in October, November, or December of that preceding year.

Distributions by the Fund to its shareholders that the Fund properly reports as "Section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified real estate investment trust ("REIT") dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "Section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by a RIC from REITs, to the extent such dividends are properly reported as such by the RIC in a written notice to its shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible, but is not required to do so.

Distributions on the Fund's interests are generally subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such distributions may economically represent a return of a particular Investor's investment. Such distributions are likely to occur in respect of interests purchased at a time when the Fund's net asset value reflects either unrealized gains, or realized but undistributed income or gains, that were therefore included in the price the Investor paid. Such distributions may reduce the fair market value of the Fund's interests below the Investor's cost basis in those interests. As described above, the Fund is required to distribute realized income and gains regardless of whether the Fund's net asset value also reflects unrealized losses.

*Backup Withholding* 

The Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any individual Investor who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the Investor's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

------

*Tax-Exempt Investors* 

Income of a RIC that would be unrelated business taxable income ("UBTI") if earned directly by a tax-exempt entity will not generally be attributed as UBTI to a tax-exempt Investor of the RIC. Notwithstanding this "blocking" effect, a tax-exempt Investor could realize UBTI by virtue of its investment in the Fund if interests in the Fund constitute debt-financed property in the hands of the tax-exempt Investor within the meaning of Section 514(b) of the Code.

A tax-exempt Investor may also recognize UBTI if the Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in real estate mortgage investment conduits ("REMICs") or equity interests in taxable mortgage pools ("TMPs"), if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

In addition, special tax consequences apply to charitable remainder trusts ("CRTs") that invest in RICs that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs.

CRTs and other tax-exempt Investors are urged to consult their tax advisors concerning the consequences of investing in the Fund.

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans. Investors should consult their tax advisors to determine the suitability of Units of the Fund as an investment through such plans.

*Sale, Exchange or Repurchase of Units* 

From time to time, the Fund intends to make a tender offer for its Units (as described under "Repurchases of Units and Transfers" above). Investors who tender all Fund interests (as previously defined, "Units") they hold, or are deemed to hold, in response to a tender offer will be treated as having sold their interests and generally will realize a capital gain or loss, as discussed in the following paragraph. If an Investor tenders fewer than all of its Units or fewer than all Units tendered are repurchased, such Investor may be treated as having received a so-called "Section 301 distribution," taxable in whole or in part as a dividend upon the tender of its Units, unless the repurchase is treated as being either (i) "substantially disproportionate" with respect to such Investor or (ii) otherwise "not essentially equivalent to a dividend" under the relevant rules of the Code. A Section 301 distribution is not treated as a sale or exchange giving rise to capital gain or loss, but rather is treated as a dividend to the extent supported by the Fund's current and accumulated earnings and profits, with the excess treated as a return of capital reducing an Investor's tax basis in its Units (but not below zero), and thereafter as capital gain. Where the Investor is treated as receiving a dividend, there is a risk that non-tendering Investors and Investors who tender some but not all of their Units or fewer than all of whose Units are repurchased, in each case whose percentage interests in the Fund increase as a result of such tender, will be treated as having received a taxable dividend distribution from the Fund. The extent of such risk will vary depending upon the particular circumstances of the tender offer, and in particular whether such offer is a single and isolated event or is part of a plan for periodically repurchasing Units of the Fund.

The sale or other taxable disposition of Fund Units that is treated as a sale or exchange generally will give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of Units will be treated as long-term capital gain or loss if the Units have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Units will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of Units held by an Investor for six months or less will be treated as long-term, rather than short-term, to the extent of any Capital Gain Dividends received (or deemed received) by the Investor with respect to the Units. Further, all or a portion of any loss realized upon a taxable disposition of Units will be disallowed under the Code's wash-sale rule if other substantially identical Units are purchased, including by means of dividend reinvestment, within 30 days before or after the disposition. In such a case, the basis of the newly purchased Units will be adjusted to reflect the disallowed loss.

------

The Fund's use of cash to repurchase shares could adversely affect its ability to satisfy the distribution requirements for treatment as a RIC and its ability to avoid Fund-level income and excise taxes. To the extent that the Fund recognizes net gains on the liquidation of portfolio securities to fund share repurchases pursuant to its tender offers or otherwise repurchases Units, the Fund will be required to take such gains into account in determining whether the distribution requirements are satisfied and it may be required to make additional distributions to its Investors, including distributions of short-term capital gains taxable to individual shareholders as ordinary income.

*Foreign Investors* 

Distributions by the Fund to an Investor that is not a "U.S. person" within the meaning of the Code (a "Foreign Investor") properly reported by the Fund as (1) Capital Gain Dividends, (2) short-term capital gain dividends, and (3) interest-related dividends, each as defined and subject to certain conditions described below, generally are not subject to withholding of U.S. federal income tax.

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S.-source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual Foreign Investor, in each case to the extent such distributions are properly reported as such by the Fund in a written notice to investors. The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not apply to (A) distributions to an individual Foreign Investor who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is treated as effectively connected with the conduct by the Foreign Investor of a trade or business within the United States under special rules regarding the disposition of U.S. real property interests ("USRPIs") as described below. The exception to withholding for interest-related dividends does not apply to distributions to a Foreign Investor (A) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (B) to the extent that the dividend is attributable to certain interest on an obligation if the Foreign Investor is the issuer or is a 10% shareholder of the issuer, (C) that is within certain foreign countries that have inadequate information exchange with the United States, or (D) to the extent the dividend is attributable to interest paid by a person that is a related person of the Foreign Investor and the Foreign Investor is a controlled foreign corporation. If the Fund invests in a RIC that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to Foreign Investors. The Fund is permitted to report such part of its dividends as interest-related and/or short-term capital gain dividends as are eligible, but is not required to do so.

In the case of Units held through an intermediary, the intermediary may withhold even if the Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to Foreign Investors. Foreign Investors should contact their intermediaries regarding the application of these rules to their accounts.

Distributions by the Fund to Foreign Investors other than Capital Gain Dividends, short-term capital gain dividends, and interest-related dividends (e.g. dividends attributable to foreign-source dividend and interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).

A Foreign Investor is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of Units unless (i) such gain is effectively connected with the conduct by the Foreign Investor of a trade or business within the United States, (ii) in the case of a Foreign Investor that is an individual, the Investor is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met, or (iii) the special rules relating to gain attributable to the sale or exchange of USRPIs apply to the Foreign Investor's sale of Units (as described below).

Special rules would apply if the Fund were a qualified investment entity ("QIE"), because it is either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition of USRPIs described below. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the

------

corporation's USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs are generally defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or very generally, an entity that has been a USRPHC in the last five years. A RIC that holds, directly or indirectly, significant interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and RICs that are QIEs, not-greater-than 10% interests in publicly traded classes of stock in REITs and not-greater-than-5% interests in publicly traded classes of stock in RICs generally are not USRPIs, but these exceptions do not apply for purposes of determining whether the Fund is a QIE. If an interest in the Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share repurchase by a greater-than-5% Foreign Investor or any Foreign Investor if shares of the Fund are not considered regularly traded on an established securities market, in which case such Foreign Investor generally would also be required to file U.S. tax returns and pay any additional taxes due in connection with the repurchase.

If the Fund were a QIE, under a special "look-through" rule, any distributions by the Fund to a Foreign Investor (including, in certain cases, distributions made by the Fund in redemption of its shares) attributable directly or indirectly to (i) distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat as USRPI gain in its hands, and (ii) gains realized on the disposition of USRPIs by the Fund would retain their character as gains realized from USRPIs in the hands of the Fund's Foreign Investors and would be subject to U.S. tax withholding. In addition, such distributions could result in the Foreign Investor being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a Foreign Investor, including the rate of such withholding and character of such distributions (e.g., as ordinary income or USRPI gain), would vary depending upon the extent of the Foreign Investor's current and past ownership of the Fund. The Fund generally does not expect that it will be a QIE.

Foreign Investors also may be subject to "wash sale" rules to prevent the avoidance of the tax-filing and -payment obligations discussed above through the sale and repurchase of Units. In general, if a Foreign Investor disposes of an interest in a domestically controlled QIE during the 30-day period before the ex-dividend date of a distribution that the Foreign Investor would (but for the disposition) have treated as USRPI gain, and acquires, or enters into a contract or option to acquire, a substantially identical interest in that entity during the 61-day period that began on the first day of the 30-day period, the Foreign Investor is treated as having USRPI gain in an amount equal to the portion of such distribution that would have been treated as USRPI gain in the absence of such disposition.

Foreign Investors with respect to whom income from the Fund is effectively connected with a trade or business conducted by the Foreign Investor within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations, whether such income is received in cash or reinvested in Units of the Fund and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a Foreign Investor is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the Foreign Investor in the United States. More generally, Foreign Investors who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisors.

In order to qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a Foreign Investor must comply with special certification and filing requirements relating to its non-US status (including, in general, furnishing an IRS Form W-8BEN or substitute form). Foreign Investors should consult their tax advisors in this regard. Special rules (including withholding and reporting requirements) apply to foreign partnerships and those holding Units through foreign partnerships. Additional considerations may apply to foreign trusts and estates. Investors holding Units through foreign entities should consult their tax advisors about their particular situation.

Foreign Investors should consult their tax advisors and, if holding Units through intermediaries, their intermediaries, concerning the application of these rules to their investment in the Fund. A Foreign Investor may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax referred to above.

------

*Investor Reporting Obligations with Respect to Foreign Bank and Financial Accounts* 

Investors that are U.S. persons and own, directly or indirectly, more than 50% of the Fund could be required to report annually their "financial interest" in the Fund's "foreign financial accounts," if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts ("FBAR"). Investors should consult a tax advisor, and persons investing in the Fund through an intermediary should consult their intermediary, regarding the applicability to them of this reporting requirement.

*Other Reporting and Withholding Requirements* 

Sections 1471-1474 of the Code and the U.S. Treasury regulations and IRS guidance issued thereunder (collectively, "FATCA") generally require the Fund to obtain information sufficient to identify the status of each of its interest holders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If an Investor fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that Investor on ordinary dividends it pays. The IRS and the U.S. Department of the Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or Capital Gain Dividends the Fund pays. If a payment by the Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to Foreign Investors described above (e.g., short-term capital gain dividends and interest-related dividends).

Each prospective Investor is urged to consult its tax advisor regarding the applicability of FATCA and any other reporting requirements with respect to the prospective Investor's own situation, including investments through an intermediary.

*General Considerations* 

The U.S. federal income tax discussion set forth above is for general information only. Prospective Investors should consult their tax advisors regarding the specific federal tax consequences of purchasing, holding, and disposing of interests of the Fund, as well as the effects of state, local, foreign, and other tax law and any proposed tax law changes.

**ERISA CONSIDERATIONS** 

Persons who are fiduciaries with respect to an employee benefit plan or other arrangement subject to ERISA (an "ERISA Plan"), and persons who are fiduciaries with respect to an IRA or Keogh plan, each of which is not subject to ERISA but is subject to the prohibited transaction rules of Section 4975 of the Code (together with ERISA Plans, "Plans") should consider, among other things, the matters described below before determining whether to invest in the Fund.

ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to an ERISA Plan, including prudence, diversification, an obligation not to engage in a prohibited transaction and other standards. In determining whether a particular investment is appropriate for an ERISA Plan, Department of Labor ("DOL") regulations provide that a fiduciary of an ERISA Plan must give appropriate consideration to, among other things, the role that the investment plays in the ERISA Plan's portfolio, taking into consideration whether the investment is designed reasonably to further the ERISA Plan's purposes, an examination of the risk and return factors, the portfolio's composition with regard to diversification, the liquidity and current return of the total portfolio relative to the anticipated cash flow needs of the ERISA Plan, the income tax consequences of the investment (see "Certain Tax Considerations—Tax-Exempt Investors") and the projected return of the total portfolio relative to the ERISA Plan's funding objectives. Before investing the assets of an ERISA Plan in the Fund, a fiduciary should determine whether such an investment is consistent with its fiduciary responsibilities and the foregoing regulations. For example, a fiduciary should consider whether an investment in the Fund may be too illiquid or too speculative for a particular ERISA Plan, and whether the assets of the ERISA Plan would be sufficiently diversified. If a fiduciary with respect to any such ERISA Plan breaches its responsibilities with regard to selecting an investment or an investment course of action for such ERISA Plan, the fiduciary itself may be held liable for losses incurred by the ERISA Plan as a result of such breach.

------

Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund will not be considered to be the assets of any Plan investing in the Fund for purposes of ERISA's (or the Code's) fiduciary responsibility and prohibited transaction rules. Thus, the Adviser will not be a fiduciary within the meaning of ERISA by reason of its authority with respect to the assets of the Fund.

The Adviser will require a Plan which proposes to invest in the Fund to represent that it and any fiduciaries responsible for such Plan's investments (including in its individual or corporate capacity, as may be applicable) are aware of and understand the Fund's investment objective, policies and strategies, and that the decision to invest plan assets in the Fund was made with appropriate consideration of relevant investment factors with regard to the Plan and is consistent with the duties and responsibilities imposed upon fiduciaries with regard to their investment decisions under ERISA and/or the Code.

Certain prospective Investors that are Plans may currently maintain relationships with the Adviser or other entities which are affiliated with the Adviser. Each of such persons may be deemed to be a "party in interest" under ERISA (or "disqualified person" under Section 4975 of the Code) to and/or a fiduciary (under ERISA or Section 4975 of the Code) of any Plan to which it provides investment management, investment advisory or other services. ERISA prohibits (and the Code penalizes) the use of ERISA and Plan assets for the benefit of a party in interest (or disqualified person) and also prohibits (or penalizes) an ERISA or Plan fiduciary from using its position to cause such Plan to make an investment from which it or certain third parties in which such fiduciary has an interest would receive a fee or other consideration. Investors that are Plans should consult with counsel to determine if participation in the Fund is a transaction which is prohibited (or penalized) by ERISA or the Code. Fiduciaries of Investors that are Plans will be required to represent (including in their individual or corporate capacity, as applicable) that the decision to invest in the Fund was made by them as fiduciaries that are independent of such affiliated persons, that such fiduciaries are duly authorized to make such investment decision and that they have not relied on any individualized advice or recommendation of such affiliated persons, as a primary basis for the decision to invest in the Fund, unless such purchase and holding is pursuant to an applicable exemption, such as Prohibited Transaction Class Exemption ("PTCE") 77-3 or PTCE 77-4.

Employee benefit plans which are not subject to ERISA may be subject to other rules governing such plans. Fiduciaries of these plans, whether or not subject to Section 4975 of the Code, should consult with their own legal advisors regarding such matters.

The provisions of ERISA and the Code are subject to extensive and continuing administrative and judicial interpretation and review. The discussion of ERISA and the Code contained in this Prospectus is general and may be affected by future publication of regulations and rulings. Potential Investors that are Plans should consult their legal advisors regarding the consequences under ERISA and the Code of the acquisition and ownership of Units.

**ADDITIONAL INFORMATION** 

The following is a summary description of additional items and of select provisions of the Fund's LLC Agreement and by-laws ("By-Laws") which are not described elsewhere in this Prospectus. With respect to the select provisions of the LLC Agreement, the description of such provisions is not definitive and reference should be made to the LLC Agreement contained in Appendix A.

**Board Management of the Fund** 

The Directors of the Fund oversee generally the operations of the Fund. The Fund enters into contractual arrangements with various parties, including among others the Adviser, AMG Funds LLC, the Fund's Administrator and Sponsor, the Distributor, and the Fund's custodian, transfer agent, and accountants, each of whom provides services to the Fund. Investors are not parties to any such contractual arrangements or intended beneficiaries of those contractual arrangements, and those contractual arrangements are not intended to create in any Investor any right to enforce such arrangements against the service providers or to seek any remedy thereunder against the service providers, either directly or on behalf of the Fund.

------

*Forum for Adjudication of Disputes*. The Fund's By-Laws provide that unless the Fund consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any action or proceeding brought on behalf of the Fund or the Investors, (ii) any action asserting a claim of breach of a fiduciary duty owed by any Director, officer or other agent of the Fund to the Fund or the Fund's Investors, (iii) any action asserting a claim arising pursuant to any provision of the Delaware Limited Liability Company Act, the Fund's LLC Agreement or By-Laws, (iv) any action to interpret, apply, enforce or determine the validity of the LLC Agreement or By-Laws or any agreement contemplated by any provision of the 1940 Act, LLC Agreement or By-Laws or (v) any action asserting a claim governed by the internal affairs doctrine, shall be the Court of Chancery of the State of Delaware (each, a "Covered Action"), or, if the Court of Chancery of the State of Delaware does not have jurisdiction, the Superior Court of the State of Delaware. The By-Laws further provide that if any Covered Action is filed in a court other than in a federal or state court sitting with the State of Delaware ("a Foreign Action") in the name of any Investor, such Investor shall be deemed to have consented to (i) the personal jurisdiction of the State of Delaware in connection with any action brought in any such courts to enforce the preceding sentence (an "Enforcement Action") and (ii) having service of process made upon such Investor in any such Enforcement Action by service upon such Investor's counsel in the Foreign Action as agent for such Investor.

Any person purchasing or otherwise acquiring or holding any Units of the Fund will be (i) deemed to have notice of and consented to the foregoing paragraph and (ii) deemed to have waived any argument relating to the inconvenience of the forum referenced above in connection with any action or proceeding described in the foregoing paragraph.

This forum selection provision may limit an Investor's ability to bring a claim in a judicial forum that it finds favorable for disputes with Directors, officers or other agents of the Fund and its service providers, which may discourage such lawsuits with respect to such claims. If a court were to find the forum selection provision contained in the By-Laws to be inapplicable or unenforceable in an action, the Fund may incur additional costs associated with resolving such action in other jurisdictions.

Neither this Prospectus nor any contract that is an exhibit hereto is intended to, nor does it, give rise to any agreement or contract between the Fund and any Investor, or give rise to any contractual or other rights in any individual Investor, group of Investors or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived.

*Derivative and Direct Claims of Investors*. The Fund's LLC Agreement provides that an Investor may not commence a proceeding on behalf or for the benefit of the Fund until (i) a written demand has been made upon the Fund to take suitable action, and (ii) 90 days have elapsed from the date the demand was made, or, if the decision whether to reject such demand has been duly submitted to a vote of the Investors, 120 days have elapsed from the date the demand was made, unless in either case the Investor has earlier been notified that the demand has been rejected. Any decision by the Board to bring, maintain or settle (or not to bring, maintain or settle) such proceeding, or to vindicate (or not vindicate) any claim on behalf or for the benefit of the Fund, or to submit the matter to a vote of Investors, shall be made by a majority of the Independent Directors in their sole business judgment and shall be binding upon the Investors, and no suit, proceeding or other action shall be commenced or maintained after a decision to reject a demand.

An Investor may not bring or maintain a direct action or claim for monetary damages against the Fund or the Directors predicated upon an express or implied right of action under the LLC Agreement, the Securities Act or the 1940 Act, unless the Investor has obtained authorization from a majority of the Independent Directors to bring the action. In its sole discretion, the Board may submit the matter to a vote of Investors of the Fund. Any decision by a majority of the Independent Directors to settle or to authorize (or not to settle or to authorize) such court action, proceeding or claim, or to submit the matter to a vote of Investors, shall be binding upon the Investor seeking authorization.

**Liability of Investors** 

Investors in the Fund will be members of a limited liability company as provided under Delaware law. Under Delaware law and the LLC Agreement, an Investor will not be liable for the debts, obligations, or liabilities of the Fund solely by reason of being an Investor, except that the Investor may be obligated to repay any funds wrongfully distributed to the Investor.

------

**Duty of Care of the Board and the Adviser** 

The LLC Agreement provides that none of the Directors, officers of the Fund, Adviser, or the Sponsor (including any officer, director, member, partner, principal, employee, or agent of the Adviser or Sponsor and each of their respective affiliates) shall be liable to the Fund or any of the Investors for any loss or damage occasioned by any act or omission in the performance of their respective services under the LLC Agreement, unless such loss or damage was due to an act or omission of such person constituting willful misfeasance, bad faith, gross negligence, or reckless disregard of their duties. The LLC Agreement also contains provisions for the indemnification, to the extent permitted by law, of the Directors, officers of the Fund, Adviser, Sponsor, or any of their affiliates, by the Fund, against any damages, liability, and expense to which any of them may be liable; (i) by reason of being or having been a Director or officer of the Fund, the Adviser, the Sponsor or officer, director, member, partner, principal, employee or agent of the Adviser or Sponsor or any of their respective affiliates; or (ii) which arises in connection with the performance of their activities on behalf of the Fund. The rights of indemnification and exculpation provided under the LLC Agreement do not provide for indemnification of a director for any liability, including liability under U.S. 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.

**Amendment of the LLC Agreement** 

Subject to the limitations of Section 8.1(b) of the LLC Agreement, the LLC Agreement may be amended with the approval of (i) the Board, including a majority of the Independent Directors, if required by the 1940 Act; and (ii) if required by the 1940 Act, the approval of the Investors by such vote as is required by the 1940 Act.

**Power of Attorney** 

By purchasing an interest in the Fund, each Investor will appoint the Sponsor and each of the Directors his or her attorney-in-fact for purposes of filing required certificates and documents relating to the formation and continuance of the Fund as a limited liability company under Delaware law or signing all instruments effecting authorized changes in the Fund or the LLC Agreement and conveyances and other instruments deemed necessary to effect the dissolution or termination of the Fund. With respect to the dissolution of the Fund, the power of attorney will extend to any liquidator of the Fund's assets.

The power-of-attorney granted in the LLC Agreement is a special power-of-attorney coupled with an interest in favor of the Sponsor and each of the Directors and as such is irrevocable and continues in effect until all of such Investor's interest in the Fund has been withdrawn pursuant to a periodic tender or transferred to one or more transferees that have been approved by the Board.

**Term, Dissolution and Liquidation** 

The Fund will be dissolved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon the affirmative vote to dissolve the Fund by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon the determination of Investors not to continue the business of the Fund at a meeting called by the Sponsor
when no Director remains or if the required number of Directors is not elected within sixty (60) days after the date on which the last Director ceased to act in that capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at the election of the Sponsor, subject to ratification by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as required by operation of law.

------

Upon the occurrence of any event of dissolution, the Board, acting directly, or a liquidator under appointment by the Board, is charged with winding up the affairs of the Fund and liquidating its assets. Upon the dissolution of the Fund, its assets are to be distributed (1) first to satisfy the debts and liabilities of the Fund, other than debts and liabilities to Investors, including actual or anticipated liquidation expenses, (2) next to satisfy debts or liabilities owing to the Investors that hold non-interest bearing promissory notes of the Fund as a result of having previously tendered their Units to the Fund for repurchase; (3) next to satisfy debts or liabilities owing to the Investors; and (4) finally to the Investors proportionately in accordance with their investment in the Fund. The Board or liquidator may distribute ratably in kind any assets of the Fund, provided such assets are valued pursuant to provisions of the LLC Agreement.

**Reports to Investors** 

The Fund will furnish to Investors as soon as practicable after the end of each taxable year (and/or each calendar year) such information as is necessary for such Investors to complete U.S. federal and state income tax or information returns, along with any other tax information required by law. The Fund will send to Investors a semi-annual and an audited annual report within sixty (60) days after the close of the period for which it is being made, or as otherwise required by the 1940 Act. Quarterly reports from the Adviser regarding the Fund's operations during such period will be posted to the Fund's investor's web portal.

------

**APPENDIX A: LIMITED LIABILITY COMPANY AGREEMENT** 

------

AMENDMENT NO. 1 DATED AS OF OCTOBER 22, 2015 TO THE

LIMITED LIABILITY COMPANY AGREEMENT OF

AMG PANTHEON PRIVATE EQUITY FUND, LLC

DATED AS OF MAY 16, 2014

WHEREAS, pursuant to Section 2.2 of the Limited Liability Company Agreement (the "Limited Liability Company Agreement") of AMG Pantheon Private Equity Fund, LLC (the "Fund"), the Board of Directors of the Fund (the "Board") is permitted to adopt a name for the Fund other than "AMG Pantheon Private Equity Fund"; and

WHEREAS, on September 18, 2015, the Board voted to change the name of the Fund to "AMG Pantheon Fund, LLC," and authorized AMG Funds LLC and the officers of the Fund to amend the Limited Liability Company Agreement to reflect the adoption of the new name of the Fund;

NOW, THEREFORE, consistent with Section 8.1 of the Limited Liability Company Agreement, the Limited Liability Company Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendments to the Limited Liability Company Agreement</u>. Effective upon the date hereof, Section 2.2 of the Limited Liability Company Agreement is hereby amended to read in its entirety as follows:

"2.2 ***Name*.**

The name of the Fund shall be "AMG Pantheon Fund, LLC" or such other name as the Board hereafter may adopt upon causing an appropriate amendment to this Agreement to be adopted and to the Certificate to be filed in accordance with the Delaware Act. The Fund's business may be conducted under the name of the Fund or, to the fullest extent permitted by law, any other name or names deemed advisable by the Board."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>. Capitalized terms used but not defined in this Amendment have the meanings given in the Limited Liability Company Agreement. Except as expressly provided in this Amendment, the terms and provisions of the Limited Liability Company Agreement remain unmodified and are confirmed as being in full force and effect. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which taken together shall constitute one and the same instrument. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware without regard to its conflicts of laws provisions. The headings in this Amendment are inserted for convenience of reference only and shall not be a part of or control or affect the meaning hereof.

[*Remainder of page intentionally left blank*]

------

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of September 18, 2015.

---

| | |
|:---|:---|
| ALL MEMBERS:<br>By: AMG FUNDS LLC, as attorney-in-fact | ALL MEMBERS:<br>By: AMG FUNDS LLC, as attorney-in-fact |
| By: | /s/ Keitha L. Kinne |
| Name: | Keitha L. Kinne |
| Title: | Chief Operating Officer |
| BOARD OF DIRECTORS | BOARD OF DIRECTORS |
| By: | /s/ Christine C. Carsman |
|  | Christine C. Carsman, Director |
| By: | /s/ Kurt Keilhacker |
|  | Kurt Keilhacker, Director |
| By: | /s/ Eric Rakowski |
|  | Eric Rakowski, Director |
| By: | /s/ Victoria Sassine |
|  | Victoria Sassine, Director |

---

------

**AMG PANTHEON PRIVATE EQUITY FUND, LLC** 

**LIMITED LIABILITY COMPANY AGREEMENT** 

Dated and effective as of May 16, 2014

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
| **Page** |  | |
|  [ARTICLE I DEFINITIONS](#pro2147541_101) | [ARTICLE I DEFINITIONS](#pro2147541_101) | 1 |
|  [ARTICLE II ORGANIZATION; ADMISSION OF MEMBERS; BOARD](#pro2147541_102) | [ARTICLE II ORGANIZATION; ADMISSION OF MEMBERS; BOARD](#pro2147541_102) | 4 |
| 2.1 | [Formation of Limited Liability Company](#pro2147541_103) | 4 |
| 2.2 | [Name](#pro2147541_104) | 5 |
| 2.3 | [Principal and Registered Office](#pro2147541_105) | 5 |
| 2.4 | [Duration](#pro2147541_106) | 5 |
| 2.5 | [Business of the Fund](#pro2147541_107) | 5 |
| 2.6 | [The Board](#pro2147541_108) | 5 |
| 2.7 | [Members](#pro2147541_109) | 6 |
| 2.8 | [Organizational Member](#pro2147541_110) | 6 |
| 2.9 | [Both Directors and Members](#pro2147541_111) | 6 |
| 2.10 | [Limited Liability](#pro2147541_112) | 7 |
|  [ARTICLE III MANAGEMENT](#pro2147541_113) | [ARTICLE III MANAGEMENT](#pro2147541_113) | 7 |
| 3.1 | [Management and Control](#pro2147541_114) | 7 |
| 3.2 | [Actions by the Board](#pro2147541_115) | 8 |
| 3.3 | [Meetings of Members](#pro2147541_116) | 8 |
| 3.4 | [Other Activities of Members, Directors, the Adviser, and the Sponsor](#pro2147541_117) | 9 |
| 3.5 | [Duty of Care](#pro2147541_118) | 10 |
| 3.6 | [Indemnification](#pro2147541_119) | 10 |
| 3.7 | [Fees, Expenses and Reimbursement](#pro2147541_120) | 12 |
| 3.8 | [Liabilities and Duties](#pro2147541_121) | 15 |
|  [ARTICLE IV TERMINATION OF STATUS OR REMOVAL OF ADVISER AND SPONSOR; TRANSFERS AND REPURCHASES](#pro2147541_122) | [ARTICLE IV TERMINATION OF STATUS OR REMOVAL OF ADVISER AND SPONSOR; TRANSFERS AND REPURCHASES](#pro2147541_122) | 15 |
| 4.1 | [Termination of Status of the Adviser](#pro2147541_123) | 15 |
| 4.2 | [Termination of Status of the Sponsor](#pro2147541_124) | 15 |
| 4.3 | [Transfer of Units](#pro2147541_125) | 15 |
| 4.4 | [Repurchase of Units](#pro2147541_126) | 16 |
|  [ARTICLE V UNITS](#pro2147541_127) | [ARTICLE V UNITS](#pro2147541_127) | 18 |
| 5.1 | [Units](#pro2147541_128) | 18 |
|  [ARTICLE VI DISSOLUTION AND LIQUIDATION](#pro2147541_129) | [ARTICLE VI DISSOLUTION AND LIQUIDATION](#pro2147541_129) | 21 |
| 6.1 | [Dissolution](#pro2147541_130) | 21 |
| 6.2 | [Liquidation of Assets](#pro2147541_131) | 21 |
|  [ARTICLE VII ACCOUNTING, VALUATIONS AND WITHHOLDING](#pro2147541_132) | [ARTICLE VII ACCOUNTING, VALUATIONS AND WITHHOLDING](#pro2147541_132) | 22 |
| 7.1 | [Accounting and Reports](#pro2147541_133) | 22 |

---

i

------

---

| | | |
|:---|:---|:---|
| 7.2 | [Valuation of Assets](#pro2147541_134) | 23 |
| 7.3 | [Withholding](#pro2147541_135) | 23 |
|  [ARTICLE VIII MISCELLANEOUS PROVISIONS](#pro2147541_136) | [ARTICLE VIII MISCELLANEOUS PROVISIONS](#pro2147541_136) | 24 |
| 8.1 | [Amendment of Limited Liability Company Agreement](#pro2147541_137) | 24 |
| 8.2 | [Special Power of Attorney](#pro2147541_138) | 25 |
| 8.3 | [Notices](#pro2147541_139) | 26 |
| 8.4 | [Agreement Binding Upon Successors and Assigns](#pro2147541_140) | 26 |
| 8.5 | [Applicability of 1940 Act and Form N-2](#pro2147541_141) | 26 |
| 8.6 | [Choice of Law; Derivative and Direct Claims](#pro2147541_142) | 26 |
| 8.7 | [Not for Benefit of Creditors](#pro2147541_143) | 27 |
| 8.8 | [Consents](#pro2147541_144) | 28 |
| 8.9 | [Merger and Consolidation](#pro2147541_145) | 28 |
| 8.10 | [Pronouns](#pro2147541_146) | 28 |
| 8.11 | [Confidentiality](#pro2147541_147) | 28 |
| 8.12 | [Certification of Tax Status](#pro2147541_148) | 29 |
| 8.13 | [Severability](#pro2147541_149) | 29 |
| 8.14 | [Filing of Returns](#pro2147541_150) | 29 |
| 8.15 | [Tax Election](#pro2147541_151) | 29 |
| 8.16 | [Entire Agreement](#pro2147541_152) | 30 |
| 8.17 | [Discretion](#pro2147541_153) | 30 |
| 8.18 | [Counterparts](#pro2147541_154) | 30 |
| 8.19 | [Effectiveness](#pro2147541_155) | 30 |

---

ii

------

**AMG PANTHEON PRIVATE EQUITY FUND, LLC** 

**LIMITED LIABILITY COMPANY AGREEMENT** 

THIS LIMITED LIABILITY COMPANY AGREEMENT of AMG PANTHEON PRIVATE EQUITY FUND, LLC (the "Fund") is dated and effective as of May 16, 2014 by and among the Organizational Member, Pantheon Ventures (US) LP, as Adviser, AMG Funds LLC, as Sponsor, the Directors identified on Schedule I hereto, and each person hereinafter admitted to the Fund in accordance with this Agreement and reflected on the books of the Fund as a Member.

*WITNESSETH:* 

WHEREAS, the Fund heretofore has been formed as a limited liability company under the Delaware Limited Liability Company Act, pursuant to the Certificate dated as of May 16, 2014 and filed with the Secretary of State of the State of Delaware on May 16, 2014;

NOW, THEREFORE, for and in consideration of the foregoing and the mutual covenants hereinafter set forth, it is hereby agreed as follows:

ARTICLE I

DEFINITIONS

For purposes of this Agreement:

**1934 Act** means the Securities Exchange Act of 1934 and the rules, regulations, and orders thereunder, as amended from time to time, or any successor law.

**1940 Act** means the Investment Company Act of 1940 and the rules, regulations, and orders thereunder, as amended from time to time, or any successor law.

**Adviser** means Pantheon Ventures (US) LP in its capacity as investment adviser under the Investment Advisory Agreement, or any successor investment adviser to the Fund.

**Advisers Act** means the Investment Advisers Act of 1940 and the rules, regulations, and orders thereunder, as amended from time to time, or any successor law.

**Affiliate** means affiliated person as such term is defined in the 1940 Act.

**Agreement** means this Limited Liability Company Agreement, as amended and/or restated from time to time.

**Board** means the Board of Directors established pursuant to Section 2.6 hereof.

**Certificate** means the Certificate of Formation of the Fund and any amendments thereto as filed with the office of the Secretary of State of the State of Delaware.

------

**Class** means any division of Units, which is or has been established in accordance with the provisions of Section 5.1 hereof.

**Closing Date** means the first date on or as of which a Member other than the Organizational Member is admitted to the Fund.

**Code** means the United States Internal Revenue Code of 1986, as amended and as hereafter amended from time to time, or any successor law.

**Delaware Act** means the Delaware Limited Liability Company Act (6 <u>Del. C.</u> § 18-101, <u>et</u> <u>seq</u>.) as in effect on the date hereof and as amended from time to time, or any successor law.

**Director** means each natural person listed on Schedule I hereto who serves on the Board and any other natural person who, from time to time, pursuant hereto shall serve on the Board. Each Director shall constitute a "manager" of the Fund within the meaning of the Delaware Act, with such powers and authority as set forth in this Agreement.

**Electronic Transmission** means any form of communication not directly involving the physical transmission of paper that creates a record that may be retained, retrieved and reviewed by the recipient thereof and that may be directly reproduced in paper form by such recipient through an automated process.

**Fiscal Period** means the period commencing on the Closing Date, and thereafter each period commencing on the day immediately following the last day of the preceding Fiscal Period, and ending at the close of business on the first to occur of the following dates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the last day of a Fiscal Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the last day of a taxable year (if that day is not the last day of a Fiscal Year);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the day preceding any day as of which the Fund issues Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the day preceding any day as of which the Fund admits a substituted Member to whom a Unit of a Member has been
Transferred (unless there is no change of beneficial ownership); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any day on which the Fund makes any distribution to, or repurchases any Units of, any Member.

**Fiscal Year** means the period commencing on the Closing Date and ending on the first March 31<sup>st</sup> following the Closing Date, and thereafter each period commencing on April 1<sup>st</sup> of each year and ending on March 31<sup>st</sup> of the succeeding year (or on the date of a final distribution pursuant to Section 6.2 hereof), unless the Board shall designate another fiscal year for the Fund that is a permissible fiscal year under the Code.

------

**Form N-2** means the Fund's Registration Statement on Form N-2, as amended from time to time, filed with the Securities and Exchange Commission.

**Fund** means the limited liability company governed hereby, as such limited liability company may from time to time be constituted.

**Independent Directors** means those Directors who are not "interested persons" of the Fund as such term is defined in the 1940 Act.

**Insurance** means any insurance policy, the benefits of which are payable to the Fund.

**Investment Advisory Agreement** means an investment advisory agreement entered into between the Adviser and the Fund, or an investment advisory agreement entered into between any successor investment adviser to the Fund and the Fund, as from time to time in effect.

**Investment Funds** means unregistered pooled investment vehicles and registered investment companies that are advised by an Investment Fund Manager.

**Investment Fund Managers** means portfolio managers among which the Fund deploys some or all of its assets.

**Master Fund** means AMG Pantheon Private Equity Master Fund, LLC, or any other investment fund in which, upon approval by the Board and any necessary approval of the Members pursuant to the 1940 Act, the Fund invests all or substantially all of its assets.

**Member** means any Person who is admitted to the Fund in accordance with this Agreement as a member of the Fund until the Fund repurchases the Units of such Person pursuant to Section 4.4 hereof or such Person otherwise ceases to be a member of the Fund, or a substitute Member who is admitted to the Fund pursuant to Section 4.3 hereof, in such Person's capacity as a member of the Fund. For purposes of the Delaware Act, there are no other classes or groups of members other than those established pursuant to Section 5.1.

**Net Assets** means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities, and obligations of the Fund, calculated before giving effect to any repurchases of Units.

**Organizational Member** means the Person executing this Agreement in such capacity.

**Person** means any individual, entity, corporation, partnership, association, limited liability company, joint-stock company, trust, estate, joint venture, organization or unincorporated organization or any other "person" as defined in Section 18-101(12) of the Delaware Act.

------

**Securities** means securities (including, without limitation, equities, debt obligations, options, and other "securities" as that term is defined in Section 2(a)(36) of the 1940 Act) and other financial instruments of U.S. and non-U.S. entities, including, without limitation, capital stock, shares of beneficial interests, partnership interests and similar financial instruments, as well as any contracts for forward or future delivery of any security, debt obligation, currency or commodity, all manner of derivative instruments and any contracts based on any index or group of securities, debt obligations, currencies or commodities, and any options thereon.

**Sponsor** means AMG Funds LLC.

**Taxable Year** means the period originally commencing on the Closing Date and ending on the first September 30 following the Closing Date, and thereafter each period commencing on October 1 of each year and ending on September 30 of the succeeding year (or on the date of a final distribution pursuant to Section 6.2 hereof), unless the Board shall designate another fiscal year for the Fund that is a permissible taxable year under the Code.

**Transfer** means the assignment, transfer, sale or other disposition of all or any portion of a Unit, including any right to receive any distributions attributable to a Unit.

**Units** means the equal proportionate shares into which the limited liability company interests of all Members are divided from time to time, each of which represents an interest in the Fund that is equal in all respects to all other Units and as to which the holder hereof has such appurtenant rights and obligations as are set forth in this Agreement, and includes fractions of Units as well as whole Units or, if more than one Class is authorized by the Board, the equal proportionate shares into which each Class of Units shall be divided from time to time, each of which represents an interest in the Fund that is equal in all respects to all other Units of the same Class and as to which the holder thereof has such appurtenant rights and obligations as are set forth in this Agreement, and includes fractions of Units as well as whole Units.

ARTICLE II

ORGANIZATION; ADMISSION OF MEMBERS; BOARD

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 ***Formation of Limited Liability Company***.

The filing of the Certificate by the Organizational Member, as authorized person within the meaning of the Delaware Act, is hereby ratified and confirmed, and the Organizational Member and any Person or Persons designated by the Board hereby are designated as authorized persons, within the meaning of the Delaware Act, to execute, deliver, and file all certificates (and any amendments and/or restatements thereof, including any amendments and/or restatements of the Certificate) required or permitted by the Delaware Act to be filed in the office of the Secretary of State of the State of Delaware. The Board shall cause to be executed and filed with applicable governmental authorities any other instruments, documents, and certificates which, in the opinion of the Fund's legal counsel, may from time to time be required by the laws of the United States of America, the State of Delaware, or any other jurisdiction in which the Fund shall determine to do business, or any political subdivision or agency thereof, or which such legal counsel may deem necessary or appropriate to effectuate, implement, and continue the valid existence and business of the Fund. The Organizational Member or any officer of the Fund

------

is also authorized to obtain on behalf of the Fund an Employer Identification Number from the Internal Revenue Service, EDGAR access codes from the Securities and Exchange Commission, and a CUSIP identifier from CUSIP Global Services. The Organizational Member was admitted to the Fund as a member of the Fund effective as of the time of the filing of the Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 ***Name.***

The name of the Fund shall be "AMG Pantheon Private Equity Fund, LLC" or such other name as the Board hereafter may adopt upon causing an appropriate amendment to this Agreement to be adopted and to the Certificate to be filed in accordance with the Delaware Act. The Fund's business may be conducted under the name of the Fund or, to the fullest extent permitted by law, any other name or names deemed advisable by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 ***Principal and Registered Office.***

The Fund shall have its principal office at the principal office of the Sponsor, or at such other place designated from time to time by the Board.

The Fund shall have its registered office in the State of Delaware at 1209 Orange Street, Wilmington, DE 19801 and shall have CT Corporation as its registered agent at such registered office for service of process in the State of Delaware, unless a different registered office or agent is designated from time to time by the Board in accordance with the Delaware Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 ***Duration.***

The term of the Fund commenced on the filing of the Certificate with the Secretary of State of the State of Delaware and shall continue until the Fund is dissolved pursuant to Section 6.1 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 ***Business of the Fund.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The business of the Fund is to invest substantially all of its assets in the Master Fund. The Fund also may purchase, sell (including short sales), invest, and trade in Securities, invest its assets in Investment Funds, and engage in any financial or derivative transactions relating thereto or otherwise to engage in such other activities and to exercise such rights and powers as permitted under the Delaware Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall operate as a closed-end, management investment company in accordance with the 1940 Act and subject to any fundamental policies and investment restrictions set forth in the Form N-2.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 ***The Board.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Organizational Member hereby designates those Persons listed on Schedule I, who shall agree to be bound by the terms of this Agreement pertaining to the obligations of Directors, to serve as Directors on the initial Board. From time to time, the Board may fix the number of Directors or fill vacancies in the Directors, including vacancies arising from an increase in the number of Directors, or remove Directors with or without cause. Each Director shall serve during the continued lifetime of the Fund until he or she dies, resigns or is removed, or, if sooner, until the next meeting of Members called for the purpose of electing Directors and until the election and qualification of his or her successor. At any meeting called for the purpose, a Director may be removed by vote of the holders of two-thirds of the outstanding Units. Any Director may resign at any time by written instrument signed by him or her and delivered to any officer of the Fund or to a meeting of the Board. Such resignation shall be effective upon receipt unless specified to be effective at some other time. Except to the extent expressly provided in a written agreement with the Fund or otherwise authorized by the Board, no Director resigning and no Director removed shall have any right to any compensation for any period following his or her resignation or removal, or any right to damages on account of such removal. The Members may elect Directors at any meeting of Members called by the Board for that purpose and to the extent required by applicable law, including paragraphs (a) and (b) of Section 16 of the 1940 Act. The names and mailing addresses of the Directors shall be set forth in the books and records of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If no Director remains, the Sponsor shall promptly call a meeting of the Members, to be held within 60 days after the date on which the last Director ceased to act in that capacity, for the purpose of determining whether to continue the business of the Fund and, if the business shall be continued, of electing one or more Directors. If the Members, voting pursuant to the provisions of Section 3.3, shall determine at such meeting not to continue the business of the Fund or if one or more Directors is not elected within 60 days after the date on which the last Director ceased to act in that capacity, then the Fund shall be dissolved pursuant to Section 6.1 hereof and the assets of the Fund shall be liquidated and distributed pursuant to Section 6.2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 ***Members.***

The Board may admit one or more Members to the Fund as members of the Fund as of the first business day of each calendar month or at such other times as the Board may determine without the consent of any other Person. Members may be admitted to the Fund subject to the condition that each such Member shall execute an appropriate signature page of this Agreement or an instrument pursuant to which such Member agrees to be bound by all the terms and provisions hereof. The Board, the Sponsor, or any other Person to whom the Board has delegated such authority from time to time, in their absolute discretion, may reject applications for the purchase of Units in the Fund. The admission of any Person as a Member shall be effective upon the revision of the books and records of the Fund to reflect the name and the purchase of Units of such additional Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 ***Organizational Member.***

[Reserved.]

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 ***Both Directors, the Adviser, the Sponsor and Members.***

A Person may at the same time be a Director and a Member, the Adviser and a Member, or the Sponsor and a Member, in which event such Person's rights and obligations in each capacity shall be determined separately in accordance with the terms and provisions hereof and as provided in the Delaware Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 ***Limited Liability.***

Except as otherwise provided under applicable law, none of the Members, Directors, Sponsor, nor, except to the extent provided in Section 3.6 hereof and in the Investment Advisory Agreement, the Adviser, shall be liable personally for the Fund's debts, obligations or liabilities, whether arising in contract, tort or otherwise, solely by reason of being a member or manager of the Fund in an amount in excess of the Units of such Member, plus such Member's share of undistributed profits and assets, except that a Member may be obligated to repay any funds wrongfully distributed to such Member.

ARTICLE III

MANAGEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 ***Management and Control.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The management and control of the business of the Fund shall be vested in the Board, which shall have the right, power, and authority, on behalf of the Fund and in its name, to exercise all rights, powers, and authority of "managers" under the Delaware Act and to do all things necessary and proper to carry out the objective and business of the Fund and its duties hereunder. No Director shall have the authority individually to act on behalf of or to bind the Fund except within the scope of such Director's authority as delegated by the Board. Except to the extent otherwise expressly provided in this Agreement, (i) each Director shall be vested with the same powers, authority, and responsibilities on behalf of the Fund as are customarily vested in each director of a Delaware corporation; and (ii) each Independent Director shall be vested with the same powers, authority, and responsibilities on behalf of the Fund as are customarily vested in each director of a closed-end management investment company registered under the 1940 Act that is organized as a Delaware corporation who is not an "interested person" of such company as such term is defined in the 1940 Act. During any period in which the Fund shall have no Directors, the Adviser shall continue to serve as investment adviser to the Fund, and each of the Adviser and the Sponsor shall have the authority to manage the business and affairs of the Fund, but only until such time as one or more Directors are elected by the Members or the Fund is dissolved in accordance with Section 6.1 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board shall have the exclusive authority and discretion to make any elections required or permitted to be made by the Fund under any provisions of the Code or any other revenue laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Members shall have no right to participate in and shall take no part in the management or control of the Fund's business and shall have no right, power, or authority to act for or bind the Fund. Members shall have the right to vote on any matters only as provided in this Agreement or on any matters that require the approval of the holders of voting securities under the 1940 Act or, subject to the terms of this Agreement, as otherwise required in the Delaware Act.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board may delegate to any Person any rights, power, and authority vested by this Agreement in the Board to the extent permissible under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 ***Actions by the Board***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless provided otherwise in this Agreement or a higher or additional standard (e.g. approval by a majority of the Independent Directors) is required by the 1940 Act, any act to be taken by the Board may be taken: (i) by the affirmative vote of a majority of the Directors present at a meeting duly called at which a quorum of the Directors shall be present (in person or by telephone); or (ii) by consent, given in writing or by Electronic Transmission, of a majority of the Directors without a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board may designate from time to time a Chairman who shall preside at all meetings. Meetings of the Board may be called by the Chairman or any two Directors, and may be held on such date and at such time and place as the Board shall determine. Each Director shall be entitled to receive written notice of the date, time, and place of such meeting at least 24 hours in advance of the meeting. Notice need not be given to any Director who shall attend a meeting without objecting to the lack of notice or who shall execute a waiver of notice, given in writing or by Electronic Transmission, with respect to the meeting. Directors may attend and participate in any meeting by conference telephone or other communications equipment which permits all Directors participating in the meeting to hear each other. A majority of the Directors then in office shall constitute a quorum at any meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board may designate from time to time agents of the Fund who shall have the same powers and duties to act on behalf of the Fund (including the power to bind the Fund) as are customarily vested in officers of a Delaware corporation or such powers as are otherwise delegated to them by the Board, and designate them as officers of the Fund. The Persons listed on Schedule I are hereby designated as the initial officers of the Fund. Additional or successor officers of the Fund shall be chosen by the Board and shall consist of at least a President and a Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 ***Meetings of Members.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Actions requiring the vote of the Members may be taken at any duly constituted meeting of the Members at which a quorum is present. Except as otherwise provided in Section 2.6(b) hereof, meetings of the Members may be called by the Board or by Members holding one-third of the total number of votes eligible to be cast by all Members, and may be held at such time, date, and place as the Board or, to the extent applicable, the Sponsor, shall determine. The Board shall arrange to provide written notice of the meeting, stating the date, time, and place of the meeting and the record date therefor, to each Member entitled to vote at the meeting at least seven days prior to such meeting. Failure to receive notice of a meeting on the part of any Member shall not affect the validity of any act or proceeding of the meeting, so long as a quorum shall be present at the meeting. Only matters set forth in the notice of a meeting

------

may be voted on by the Members at a meeting. The presence in person or by proxy of Members holding one-third of the total number of votes eligible to be cast by all Members as of the record date shall constitute a quorum at any meeting. Any meeting of Members may, by action of a Director or the President of the Fund, be adjourned from time to time with respect to one or more matters to be considered at such meeting, whether or not a quorum is present with respect to such matter, and any adjourned session or sessions may be held, any time after the date set for the original meeting, without the necessity of further notice; upon motion of a Director or the President of the Fund, the question of adjournment may be (but is not required by this Agreement to be) submitted to a vote of the Members, and in that case, any adjournment with respect to one or more matters must be approved by the vote of a majority of the votes cast in person or by proxy at the meeting with respect to the matter or matters adjourned, whether or not a quorum is present with respect to such matter or matters, and, if approved, such adjournment shall take place without the necessity of further notice. Unless a proxy is otherwise limited in this regard, any Units present and entitled to vote at a meeting may, at the discretion of the proxies named therein, be voted in favor of such an adjournment. Except as otherwise required by any provision of this Agreement or of the 1940 Act, (i) those candidates receiving a plurality of the votes cast at any meeting of Members shall be elected as Directors, and (ii) all other actions of the Members taken at a meeting shall require the affirmative vote of Members holding a majority of the total number of votes eligible to be cast by those Members who are present in person or by proxy at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each matter submitted to a vote of Members, unless the Board determines otherwise, all Units of all Classes shall vote as a single class; provided, however, that: (i) as to any matter with respect to which the Board determines that a separate vote of any Class is required by the 1940 Act or other applicable law or is required by attributes applicable to any Class, such requirements as to a separate vote by that Class shall apply; (ii) unless the Board determines that this clause (ii) shall not apply in a particular case, to the extent that a matter referred to in clause (i) above affects more than one Class and the interests of each such Class in the matter are identical, then the Units of all such affected Classes shall vote as a single class; and (iii) as to any matter which does not affect the interests of a particular Class, only the holders of Units of the one or more affected Classes shall be entitled to vote as determined by the Board in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to Section 3.3(b) above, each Member as of the record date for a meeting of Members shall be entitled to cast at such meeting one vote with respect to each Unit held by the Member, as of the record date (and a proportionate fractional vote in the case of a fractional Unit). The Board or, to the extent applicable, the Sponsor, shall establish a record date not less than 10 nor more than 90 days prior to the date of any meeting of Members to determine eligibility to vote at such meeting and the number of votes which each Member will be entitled to cast thereat, and shall maintain for each such record date a list setting forth the name of each Member entitled to vote at the Meeting and the number of votes that each Member will be entitled to cast at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Member may vote at any meeting of Members by a proxy properly given in writing or by Electronic Transmission or by any other means permitted by applicable law by the Member and filed with the Fund before or at the time of the meeting. A proxy may be suspended or revoked, as the case may be, by the Member giving the proxy by a later writing or

------

Electronic Transmission or by any other means permitted by applicable law delivered to the Fund at any time prior to exercise of the proxy, or if the Member giving the proxy shall be present at the meeting and decide to vote in person. Any action of the Members that is permitted to be taken at a meeting of the Members may be taken without a meeting if consents in writing or by Electronic Transmission are signed by Members holding a majority of the total number of votes eligible to be cast or such greater percentage as may be required in order to approve such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 ***Other Activities of Members, Directors, the Adviser, and the Sponsor.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None of the Directors or officers of the Fund nor the Adviser or Sponsor shall be required to devote full time to the affairs of the Fund, but shall devote such time as may reasonably be required to perform their obligations under this Agreement and any other agreement they may have with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser, Sponsor, and any Member, officer of the Fund, Director, or Affiliates of any of them, may engage in or possess an interest in other business ventures or commercial dealings of every kind and description, independently or with others, including, but not limited to, acquisition and disposition of Securities and Investment Funds, provision of investment advisory or brokerage services, serving as directors, officers, employees, advisors or agents of other companies, partners of any partnership, members of any limited liability company, or trustees of any trust, or entering into any other commercial arrangements. No Member shall have any rights in or to such activities of the Adviser, Sponsor, or any other Member, officer of the Fund, Director, or Affiliates of any of them, or any profits derived therefrom, and the pursuit of such activities, even if competitive with the activities of the Fund, shall not be deemed wrongful or improper. No such Person shall be liable to the Fund or any Members for breach of any fiduciary or other duty by reason of the fact that such Person takes any such action or pursues or acquires for, or directs an opportunity to another Person or does not communicate such opportunity to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 ***Duty of Care.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Directors, officers of the Fund, the Adviser, the Sponsor, including any officer, director, member, partner, principal, employee or agent of the Adviser or Sponsor and each of their respective affiliates, shall not be liable to the Fund or to any of its Members for any loss or damage occasioned by any act or omission in the performance of such Person's services under this Agreement, unless it shall be determined by final judicial decision on the merits from which there is no further right to appeal that such loss is due to an act or omission of such Person constituting willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such Person's duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Member not in breach of any obligation hereunder or under any agreement pursuant to which the Member subscribed for a Unit shall be liable to the Fund, any other Member or third parties only as required by applicable law or otherwise provided in this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 ***Indemnification.***

&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 3.6(b) hereof, indemnify each Director (including for this purpose their executors, heirs, assigns, successors, or other legal representatives), each officer of the Fund, the Adviser, the Sponsor, each officer, director, member, partner, principal, employee or agent of the Adviser or Sponsor, and each of their respective affiliates, and the executors, heirs, assigns, successors or other legal representatives of each of the foregoing, and of any Person who controls or is under common control, or otherwise is affiliated, with the Adviser or Sponsor and their executors, heirs, assigns, successors, or other legal representatives) against all losses, claims, damages, liabilities, costs, and expenses, including, but not limited to, amounts paid in satisfaction of judgments, in compromise, or as fines or penalties, and reasonable counsel fees, 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 Director, an officer of the Fund, the Adviser, or the Sponsor, any officer, director, member, partner, principal, employee or agent of the Adviser or Sponsor or any of their respective affiliates, or the past or present performance of services to the Fund by such indemnitee, except to the extent such loss, claim, damage, liability, cost, or expense 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, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such indemnitee's office. The rights of indemnification provided under this Section 3.6 shall not be construed so as to provide for indemnification of an indemnitee for any liability (including 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 3.6 to the fullest extent permitted by law.

&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, so incurred by any such indemnitee (but excluding amounts paid in satisfaction of judgments, in compromise, or as fines or penalties), may be paid from time to time 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 3.6(a) hereof; provided, however, that (i) such indemnitee shall provide security for such undertaking, (ii) the Fund shall be insured by or on behalf of such indemnitee against losses arising by reason of such indemnitee's failure to fulfill his or its undertaking, or (iii) a majority of the Directors (excluding any Director who is seeking advancement of expenses hereunder) or independent legal counsel in a written opinion shall determine based on a review of readily available facts (as opposed to a full trial-type inquiry) that there is reason to believe such indemnitee ultimately will be entitled to indemnification.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 proceeding shall have been brought, that an indemnitee is liable to the Fund or its Members by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such indemnitee's office, indemnification shall be provided pursuant to Section 3.6(a) hereof if (i) approved as in the best interests of the Fund by a majority of the Directors (excluding any Director 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 is not liable to the Fund or its Members by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such indemnitee's office, or (ii) the Board 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 is not liable to the Fund or its Members by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties 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;(d) Any indemnification or advancement of expenses made pursuant to this Section 3.6 shall not prevent the recovery from any indemnitee of any such amount if such indemnitee subsequently shall be determined in a decision on the merits 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, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such indemnitee's office. In any suit brought by an indemnitee to enforce a right to indemnification under this Section 3.6 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 3.6 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 3.6. 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 3.6, the burden of proving that the indemnitee is not entitled to be indemnified, or to any indemnification or advancement of expenses, under this Section 3.6 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;(e) An indemnitee may not satisfy any right of indemnification or advancement of expenses granted in this Section 3.6 or to which he, she or it may otherwise be entitled except out of the assets of the Fund, and no Member, the Adviser nor the Sponsor shall be personally liable with respect to any such claim for indemnification or advancement of expenses, except to the extent provided in Section 2.10 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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 3.6 shall affect the power of the Fund to purchase and maintain liability insurance on behalf of any officer of the Fund, a Director, the Adviser, the Sponsor or other Person.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 ***Fees, Expenses and Reimbursement.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may cause the Fund to compensate each Director for his or her services hereunder. In addition, the Fund shall reimburse the Directors for reasonable out-of-pocket expenses incurred by them in performing their duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall bear all expenses incurred in the business of the Fund other than those specifically required to be borne by the Adviser pursuant to the Investment Advisory Agreement. Expenses to be borne by the Fund (whether borne directly or indirectly through and in proportion to, the Fund's interest in the Master Fund) (and, thus, indirectly by Members) include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all expenses related to its investment program, including, but not limited to: (i) expenses borne
indirectly through the Master Fund's investments in the Investment Funds, or expenses borne through the Fund's investments in the Investment Funds, if applicable in each case, including, without limitation, any fees and expenses charged
by the Investment Fund Managers (such as management fees, performance, carried interests, or incentive fees or allocations, monitoring fees, property management fees, and redemption or withdrawal fees); (ii) all costs and expenses directly related
to portfolio transactions and positions for the Fund's account, such as direct and indirect expenses associated with the Master Fund's or the Fund's investments in Investment Funds (whether or not consummated), and enforcing the
Fund's and Master Fund's rights in respect of such investments; (iii) transfer taxes and premiums; (iv) taxes withheld on non-U.S. dividends or other non-U.S. source income; (v) professional fees (including, without limitation, the fees and expenses of consultants, attorneys and experts); and (vi) if applicable, brokerage commissions, interest and
commitment fees on loans and debit balances, borrowing charges on securities sold short, dividends on securities sold but not yet purchased and margin fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the management fee paid by the Fund and the Master Fund to the Adviser in consideration of the advisory and
other services provided by the Adviser to the Fund and the Master Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any distribution and/or service fees to be paid pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) all costs and expenses (including costs and expenses associated with the organization and initial registration
of the Fund and the Master Fund) associated with the operation and registration of the Fund and the Master Fund, including, without limitation, all costs and expenses associated with the repurchase offers, offering costs, and the costs of compliance
with any applicable Federal or state laws;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) fees of the Independent Directors of the Fund and the independent directors of the Master Fund and the fees and
expenses of independent counsel thereto, and the costs and expenses of holding any meetings of the Board or Members, or of the board of directors or members of the Master Fund, in each case that are regularly scheduled, permitted or required to be
held under the terms of this Agreement or the limited liability company agreement of the Master Fund, as applicable, the 1940 Act, or other applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) a portion, as determined by the Board, of the compensation payable to the Fund's and the Master
Fund's chief compliance officer, and expenses attributable to implementing the Fund's and the Master Fund's compliance program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the fees and disbursements of any attorneys, accountants, independent registered public accounting firms, and
other consultants and professionals engaged on behalf of the Fund and the Independent Directors and the Master Fund and its independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the costs of a fidelity bond and any liability or other insurance obtained on behalf of the Fund or the
Directors or the officers of the Fund or the Master Fund or the directors or the officers of the Master Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) recordkeeping, custody and transfer agency fees and expenses of the Fund and the Master Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) all costs and expenses of preparing, setting in type, printing and distributing reports and other
communications to Members or potential members or the Master Fund's members or potential members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) all expenses of computing the Fund's and the Master Fund's net asset value, including any equipment
or services obtained for the purpose of valuing the Fund's and the Master Fund's investment portfolio, including appraisal and valuation services provided by third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) all charges for equipment or services used for communications between the Fund or the Master Fund and any
custodian, or other agent engaged by the Fund or the Master Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) fees of custodians, other service providers to the Fund or the Master Fund including transfer agents and
depositaries (including The Depository Trust & Clearing Corporation and National Securities Clearing Corporation), and other Persons providing administrative services to the Fund or the Master Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) any extraordinary expenses, including, without limitation, litigation or indemnification expenses, excise taxes
and costs incurred in connection with holding and/or soliciting proxies for a meeting of Members or members of the Master Fund;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) all taxes to which the Fund or the Master Fund may be subject, directly or indirectly, and whether in the
United States, any state thereof or any other U.S. or non-U.S. jurisdictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) such other types of expenses as may be approved from time to time by the Board or the board of directors of the
Master Fund.

Except as set forth in the Investment Advisory Agreement, the Adviser shall be entitled to reimbursement from the Fund for any of the above expenses that the Adviser pays on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund from time to time, alone or in conjunction with other accounts for which the Adviser or Sponsor, or any Affiliate of the Adviser or Sponsor, acts as general partner, managing member or investment adviser, may purchase Insurance in such amounts, from such insurers and on such terms as the Board shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 ***Liabilities and Duties***.

To the fullest extent permitted by applicable law, the Members agree that the provisions of this Agreement, to the extent that they restrict or eliminate the duties (including fiduciary duties) and liabilities of a Member, officer of the Fund, a Director or other Person otherwise existing at law or in equity, replace such other duties and liabilities of such Member, officer of the Fund, Director or other Person.

ARTICLE IV

TERMINATION OF STATUS OR REMOVAL OF ADVISER AND SPONSOR;

TRANSFERS AND REPURCHASES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 ***Termination of Status of the Adviser.***

The status of the Adviser as Adviser and a manger shall terminate if the Investment Advisory Agreement with the Adviser terminates and the Fund does not enter into a new Investment Advisory Agreement with such Person, effective as of the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 ***Termination of Status of the Sponsor.***

The status of AMG Funds LLC as Sponsor and a manager shall terminate if the AMG Funds LLC shall voluntarily withdraw as Sponsor with written notice to the Board.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 ***Transfer of Units.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Units may be Transferred only (i) by operation of law pursuant to the death, bankruptcy, insolvency or dissolution of such Member or (ii) with the written consent of the Board or the Sponsor (which may be withheld in each of its sole and absolute discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any transferee does not meet any investor eligibility requirements established by the Fund from time to time, or if neither the Board nor the Sponsor consents to a Transfer, the Fund reserves the right to repurchase the transferred Units from the Member's successor pursuant to Section 4.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any transferee that acquires Units by operation of law as the result of the death, divorce, bankruptcy, insolvency, dissolution or adjudication of incompetency of a Member or otherwise, shall be entitled to the right to tender such Units for repurchase by the Fund in connection with an offer to purchase such Units made by the Fund (provided that the Fund need not make any such offer) and shall be entitled to receive any dividend and other distributions paid by the Fund with respect to such Units, but shall not be entitled to the other rights of a Member unless and until such transferee becomes a substituted Member. In no event, however, will any transferee or assignee be admitted as a Member without the consent of the Board or the Sponsor (or a delegate of either of them), which may be withheld in each of its (or each delegate's) sole discretion. The admission to the Fund of any transferee or successor as a substituted Member shall be effective upon such consent and the execution and delivery by, or on behalf of, such substituted Member of either a counterpart of this Agreement or an instrument that constitutes the execution and delivery of this Agreement, without the consent of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any pledge, transfer, or assignment not made in accordance with this Section 4.3 shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each transferring Member and transferee agrees to pay all expenses, including attorneys' and accountants' fees, incurred by the Fund in connection with such Transfer. Upon the Transfer to another Person or Persons of a Member's Units, such transferring Member shall cease to be a member of the Fund with respect to such Units. Unless prohibited by applicable law (and then only to the extent so prohibited) each transferring Member shall indemnify and hold harmless the Fund, the Sponsor, the Adviser, the Directors, the officers of the Fund, 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 such 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 (i) any Transfer made by such Member in violation of this Section 4.3 and (ii) any misrepresentation by such Member (or such Member's transferee) in connection with any such Transfer.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 ***Repurchase of Units.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in this Agreement, no Member or other Person holding any Units shall have the right to withdraw or tender to the Fund for repurchase of any such Units. The Board may from time to time, and in its complete and exclusive discretion and on such terms and conditions as it may determine, cause the Fund to offer to repurchase Units from Members, including the Adviser, Sponsor or any Affiliates thereof, pursuant to written tenders. In determining whether to cause the Fund to offer to repurchase Units from Members pursuant to written tenders, the Board shall consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) whether the Master Fund is making a contemporaneous repurchase offer for interests therein, and the aggregate
value of interests the Master Fund is offering to repurchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) whether any Members have requested to tender Units to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the liquidity of the Fund's and the Master Fund's assets (including fees and costs associated with
disposing of the Fund's and the Master Fund's interests in underlying Investment Funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the investment plans and working capital and reserve requirements of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the relative economies of scale of the tenders with respect to the size of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the history of the Fund in repurchasing Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the availability of information as to the value of the Fund's and the Master Fund's investments in
underlying Investment Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the existing conditions 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;(9) the anticipated tax consequences to the Fund of any proposed repurchases of Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) the recommendations of the Adviser or Sponsor.

The Board shall cause the Fund to repurchase Units pursuant to written tenders only on terms fair to the Fund and to all Members and Persons holding Units acquired from Members, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board may cause the Fund to repurchase all or any portion of the Units of a Member or any Person acquiring any Units from or through a Member if the Board determines or has reason to believe that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) such Units have been transferred in violation of Section 4.3 hereof, or such Units have vested in any
Person by operation of law (*i.e.,* the result of the death, bankruptcy, insolvency, adjudicated incompetence, or dissolution of the Member);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if any transferee does not meet any investor eligibility requirements established by the Fund from time to
time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) ownership of such Units by a Member or other Person is likely to cause the Fund or the Master Fund to be in
violation of, or require registration of any Units under, or subject the Fund or the Master Fund to additional registration or regulation under, the securities, commodities, or other laws of the United States or any other relevant jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) continued ownership of such Units by a Member may be harmful or injurious to the business or reputation of the
Fund, the Master Fund, the Adviser, or the Sponsor, or may subject the Fund or any of the Members to an undue risk of adverse tax or other fiscal or regulatory consequences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any of the representations and warranties made by a Member or other Person in connection with the acquisition
of Units was not true when made or has ceased to be true;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) with respect to a Member subject to special laws or regulations, the Member is likely to be subject to
additional regulatory or compliance requirements under these special laws or regulations by virtue of continuing to hold any Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the investment balance of the Member falls below the amount the Board determines from time to time to be a
minimum investment in the Fund or rises above the amount the Board determines from time to time to be a maximum investment in the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) it would be in the interests of the Fund, as determined by the Board, for the Fund to repurchase such Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Repurchases of Units by the Fund shall be payable in non-interest bearing promissory notes with such terms as determined by the Board in its discretion, unless the Board, in its discretion, determines otherwise, or, in the discretion of the Board, in Securities (or any combination of Securities and cash) of equivalent value. All such repurchases shall be subject to any and all conditions as the Board may impose and shall be effective as of a date set by the Board after receipt by the Fund of all eligible written tenders of Units as of a date set by the Board. The amount due to any Member whose Units are repurchased shall be equal to the net asset value of such Member's Units as applicable as of the effective date of repurchase, subject to any applicable early repurchase fee, and subject to subsequent adjustment, in the discretion of the Adviser or the Sponsor, in the event that additional relevant information becomes available following the Fund's annual audit.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If, at any time after the first two full years of the Fund's operations, a Member submits to the Fund a written request to commence a repurchase offer and the Fund does not, within two years from the date of such written request, commence a repurchase offer for at least 5% of the Net Assets of the Fund, the Fund promptly will thereafter offer to all then Members the opportunity to contribute their Units to a special purpose vehicle (an "SPV") to be registered under the 1940 Act or exempt from such registration and having the investment objective to liquidate at least 90% of its assets within three full fiscal years of such contribution. Any such offer to contribute will be made pursuant to an offering registered under the Securities Act of 1933, as amended, or pursuant to offering exempt from such registration. Any SPV organized pursuant to this section will not bear any investment advisory or investment management fees after the three fiscal year period.

ARTICLE V

UNITS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 ***Units.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The limited liability company interests in the Fund shall be divided into such transferable Units of one or more separate and distinct Classes of Units as the Board, in its sole discretion and without Member approval, from time to time create and establish. The Board shall have full power and authority, in its sole discretion, and without obtaining any prior authorization or vote of the Members of any Class of the Fund (i) to create, establish and designate, and to change in any manner, any initial Class or additional Classes, and to fix such preferences, voting powers, rights and privileges of such Classes, which may be superior to the preferences, voting powers, rights and privileges of any existing class, as the Board may from time to time determine; (ii) to divide or combine the Units or any Classes into a greater or lesser number, provided that such division or combination does not change the proportionate beneficial interest in the assets of the Fund of any Member or other holder of Units or in any way affect the rights of Units; (iii) to classify or reclassify any unissued Units or any Units previously issued and reacquired of any Class into one or more Classes that may be established and designated from time to time; and (iv) to take such other action with respect to the Units as the Board may deem desirable. Except as provided herein, each Unit of a particular Class shall represent an equal proportionate interest in the assets of the Fund (subject to the liabilities of the Fund), and each Unit of a particular Class shall be equal with respect to net asset value per Unit of that Class as against each other Unit of that Class. The rights attaching to all Units of a particular Class shall be identical as to right of repurchase by the Fund, dividends and other distributions (whether or not on liquidation), and voting rights. Unless another time is specified by the Board, the establishment and designation of any Class shall be effective upon the adoption of a resolution by the Board setting forth such establishment and designation and the preferences, powers, rights and privileges of the Units of such Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth such relative rights and preferences of such Class including, without limitation, any registration statement of the Fund, or as otherwise provided in such resolution;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The number of the Fund's authorized Units of each Class and the number of Units that may be issued is unlimited, and, subject to Section 2.7 hereof and Section 5.1(k) hereof, the Board may issue Units of each Class for such consideration and on such terms as they may determine (or for no consideration if issued in connection with a dividend in Units or a split of Units), or may reduce the number of issued Units in proportion to the relative net asset value of the Units then outstanding, all without action or approval of the Members. All Units when so issued on the terms determined by the Board shall be fully paid and non-assessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All references to Units in this Agreement shall be deemed to be Units of any or all Classes as the context may require. All provisions herein relating to the Fund shall apply equally to each Class of the Fund except as the context otherwise requires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In accordance with Section 2.8 hereof, any Director, officer or other agent of the Fund (including, without limitation, the Adviser and Sponsor), and any organization in which any such Person is interested may acquire, own, and dispose of Units of the Fund to the same extent as if such Person were not a Director, officer or other agent of the Fund; and the Fund may issue and sell or cause to be issued and sold and may purchase Units from any such Person or any such organization subject only to the limitations, restrictions or other provisions applicable to the sale or purchase of Units generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Units shall not be represented by certificates, but only by notation on the Unit records of the Fund, as kept by the Fund or by any transfer or similar agent, as the case may be. The Unit records of the Fund, whether maintained by the Fund or any transfer or similar agent, as the case may be, shall be conclusive as to who are the holders of each Class of Units and as to the number of Units of each Class held from time to time by each such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All consideration received by the Fund for the issue or sale of Units, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to the Fund generally and not to the account of any particular Member or holder of Units, subject only to the rights of creditors, and shall be so recorded upon the books of account of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The liabilities, expenses, costs, charges and reserves attributable to the Fund shall be charged and allocated to the assets belonging to the Fund generally and not to the account of any particular Member or holder of Units and shall be so recorded upon the books of account of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Dividends and distributions on Units may be paid to the Members or holders of Units, with such frequency as the Board may determine, which may be daily or otherwise pursuant to a standing resolution or resolutions adopted only once or with such frequency as the Board may determine, from such of the income, capital gains accrued or realized, and capital and surplus, after providing for actual and accrued liabilities of the Fund and for any reasonable reserves as determined by the Board in its sole discretion. All dividends and distributions on Units shall be distributed pro rata to the Members or other holders of Units in proportion to the number of Units held by such Persons at the date and time of record established for the payment of such dividends or distributions, except that in connection with any dividend or distribution program or procedure the Board may determine that no dividend or distribution shall be payable on Units as to which the Member's purchase order and/or payment have not been received by the time or times established by the Board under such program or procedure.

------

Dividends and distributions on Units may be made in cash or Units or a combination thereof as determined by the Board or pursuant to any program that the Board may have in effect at the time for the election by each Member or other holder of Units of the mode of the making of such dividend or distribution to that Person. Any dividend or distribution paid in Units will be paid at the net asset value thereof as determined in accordance with Section 7.2 hereof. Notwithstanding anything in this Agreement to the contrary, the Board may at any time declare and distribute a dividend of Units or other property pro rata among the Members or other holders of Units at the date and time of record established for the payment of such dividends or distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary contained herein, none of the Directors or the Members, nor any other Person on behalf of the Fund, shall make a distribution to the Members on account of their interest in the Fund if such distribution would violate Section 18-607 of the Delaware Act or any other applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Units shall be transferable only in accordance with Section 4.3 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Board, subject to Section 2.7 hereof, may accept investments in the Fund by way of Unit purchase, from such Persons, on such terms (including minimum purchase amounts) and for such consideration, not inconsistent with the provisions of the 1940 Act, as they from time to time authorize or determine. Such investments may be in the form of cash, Securities or other property in which the Fund is authorized to invest, hold or own, valued as provided in Section 7.2 hereof. The Board may authorize any distributor, principal underwriter, custodian, transfer agent or other Person to accept orders for the purchase or sale of Units that conform to such authorized terms and to reject any purchase or sale orders for Units whether or not conforming to such authorized terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Units may be issued as fractions thereof. Any fractional Unit, if outstanding, shall carry proportionately all the rights and obligations of a whole Unit, including those rights and obligations with respect to voting, receipt of dividends and distributions, redemption of Units, and liquidation of the Fund. Fractions of Units shall be calculated to three decimal points.

ARTICLE VI

DISSOLUTION AND LIQUIDATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 ***Dissolution.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall be dissolved at any time there are no Members, unless the Fund is continued in accordance with the Delaware Act, or upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) upon the affirmative vote to dissolve the Fund by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) upon the determination of the Members not to continue the business of the Fund at a meeting called by the
Sponsor in accordance with Section 2.6(b) hereof when no Director remains to continue the business of the Fund or if the required number of Directors is not elected within 60 days after the date on which the last Director ceased to act in that
capacity;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) at the election of the Sponsor to dissolve the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) as required by operation of law.

Except as provided above, Members shall not have the authority, by vote or otherwise, to dissolve or cause the dissolution of the Fund. Dissolution of the Fund shall be effective on the day on which the event giving rise to the dissolution shall occur, but the Fund shall not terminate until the assets of the Fund have been liquidated in accordance with Section 6.2 hereof and the Certificate has been canceled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 ***Liquidation of Assets.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the dissolution of the Fund as provided in Section 6.1 hereof, the Board, acting directly or through a liquidator it selects, shall liquidate, in an orderly manner, the business and administrative affairs of the Fund, except that if the Board is unable to perform this function, a liquidator elected by Members holding a majority of the total number of votes eligible to be cast by all Members shall liquidate, in an orderly manner, the business and administrative affairs of the Fund. The proceeds from liquidation shall, subject to the Delaware Act, be distributed in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) payments in satisfaction (whether by payment or the making of reasonable provision for payment thereof) of the
debts and liabilities of the Fund, including the expenses of liquidation (including legal and accounting expenses incurred in connection therewith), but not including debt and liabilities to Members, up to and including the date that distribution of
the Fund's assets to the Members has been completed, shall first be paid on a pro rata basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) such debts and liabilities as are owing to current or former Members who hold non-interest bearing promissory notes of the Fund as a result of having previously tendered their Units to the Fund for repurchase shall be paid next in their order of seniority and on a *pro rata* basis,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) such debts, liabilities or obligations as are owing to the Members shall be paid next in their order of
seniority and on a *pro rata* basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Members shall be paid next, on a *pro rata* basis, in proportion to the relative number of
Units held by such Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Anything in this Section 6.2 to the contrary notwithstanding, but subject to the priorities set forth in Section 6.2(a) above, upon dissolution of the Fund, the Board or other liquidator may distribute ratably in kind any assets of the Fund; *provided, however,* that if any in-kind distribution is to be made, the assets distributed in kind shall be valued pursuant to Section 7.2 hereof as of the actual date of their distribution and charged as so valued and distributed against amounts to be paid under Section 6.2(a) above.

------

ARTICLE VII

ACCOUNTING, VALUATIONS AND WITHHOLDING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 ***Accounting and Reports.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall adopt for tax accounting purposes any accounting method which the Board shall decide in its sole discretion is in the best interests of the Fund. The Fund's accounts shall be maintained in U.S. currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as required by the 1940 Act, no Member shall have the right to obtain any other information about the business or financial condition of the Fund, about any other Member or former Member or about the affairs of the Fund. To the fullest extent permitted by Section 18-305(f) of the Delaware Act, each Member agrees that its right to receive information from the Fund with respect to its interest in the Fund is restricted to only those rights to information set forth in this Agreement. No act of the Fund, the Adviser, the Sponsor, or any other Person that results in a Member being furnished any such information shall confer on such Member or any other Member the right in the future to receive such or similar information or constitute a waiver of, or limitation on, the Fund's ability to enforce the limitations set forth in the first sentence of this Section 7.1(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 ***Valuation of Assets.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as may be required by the 1940 Act, the Board shall value or have valued any Securities or other assets and liabilities of the Fund (other than assets invested in Investment Funds) as of the close of business on the last day of each Fiscal Period or more frequently, in the discretion of the Board, in accordance with such valuation procedures as shall be established from time to time by the Board. Assets of the Fund invested in Investment Funds shall be valued at fair value in accordance with procedures adopted by the Board. In determining the value of the assets of the Fund, no value shall be placed on the goodwill or name of the Fund, or the office records, files, statistical data or any similar intangible assets of the Fund not normally reflected in the Fund's accounting records, but there shall be taken into consideration any items of income earned but not received, expenses incurred but not yet paid, liabilities, fixed or contingent, and any other prepaid expenses to the extent not otherwise reflected in the books of account, and the value of options or commitments to purchase or sell Securities or commodities pursuant to agreements entered into prior to such valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The value of Securities and other assets of the Fund and the net worth of the Fund as a whole determined pursuant to this Section 7.2 shall be conclusive and binding on all of the Members and all parties claiming through or under them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 ***Withholding.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may withhold and pay over to the Internal Revenue Service (or any other relevant taxing authority) taxes from any distribution to any Member to the extent required by the Code or any other applicable law.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this Agreement, any taxes so withheld or paid over by the Fund with respect to any amount distributed by the Fund to any Member shall be deemed to be a distribution or payment to such Member, reducing the amount otherwise distributable to such Member pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board shall not be obligated to apply for or obtain a reduction of or exemption from withholding tax on behalf of any Member that may be eligible for such reduction or exemption. To the extent that a Member claims to be entitled to a reduced rate of, or exemption from, a withholding tax pursuant to an applicable income tax treaty, or otherwise, the Member shall furnish the Board with such information and forms as such Member may be required to complete where necessary to comply with any and all laws and regulations governing the obligations of withholding tax agents. Unless prohibited by applicable law (and then only to the extent so prohibited), each Member represents and warrants that any such information and forms furnished by such Member shall be true and accurate and agrees to indemnify the Fund and each of the Members from any and all damages, costs and expenses resulting from the filing of inaccurate or incomplete information or forms relating to such withholding taxes.

ARTICLE VIII

MISCELLANEOUS PROVISIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 ***Amendment of Limited Liability Company Agreement.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in this Section 8.1, this Agreement may be amended, in whole or in part, with the approval of (i) the Board (including the vote of a majority of the Independent Directors, if required by the 1940 Act); and (ii) if required by the 1940 Act, the approval of the Members by such vote as is required by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any amendment that would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) increase the obligation of a Member to make any contribution to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reduce the rights attaching to the Units held by any Person as against the rights attaching to the Units held
by any other Person, except to the extent specifically contemplated by Section 5.1(a); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) modify the events causing the dissolution of the Fund;

may be made only if (i) the written consent of each Member adversely affected thereby is obtained prior to the effectiveness thereof or (ii) such amendment does not become effective until (A) each Member has received written notice of such amendment (except an amendment contemplated in Section 8.1(c)(2) hereof) and (B) any Member objecting to such amendment has been afforded a reasonable opportunity (pursuant to such procedures as may be prescribed by the Board) to tender his or her Units for repurchase by the Fund (except as otherwise contemplated in Section 8.1(c) hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) By way of example only, the Board, at any time without the consent of the Members may:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) restate this Agreement together with any amendments hereto which have been duly adopted in accordance herewith
to incorporate such amendments in a single, integrated document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) amend this Agreement (other than with respect to the matters set forth in Section 8.1(b) hereof) to effect
compliance with any applicable law or regulation or to cure any ambiguity or to correct or supplement any provision hereof which may be inconsistent with any other provision hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) amend this Agreement, taking due consideration of the interests of the Members as a whole to make such changes
as may be necessary or desirable, based on advice of legal counsel to the Fund, to assure the Fund maintains its then-current federal tax treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board shall give written notice of any proposed amendment to this Agreement to each Member, which notice shall set forth (i) the text of the proposed amendment or (ii) a summary thereof and a statement that the text thereof will be furnished to any Member upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 ***Special Power of Attorney.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Member hereby irrevocably makes, constitutes and appoints the Sponsor and each of the Directors, acting severally, and any liquidator of the Fund's assets appointed pursuant to Section 6.2 hereof with full power of substitution, the true and lawful representatives and attorneys-in-fact of, and in the name, place and stead of, such Member, with the power from time to time to make, execute, sign, acknowledge, swear to, verify, deliver, record, file and/or publish:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any amendment to this Agreement which complies with the provisions of this Agreement (including the provisions
of Section 8.1 hereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any amendment to the Certificate required because this Agreement is amended or as otherwise required by the
Delaware Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all other such instruments, documents and certificates which, in the opinion of legal counsel to the Fund, from
time to time may be required by the laws of the United States of America, the State of Delaware or any other jurisdiction in which the Fund shall determine to do business, or any political subdivision or agency thereof, or which such legal counsel
may deem necessary or appropriate to effectuate, implement and continue the valid existence and business of the Fund as a limited liability company under the Delaware Act.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Member is aware that the terms of this Agreement permit certain amendments to this Agreement to be effected and certain other actions to be taken or omitted by or with respect to the Fund without such Member's consent. If an amendment to the Certificate or this Agreement or any action by or with respect to the Fund is taken in the manner contemplated by this Agreement, each Member agrees that, notwithstanding any objection which such Member may assert with respect to such action, the attorneys-in-fact appointed hereby are authorized and empowered, with full power of substitution, to exercise the authority granted above in any manner which may be necessary or appropriate to permit such amendment to be made or action lawfully taken or omitted. Each Member is fully aware that each Member will rely on the effectiveness of this special power-of-attorney with a view to the orderly administration of the affairs of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Pursuant to Section 18-204(c) of the Delaware Act, this power-of-attorney is a special power-of-attorney and is irrevocable and is coupled with an interest sufficient in law to support an irrevocable power in favor of the Sponsor and each of the Directors, acting severally, and any liquidator of the Fund's assets, appointed pursuant to Section 6.2 hereof, and as such:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) shall be irrevocable and continue in full force and effect notwithstanding the subsequent death, disability,
incapacity, dissolution, termination of existence or bankruptcy of, or any other event concerning, any party granting this power-of-attorney, regardless of whether the
Fund, the Board or any liquidator shall have had notice thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) shall survive the delivery of a Transfer by a Member of its Units, except that where the transferee thereof has
been approved by the Board or the Sponsor for admission to the Fund as a substituted Member, this power-of-attorney given by the transferor shall survive the delivery of
such assignment for the sole purpose of enabling the Board, the Sponsor, or any liquidator to execute, acknowledge and file any instrument necessary to effect such substitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 ***Notices.***

Notices which may be or are required to be provided under this Agreement shall be made, if to a Member, by regular mail, hand delivery, registered or certified mail return receipt requested, commercial courier service, telex, telecopier or by Electronic Transmission, including e-mail, or, if to the Fund, by registered or certified mail, return receipt requested, and shall be addressed to the respective parties hereto at their addresses as set forth on the books and records of the Fund (or to such other addresses as may be designated by any party hereto by notice addressed to the Fund in the case of notice given to any Member, and to each of the Members in the case of notice given to the Fund). Notices shall be deemed to have been provided when delivered by hand, on the date indicated as the date of receipt on a return receipt or when received if sent by regular mail, Electronic Transmission (including e-mail), commercial courier service, telex or telecopier. A document that is not a notice and that is required to be provided under this Agreement by any party to another party may be delivered by any reasonable means.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 ***Agreement Binding Upon Successors and Assigns.***

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors, assigns, executors, trustees or other legal representatives, but the rights and obligations of the parties hereunder may not be Transferred or delegated except as provided in this Agreement and any attempted Transfer or delegation thereof which is not made pursuant to the terms of this Agreement shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 ***Applicability of 1940 Act and Form N-2.***

The parties hereto acknowledge that this Agreement is not intended to, and does not set forth the substantive provisions contained in the 1940 Act and the Form N-2 which affect numerous aspects of the conduct of the Fund's business and of the rights, privileges and obligations of the Members. Each provision of this Agreement shall be subject to and interpreted in a manner consistent with the applicable provisions of the 1940 Act and the Form N-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 ***Choice of Law; Derivative and Direct Claims.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding the place where this Agreement may be executed by any of the parties hereto, the parties expressly agree that all the terms and provisions hereof shall be governed by and construed under the laws of the State of Delaware, including the Delaware Act, without regard to the conflict of law principles of such State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Member shall commence any proceeding on behalf or for the benefit of the Fund until (i) a written demand has been made upon the Fund to take suitable action, and (ii) 90 days have elapsed from the date the demand was made, or, if the decision whether to reject such demand has been duly submitted to a vote of the Members, 120 days have elapsed from the date the demand was made, unless in either case the Member has earlier been notified that the demand has been rejected. Such demand shall be mailed to the Secretary of the Fund at the Fund's principal office and shall set forth with particularity the nature of the proposed proceeding or claim and the essential facts relied upon by the Member to support the allegations made in the demand. In its sole discretion, the Board may submit the matter to a vote of Members of the Fund or any Class, as appropriate. Any decision by the Board to bring, maintain or settle (or not to bring, maintain or settle) such proceeding, or to vindicate (or not vindicate) any claim on behalf or for the benefit of the Fund, or to submit the matter to a vote of Members, shall be made by a majority of the Independent Directors in their sole business judgment and shall be binding upon the Members, and no suit, proceeding or other action shall be commenced or maintained after a decision to reject a demand. The Fund shall advise the Member submitting such demand whether it requires additional reasonable time within which to conduct an inquiry into the allegations made in the demand. Any Independent Director acting in connection with any demand or any proceeding relating to a claim on behalf or for the benefit of the Fund shall be deemed to be independent and disinterested with respect to such demand, proceeding or claim.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No class of Members shall have the right to bring or maintain a direct action or claim for monetary damages against the Fund or the Directors predicated upon an express or implied right of action under this Agreement or the 1940 Act, nor shall any single Member, who is similarly situated to one or more other Members with respect to an alleged injury, have the right to bring such an action, unless the class of Members or single Member has obtained authorization from a majority of the Independent Directors to bring the action. The requirement of authorization shall not be excused under any circumstances, including claims of alleged interest on the part of the Directors. A request for authorization shall be mailed to the Secretary of the Fund at the Fund's principal office and shall set forth with particularity the nature of the proposed court action, proceeding or claim and the essential facts relied upon by the class of Members or single Member to support the allegations made in the request. The Board shall consider such request within 90 days after its receipt by the Fund. In its sole discretion, the Board may submit the matter to a vote of Members of the Fund. Any decision by a majority of the Independent Directors to settle or to authorize (or not to settle or to authorize) such court action, proceeding or claim, or to submit the matter to a vote of Members, shall be binding upon the class of Members or single Member seeking authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 ***Not for Benefit of Creditors.***

The provisions of this Agreement are intended only for the regulation of relations among past, present and future Members, the Adviser, the Sponsor, officers of the Fund, Directors, and the Fund. This Agreement is not intended for the benefit of non-Member creditors and no rights are granted to non-Member creditors under this Agreement (except as provided in Section 3.6).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 ***Consents.***

Any and all consents, agreements or approvals provided for or permitted by this Agreement shall be in writing and a signed copy thereof shall be filed and kept with the books of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 ***Merger and Consolidation.***

Unless otherwise required by applicable law, notwithstanding any other provision of this Agreement, the Fund may merge or consolidate with or into one or more limited liability companies formed under the Delaware Act or other business entities (as defined in Section 18-209(a) of the Delaware Act) pursuant to an agreement of merger or consolidation which has been approved by the Board, without the consent of any other Member or Person being required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 ***Pronouns.***

All pronouns shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the Person or Persons, firm or corporation may require in the context thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 ***Confidentiality.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Member covenants that, except as required by applicable law or any regulatory body, it will not divulge, furnish or make accessible to any other Person the name or address (whether business, residence or mailing) of any Member (collectively, "Confidential Information") without the prior written consent of the Board, which consent may be withheld in its sole discretion, it being understood and agreed that the foregoing provision is not applicable to the Fund.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Member recognizes that in the event that this Section 8.11 is breached by any Member or any of its principals, partners, members, directors, officers, employees or agents or any of its affiliates, including any of such affiliates' principals, partners, members, directors, officers, employees or agents, irreparable injury may result to the non-breaching Members and the Fund. Accordingly, in addition to any and all other remedies at law or in equity to which the non-breaching Members and the Fund may be entitled, such Members also shall have the right to obtain equitable relief, including, without limitation, injunctive relief, to prevent any disclosure of Confidential Information, plus reasonable attorneys' fees and other litigation expenses incurred in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in this Agreement, the Fund, the Board, the Adviser, and the Sponsor shall each have the right to keep confidential from the Members for such period of time as it deems reasonable any information which the Board, the Adviser, or the Sponsor reasonably believes to be in the nature of trade secrets or other information the disclosure of which the Board, the Adviser, or the Sponsor in good faith believes is not in the best interest of the Fund or could damage the Fund or its business or which the Fund is required by law or by agreement with a third party to keep confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 ***Certification of Tax Status.***

Unless such certification is not deemed necessary by the Adviser or Sponsor, each Member or transferee of Units from a Member that is admitted to the Fund in accordance with this Agreement shall certify upon admission to the Fund whether he or she is a "United States Person" within the meaning of Section 7701(a)(30) of the Code on forms to be provided by the Fund, as well as such other tax matters as deemed necessary or appropriate by the Fund, Adviser, Sponsor, or Board, and shall notify the Fund within 30 days of any change in such Member's status; each Member or transferee of Units from a Member that is admitted to the Fund in accordance with this Agreement shall, from time to time, provide such tax certification, documentation, waivers, representations or information as requested by the Fund, Adviser, Sponsor, or Board. Any Member who shall fail to provide such certification when requested to do so by the Board may be treated as a non-United States Person for purposes of U.S. Federal tax withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 ***Severability.***

If any provision of this Agreement is determined by a court of competent jurisdiction not to be enforceable in the manner set forth in this Agreement, each Member agrees that it is the intention of the Members that such provision should be enforceable to the maximum extent possible under applicable law. If any provisions of this Agreement are held to be invalid or unenforceable, such invalidation or unenforceability shall not affect the validity or enforceability of any other provision of this Agreement (or portion thereof).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 ***Filing of Returns.***

The Board or its designated agent shall prepare and file, or cause the accountants of the Fund to prepare and file, a Federal income tax return in compliance with Section 6012 of the Code and any required state and local income tax and information returns for each tax year of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 ***Tax Election.***

The Sponsor, or any officer, Director, or Member (at the request of the Board) is hereby authorized to make any election and to take any necessary or appropriate action in connection therewith to cause the Fund to be classified as an association taxable as a corporation for U.S. Federal tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 ***Entire Agreement.***

This Agreement (including the Schedule attached hereto which is incorporated herein) constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. It is hereby acknowledged and agreed that the Fund, without the consent of any Member, may enter into written agreements which have been approved by the Board ("Other Agreements") with Members, executed contemporaneously with the admission of such Members to the Fund, effecting the terms hereof or of any application in order to meet certain requirements of such Members. The parties hereto agree that any terms contained in an Other Agreement with a Member shall govern with respect to such Member notwithstanding the provisions of this Agreement or of any application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17 ***Discretion.***

Notwithstanding anything to the contrary in this Agreement or any agreement contemplated herein or in any provisions of law or in equity, whenever in this Agreement, a Person is permitted or required to make a decision (i) in its "sole discretion" or "discretion" or under a grant of similar authority or latitude, such Person shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall, to the fullest extent permitted by law, have no duty or obligation to give any consideration to any interest of or factors affecting the Fund or the Members, or (ii) in its "good faith" or under another express standard, then such Person shall act under such express standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18 ***Counterparts.***

This Agreement may be executed in several counterparts, all of which together shall constitute one agreement binding on all parties hereto, notwithstanding that all the parties have not signed the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19 ***Effectiveness***. Pursuant to Section 18-201(d) of the Delaware Act, this Agreement shall be effective as of the time of the filing of the Certificate.

*[Signature Page Follows]* 

------

**EACH OF THE UNDERSIGNED ACKNOWLEDGES HAVING READ THIS AGREEMENT IN ITS ENTIRETY BEFORE SIGNING, INCLUDING THE CONFIDENTIALITY CLAUSE SET FORTH IN SECTION 8.11.** 

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| ORGANIZATIONAL MEMBER:<br>AMG FUNDS LLC | ORGANIZATIONAL MEMBER:<br>AMG FUNDS LLC |
| By: | /s/ Jeffrey T. Cerutti |
|  | Name: Jeffrey T. Cerutti |
|  | Title: President and Principal Executive Officer |
| PANTHEON VENTURES (US) LP, as Adviser | PANTHEON VENTURES (US) LP, as Adviser |
| By: | /s/ T. Sheldon Chang |
|  | Name: T. Sheldon Chang |
|  | Title: Managing Director |
| AMG FUNDS LLC, as Sponsor | AMG FUNDS LLC, as Sponsor |
| By: | /s/ Keitha L. Kinne |
|  | Name: Keitha L. Kinne |
|  | Title: Chief Operating Officer |

---

------

The undersigned understand and agree to the provisions of this Agreement pertaining to the obligations of Directors.

---

| | |
|:---|:---|
| By: | /s/ Christine C. Carsman |
|  | Christine C. Carsman, Director |
| By: | /s/ Kurt Keilhacker |
|  | Kurt Keilhacker, Director |
| By: | /s/ Eric Rakowski |
|  | Eric Rakowski, Director |
| By: | /s/ Victoria Sassine |
|  | Victoria Sassine, Director |

---

------

**STATEMENT OF ADDITIONAL INFORMATION** 

**[July 31, 2026]** 

**AMG PANTHEON FUND, LLC** 

**Class 1 Units** 

**680 Washington Boulevard, Suite 500** 

**Stamford, Connecticut 06901** 

**877-355-1566** 

The prospectus for Class 1 units of beneficial interest (the "Units") of AMG Pantheon Fund, LLC (the "Fund"), dated [July 31, 2026], as revised or supplemented from time to time (the "Prospectus"), provides the basic information investors should know before investing. This Statement of Additional Information ("SAI"), which is not a prospectus, is intended to provide additional information regarding the activities and operations of the Fund and should be read in conjunction with the Prospectus. The Fund offers Class 2, Class 3, Class 4, and Class 5 units in a separate prospectus and statement of additional information. You may request a copy of the Prospectus or this SAI free of charge by contacting BNY Mellon Investment Servicing (US) Inc. at (877) 355-1566. Capitalized terms not otherwise defined in this SAI have meanings accorded to them in the Fund's Prospectus.

SAI082-[0726]

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **PAGE** |
|  [INVESTMENT POLICIES](#sai1147541_1) | 1 |
|  [FUNDAMENTAL INVESTMENT RESTRICTIONS](#sai1147541_2) | 1 |
|  [ADDITIONAL INFORMATION ON INVESTMENT TECHNIQUES AND RELATED RISKS](#sai1147541_3) | 2 |
|  [MANAGEMENT OF THE FUND](#sai1147541_4) | 5 |
|  [PORTFOLIO MANAGEMENT](#sai1147541_5) | 14 |
|  [CODES OF ETHICS](#sai1147541_6) | 18 |
|  [CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES](#sai1147541_7) | 18 |
|  [INVESTMENT MANAGEMENT AND OTHER SERVICES](#sai1147541_8) | 19 |
|  [BROKERAGE ALLOCATION AND OTHER PRACTICES](#sai1147541_9) | 23 |
|  [PROXY VOTING POLICIES AND PROCEDURES](#sai1147541_10) | 24 |
|  [CERTAIN U.S. FEDERAL INCOME TAX MATTERS](#sai1147541_11) | 24 |
|  [FINANCIAL STATEMENTS](#sai1147541_12) | 40 |
|  [APPENDIX A: ADVISER PROXY VOTING POLICIES AND PROCEDURES](#sai1147541_13) | A-1 |

---

------

**INVESTMENT POLICIES** 

The investment objective and principal investment strategies of the Fund and AMG Pantheon Master Fund, LLC (the "Master Fund"), as well as the principal risks associated with the Fund's and the Master Fund's investment strategies, are set forth in the Prospectus. Certain additional related information is provided below. The various private investment funds ("Investment Funds"), co-investments, and other private investments (collectively, "Private Fund Investments") in which the Master Fund and Fund invest are not subject to the investment policies of the Fund and the Master Fund and may have different or contrary investment policies.

**FUNDAMENTAL INVESTMENT RESTRICTIONS** 

The following investment restrictions have been adopted with respect to the Fund. Except as otherwise stated, these investment restrictions are "fundamental" policies. A "fundamental" policy is defined in the Investment Company Act of 1940 Act, as amended (the "1940 Act"), to mean that the restriction cannot be changed without the vote of a "majority of the outstanding voting securities" of the Fund. A majority of the outstanding voting securities is defined in the 1940 Act as the lesser of (a) 67% or more of the voting securities present at a meeting if the holders of more than 50% of the outstanding voting securities are present or represented by proxy, or (b) more than 50% of the outstanding voting securities. The Master Fund has identical fundamental policies. "SEC," as used in this SAI, refers to the U.S. Securities and Exchange Commission. The Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) May issue senior securities to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) May borrow money to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) May lend money to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) May underwrite securities to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) May purchase and sell commodities to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) May purchase and sell real estate to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) May not concentrate investments in a particular industry or group of industries, as concentration is defined or interpreted under the 1940 Act, and the rules, and regulations thereunder, as such statute, rules or regulations may be amended from time to time, and under regulatory guidance or interpretations of such Act, rules, or regulations.

------

Any restriction on investments or use of assets, including, but not limited to, market capitalization, geographic, rating and/or any other percentage restrictions, set forth in this SAI or the Fund's Prospectus shall be measured only at the time of investment, and any subsequent change, whether in the value, market capitalization, rating, percentage held or otherwise, will not constitute a violation of the restriction, other than with respect to investment restriction (2) above related to borrowings by the Fund. For purposes of determining compliance with investment restriction (7) above related to concentration of investments, Investment Funds are not considered part of any industry or group of industries. Notwithstanding anything herein to the contrary, nothing in investment restriction (7) will prohibit the Fund from investing in the Master Fund.

**ADDITIONAL INFORMATION ON INVESTMENT TECHNIQUES** 

**AND RELATED RISKS** 

As discussed in the Prospectus, the Fund's investment objective is to seek long-term capital appreciation. In pursuing its investment objective, the Fund invests substantially all of its assets in the Master Fund, a Delaware limited liability company also registered under the 1940 Act as a non-diversified, closed-end management investment company. The Master Fund has the same investment objective as that of the Fund.

The Master Fund may invest up to 25% of its total assets in a subsidiary that is 100% owned by the Master Fund ("Wholly-Owned") that is organized as a Delaware limited liability company (the "Corporate Subsidiary"). The Master Fund may also invest all or a portion of its assets in a second Wholly-Owned subsidiary organized as a Delaware limited liability company (the "Lead Fund" and, together with the Corporate Subsidiary, the "Subsidiaries", and each a "Subsidiary"). Each Subsidiary has the same investment objective and strategies as the Master Fund and, like the Fund and the Master Fund, is managed by the Adviser.

Except as otherwise provided, references to the Fund's investments also will refer to the Master Fund's investments and each Subsidiary's investments, in each case, for the convenience of the reader.

Additional information concerning the characteristics of certain of the Fund's and Master Fund's investments are set forth below.

**Emerging Market Securities** 

Investments in securities in emerging market countries may be considered to be speculative and may have additional risks from those associated with investing in the securities of U.S. issuers. There may be limited information available to investors that is publicly available, and generally emerging market issuers are not subject to uniform accounting, auditing and financial standards and requirements like those required by U.S. issuers. Investors should be aware that the value of the Master Fund and the Fund's investments in emerging markets securities may be adversely affected by changes in the political, economic or social conditions, embargoes, economic sanctions, expropriation, nationalization, limitation on the removal of funds or assets, controls, tax regulations and other restrictions in emerging market countries. These risks may be more severe than those experienced in non-emerging market countries. Emerging market securities trade with less frequency and volume than domestic securities and, therefore, may have greater price volatility and lack liquidity. Furthermore, there is often no legal structure governing private or foreign investment or private property in some emerging market countries. This may adversely affect the Master Fund's or the Fund's operations and the ability to obtain a judgment against an issuer in an emerging market country.

**Real Estate Investment Trusts ("REITs")** 

The Master Fund and the Fund may invest in REITs, which are pooled investment vehicles that invest primarily in income-producing real estate or real estate related loans or interest.

------

REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. Like RICs such as the Master Fund and the Fund, REITs are not taxed on income distributed to shareholders provided that they comply with certain requirements under the Code. The Master Fund or the Fund will indirectly bear its proportionate share of any expenses paid by REITs in which it invests in addition to the expenses paid by the Master Fund or the Fund, as applicable.

Investing in REITs involves certain unique risks. Equity REITs may be affected by changes in the value of the underlying property owned by such REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, are not diversified (except to the extent the Code requires), and are subject to the risk of financing projects. During periods of declining interest rates, certain mortgage REITs may hold mortgages that the mortgagors elect to prepay, and such prepayment may diminish the yield on securities issued by such mortgage REITs. REITs are subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, and the possibility of failing to qualify for the favorable tax treatment accorded REITs under the Code and failing to maintain their exemption from the 1940 Act. REITs, and mortgage REITs in particular, are also subject to interest rate risk.

**Small-Capitalization Companies** 

The stocks of small-capitalization companies involve more risk than the stocks of larger, more established companies because they often have greater price volatility, lower trading volume, and less liquidity. These companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies. A fund that invests in small-capitalization companies may underperform other stock funds (such as medium- and large-company stock funds) when stocks of small-capitalization companies are out of favor.

**Mid-Capitalization Companies** 

The stocks of mid-capitalization companies involve more risk than the stocks of larger, more established companies because they often have greater price volatility, lower trading volume, and less liquidity. These companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies. To the extent the Fund invests in mid–capitalization companies it may underperform other stock funds (such as large-company stock funds) when stocks of mid–capitalization companies are out of favor.

**LIBOR Transition Risk and Reference Benchmark Risk** 

The London Interbank Offered Rate ("LIBOR") had been used extensively in the U.S. and globally as a "benchmark" or "reference rate" for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives. Instruments in which the Master Fund or a Private Fund Investment (as applicable) invests may have historically paid interest at floating rates based on LIBOR or may have been subject to interest caps or floors based on LIBOR. The Master Fund or Private Fund Investment and issuers of instruments in which the relevant fund invests may have also historically obtained financing at floating rates based on LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants as a result of benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are continuing to develop (*e.g.*, the Secured Overnight Financing Rate ("SOFR") for USD-LIBOR). While the transition from LIBOR has been substantially completed, there remain residual risks associated with the transition that may impact markets or particular investments and, as such, the full impact of the transition on the Fund, the Master Fund, the Private Fund Investments or the financial instruments in which the Master Fund or a Private Fund Investment invests cannot yet be fully determined.

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 ("FRBNY"). If data from a given source required by the FRBNY to calculate SOFR is unavailable for any day, then the most recently available data for that segment will be used, with certain adjustments. If errors are discovered in the transaction data or the calculations underlying SOFR after its initial publication on a given day, SOFR may be republished at a later time that day. Rate revisions will be effected only on the day of initial publication and will be republished only if the change in the rate exceeds one basis point.

Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR is 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. SOFR has a relatively limited history, having been first published in April 2018. 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 may bear little or no relation to historical levels of SOFR, LIBOR or other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of the Fund or the Master Fund.

In addition, interest rates or other types of rates and indices which are classed as "benchmarks" have been the subject of ongoing national and international regulatory reform, including under the European Union ("EU") regulation on indices used as benchmarks in financial instruments and financial contracts (known as the "Benchmarks Regulation"). The Benchmarks Regulation has been enacted into United Kingdom ("UK") law by virtue of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

**Additional Market Disruption and Geopolitical Risks** 

Unexpected political, regulatory and diplomatic events within the United States and abroad, such as the U.S.-China "trade war" that intensified in 2018, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. The current political climate and the renewal or escalation of a trade war between China and the United States may have an adverse effect on both the U.S. and Chinese economies, including as the result of one country's imposition of tariffs on the other country's products. In addition, sanctions or other investment restrictions could preclude a fund from investing in certain Chinese issuers or cause a fund to sell investments at disadvantageous times. Events such as these and their impact on the Fund and the Master Fund are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the UK, Germany, and France, as well as the EU, issued broad-ranging economic sanctions against Russia. Sanctions threatened or imposed by these jurisdictions, and other intergovernmental

------

actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Fund. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that may have negative effects on the Fund. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. The extent and duration of the military actions associated with Russia's invasion of Ukraine, the resulting sanctions, and the resulting disruption of the Russian economy are impossible to predict but may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Fund, even if the Fund does not have direct exposure to securities of Russian issuers.

**MANAGEMENT OF THE FUND** 

**Directors and Officers of the Fund** 

The Directors and Officers of the Fund, their business addresses, principal occupations for the past five years, and ages are listed below. The Board provides broad supervision over the affairs of the Fund. The Board is composed of experienced executives who meet periodically throughout the year to oversee the Fund's activities, review contractual arrangements with companies that provide services to the Fund, and review the Fund's performance. Unless otherwise noted, the address of each Director and each Officer is c/o AMG Funds LLC, 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901.

There is no stated term of office for Directors. Each Director serves during the continued lifetime of the Fund until he or she dies, resigns or is removed, or, if sooner, until the next meeting of members called for the purpose of electing Directors and until the election and qualification of his or her successor in accordance with the Fund's organizational documents. The Chairman of the Board, the President, any Vice President, the Treasurer, and the Secretary and such other officers as the Directors may in their discretion from time to time elect each hold office until his or her successor is elected and qualified, or until he or she sooner dies, resigns, is removed or becomes disqualified. Each officer holds office at the pleasure of the Board.

The Master Fund Board, which currently has the same composition as the Board, has overall responsibility for the management and supervision of the business operations of the Master Fund on behalf of the Master Fund investors, including the Fund. References herein to the "Board" refers to the Board of Directors of the Fund or the Master Fund, as appropriate, and references herein to "Directors" refers to the Directors of the Fund or the Master Fund, as appropriate.

***Independent Directors***

The Directors in the following table are Independent Directors of the Fund. Eric Rakowski serves as the Independent Chairman of the Board.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS**<br> **AND YEAR OF<br>BIRTH\*** | **POSITION(S)**<br> **HELD WITH**<br> **THE FUND**<br> **AND**<br> **LENGTH OF**<br> **TIME**<br> **SERVED** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST 5 YEARS** | **NUMBER**<br>**OF FUNDS**<br>**IN FUND**<br>**COMPLEX**<br>**OVERSEEN**<br>**BY**<br>**DIRECTOR \*\*** | **OTHER**<br> **DIRECTORSHIPS**<br> **HELD BY**<br> **DIRECTOR** | **EXPERIENCE,**<br> **QUALIFICATIONS,**<br> **ATTRIBUTES,**<br> **SKILLS FOR**<br> **BOARD**<br> **MEMBERSHIP** |
| Jill R. Cuniff<br> YOB: 1964 | Director since 2026 | Retired (2016-Present); Member of Board of Governors and Investment Committee, Montana State University Alumni Foundation (2015-2021, 2023-Present); President & Portfolio Manager, Edge Asset Management (2009-2016); President & Chief Investment Officer, Morley Financial Services (2001-2009); President, Union Bond & Trust Company (2001-2009) | 41 | Director of Harding Loevner Funds, Inc. (6 portfolios) (2018-Present). | Significant experience as a board member of mutual funds; significant business experience as president of executive teams; experience with institutional and retail distribution; experience as a co-portfolio manager. |
| Kurt<br> Keilhacker<br> YOB: 1963 | Director since<br> 2014 | Managing Partner, Elementum Ventures (2013-Present); Managing Partner, TechFund Europe (2000-Present); Managing Partner, TechFund Capital (1997-Present); Adjunct Professor, University of San Francisco (2022-Present); Trustee, Wheaton College (2018-Present); Director, Wheaton College Trust Company, N.A. (2018-2024) | 41 |  | Significant board experience, including as a board member of private companies; significant experience as a managing member of private companies; significant experience in the venture capital industry; significant experience as co-founder of a number of technology companies. |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS**<br> **AND YEAR OF<br>BIRTH\*** | **POSITION(S)**<br> **HELD WITH**<br> **THE FUND**<br> **AND**<br> **LENGTH OF**<br> **TIME**<br> **SERVED** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST 5 YEARS** | **NUMBER**<br>**OF FUNDS**<br>**IN FUND**<br>**COMPLEX**<br>**OVERSEEN**<br>**BY**<br>**DIRECTOR \*\*** | **OTHER**<br> **DIRECTORSHIPS**<br> **HELD BY**<br> **DIRECTOR** | **EXPERIENCE,**<br> **QUALIFICATIONS,**<br> **ATTRIBUTES,**<br> **SKILLS FOR**<br> **BOARD**<br> **MEMBERSHIP** |
| Peter W. MacEwen<br> YOB: 1964 | Director since 2026 | Private investor (2019-Present); Affiliated Managers Group, Inc. (2003-2018): Chief Administrative Officer, Office of the CEO (2013-2018); Senior Vice President, Finance (2007-2013); Vice President, Finance (2003-2007) | 41 | Trustee, John Hancock Comvest Private Income Fund (2023-Present) | Significant experience in the financial services industry, including as a senior executive of an S&P 500 asset management firm where responsibilities included: corporate finance and capital raising; strategy development and execution; internal audit and risk management; and oversight of global operations. |
| Eric<br> Rakowski<br> YOB: 1958 | Director since<br> 2014 | Professor of Law (Emeritus), University of California at Berkeley School of Law (1990-Present) | 41 | Trustee of Parnassus Funds (4 portfolios) (2021-Present); Trustee of Parnassus Funds II (2 portfolios) (2021-Present); Director of Harding, Loevner Funds, Inc. (6 portfolios) (2008-Present); Trustee, AMG Comvest Senior Lending Fund (2023-Present); Trustee of Third Avenue Trust (3 portfolios) (2002-2019); Trustee of Third Avenue Variable Trust (1 portfolio) (2002-2019) | Significant experience as a board member of mutual funds; former practicing attorney; currently professor of law. |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS**<br> **AND YEAR OF<br>BIRTH\*** | **POSITION(S)**<br> **HELD WITH**<br> **THE FUND**<br> **AND**<br> **LENGTH OF**<br> **TIME**<br> **SERVED** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST 5 YEARS** | **NUMBER**<br>**OF FUNDS**<br>**IN FUND**<br>**COMPLEX**<br>**OVERSEEN**<br>**BY**<br>**DIRECTOR \*\*** | **OTHER**<br> **DIRECTORSHIPS**<br> **HELD BY**<br> **DIRECTOR** | **EXPERIENCE,**<br> **QUALIFICATIONS,**<br> **ATTRIBUTES,**<br> **SKILLS FOR**<br> **BOARD**<br> **MEMBERSHIP** |
| Victoria L.<br> Sassine<br> YOB: 1965 | Director since<br> 2014 | Trustee, University of California San Diego School of Business (2025-Present); Adjunct Professor, Babson College (2007-Present); Director, Board of Directors, PRG Group (2017-Present); CEO, Founder, Scale Smarter Partners, LLC (2018-Present); Adviser, EVOFEM Biosciences (2019-2025); Chairperson, Board of Directors, Business Management Associates (2018-2019) | 41 |  | Significant board experience, including as a board member of private companies; finance experience in strategic financial and operation management positions in a variety of industries; audit and tax experience in a global accounting firm; experience as a board member of various organizations; Certified Public Accountant (inactive). Current adjunct professor of finance. |

---

\* The address for each director is c/o AMG Funds LLC, 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901.

\*\* The AMG Fund Complex consists of the Fund, the Master Fund, AMG Pantheon Credit Solutions Fund, AMG Pantheon Infrastructure Fund, LLC, AMG BBH Asset-Backed Credit Fund, LLC, and the funds of AMG Funds, AMG Funds I, AMG Funds III, AMG Funds IV, and AMG ETF Trust.

***Interested Director***

Garret Weston is being treated by the Fund as an "interested person" of the Fund within the meaning of the 1940 Act by virtue of his position with, and interest in securities of, Affiliated Managers Group, Inc., which indirectly owns a majority of the interests of Pantheon Ventures (US) LP (the "Adviser").

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS**<br> **AND YEAR OF<br>BIRTH\*** | **POSITION(S)**<br> **HELD WITH**<br> **THE FUND**<br> **AND**<br> **LENGTH OF**<br> **TIME**<br> **SERVED** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST 5 YEARS** | **NUMBER**<br>**OF FUNDS**<br>**IN FUND**<br>**COMPLEX**<br>**OVERSEEN**<br>**BY**<br>**DIRECTOR\*\*** | **OTHER**<br> **DIRECTORSHIPS**<br> **HELD BY**<br> **DIRECTOR** | **EXPERIENCE,**<br> **QUALIFICATIONS,**<br> **ATTRIBUTES,**<br> **SKILLS FOR**<br> **BOARD**<br> **MEMBERSHIP** |
| Garret W. Weston<br> YOB: 1981 | Director since<br> 2021 | Affiliated Managers Group, Inc. (2008-Present): Managing Director, Head of Global Strategic Partnerships (2025-Present), Managing Director, Head of Affiliate Product Strategy and Development (2023-2025), Managing Director, Co-Head of Affiliate Engagement, Distribution (2021-2022), Senior Vice President, Office of the CEO (2019-2021), Senior Vice President, Affiliate Development (2016-2019), Vice President, Office of the CEO (2015-2016), Vice President, New Investments (2008-2015); Associate, Madison Dearborn Partners (2006-2008); Analyst, Merrill Lynch (2004-2006) | 41 |  | Significant senior leadership role within AMG across a number of areas, including past responsibilities for the AMG Funds business and other distribution related activities, as well as prior significant experience with AMG's investments and relationships with its Affiliates. Prior to AMG, significant business, investment and corporate finance experience within the financial services industry. |

---

\* The address for each director is c/o AMG Funds LLC, 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901.

\*\* The AMG Fund Complex consists of the Fund, the Master Fund, AMG Pantheon Credit Solutions Fund, AMG Pantheon Infrastructure Fund, LLC, AMG BBH Asset-Backed Credit Fund, LLC, and the funds of AMG Funds, AMG Funds I, AMG Funds III, AMG Funds IV, and AMG ETF Trust.

***Information About Each Director's Experience, Qualifications, Attributes or Skills***

Directors of the Fund, together with information as to their positions with the Fund, principal occupations and other board memberships for the past five years, and experience, qualifications, attributes or skills for serving as Directors are shown in the tables above. The summaries relating to the experience, qualifications, attributes and skills of the Directors are required by the registration form adopted by the SEC, do not constitute holding out the Board or any Director as having any special expertise or experience, and do not impose any greater responsibility or liability on any such person or on the Board as a whole than would otherwise be the case. The Board believes that the significance of each Director's experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one Director may not have the same value for another) and that these factors are best evaluated at the Board level, with no single Director, or particular factor, being indicative of Board effectiveness. However, the Board believes that Directors need to be able to critically review, evaluate, question and discuss information provided to them, and to interact effectively with Fund management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties. The Board believes that each of its members has these abilities. Experience relevant to having these abilities may be achieved through a Director's educational background; business, professional training or practice (e.g., finance or law), or academic positions; experience from service as a board member (including the Board) or as an executive of investment funds, significant private or not-for-profit entities or other organizations; and/or other life experiences. To assist them in evaluating

------

matters under federal and state law, the Independent Directors are counseled by their own separate, independent legal counsel, who participates in Board meetings and interacts with the Adviser, and also may benefit from information provided by the Fund's and the Adviser's legal counsel. Both Independent Director and Fund counsel have significant experience advising funds and fund board members. The Board and its committees have the ability to engage other experts, including the Fund's independent public accounting firm, as appropriate. The Board evaluates its performance on an annual basis.

***Officers***

---

| | | |
|:---|:---|:---|
| **NAME, ADDRESS AND YEAR<br>OF BIRTH \*** | **POSITION(S) HELD WITH**<br> **THE FUND AND LENGTH**<br> **OF TIME SERVED** | **PRINCIPAL OCCUPATION(S)**<br> **DURING**<br> **PAST 5 YEARS** |
| Keitha L. Kinne<br> YOB: 1958 | President, Chief Executive Officer and Principal Executive Officer since 2018; Chief Operating Officer since 2014 | President, Chief Executive Officer and Principal Executive Officer, AMG Fund Complex\*\*(2018-Present); Chief Operating Officer, AMG Fund Complex (2007-Present) Managing Director, Head of Platform and Operations, AMG Funds LLC (2023-Present); Chief Operating Officer, AMG Funds LLC (2007-Present); Chief Investment Officer, AMG Funds LLC (2008-Present); President and Principal, AMG Distributors, Inc. (2018-Present); Chief Operating Officer, AMG Distributors, Inc. (2007-Present); Chief Operating Officer and Chief Investment Officer, Aston Asset Management, LLC (2016); President and Principal Executive Officer, AMG Funds, AMG Funds I, AMG Funds III, and AMG ETF Trust (2012-2014); Managing Partner, AMG Funds LLC (2007-2014); President and Principal, AMG Distributors, Inc. (2012-2014); Managing Director, Legg Mason & Co., LLC (2006-2007); Managing Director, Citigroup Asset Management (2004-2006) |
| Thomas Disbrow<br> YOB: 1966 | Treasurer, Principal Financial Officer, and Principal Accounting Officer since 2017 | Treasurer, Principal Financial Officer, and Principal Accounting Officer, AMG Fund Complex (2017-Present); Managing Director, Platform and Operations, AMG Funds LLC (2025-Present); Chief Financial Officer, AMG Funds, AMG Funds I, AMG Funds III, AMG Funds IV, and AMG ETF Trust (2017-Present); Vice President, Mutual Fund Treasurer & CFO, AMG Funds, AMG Funds LLC (2017-2025); Managing Director—Global Head of Traditional Funds Product Control, UBS Asset Management (Americas), Inc. (2015-2017); Managing Director—Head of North American Funds Treasury, UBS Asset Management (Americas), Inc. (2011-2015) |
| Jeff Miller<br> YOB: 1971 | Executive Vice President since 2025 | Executive Vice President, AMG Pantheon Fund, LLC, AMG Pantheon Master Fund, LLC, AMG Pantheon Credit Solutions Fund, and AMG Pantheon Infrastructure Fund, LLC (2025-Present); Chief Investment Officer and Global Head of Private Equity, Pantheon Ventures (US) LP (2024-Present); Head of Private Equity (2022-2024); Global Head of Co-Investments, Pantheon Ventures (US) LP (2020-2022); Partner, Pantheon Ventures (US) LP (2014-Present); Principal Member, Pantheon Ventures (US) LP (2012-2014); Principal, Pantheon Ventures (US) LP (2008 – 2012); Principal, Allied Capital (2004—2008), Vice President, Lehman Brothers Investment Banking Division (2000—2004) |

---

------

---

| | | |
|:---|:---|:---|
| **NAME, ADDRESS AND YEAR<br>OF BIRTH \*** | **POSITION(S) HELD WITH**<br> **THE FUND AND LENGTH**<br> **OF TIME SERVED** | **PRINCIPAL OCCUPATION(S)**<br> **DURING**<br> **PAST 5 YEARS** |
| Mark J. Duggan<br> YOB: 1965 | Secretary and Chief Legal Officer since 2015 | Secretary and Chief Legal Officer, AMG Fund Complex(2015-Present); Managing Director and Senior Counsel, AMG Funds LLC (2021-Present); Senior Vice President and Senior Counsel, AMG Funds LLC (2015-2021); Attorney, K&L Gates, LLP (2009-2015) |
| Patrick J. Spellman<br> YOB: 1974 | Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer since 2019; Anti-Money Laundering Compliance Officer since 2022 | Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer, AMG Fund Complex (2019-Present); Anti-Money Laundering Compliance Officer, AMG Fund Complex (2022-Present); Vice President, Chief Compliance Officer, AMG Funds LLC (2017-Present); Chief Compliance Officer, AMG Distributors, Inc. (2010-Present); Anti-Money Laundering Compliance Officer, AMG Funds, AMG Funds I, AMG Funds III, and AMG ETF Trust (2014-2019); Anti-Money Laundering Compliance Officer, AMG Funds IV (2016-2019); Senior Vice President, Chief Compliance Officer, AMG Funds LLC (2011-2017); Compliance Manager, Legal and Compliance, Affiliated Managers Group, Inc. (2005-2011) |
| John A. Starace<br> YOB: 1970 | Deputy Treasurer since 2017 | Deputy Treasurer, AMG Fund Complex (2017-Present); Vice President, Mutual Fund Accounting, AMG Funds LLC (2021-Present); Director, Mutual Fund Accounting, AMG Funds LLC (2017-2021); Vice President, Deputy Treasurer of Mutual Funds Services, AMG Funds LLC (2014-2017); Vice President, Citi Hedge Fund Services (2010-2014); Audit Senior Manager (2005-2010) and Audit Manager (2001-2005), Deloitte & Touche LLP |

---

\* The address for each executive officer is c/o AMG Funds LLC, 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901.

\*\* The AMG Fund Complex consists of the Fund, the Master Fund, AMG Pantheon Credit Solutions Fund, AMG Pantheon Infrastructure Fund, LLC, AMG BBH Asset-Backed Credit Fund, LLC, and the funds of AMG Funds, AMG Funds I, AMG Funds III, AMG Funds IV, and AMG ETF Trust.

***Director Share Ownership***

---

| | | |
|:---|:---|:---|
| **Name of Director** | **Dollar Range of Equity Securities**<br>**in the Fund Beneficially Owned as**<br>**of December 31, 2025** | **Aggregate Dollar Range of Equity**<br>**Securities in All Registered**<br>**Investment Companies Overseen**<br>**by Director in the Family of**<br>**Investment Companies**<br>**Beneficially Owned December 31, 2025** |
|  ***Independent Directors***: |  |  |
|  Jill R. Cuniff |  | Over $100,000 |
|  Kurt A. Keilhacker | Over $100,000 | Over $100,000 |
|  Peter W. MacEwen |  | Over $100,000 |
|  Eric Rakowski | Over $100,000 | Over $100,000 |
|  Victoria L. Sassine | $50001-$100000 | Over $100,000 |
|  ***Interested Director***: |  |  |
|  Garret W. Weston | Over $100,000 | Over $100,000 |

---

------

***Board Leadership Structure and Risk Oversight***

The following provides an overview of the leadership structure of the Board and the Board's oversight of the Fund's risk management process. The Board consists of six Directors, five of whom are Independent Directors. An Independent Director serves as Chairman of the Board. In addition, the Board also has two standing committees, the Audit Committee and Governance Committee (the "Committees") (discussed below), each comprised of all of the Independent Directors, to which the Board has delegated certain authority and oversight responsibilities.

The Board's role in supervising the operations of the Fund is oversight, including oversight of the Fund's risk management process. The Board meets regularly on at least a quarterly basis and at these meetings the officers of the Fund and the Fund's Chief Compliance Officer report to the Board on a variety of matters. A portion of each regular meeting is devoted to an executive session of the Independent Directors, the Independent Directors' separate, independent legal counsel, and the Fund's Chief Compliance Officer, at which no members of management are present. In a separate executive session of the Independent Directors and the Independent Directors' independent legal counsel, the Independent Directors consider a variety of matters that are required by law to be considered by the Independent Directors, as well as matters that are scheduled to come before the full Board, including fund governance, compliance, and leadership issues. When considering these matters, the Independent Directors are advised by their independent legal counsel. The Board reviews its leadership structure periodically and believes that its structure is appropriate to enable the Board to exercise its oversight of the Fund.

The Fund has retained the Adviser as the Fund's investment adviser. The Adviser is responsible for the Fund's overall investment operations, including management of the risks that arise from the Fund's investment operations. An employee of the Adviser serves as one of the Fund's officers. The Board provides oversight of the services provided by the Adviser, the Fund's other service providers, and the Fund's officers, including their risk management activities. On an annual basis, the Fund's Chief Compliance Officer conducts a compliance review and risk assessment and prepares a written report relating to the review that is provided to the Board for review and discussion. The assessment includes a broad-based review of the risks inherent to the Fund, the controls designed to address those risks, and selective testing of those controls to determine whether they are operating effectively and are reasonably designed. In the course of providing oversight, the Board and the Committees receive a wide range of reports on the Fund's activities, including regarding the Fund's investment portfolio, the compliance of the Fund with applicable laws, and the Fund's financial accounting and reporting. The Board receives periodic reports from the Fund's Chief Legal Officer on risk management matters. The Board also receives periodic reports from the Fund's Chief Compliance Officer regarding the compliance of the Fund with federal and state securities laws and the Fund's internal compliance policies and procedures.

The Master Fund Board's leadership structure and risk oversight are identical.

***Board Committees***

As described below, the Board has two standing Committees. The Board has not established a formal risk oversight committee. However, much of the regular work of the Board and its standing Committees addresses aspects of risk oversight.

***Audit Committee***

The Board has an Audit Committee consisting of all of the Independent Directors. Victoria Sassine serves as the chair of the Audit Committee. Under the terms of its charter, the Audit Committee (a) acts for the Directors in overseeing the Fund's financial reporting and auditing processes; (b) receives and reviews communications from the

------

independent registered public accounting firm relating to its review of the Fund's financial statements; (c) reviews and assesses the performance, approves the compensation, and approves or ratifies the appointment, retention or termination of the Fund's independent registered public accounting firm; (d) meets periodically with the independent registered public accounting firm to review the Fund's annual audits and pre-approves the audit services provided by the independent registered public accounting firm; (e) considers and acts upon proposals for the independent registered public accounting firm to provide non-audit services to the Fund or the Adviser or its affiliates to the extent that such approval is required by applicable laws or regulations; (f) considers and reviews with the independent registered public accounting firm, periodically as the need arises, but not less frequently than annually, matters bearing upon the registered public accounting firm's status as "independent" under applicable standards of independence established from time to time by the SEC and other regulatory authorities; and (g) reviews and reports to the full Board with respect to any material accounting, tax, valuation or record keeping issues of which the Audit Committee is aware that may affect the Fund, the Fund's financial statements or the amount of any dividend or distribution right, among other matters. The function of the Audit Committee of the Master Fund is the same. The Audit Committee of the Fund met twice during the most recent fiscal year.

***Governance Committee***

The Board has a Governance Committee consisting of all of the Independent Directors. Eric Rakowski serves as the chairman of the Governance Committee. Under the terms of its charter, the Governance Committee is empowered to perform a variety of functions on behalf of the Board, including responsibility to make recommendations with respect to the following matters: (i) individuals to be appointed or nominated for election as Independent Directors; (ii) the designation and responsibilities of the chairperson of the Board (who shall be an Independent Director) and Board committees, such other officers of the Board, if any, as the Governance Committee deems appropriate, and officers of the Fund; (iii) the compensation to be paid to Independent Directors; and (iv) other matters the Governance Committee deems necessary or appropriate. The Governance Committee is also empowered to: (i) set any desired standards or qualifications for service as a Director; (ii) conduct self-evaluations of the performance of the Directors and help facilitate the Board's evaluation of the performance of the Board at least annually; (iii) oversee the selection of independent legal counsel to the Independent Directors and review reports from independent legal counsel regarding potential conflicts of interest; and (iv) consider and evaluate any other matter the Governance Committee deems necessary or appropriate. It is the policy of the Governance Committee to consider nominees recommended by members. Members who would like to recommend nominees to the Governance Committee should submit the candidate's name and background information in a sufficiently timely manner (and in any event, no later than the date specified for receipt of member proposals in any applicable proxy statement of the Fund) and should address their recommendations to the attention of the Governance Committee, at c/o AMG Funds LLC, 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. The function of the Governance Committee of the Master Fund is the same. The Governance Committee of the Fund met twice during the most recent fiscal year.

***Directors' Compensation***

[To be updated by amendment]

---

| | | |
|:---|:---|:---|
| **Name of Director** | **Aggregate**<br> **Compensation**<br> **from the Fund<sup>(a)</sup>** | **Total Compensation**<br> **from the**<br> **Fund Complex**<br> **Paid to Directors<sup>(b)</sup>** |
|  <u>***Independent Directors***:</u> |  |  |
|  Jill R. Cuniff | $[] | $[] |
|  Kurt A. Keilhacker | $[] | $[] |
|  Peter W. MacEwen | $[] | $[] |
|  Eric Rakowski | $[] | $[] |
|  Victoria L. Sassine | $[] | $[] |
|  <u>***Interested Director***:</u> |  |  |
|  Garret W. Weston |  |  |

---

------

(a) Aggregate compensation includes amounts from the Fund and the Master Fund for the fiscal year ending
March 31, 2026. The Fund does not provide any pension or retirement benefits for the Directors.

(b) Total compensation includes amounts paid for the fiscal year ended March 31, 2026 for services as a
Director of the AMG Fund Complex. As of March 31, 2026, each Director served as a trustee or director to 39 funds in the AMG Fund Complex.

From June 12, 2025 through January 28, 2026, Jill R. Cuniff and Peter W. MacEwen served as consultants to the Board on an as needed basis. As compensation for their services, Ms. Cuniff and Mr. MacEwen each received $[ ], paid by the Fund and the Master Fund collectively.

**PORTFOLIO MANAGEMENT** 

[To be updated by amendment]

In addition to the Fund (for purposes of this section, the "Fund" includes the Master Fund and its Subsidiaries, unless otherwise indicated), the Fund's portfolio managers manage, or are affiliated with, other accounts, including other pooled investment vehicles. The following tables list the number and types of accounts, other than the Fund, managed by the Fund's portfolio managers and estimated assets under management in those accounts, as of [ ].

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio**<br> **manager** | **Registered investment**<br>**companies managed** | **Registered investment**<br>**companies managed** | **Other pooled<br>investment**<br>**vehicles managed<br>(world-wide)** | **Other pooled<br>investment**<br>**vehicles managed<br>(world-wide)** | **Other accounts (world-<br>wide)** | **Other accounts (world-<br>wide)** |
|  | *Number of<br>accounts* | *Total assets*<br>*(in billions)* | *Number of<br>accounts* | *Total assets*<br>*(in billions)* | *Number of<br>accounts* | *Total assets*<br>*(in billions)* |
|  Brian Buenneke | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Evan Corley | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Kevin Dunwoodie | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Kathryn Leaf | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Jeff Miller | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Rakesh Jain | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Amyn Hassanally | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Dinesh Ramasamy | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Matt Cashion | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| **Portfolio**<br> **manager** | **Registered investment**<br>**companies managed**<br>**for which the Adviser**<br>**receives a performance-<br>based**<br>**fee** | **Registered investment**<br>**companies managed**<br>**for which the Adviser**<br>**receives a performance-<br>based**<br>**fee** | **Other pooled<br>investment**<br>**vehicles managed<br>(world-wide) for which<br>the Adviser receives a**<br>**performance-based fee** | **Other pooled<br>investment**<br>**vehicles managed<br>(world-wide) for which<br>the Adviser receives a**<br>**performance-based fee** | **Other accounts (world-**<br>**wide) for which the**<br>**Adviser receives a**<br>**performance-based fee** | **Other accounts (world-**<br>**wide) for which the**<br>**Adviser receives a**<br>**performance-based fee** |
|  | *Number of<br>accounts* | *Total assets*<br>*(in billions)* | *Number of<br>accounts* | *Total assets<br>(in billions)* | *Number of<br>accounts* | *Total assets<br>(in billions)* |
|  Brian Buenneke | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Evan Corley | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Kevin Dunwoodie | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Kathryn Leaf | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Jeff Miller | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Rakesh Jain | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Amyn Hassanally | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Dinesh Ramasamy | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Matt Cashion | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

------

***Potential Conflicts of Interest***

The Adviser will advise multiple clients with investment objectives, guidelines and policies, and fee structures that may differ from each other or that may be substantially similar. In situations where an investment opportunity falls within the investment objectives of multiple clients of the Adviser, there may also be conflicts of interest among clients regarding which of those entities will be given the opportunity to make or participate in the investment opportunity and, if the investment is to be made by more than one of those entities, the proportions in which such opportunity will be allocated among the participating entities.

The Adviser will receive both management fees and/or carried interest (performance fees) as compensation for its advisory services for many clients. Carried interest will, at times, create an incentive for the Adviser to make investments that are riskier or more speculative than would be the case in the absence of a performance-based fee. In these instances, the Adviser's compensation will, at times, be greater than it would otherwise have been, as the fee will be based on the funds' or separate accounts' performance instead of, or in addition to, a percentage of assets under management. In theory, the Adviser has an incentive to dedicate increased resources and allocate more profitable investment opportunities to clients bearing higher carried interest percentages or to clients whose governing documents contain less restrictive terms regarding timing of carried interest distributions, which would not include the Master Fund. In theory, the Adviser also has an incentive to allocate investment opportunities to clients that pay a general partner's share or management fees based on invested capital or capital committed to transactions rather than on capital commitments. However, the Adviser has a Conflicts of Interest Policy to manage conflicts of interest, including with respect to allocation of investment opportunities, and it is the Adviser's policy to allocate investment opportunities and resources based on its allocation procedures (as discussed below), and it does not consider fees or carried interest, in any regard, when making allocation determinations.

The Adviser's investment allocation policy (the "Allocation Policy") is to allocate investment opportunities among clients based on methodologies designed to be fair and equitable over time, not taking into account fee structures on particular accounts, and consistent with and subject to the fiduciary and contractual duties of the Adviser to such clients in accordance with the Adviser's Allocation Policy and procedures.

In order to implement the Allocation Policy and manage any conflicts of interest related to investment allocations, the Adviser maintains procedures relating to the allocation of investment opportunities. The Adviser's allocation procedures may be modified from time to time at its discretion.

Occasionally, after allocating opportunities to all eligible clients of the Adviser pursuant to the Allocation Policy (including other investment vehicles and accounts managed or advised by a Pantheon entity, referred to herein as "Pantheon Funds"), the Adviser will have excess capacity (or overage) for a transaction for which it may look to other persons, including syndication partners or investors in Pantheon Funds. The Adviser reserves full discretion with respect to the allocation of such opportunities. The Adviser may charge fees or carried interest to any such persons.

*Classification of Investment Opportunities.* Allocation of investment opportunities is generally predicated on the initial classification of each such opportunity in order to determine which clients of the Adviser are eligible for each investment opportunity, taking into account one or more of a number of factors such as type of asset and deal, for example, (i) as a primary investment, a secondary investment, or a co-investment, (ii) a private equity investment, an infrastructure or real asset investment, a real estate investment, or a credit investment, or (iii) global, regional (US, Europe, Asia, Rest of the World), an emerging market investment, or the like. In some instances, the classifications are not entirely clear or an investment may be classified as overlapping with multiple investment strategies, and in these situations, the Adviser will determine the classification of an investment opportunity in good faith. Depending on such classification, clients implementing targeted strategies that are subsets of broader classifications may be subject to increases or decreases in such allocations in the manner set forth above in order to fully and appropriately implement such targeted strategy. In addition, where an investment opportunity overlaps multiple investment strategies (such as, for example, an investment opportunity that is, say, both an infrastructure investment and a secondary investment, or a co-investment and a real asset investment), the Adviser may in good faith classify such investment opportunity as a core opportunity in respect of one or more investment strategies whether in terms of the asset class (such as private equity, infrastructure, or credit (senior or opportunistic)) or in terms of the type of transaction (such as primaries, secondaries or co-investments) or otherwise, and as a non-core opportunity in respect of one or more other investment strategies, and in such cases, the investment opportunity may be allocated in priority to clients for whom such investment opportunity represents a core opportunity, with only the remainder of such investment opportunity, if any, allocated to other clients treating such other clients as an overflow account in respect of such non-core opportunity (as discussed below).

------

*Portfolio Construction Considerations.* The Adviser's allocation procedures do not, however, preclude a good faith determination by the Adviser that some or all of an investment opportunity is unsuitable for any one client or exceeds an appropriate amount for any one client. This can happen from time to time for legal, tax, regulatory, portfolio construction or other reasons, after taking into account considerations such as the investment strategy, objectives, investment restrictions, risk profile, deployment targets, the respective size of portfolios and existing and prospective other exposures of that client, whether or not any other client or fund managed or advised by any member of the Adviser is taking up all or part of its allocable share of the investment opportunity or whether there is any excess arising as a result of any client or fund declining all or part of their allocable share of such investment opportunity. Any amount that is declined on behalf of any client is designated as 'overage', which the Adviser may choose to allocate entirely at its discretion as described above.

*Capacity Constrained Situations.* In situations where capacity or access to any investment for clients of the Adviser is constrained for any reason, in certain circumstances, it will not always be feasible for all clients to secure access in the desired amounts to the same investment. In this situation the Adviser will, in good faith, determine to either (i) reduce the allocations to all clients involved on a pro rata basis (subject to rounding) or (ii) reduce the allocation of one or more clients to such opportunity (which in some cases will result in non-pro rata allocations) or even exclude one or more clients from such opportunity (for example where a client is scaled back below any de minimis limit set for such client or based on a formulaic rotation utilized by the Adviser), in each case, with respect to the Master Fund, consistent with applicable exemptive relief and/or relevant no-action letters, provided that the Adviser shall endeavor to source an alternative investment opportunity for such client(s) that the Adviser in good faith considers to be a suitable alternative.

*Issuer Considerations*. In all cases, the allocation of the opportunity and the consummation of an investment by any given client of the Adviser is subject always to the issuer of the investment agreeing to accept such client as an investor in the relevant fund or investment.

*Allocation of Core and Non-Core Investment Opportunities.* The Adviser typically has a broad and flexible investment mandate on behalf of funds and clients managed by the Adviser. The investment mandate for clients of the Adviser may include a core investment strategy in an asset class (such as private equity, infrastructure, or credit (senior or opportunistic) or core investment category (such as, for example, a focus on primary investments or a focus on secondary investments or a focus on co-investments) and may also include one or more non-core investment strategies in other asset classes or non-core investment categories. The Adviser will generally make an initial classification of an investment opportunity (as discussed above). After classifying such investment opportunity, the Adviser may then give priority in allocation to those clients for whom such investment opportunity represents a core part of their respective investment strategies, with only the remainder of such investment opportunity, if any, allocated to other clients treating such other clients as an overflow account in respect of such non-core opportunity. For example, a co-investment opportunity may be initially allocated to clients whose investment mandate primarily concentrates on co-investments, with only the remainder, if any, being allocated to clients for whom co-investments represent a non-core opportunity.

*Changes in Investment Focus.* For clients with broad long-term strategies, like the strategy of the Fund, the investment focus may be adjusted opportunistically by the Adviser, from time to time, to focus on certain specific types or categories of investments at the discretion of the Adviser, while pausing or ceasing altogether the deployment of capital to other types of investment or alternatively including them as a *non-core* opportunity only, even if such investments otherwise fall within the broad mandate of the investment strategy for such client. By way of example only, the investment strategy for a client, such as is the case for the Fund, may generally include one or more types whether in terms of the asset class (such as private equity, infrastructure, or credit (senior or opportunistic)) or in terms of the type of transaction (such as primaries, secondaries or co- investments) or otherwise, and the Adviser may at times determine to focus on one or more of such investment opportunities on behalf of such client. Accordingly, at such times, such client would be included in the allocation process in respect of an investment opportunity of such type(s). At other times, however, the Adviser may determine to pause or cease altogether the deployment of capital to investments of one or more types for a client who will then be excluded from the allocation process in respect of such investment opportunities or alternatively to include investments of one or

------

more types as *non-core opportunities* for any such client who will then be treated as an overflow account in respect of such non-core opportunities (see below under "Overflow Accounts"). Moreover, the Adviser's determination to include, pause or cease deployment of capital to, or treat as *non-core* one or more types of investment of one or more clients of the Adviser will be made (and reviewed from time to time) on a client by client basis and therefore may differ as between such clients. As a result, one or more clients may be participating in the allocation of such investment opportunities while other clients are excluded from such allocations or are treated as an overflow account in respect of such opportunity (as discussed below).

*Overflow Accounts.* The Adviser has previously accepted, and expects to continue to accept, "over-flow" accounts for certain strategies. In connection with this arrangement, it is typically agreed that such clients will rank behind "non-overflow accounts" with respect to the allocation of opportunities to make investments falling within the applicable strategy. Allocation of any excess capacity shall be made at the complete discretion of the Adviser (including as between over-flow accounts).

*Allocation of Opportunities arising from the Adviser's Relationships.* Investment opportunities, including co-investment opportunities, may arise to the Adviser as the result of relationships developed by the Adviser with portfolio fund managers over time, including managers of underlying portfolio funds of clients of the Adviser. Such investment opportunities will generally be allocated among one or more clients of the Adviser, consistent with the usual procedures as provided above (which may or may not include clients invested in the relevant portfolio fund). For instance, a client executing a primary investment strategy may have a primary investment in a portfolio fund and any co-investment or secondary investment opportunity, as the case may be, originating from the manager of such portfolio fund may be allocated entirely to other clients of the Adviser executing a co-investment strategy or secondary investment strategy, respectively. Exceptions may be made on a case-by-case basis, for example where explicit pre-emption rights or rights of first refusal accrue to clients making the original investments or in the case of stapled transactions as described above.

*Investor-Sourced Investment Opportunities.* One or more separate account clients of the Adviser or investors in an Adviser-managed vehicle, such as an investor in an Adviser-managed account or an Adviser-managed fund-of-one, may itself have one or more direct or indirect relationships with fund sponsors, investment managers, potential portfolio funds or potential portfolio companies. Such clients and investors may obtain investment opportunities as a result of such relationships and may undertake to effectuate such investment opportunity through such Adviser-managed vehicle. Investment opportunities accruing to specific funds or clients (e.g., an opportunity accruing to a fund as a result of a right of first refusal or an investment opportunity sourced by a specific separate account client) will generally not be subject to the Adviser's investment allocation process, and other clients of the Adviser may not share or participate in such investment opportunities sourced by such clients or investors.

*Stapled Opportunities*. A secondary strategy or a co-investment strategy may make a secondary investment or co-investment, as the case may be, that is contingent upon a primary investment to which the secondary investment or co-investment is "stapled," and in such circumstances the Adviser may decide to treat the entire transaction (including the stapled primary) as a secondary investment or co-investment, as the case may be. Such stapled primaries will be allocated to the same clients and in the same proportions as the secondary or co-investment to which they are stapled.

*Strategic Opportunities.* Similarly, when an opportunity arises, a secondary strategy or a co-investment strategy may make a "strategic primary" investment with an intention of facilitating the generation of future opportunities to make secondary or co-investments. However, there can be no assurance that such opportunities will arise at all or, if they do arise, that they will accrue to the benefit of the clients of the Adviser making such primary investment, by way of example only, because the commitment period of such client of the Adviser has expired.

*Clients Negotiating Their Own Access.* In certain cases, the Adviser may provide portfolio construction services and investment due diligence services to third-party clients, who negotiate their own access to the underlying portfolio investments directly with the sponsor or manager of the relevant portfolio interest and independently of the Adviser. Where third-party clients negotiate their own access (including as to the quantum of the investment) to underlying portfolio investments, then it is the Adviser's policy to ask the sponsor or manager of the relevant portfolio interest to treat the third-party client's request entirely separately from the request made by the Adviser on behalf of all other funds or clients managed by the Adviser, such that the third-party client's request will not be subject to the

------

Adviser's investment allocation process (much like an investor-sourced investment opportunity), while the request made by the Adviser on behalf of all other clients will be subject to the Adviser's investment allocation process. In these cases and where the investment is capacity-constrained, similar to an allocation by the sponsor or manager to another unrelated third-party investor, the amount allocated by the sponsor or manager of the portfolio investment to other funds or clients managed by the Adviser will potentially be adversely impacted by the amount made available to the client that negotiates its own access. However, to manage any potential conflicts of interest, the Adviser does not allow third-party clients to elect arbitrarily to opt in or out of the Adviser's investment allocation policy on a case-by-case basis.

From time to time, the Adviser and its affiliates will give advice and take action with respect to such other Adviser clients or for their own accounts that will differ from the advice or the timing or nature of action taken with respect to other clients.

*Portfolio Differences.* In certain circumstances, a client of the Adviser ("Client A") with a similar investment strategy to another client of the Adviser ("Client B") may experience a different portfolio construction and / or different investment performance to Client B, including for all the reasons described above. In addition, specifically in relation to primaries, the Adviser typically constructs a customized roadmap for each client that has a core primary investment strategy, which serves to record, on an indicative basis only (and subject inter alia to due diligence, investment approvals and contractual negotiations), the names of, and commitment amounts for, each target portfolio fund. The roadmaps of two clients with substantially similar strategies will be likely to differ from one another for numerous reasons, provided always that all target portfolio funds appearing on a client's roadmap must be drawn from the Adviser's approved list of investable private funds and must aim to achieve the client's stated strategy.

***Portfolio Manager Compensation and Securities Ownership***

As of March 31, 2026, none of the portfolio managers had any direct or indirect beneficial ownership of the Fund.

Subject to available Pantheon (as defined below) profits, the compensation of each portfolio manager is typically comprised of a fixed annual distribution, a distribution determined by reference to the revenues of Pantheon, and potentially an annual supplemental distribution from surplus profits of Pantheon awarded at the discretion of Pantheon UK (as defined below). Such amounts are payable by Pantheon and not by the Master Fund or Fund. In addition, each portfolio manager may be eligible to receive a share of any performance fees or carried interest earned by Pantheon in any given year.

**CODES OF ETHICS** 

Each of the Master Fund, the Fund, the Adviser, and AMG Distributors, Inc. ("AMGD" or the "Distributor") has adopted a code of ethics under Rule 17j-1 of the 1940 Act (collectively the "Codes of Ethics"). Rule 17j-1 and the Codes of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by covered personnel ("Access Persons"). The Codes of Ethics apply to the Fund and the Master Fund and permit Access Persons to, subject to certain restrictions, invest in securities, including securities that may be purchased or held by the Master Fund or Fund. Under the Codes of Ethics, Access Persons may engage in personal securities transactions, but are required to report their personal securities transactions for monitoring purposes. In addition, certain Access Persons are required to obtain approval before investing in initial public offerings, private placements or certain other securities. The Codes of Ethics are available on the EDGAR database on the SEC's website at www.sec.gov, and also may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES** 

[To be updated by amendment]

------

A control person is a person who beneficially owns more than 25% of the voting securities of a company. To the knowledge of the Fund, as of [ ], no persons and/or entities owned beneficially or of record more than 25% of the outstanding units of the Fund and therefore may be presumed to "control" the Fund, as that term is defined in the 1940 Act.

To the knowledge of the Fund, as of [ ], [the Directors of the Fund and the officers of the Fund, as a group, owned less than 1% of the outstanding shares of the Class 1 Units].

As of [ ], the Fund did not know of any person and/or entity who owned beneficially or of record 5% or more of the outstanding Class 1 Units. Class 2, Class 3, Class 4, and Class 5 Units of the Fund are offered in a separate prospectus and statement of additional information.

**INVESTMENT MANAGEMENT AND OTHER SERVICES** 

**The Adviser** 

Pantheon Ventures (US) LP serves as the Fund's and Master Fund's investment adviser. The Adviser is a limited partnership organized under the laws of the State of Delaware and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Affiliated Managers Group, Inc. ("AMG"), a publicly-traded company, indirectly owns a majority interest of the Adviser. The Adviser serves as investment adviser to the Fund and the Master Fund pursuant to investment advisory agreements entered into between the Fund and the Adviser and the Master Fund and the Adviser (the "Investment Management Agreements"). The Directors have engaged the Adviser to provide investment advice to the Fund and the Master Fund, in each case under the ultimate supervision of, and subject to any policies established by, the Board. As of [ ], the Adviser had approximately $[ ] in discretionary assets under management. The Adviser is an affiliate of Pantheon Ventures (UK) LLP ("Pantheon UK"), Pantheon Holdings Limited, Pantheon Ventures, Inc., Pantheon Infra Advisors LLC, Pantheon Capital (Asia) Limited, Pantheon Ventures (Ireland) DAC, and Pantheon Ventures (Singapore) Pte. Ltd. (together with the Adviser, each of their respective subsidiaries, subsidiary undertakings, successors and assigns, collectively "Pantheon").

The Adviser has agreed to waive the management fee payable by the Fund, but charges the Master Fund a management fee, of which the Fund indirectly bears a pro rata share. The Adviser also charges each Subsidiary a management fee, of which the Fund and the Master Fund also indirectly bear a pro rata share. The method of calculating the management fees payable by the Master Fund is described in the Prospectus under "Management of the Fund— Investment Management Agreement."

The management fees paid to the Adviser by the Master Fund and the Subsidiaries for the fiscal years ended March 31, 2024, March 31, 2025, and March 31, 2026 are as follows:

[To be updated by amendment]

---

| | |
|:---|:---|
|  Fiscal year ended March 31, 2024 | $17885136 |
|  Fiscal year ended March 31, 2025 | $30324946 |
|  Fiscal year ended March 31, 2026 | $[ ] |

---

The Adviser is subject to an expense limitation and reimbursement agreement, which is described further in the Prospectus under "Fees and Expenses." All fees waived and/or expenses reimbursed to (recouped from) the Fund pursuant to the Expense Limitation and Reimbursement Agreement for the fiscal years ended March 31, 2024, March 31, 2025, and March 31, 2026 are as follows:

[To be updated by amendment]

------

---

| | |
|:---|:---|
|  | **Amount waived (recouped)** |
|  Fiscal year ended March 31, 2024 | $0 |
|  Fiscal year ended March 31, 2025 | $0 |
|  Fiscal year ended March 31, 2026 | $[] |

---

**Administrator** 

AMG Funds LLC (the "Administrator") serves as the Administrator for the Fund. The Administrator's principal business address is 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. The Administrator performs certain administration, accounting, and investor services for the Fund. In consideration for these services, the Fund pays the Administrator a fee based on the average net assets of the Fund (the "Administration Fee"). The Administrator also performs certain administration, accounting, and investor services for the Master Fund, and receives a fee from the Master Fund for such services. The Administrator is an indirect, wholly-owned subsidiary of AMG. As a result of its affiliation with AMG, the Administrator is an affiliate of the Adviser. AMGD, a wholly-owned subsidiary of the Administrator, serves as the Fund's distributor and the distributor of the AMG Fund Complex, a mutual fund complex comprised of 41 different funds, each having distinct investment management objectives, strategies, risks, and policies.

The Administrator maintains certain of the Fund's and Master Fund's accounts, books, and other documents required to be maintained under the 1940 Act at 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. Other such accounts, books, and other documents are maintained at the offices of the Adviser (555 California Street, Suite 3450, San Francisco, California 94104 or 11 Times Square, 35<sup>th</sup> Floor, New York, New York 10036), or the Custodian (240 Greenwich Street, New York, New York 10286).

**Distributor** 

AMGD acts as the distributor of the Fund's Units on a best efforts basis. The Distributor's principal address is 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. The Distributor is a wholly-owned subsidiary of the Administrator. The Distributor is a registered broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Pursuant to a distribution agreement with the Fund, the Distributor acts as the agent of the Fund in connection with the continuous offering of Units of the Fund. The Distributor continually distributes Units of the Fund on a best efforts basis. The Distributor has no obligation to sell any specific quantity of Units. The Distributor and its officers have no role in determining the investment policies of the Fund.

The Fund offers five separate classes of units: Class 1, Class 2, Class 3, Class 4, and Class 5. The Fund offers Class 2, Class 3, Class 4, and Class 5 units in a separate prospectus and statement of additional information. Class 1 Units of the Fund are offered at their current net asset value per Unit and are not subject to any sales loads.

***Distribution and Service Plan***. The Fund has received an exemptive order from the SEC with respect to the Fund's multi-class structure. Pursuant to such order, the Fund has adopted a Distribution and Service Plan (the "Plan") with respect to Class 1, Class 2, Class 3, and Class 5 units in compliance with Rule 12b-1 under the Investment Company Act. Class 2, Class 3, and Class 5 units are offered in a separate prospectus and statement of additional information.

------

Pursuant to the Plan with respect to Class 1 Units, the Fund may compensate the Distributor, brokers, dealers or other financial intermediaries (in each case, not limited to expenses incurred) for engaging, directly or indirectly, in any activity primarily intended to result in the sale of Class 1 Units, for the reimbursement of related expenses, and for the maintenance and personal service provided to existing shareholders of that class. The Plan authorizes payments of 0.75% on an annualized basis of the average daily net assets of the Fund attributable to Class 1 Units.

The Plan is designed to promote sales of shares and reduce the amount of redemptions that might otherwise occur if the Plan were not in effect, as well as to compensate brokers and intermediaries for their servicing and maintenance of shareholder accounts. Increasing the Fund's net assets through sales of shares, or attempting to limit declines in net assets by reducing redemptions, may help reduce the Fund's expense ratio by spreading the Fund's fixed costs over a larger base, which may also help reduce the potential adverse effect of selling the Fund's portfolio securities to meet redemptions.

In accordance with the terms of the Plan, the Distributor provides to the Fund, for review by the Directors, a quarterly written report of the amounts expended under the Plan and the purpose for which such expenditures were made. In the Directors' quarterly review of the Plan, they will review the level of compensation the Plan provides in considering the continued appropriateness of the Plan.

Under its terms, the Plan remains in effect from year to year provided such continuance is approved annually by vote of the Directors in the manner described therein. The Plan may not be amended to increase materially the distribution and/or service fee without approval of the shareholders of the affected share class, and material amendments to the Plan must also be approved by the Directors in a manner described therein. The Plan may be terminated at any time, without payment of any penalty, by vote of the majority of the Directors who are not "interested persons" (as that term is defined in the Investment Company Act) of the Fund and have no direct or indirect financial interest in the operations of the Plan or any related agreements, or by "the vote of a majority of the outstanding voting securities" (as that term is defined in the Investment Company Act) of the Fund or applicable share class.

For the fiscal year ended March 31, 2026, Class 1 Units of the Fund paid $[ ] under the Plan.

The table below reflects the amounts the Fund's Class 1 Units paid for the principal types of activities under its Plan during the fiscal year ended March 31, 2026:

[To be updated by amendment]

---

| | |
|:---|:---|
|  | Class 1 |
|  Advertising | $[] |
|  Printing and mailing of prospectuses to other than current shareholders | $[] |
|  Compensation to underwriters | $[] |
|  Compensation to broker-dealers | $[] |
|  Compensation to sales personnel | $[] |
|  Interest, carrying, or other financing charges | $[] |
|  Other | $[] |

---

**Custodian** 

The Bank of New York Mellon, a subsidiary of The Bank of New York Mellon Corporation (the "Custodian"), 240 Greenwich Street, New York, New York 10286, serves as a custodian and fund accounting agent for the Fund and Master Fund. The Custodian is responsible for holding all cash assets and portfolio securities of the Fund and the Master Fund in connection with the Fund's and the Master Fund's investments, releasing and delivering assets as directed by the Fund and the Master Fund, maintaining bank accounts in the names of the Fund and the Master Fund, receiving for deposit into such accounts payments for units of the Fund and the Master Fund, collecting income and other payments due the Fund and the Master Fund with respect to investments, paying out monies of the Fund and the Master Fund, and providing certain fund accounting services to the Fund and the Master Fund.

The Custodian may maintain custody of the Fund's assets with domestic and foreign sub-custodians (which may be banks, trust companies, securities depositories and clearing agencies) approved by the Board. 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 a custodian in a securities depository, clearing agency, or omnibus customer account of such custodian.

------

**Independent Registered Public Accounting Firm** 

[ ], [ ], is the independent registered public accounting firm for the Fund and Master Fund. [ ] conducts an annual audit of the financial statements of the Fund and Master Fund and may provide other audit, tax and related services. The financial statements contained in the Fund's annual report for the fiscal year ended March 31, 2026 were audited by [ ], whose report, along with such audited financial statements, is incorporated herein by reference to the Fund's annual report to members.

**Legal Counsel** 

Ropes & Gray LLP, One Maritime Plaza, Suite 1800, 300 Clay Street, San Francisco, California 94111, acts as legal counsel to the Fund and the Master Fund.

**Organization and Management of Wholly-Owned Subsidiaries** 

The Master Fund may invest a portion of its assets, within the limitations of Subchapter M of the Code, as applicable, in the Corporate Subsidiary. The Master Fund may also invest a portion of its assets in the Lead Fund. Each Subsidiary is a limited liability company organized under the laws of Delaware.

Each Subsidiary is overseen by its own board of directors and is not registered under the 1940 Act. The Master Fund, as the sole member of each Subsidiary, does not have all of the protections offered by the 1940 Act to shareholders of investment companies registered under the 1940 Act with respect to its investment in each Subsidiary. However, each Subsidiary is wholly-owned and controlled by the Master Fund and the Master Fund's Board oversees the investment activities of the Master Fund, including its investment in each Subsidiary, and the Master Fund's role as sole member of each Subsidiary. The Adviser is responsible for each Subsidiary's day-to-day business pursuant to a separate agreement with each Subsidiary.

Each Subsidiary's board of directors currently has the same composition as the Master Fund's Board.

Each Subsidiary has entered into a separate investment management agreement with the Adviser for the provision of advisory services. Under this agreement, the Adviser provides each Subsidiary with the same type of advisory services, under substantially the same terms, as are provided to the Master Fund.

The Subsidiaries have entered into contracts for the provision of custody services and fund administration and accounting services with the same service providers who provide those services to the Master Fund. Each Subsidiary bears the fees and expenses incurred in connection with the services that it receives pursuant to each of these separate agreements and arrangements. The Master Fund expects that the expenses borne by the Subsidiaries will not be material in relation to the value of the Master Fund's assets.

For purposes of adhering to the Master Fund's compliance policies and procedures, the Adviser treats the assets of each Subsidiary as if the assets were held directly by the Master Fund. The Chief Compliance Officer of the Master Fund makes periodic reports to the Master Fund's Board regarding the management and operations of each Subsidiary.

The financial information of the Subsidiaries is consolidated into the Master Fund's financial statements, as contained within the Master Fund's annual and semiannual reports provided to members.

Please refer to the section titled "***Certain U.S. Federal Income Tax Matters – Investment in the Master Fund***" for information about certain tax considerations relating to the Master Fund's investment in the Subsidiaries.

By investing in each Subsidiary, the Master Fund is indirectly exposed to the risks associated with each Subsidiary's investments. The Private Fund Investments and other investments held by a Subsidiary are subject to the same risks that would apply to similar investments if held directly by the Master Fund. Each Subsidiary is subject to the same principal risks to which the Master Fund is subject (as described in the Fund's prospectus). There can be no assurance that the investment objective of each Subsidiary will be achieved. The Subsidiaries are not registered under the 1940 Act, but the Subsidiaries will comply with certain sections of the 1940 Act and be subject to the

------

same policies and restrictions as the Master Fund. The Master Fund wholly owns and controls each Subsidiary, and the Master Fund and each Subsidiary are both managed by the Adviser, making it unlikely that a Subsidiary will take action contrary to the interests of the Master Fund and its members. The Master Fund's Board has oversight responsibility for the investment activities of the Master Fund, including its investment in each Subsidiary, and the Master Fund's role as sole member of each Subsidiary. In managing a Subsidiary's investment portfolio, the Adviser manages the Subsidiary's portfolio in accordance with the Master Fund's investment policies and restrictions.

The Adviser, as it relates to each Subsidiary, complies with provisions of the 1940 Act relating to investment advisory contracts under Section 15 as an investment adviser to the Master Fund under Section 2(a)(20) of the 1940 Act. The Master Fund complies with the provisions of the 1940 Act, including those relating to investment policies (Section 8) and capital structure and leverage (Section 18) on an aggregate basis with each Subsidiary, and each Subsidiary complies with the provisions relating to affiliated transactions and custody (Section 17).

Changes in the tax laws of the United States and/or the State of Delaware could result in the inability of the Master Fund and/or a Subsidiary to operate as described in the prospectus and this SAI and could adversely affect the Fund and its members.

**BROKERAGE ALLOCATION AND OTHER PRACTICES** 

The Fund anticipates investing substantially all of its assets in the Master Fund in private transactions that will not involve brokerage commissions or markups. The Master Fund's primary investments in Investment Funds, in which interests may be purchased directly from the Investment Fund, may be, but are generally not, subject to brokerage commissions or markups, although there will be legal and other expenses incurred as part of such investments. The Master Fund's secondary investments in Investment Funds generally will be subject to brokerage commissions and other transaction expenses, and the Fund and the Master Fund anticipate that other portfolio transactions may be subject to such expenses as well. It is the policy of the Master Fund and Fund to obtain best results in connection with effecting its portfolio transactions taking into certain factors set forth below.

The Master Fund and Fund will bear commissions or spreads in connection with its portfolio transactions, if any. In placing orders, it is the policy of the Master Fund and Fund to obtain the best results, taking into account the broker-dealer's general execution and operational facilities, the type of transaction involved, and other factors such as the broker-dealer's risk in positioning the securities involved. While the Adviser generally seeks reasonably competitive spreads or commissions, the Master Fund and Fund will not necessarily be paying the lowest spread or commission available. In executing portfolio transactions and selecting brokers or dealers, the Adviser seeks to obtain the best overall terms available for the Master Fund and Fund. In assessing the best overall terms available for any transaction, the Adviser considers factors deemed relevant, including the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis.

In evaluating the best overall terms available, and in selecting the broker-dealer to execute a particular transaction, the Adviser may also consider the brokerage and research services provided (as those terms are defined in Section 28(e) of the Exchange Act). Consistent with any guidelines established by the Board of the Master Fund or Fund, as applicable, and Section 28(e) of the Exchange Act, the Adviser is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Master Fund or the Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if, but only if, the Adviser determines in good faith that such commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of that particular transaction or in terms of the overall responsibilities of the Adviser to its discretionary clients, including the Master Fund and the Fund. In addition, the Adviser is authorized to allocate purchase and sale orders for securities to brokers or dealers (including brokers and dealers that are affiliated with the Adviser or the Fund's placement agent) and to take into account the sale of Units of the Fund if the Adviser believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms. Given the focus on private equity investing, the Fund and the Master Fund are not expected to pay significant brokerage commissions.

------

For the fiscal year ended March 31, 2024, the Fund and the Master Fund paid $0 and $695.71 in brokerage commissions, respectively. For the fiscal year ended March 31, 2025, the Fund and the Master Fund paid $0 and $1,860 in brokerage commissions, respectively. For the fiscal year ended March 31, 2026, the Fund and the Master Fund paid $0 and $[ ] in brokerage commissions, respectively.

**PROXY VOTING POLICIES AND PROCEDURES** 

The Fund and the Master Fund have delegated the voting of proxies in respect of portfolio holdings to the Adviser to vote the proxies (as defined below) in accordance with the Adviser's proxy voting policies and procedures, except with regards to investments in cash sweep funds (where the Adviser will typically vote as recommended by the cash sweep fund's directors) and investments in other registered investment companies in reliance on the exemption provided by Section 12(d)(1)(F) of the 1940 Act, including cash sweep funds (where the Adviser will vote in the same proportion as the vote of all other shareholders of the other investment company). The proxy voting policies and procedures of the Adviser are attached as Appendix A. In general, the Adviser believes that voting proxies in accordance with the Adviser's proxy voting policies and procedures will be in the best interests of the Fund and the Master Fund.

In exercising its voting discretion, the Adviser seeks to avoid any direct or indirect conflict of interest presented by the voting decision. No less frequently than annually, the Adviser will provide the Board a written report describing any issues arising under the Adviser's proxy voting policies and procedures, including information about any material conflicts of interest and actions taken in response to those material conflicts of interest.

Investments in the Investment Funds do not typically convey traditional voting rights, and the occurrence of corporate governance or other consent or voting matters for this type of investment is substantially less than that encountered in connection with registered equity securities. On occasion, however, the Master Fund or Fund may receive notices or proposals from the Investment Funds seeking the consent of or voting by holders ("proxies").

The Master Fund may hold its interests in the Investment Funds in non-voting form. Where only voting securities are available for purchase by the Master Fund, the Master Fund may seek to create by contract the same result as owning a non-voting security by entering into a contract, typically before the initial purchase, to relinquish the right to vote in respect of its investment.

Information regarding how the Adviser voted proxies related to the Master Fund's portfolio holdings during the 12-month period ending June 30 is available, without charge, upon request by calling (877) 355-1566, and on the SEC's website at www.sec.gov.

**CERTAIN U.S. FEDERAL INCOME TAX MATTERS** 

The following summary of certain U.S. federal income tax considerations is intended for general informational purposes only. This discussion is not tax advice. This discussion does not address all aspects of taxation (including U.S. federal, state and local, and foreign taxes) that may be relevant to particular Investors in light of their own investment or tax circumstances, or to particular types of Investors (including insurance companies, tax-advantaged retirement plans, financial institutions or broker-dealers, foreign corporations, and persons who are not citizens or residents of the United States) subject to special treatment under U.S. federal income tax laws. This summary is based on the Code, the U.S. Treasury regulations thereunder, published rulings and court decisions, each as in effect as of the date of this SAI. These authorities are subject to change by legislative or administrative action, possibly with retroactive effect.

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans or arrangements. Investors should consult their tax advisers to determine the suitability of Units of the Fund as an investment through such plans and the precise effect of an investment on their particular tax situation.

------

The Fund invests substantially all of its assets in the Master Fund, and so substantially all of the Fund's income will consist of distributions (or deemed distributions) from the Master Fund. Therefore, as applicable, references to the U.S. federal income tax treatment of the Fund, including to the assets owned, income earned by or decisions made by or on behalf of the Fund, will be to or will include the Master Fund, and, as applicable, the assets owned, income earned by or decisions made by or on behalf of the Master Fund.

YOU ARE ADVISED TO CONSULT YOUR OWN TAX ADVISER WITH RESPECT TO THE SPECIFIC TAX CONSEQUENCES OF AN INVESTMENT IN THE FUND IN LIGHT OF YOUR PARTICULAR CIRCUMSTANCES. THIS DISCUSSION IS NOT INTENDED AS A SUBSTITUTE FOR CAREFUL TAX PLANNING.

**U.S. Federal Income Taxation of the Fund – in General** 

*Qualification for and Treatment as a Regulated Investment Company* 

The Fund has elected to be treated as a RIC under Subchapter M of the Code and intends each year to qualify and to be eligible to be treated as such. In order to qualify for the favorable tax treatment accorded RICs and their investors, the Fund must, among other things:

(a) derive at least 90% of its gross income for each taxable year from (i) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies and (ii) net income derived from interests in "qualified publicly traded partnerships" (as defined below);

(b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the market value of the Fund's total assets consists of cash and cash items (including receivables), U.S. government securities, securities of other RICs, and other securities limited in respect of any one issuer to a value not greater than 5% of the value of the Fund's total assets and not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, (x) in the securities (other than those of the U.S. government or other RICs) of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar, or related trades or businesses, or (y) in the securities of one or more qualified publicly traded partnerships (as defined below); and

(c) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid—generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and net tax-exempt income, for such year, in a manner qualifying for the dividends-paid deduction.

In general, for purposes of the 90% gross income requirement described in paragraph (a) above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the RIC. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (a partnership (x) the interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, and (y) that derives less than 90% of its income from the qualifying income described in paragraph (a)(i) above) will be treated as qualifying income. In general, such entities will be treated as partnerships for federal income tax purposes because they meet the passive income requirement under Code Section 7704(c)(2). In addition, although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership.

For purposes of the diversification test in paragraph (b) above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership. Also, for purposes of the diversification test in paragraph (b) above, the identification of the issuer (or, in some cases, issuers) of a particular investment can depend on the terms and conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the Internal Revenue Service ("IRS") with respect to issuer identification for a particular type of investment may adversely affect a RIC's ability to meet the diversification test in paragraph (b) above.

------

If the Fund qualifies as a RIC that is accorded favorable tax treatment, the Fund will not be subject to U.S. federal income tax on income distributed in a timely manner to its Investors in the form of dividends (including Capital Gain Dividends, as defined below) that qualify for the dividends-paid deduction.

The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in the Master Fund, which itself has elected to be treated and intends to qualify and be eligible to be treated as a RIC. The Fund generally expects to satisfy the requirements to qualify and be eligible to be treated as a RIC, provided that the Master Fund also meets these requirements; the Fund currently expects that the Master Fund will meet these requirements. Nonetheless, there can be no assurance that either the Fund or the Master Fund will so qualify and be eligible. If the Master Fund were to fail to satisfy the 90% gross income or diversification requirement for qualification as a RIC and were not to cure that failure (as described below), the Fund may as a result itself fail to meet the asset diversification test and may be ineligible to or may otherwise not cure such failure.

The federal income tax rules applicable to the Master Fund's investments are in certain cases unclear. An adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the Master Fund, and thus the Fund, has satisfied the requirements to maintain its qualification as a RIC. See "Fund Investments" below.

From time to time, the Fund or the Master Fund may increase its investments in ETFs, including in order to increase the percentage of its income constituting qualifying income.

If the Fund were to fail to meet the income, diversification or distribution tests described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax or interest, making additional distributions, or disposing of certain assets. If the Fund were ineligible to or otherwise did not cure such failure for any year, or if the Fund were otherwise to fail to qualify as a RIC accorded favorable tax treatment for such year, the Fund would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to Investors as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate Investors and may be eligible to be treated as "qualified dividend income" in the case of Investors taxed as individuals, provided, in both cases, the Investor meets certain holding period and other requirements in respect of the Units of the Fund. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before re-qualifying as a RIC that is accorded favorable tax treatment. As stated above, this discussion of the U.S. federal income tax treatment of the Fund includes the Master Fund. If the Master Fund were to fail to qualify to be treated as a RIC, the Fund would also most likely fail to qualify as a RIC.

The Fund intends to distribute at least annually to its Investors all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction), its net tax-exempt income (if any) and reserves the right to distribute annually substantially all its net capital gain. Any taxable income, including any net capital gain, retained by the Fund will be subject to tax at the Fund level at regular corporate rates. In the case of net capital gain, the Fund is permitted to designate the retained amount as undistributed capital gain in a timely notice to its Investors (or the Fund, in the case of the Master Fund making such designation) who would then, in turn, be (i) required to include in income for U.S. federal income tax purposes, as long-term capital gain, their shares of such undistributed amount, and (ii) entitled to credit their proportionate share of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds on a properly filed U.S. tax return to the extent the credit exceeds such liabilities. If the Fund makes this designation, for U.S. federal income tax purposes, the tax basis of Units owned by an Investor of the Fund (or interests in the Master Fund owned by the Fund, in the case of the Master Fund making such designation) would be increased by an amount equal under current law to the difference between the amount of undistributed capital gains included in the Investor's gross income under clause (i) of the preceding sentence and the tax deemed paid by the Investor under clause (ii) of the preceding sentence. The Fund is not required to, and there can be no assurance the Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

In determining its net capital gain, including in connection with determining the amount available to support a Capital Gain Dividend (as defined below), its taxable income, and its earnings and profits, a RIC generally may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion, if any,

------

of the taxable year after October 31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to any such portion of the taxable year) or late-year ordinary loss (generally, the sum of its (i) net ordinary loss, if any, from the sale, exchange or other taxable disposition of property, attributable to the portion, if any, of the taxable year after October 31, plus its (ii) other net ordinary loss, if any, attributable to the portion , if any, of the taxable year after December 31) as if incurred in the succeeding taxable year.

*Excise Tax* 

If the Fund were to fail to distribute in a calendar year at least an amount generally equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income for the one-year period ending October 31 of such year, plus any such amounts retained from the prior year, the Fund would be subject to a nondeductible 4% excise tax on the undistributed amounts. For purposes of the required excise tax distribution, the income and gains of Investment Funds and co-investments treated as partnerships for federal tax purposes will be treated as arising in the hands of the Master Fund at the time realized and recognized by the Investment Funds or co-investments. Also, for purposes of the required excise tax distribution, a RIC's ordinary gains and losses from the sale, exchange or other taxable disposition of property that would otherwise be taken into account after October 31 of a calendar year generally are treated as arising on January 1 of the following calendar year. In addition, for these purposes, the Fund will be treated as having distributed any amount on which it is subject to corporate income tax for the taxable year ending within the calendar year. Given the difficulty of estimating Master Fund income and gains in a timely fashion, each year the Master Fund is likely to be liable for a 4% excise tax, and it is possible that the Fund will also be liable for such tax.

*Capital Loss Carryforwards* 

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against the Fund's net investment income. Instead, potentially subject to certain limitations, a RIC may carry net capital losses from any taxable year forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent taxable years. Distributions from capital gains are generally made after applying any available capital loss carryforwards. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether a RIC retains or distributes such gains. A RIC may carry net capital losses (if any) forward to one or more subsequent taxable years without expiration. The Fund must apply long-term capital loss carryforwards first against long-term capital gains, and short-term capital loss carryforwards first against short-term capital gains. The Fund's available capital loss carryforwards, if any, will be set forth in its annual report for each fiscal year.

Because a RIC cannot "pass through" its losses to its investors, and thus the Master Fund cannot pass through losses to the Fund, any capital losses the Master Fund recognizes for U.S. federal income tax purposes will remain at the Master Fund level until the Master Fund can use them to reduce future capital gains. Accordingly, the Fund generally does not expect to realize any net capital losses, except possibly in the case where it disposes of a certain portion of its investment in the Master Fund at a loss as part of a tender offer by the Master Fund. For further discussion of the effect on the Fund of net capital losses realized by the Master Fund and of the consequences of a redemption by the Fund of a portion of its investment in the Master Fund, see "Investment in Master Fund" below.

**Taxation of Fund Investments** 

The Master Fund may invest a significant portion of its assets in Investment Funds and co-investments that are classified as partnerships for U.S. federal income tax purposes.

An entity that is properly classified as a partnership, rather than an association or publicly traded partnership taxable as a corporation, is not itself subject to federal income tax. Instead, each partner of the partnership must take into account its distributive share of the partnership's income, gains, losses, deductions and credits (including all such items allocable to that partnership from investments in other partnerships) for each taxable year of the partnership ending with or within the partner's taxable year, without regard to whether such partner has received or will receive corresponding cash distributions from the partnership. Accordingly, the Master Fund, and thus the Fund, may be required to recognize items of taxable income and gain prior to the time that the Master Fund receives corresponding cash distributions from an Investment Fund or co-investment. In such case, the Master Fund might have to borrow money or dispose of investments, including interests in Investment Funds, and the Fund might have to sell interests of the Master Fund, in each case including when it is disadvantageous to do so, in order to make the distributions required in order to maintain their status as RICs and to avoid the imposition of a federal income or excise tax.

------

In addition, the character of a partner's distributive share of items of partnership income, gain and loss generally will be determined as if the partner had realized such items directly. Investment Funds and co-investments classified as partnerships for federal income tax purposes may generate income allocable to the Master Fund that is not qualifying income for purposes of the 90% gross income test described above. In order to meet the 90% gross income test, the Master Fund may structure its investments in a way potentially increasing the taxes imposed thereon or in respect thereof. Because the Master Fund may not have timely or complete information concerning the amount and sources of such an Investment Fund's or co-investment's income until such income has been earned by the Investment Fund or co-investment or until a substantial amount of time thereafter, it may be difficult for the Master Fund to satisfy the 90% gross income test.

Furthermore, it may not always be clear how the asset diversification rules for RIC qualification will apply to the Master Fund's investments in Investment Funds or co-investments that are classified as partnerships for federal income tax purposes. It is possible that the Master Fund and the Fund will engage the services of a third-party service provider to collect, aggregate and analyze data on the Master Fund's direct and indirect investments in order to ensure that the Master Fund meets the asset diversification test. In the event that the Master Fund believes that it is possible that it will fail the asset diversification requirement at the end of any quarter of a taxable year, it may seek to take certain actions to avert such failure, including by acquiring additional investments to come into compliance with the asset diversification test or by disposing of non-diversified assets. Although the Code affords the Master Fund the opportunity, in certain circumstances, to cure a failure to meet the asset diversification test, including by disposing of non-diversified assets within six months, there may be constraints on the Master Fund's ability to dispose of its interest in an Investment Fund that limit utilization of this cure period.

As a result of the considerations described in the preceding paragraphs, the Fund's and the Master Fund's intention to qualify and be eligible for treatment as RICs can limit their ability to acquire or continue to hold positions in Investment Funds or co-investments that would otherwise be consistent with their investment strategy or can require them to engage in transactions in which they would otherwise not engage, resulting in additional transaction costs and reducing the Fund's return to Investors.

As stated above, unless otherwise indicated, references in this discussion to the Fund's investments, activities, income, gain, and loss include the direct investments, activities, income, gain, and loss of both the Fund and the Master Fund, as well as those indirectly attributable to the Fund as result of the Fund's or the Master Fund's investment in any Investment Fund (or other entity, including a co-investment or the Lead Fund) that is properly classified as a partnership or disregarded entity for U.S. federal income tax purposes (and not an association or publicly traded partnership taxable as a corporation).

*Passive Foreign Investment Companies* 

The Master Fund may invest in Investment Funds or in other entities, including co-investments, that are classified as passive foreign investment companies ("PFICs") for U.S. federal income tax purposes, and Investment Funds themselves may invest in entities that are classified as PFICs. Investments in PFICs could potentially subject the Master Fund to a U.S. federal income tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company. This tax cannot be eliminated by making distributions to its investors. The Master Fund (or, as applicable, the Investment Fund or another entity) generally may elect to avoid the imposition of that tax by, for example, electing to treat a PFIC in which it holds an interest as a "qualified electing fund" (i.e., make a "QEF election"), in which case the Master Fund will be required to include its share of the PFIC's income and net capital gains annually, regardless of whether it receives any distributions from the PFIC.

In certain circumstances, the Master Fund may be permitted to and elect to mark the gains (and to a limited extent losses) in such PFIC holdings "to the market" as though it had sold (and, solely for purposes of this mark-to-market election, repurchased) such holdings on the last day of the Master Fund's taxable year. Such gains and losses are treated as ordinary income and loss. If the Master Fund realizes a loss with respect to a PFIC which has elected such mark-to-market treatment, whether by virtue of selling all or part of its interest in the PFIC or because of the "mark

------

to market" adjustment described above, the loss will be ordinary to the extent of the excess of the sum of the mark-to-market gains over the mark-to-market losses previously recognized with respect to the PFIC. To the extent that the Master Fund's mark-to-market loss with respect to a PFIC exceeds that limitation, the loss will effectively be taken into account in offsetting future mark-to-market gains from the PFIC, and any remaining loss will generally be deferred until the PFIC interests are sold, at which point the loss will be treated as a capital loss.

Where the mark-to-market election is made, it is possible that the Master Fund will be required to recognize income (which generally must be distributed to the Fund, and in turn to the Fund's Investors) in excess of the distributions that it receives in respect of an interest in a PFIC. Accordingly, the Master Fund may need to borrow money or to dispose of investments, potentially including its interests in the PFIC, in order to make the distributions required in order to maintain its status as a RIC and to avoid the imposition of a federal income tax and/or the nondeductible 4% excise tax. There can be no assurances, however, that the Master Fund will be successful in this regard; if the Master Fund were unsuccessful in this regard, it could limit the ability of the Master Fund, and thus, the Fund to qualify and be eligible for treatment as a RIC.

In certain cases, neither the Fund nor the Master Fund will be the party legally permitted to make the QEF election or the mark-to-market election in respect of indirectly held PFICs and, in such cases, will thus not have control over whether the QEF or mark-to-market election is made.

If neither a "mark-to-market" nor a QEF election is made with respect to an interest in a PFIC, the ownership of the PFIC interest may have significantly adverse tax consequences for the Master Fund, and thus the Fund: The holder of the PFIC interest would be subject to an interest charge (at the rate applicable to tax underpayments) on tax liability treated as having been deferred with respect to certain distributions and on gain from the disposition of the interests in a PFIC (collectively referred to as "excess distributions"), even if, where the holder is a RIC, those excess distributions are paid by the RIC as a dividend to its shareholders.

Because it is not always possible to identify a foreign corporation as a PFIC, in certain instances the Fund or the Master Fund may unexpectedly incur the tax and interest charges described above. Any such tax will reduce the value of an Investor's investment in the Fund.

*Investments in Other RICs* 

The Fund's investment in shares of mutual funds, ETFs or other companies that qualify as RICs, including, as discussed in "Investment in the Master Fund" below, the Master Fund, (each, an "underlying RIC"), can cause the Fund to be required to distribute greater amounts of net investment income or net capital gain than the Fund would have distributed had it invested directly in the securities held by the underlying RIC, rather than in shares of the underlying RIC. Further, the amount or timing of distributions from the Fund qualifying for treatment as a particular character (e.g., long-term capital gain, exempt interest, eligible for dividends-received deduction, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the underlying RIC.

If the Fund receives dividends from an underlying RIC and the underlying RIC reports such dividends as "qualified dividend income," then the Fund is permitted in turn to report a portion of its distributions as qualified dividend income, provided that the Fund meets holding period and other requirements with respect to shares of the underlying RIC.

If the Fund receives dividends from an underlying RIC and the underlying RIC reports such dividends as eligible for the dividends-received deduction, then the Fund is permitted in turn to report its distributions derived from those dividends as eligible for the dividends-received deduction as well, provided the Fund meets holding period and other requirements with respect to shares of the underlying RIC.

*Derivatives, Hedging and Related Transactions* 

In general, option premiums received by the Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Fund transfers or otherwise terminates the option (e.g., through a closing transaction). If a call option written by the Fund

------

is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the Fund minus (b) the Fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by the Fund pursuant to the exercise of a put option written by it, the Fund generally will subtract the premium received for purposes of computing its cost basis in the securities purchased. The gain or loss with respect to any termination of the Fund's obligation under an option other than through the exercise of the option generally will be short-term gain or loss depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by the Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

Certain covered call-writing activities of the Fund may trigger the U.S. federal income tax straddle rules of Section 1092 of the Code, requiring that losses be deferred and holding periods be tolled on offsetting positions in options and stocks deemed to constitute substantially similar or related property. Options on single stocks that are not "deep in the money" may constitute qualified covered calls, which generally are not subject to the straddle rules; the holding period on stock underlying qualified covered calls that are "in the money" although not "deep in the money" will be suspended during the period that such calls are outstanding. Thus, the straddle rules and the rules governing qualified covered calls could cause gains that would otherwise constitute long-term capital gains to be treated as short-term capital gains, and distributions that would otherwise constitute "qualified dividend income" or qualify for the dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as ordinary income or to fail to qualify for the dividends-received deduction, as the case may be.

The tax treatment of certain futures contracts entered into by the Fund as well as listed non-equity options written or purchased by the Fund on U.S. exchanges (including options on futures contracts, equity indices and debt securities) will be governed by Section 1256 of the Code ("Section 1256 contracts"). Gains or losses on Section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, Section 1256 contracts held by the Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable.

In addition to the special rules described above in respect of futures and options transactions, the Fund's transactions in other derivative instruments (e.g., forward contracts and swap agreements), as well as any of its hedging, short sale, securities loan or similar transactions, may be subject to one or more special tax rules (e.g., notional principal contract, straddle, constructive sale, wash sale and short sale rules). These rules may affect whether gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby affecting whether capital gains and losses are treated as short-term or long-term. These rules could therefore affect the amount, timing and/or character of distributions to Investors.

Because these and other tax rules applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a RIC and avoid a Fund-level tax.

*Book-Tax Differences* 

Certain of the Fund's investments in derivative instruments and foreign currency-denominated instruments, and any of the Fund's transactions in foreign currencies and hedging activities, are likely to produce a difference between the Fund's book income and its taxable income. If such a difference arises, and the Fund's book income is less than its taxable income, the Fund could be required to make distributions exceeding book income to qualify as a RIC that is accorded favorable tax treatment and to avoid an entity-level tax. In the alternative, if the Fund's book income exceeds its taxable income (including realized capital gains), the distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits, (ii) thereafter, as a return of capital to the extent of the recipient's basis in its Units, and (iii) thereafter as gain from the sale or exchange of a capital asset.

------

*Special Rules for Debt Obligations* 

Some debt obligations with a fixed maturity date of more than one year from the date of issuance (and zero-coupon debt obligations with a fixed maturity date of more than one year from the date of issuance) will be treated as having original issue discount ("OID"). OID is, very generally, the excess of the stated redemption price at maturity of a debt obligation over the issue price. OID is treated as interest income and is included in the Fund's income and is required to be distributed over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. In addition, payment-in-kind obligations will give rise to income which is required to be distributed and is taxable even though the Fund holding the obligation receives no interest payment in cash on the security during the year.

Some debt obligations with a fixed maturity date of more than one year from the date of issuance that are acquired by the Fund in the secondary market may be treated as having "market discount." Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with OID, its "revised issue price") over the purchase price of such obligation. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt obligation having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt obligation. Alternatively, the Fund or an Investment Fund treated as a partnership, as applicable, may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount in the Fund's income (as ordinary income) and thus distribute it over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. The rate at which the market discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund or Investment Fund, as applicable elects.

Some debt obligations with a fixed maturity date of one year or less from the date of issuance may be treated as having OID or, in certain cases, "acquisition discount" (very generally, the excess of the stated redemption price over the purchase price). The Fund will be required to include the OID or acquisition discount in income (as ordinary income) and thus distribute it over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The rate at which OID or acquisition discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

If the Fund holds the foregoing kinds of obligations, or other obligations subject to special rules under the Code, it may be required to pay out as an income distribution each year an amount which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or, if necessary, by disposition of portfolio securities, including at a time when it may not be advantageous to do so. These dispositions may cause the Fund to realize higher amounts of short-term capital gains (generally taxed to Investors at ordinary income tax rates for U.S. federal income tax purposes) and, in the event the Fund realizes net capital gains from such transactions, its Investors may receive a larger Capital Gain Dividend (as defined below) than if the Fund had not held such securities.

A portion of the OID accrued on certain high-yield discount obligations may not be deductible to the issuer and will instead be treated as a dividend paid by the issuer for purposes of the dividends-received deduction. In such cases, if the issuer of the high-yield discount obligations is a domestic corporation, dividend payments by the Fund may be eligible for the dividends-received deduction to the extent attributable to the deemed dividend portion of such OID.

*Securities Purchased at a Premium* 

Very generally, where the Fund purchases a bond at a price that exceeds the redemption price at maturity – that is, at a premium—the premium is amortizable over the remaining term of the bond. In the case of a taxable bond, if the Fund makes an election applicable to all such bonds it purchases, which election is irrevocable without the consent of the IRS, the Fund reduces the current taxable income from the bond by the amortized premium and reduces its tax basis in the bond by the amount of such offset; upon the disposition or maturity of such bonds, the Fund is permitted to deduct any remaining premium allocable to a prior period. In the case of a tax-exempt bond, tax rules require the Fund to reduce its tax basis by the amount of amortized premium.

------

*At-risk or Defaulted Securities* 

Investments in debt obligations that are at risk of or in default present special tax issues for the Fund. Tax rules are not entirely clear about issues such as whether or to what extent the Fund should recognize market discount on such a debt obligation, when the Fund may cease to accrue interest, OID or market discount, when and to what extent the Fund may take deductions for bad debts or worthless securities and how the Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by the Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its eligibility for treatment as a RIC and does not become subject to U.S. federal income or excise tax.

*Foreign Currency Transactions* 

Any transaction by the Fund in foreign currencies, foreign currency-denominated debt obligations or certain foreign currency options, futures contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may accelerate Fund distributions to Investors and increase the distributions taxed to Investors as ordinary income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned in subsequent taxable years.

*Commodity-Linked Derivatives* 

The Fund's use of commodity-linked derivatives can bear on or be limited by the Fund's intention to qualify as a RIC. Income and gains from certain commodity-linked derivatives does not constitute qualifying income to a RIC for purposes of the 90% gross income test described above. The tax treatment of certain other commodity-linked derivative instruments in which the Fund might invest is not certain, in particular with respect to whether income or gains from such instruments constitute qualifying income to a RIC. If the Fund were to treat income or gain from a particular instrument as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any other non-qualifying income, caused the Fund's non-qualifying income to exceed 10% of its gross income in any taxable year, the Fund would fail to qualify as a RIC unless it is eligible to and does pay a tax at the Fund level.

*Certain Investments in REITs* 

Any investment by the Fund in equity securities of REITs qualifying as such under Subchapter M of the Code may result in the Fund's receipt of cash in excess of the REIT's earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to Fund Investors for U.S. federal income tax purposes. Dividends received by the Fund from a REIT will not qualify for the corporate dividends-received deduction and generally will not constitute qualified dividend income.

*Mortgage-Related Securities* 

The Fund may invest directly or indirectly in residual interests in real estate mortgage investment conduits ("REMICs") (including by investing in residual interests in collateralized mortgage obligations ("CMOs") with respect to which an election to be treated as a REMIC is in effect) or equity interests in taxable mortgage pools ("TMPs"). Under a notice issued by the IRS in October 2006 and Treasury regulations that have yet to be issued but may apply retroactively, a portion of the Fund's income (including income allocated to the Fund from a REIT or other pass-through entity) that is attributable to a residual interest in a REMIC or an equity interest in a TMP (referred to in the Code as an "excess inclusion") will be subject to U.S. federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a RIC will be allocated to Investors of the RIC in proportion to the dividends received by such Investors, with the same consequences as if the Investors held the related interest directly. As a result, a RIC investing in such interests may not be a suitable investment for charitable remainder trusts ("CRTs") (See, "Tax-Exempt Shareholders" below).

------

In general, excess inclusion income allocated to Investors (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or other tax-exempt entity) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a non-U.S. Investor, will not qualify for any reduction in U.S. federal withholding tax. An Investor will be subject to U.S. federal income tax on such inclusions notwithstanding any exemption from such income tax otherwise available under the Code.

*Investment in the Master Fund* 

Because the Fund will invest all or substantially all of its assets in the Master Fund, its distributable income and gains will normally consist entirely of distributions (or deemed distributions) from the Master Fund and gains and losses on the disposition of units of the Master Fund. To the extent that the Master Fund realizes net losses on its investments for a given taxable year, the Fund will not be able to benefit from those losses unless (i) the losses are capital losses and the Master Fund realizes subsequent capital gains that it can reduce by those losses, or (ii) the Fund is able to recognize its share of the Master Fund's losses when it disposes of units of the Master Fund. Even if the Fund were able to recognize its share of those losses by making such a disposition, a portion of its loss may be recognized as a long-term capital loss, which will not be treated as favorably for U.S. federal income tax purposes as a short-term capital loss or an ordinary deduction. In particular, the Fund will not be able to offset any capital losses from its dispositions of Master Fund units against its ordinary income (including distributions of any net short-term capital gains realized by the Master Fund).

As a result of the foregoing rules, and certain other special rules, it is possible that the amounts of net investment income and net capital gain that the Fund will be required to distribute to Investors will be greater than such amounts would have been had the Fund invested directly in the securities held by the Master Fund, rather than investing in units of the Master Fund. For similar reasons, the amount or timing of distributions from the Fund qualifying for treatment as a particular character (e.g., long-term capital gain, exempt interest, eligibility for dividends-received deduction, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the Master Fund.

A redemption, if any, of Master Fund units (including a redemption in connection with a tender offer of the Fund) by the Fund generally will be treated as a distribution under Section 301 of the Code (a "Section 301 distribution") unless the redemption is treated as being any of (i) a complete termination of the Fund's interest in the Master Fund, (ii) "substantially disproportionate" with respect to the Fund or (iii) otherwise "not essentially equivalent to a dividend" under the relevant rules of the Code. The Fund expects that its redemptions, if any, of Master Fund units will be treated as Section 301 distributions. A Section 301 distribution is not treated as a sale or exchange giving rise to capital gain or loss, but rather is treated as a dividend to the extent supported by the Master Fund's current and accumulated earnings and profits, with the excess treated as a return of capital reducing the Fund's tax basis in its units, and thereafter as capital gain.

In the case where the Fund is treated as having received a taxable dividend from the Master Fund, there is a risk that non-tendering investors in the Master Fund, and other investors in the Master Fund who tender some but not all of their units therein or not all of whose units therein are repurchased, in each case whose percentage interests in the Master Fund increase as a result of such tender, will be treated as having received a taxable distribution from the Master Fund. The extent of such risk will vary depending upon the particular circumstances of the tender offer, and in particular whether such offer is a single and isolated event or is part of a plan for periodically redeeming units of the Master Fund. Dividend treatment of a tender by the Master Fund would affect the amount and character of income required to be distributed by both the Master Fund and the Fund for the year in which the redemption occurred. It is possible that such a dividend would qualify as qualified dividend income; otherwise, it would be taxable as ordinary income.

If the Fund receives dividends from the Master Fund, and the Master Fund reports such dividends as "qualified dividend income," then the Fund is permitted, in turn, to report a portion of its distributions as "qualified dividend income," provided the Fund meets the holding period and other requirements with respect to units of the Master Fund.

------

If the Fund receives dividends from the Master Fund, and the Master Fund reports such dividends as eligible for the dividends-received deduction, then the Fund is permitted, in turn, to report a portion of its distributions as eligible for the dividends-received deduction, provided the Fund meets the holding period and other requirements with respect to units of the Master Fund.

The Fund expects to be a "qualified fund of funds"—that is, a RIC at least 50% of the total assets of which consists, at the close of each quarter of the RIC's taxable year, of interests in other RICs (including the Master Fund). As a result, the Fund will be permitted to elect to pass through to its Investors foreign income taxes and other similar taxes paid by the Fund or Master Fund in respect of foreign securities held directly by the Fund or by the Master Fund, if the Master Fund itself elected to pass such taxes through to Investors, so that Investors in the Fund will be eligible to claim a tax credit or deduction for such taxes. However, even if the Fund or the Master Fund qualifies to make such election for any year, it may determine not to do so. See "Foreign Taxation" below for more information.

Failure of the Master Fund or the Fund to qualify and be eligible to be treated as a RIC would likely significantly reduce the investment return to the Fund's Investors.

The Master Fund is permitted to invest up to 25% of its total assets in the Corporate Subsidiary, a Delaware limited liability company that has elected to be treated as a corporation for U.S. federal income tax purposes. A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where, as here, the Corporate Subsidiary is organized in the U.S., the Corporate Subsidiary will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Master Fund's return on its investment in the Corporate Subsidiary. If a net loss is realized by the Corporate Subsidiary, such loss is not generally available to offset the income of the Master Fund.

*Foreign Taxation* 

Income, proceeds and gains received by the Fund or Master Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. This will decrease the Fund's yield on securities subject to such taxes. Tax treaties between certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the Master Fund's assets at the end of its taxable year consists of the securities of foreign corporations, the Master Fund may elect to permit its investors, including the Fund, to claim a credit or deduction on their U.S. federal income tax returns for their pro rata portions of qualified taxes paid by the Master Fund to foreign countries in respect of foreign securities that the Master Fund has held for at least the minimum period specified in the Code. In such a case, the investors, including the Fund, will include in gross income from foreign sources their pro rata share of such taxes paid by the Master Fund. As discussed above, if the Fund is a qualified fund of funds, it also may elect to pass through to its Investors foreign taxes it has paid or foreign taxes passed through to it by any RIC, including the Master Fund, in which it invests that itself was eligible to elect and did elect to pass through such taxes to Investors (see "Investment in Master Fund" and "Investments in Other RICs" above). Even if the Fund is eligible to make such an election for a given year, it may determine not to do so. If the Fund is not so eligible or does not so elect, foreign taxes, if any, would nonetheless reduce the Fund's taxable income. An Investor's ability to claim an offsetting foreign tax credit or deduction in respect of foreign taxes passed through by the Fund is subject to certain limitations imposed by the Code, which may result in the Investor's not receiving a full credit or deduction (if any) for the amount of such taxes. Investors who do not itemize deductions on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. Investors that are not subject to U.S. federal income tax, and those who invest in the Fund through tax-advantaged accounts (including those who invest through individual retirement accounts or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by the Fund.

If the Fund is not eligible to or does not make the above election, the Fund's taxable income will be reduced by the foreign taxes paid or withheld, and Investors will not be entitled separately to claim a credit or deduction with respect to such taxes. Members are advised to consult their own tax advisers with respect to the treatment of foreign source income and foreign taxes under the U.S. federal income tax laws.

------

**Taxation of Investors** 

*Distributions by the Fund* 

For U.S. federal income tax purposes, distributions of investment income are generally taxable to Investors as ordinary income. Taxes on distributions of capital gains are determined by how long the Fund owned or is considered to have owned the investments that generated them, rather than how long an Investor has owned his or her interests. In general, the Fund will recognize long-term capital gain or loss on investments it has owned (or is deemed to have owned) for more than one year, and short-term capital gain or loss on investments it has owned (or is deemed to have owned) for one year or less. Distributions of net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case determined with reference to any loss carryforwards) that are properly reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable to Investors as long-term capital gains includible in net capital gain and taxed to individuals at reduced rates. The IRS and the U.S. Department of the Treasury have issued final regulations that impose special rules in respect of Capital Gain Dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code. Distributions of net short-term capital gain (as reduced by any net long-term capital loss for the taxable year) will be taxable to Investors as ordinary income. Distributions from capital gains are generally made after applying any available capital loss carryovers. Distributions of investment income reported by the Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to net capital gain, provided holding period and other requirements are met at both the Investor and Fund level. The Fund does not expect a significant portion of Fund distributions to be derived from qualified dividend income. Distributions of investment income reported by the Fund as derived from eligible dividends will qualify for the "dividends-received deduction" in the hands of corporate Investors, provided holding period and certain other requirements are met. The Fund does not expect a significant portion of Fund distributions to be eligible for the dividends-received deduction.

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. For these purposes, "net investment income" generally includes, among other things (i) distributions paid by the Fund of net investment income and capital gains and (ii) any net gain from the sale, exchange, or other taxable disposition of interests. Investors are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in the Fund.

As required by federal law, detailed U.S. federal tax information with respect to each calendar year will be furnished to each Investor as soon as practicable in the succeeding year.

If the Fund makes a distribution to an Investor in excess of the Fund's current and accumulated earnings and profits in any taxable year, the excess distribution will be treated as a return of capital to the extent of such Investor's tax basis in its interests, and thereafter as capital gain. A return of capital is not taxable, but it reduces an Investor's tax basis in its interests, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the Investor of its interests.

Distributions are taxable as described herein whether Investors receive them in cash or reinvest them in additional interests. A dividend paid to Investors in January generally is deemed to have been paid by the Fund on December 31 of the preceding year, if the dividend was declared and payable to Investors of record on a date in October, November, or December of that preceding year.

Distributions by the Fund to its shareholders that the Fund properly reports as "Section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "Section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by a RIC from REITs, to the extent such dividends are properly reported as such by the RIC in a written notice to its shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible, but is not required to do so.

------

Distributions on the Fund's interests are generally subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such distributions may economically represent a return of a particular Investor's investment. Such distributions are likely to occur in respect of interests purchased at a time when the Fund's net asset value reflects either unrealized gains, or realized but undistributed income or gains, that were therefore included in the price the Investor paid. Such distributions may reduce the fair market value of the Fund's interests below the Investor's cost basis in those interests. As described above, the Fund is required to distribute realized income and gains regardless of whether the Fund's net asset value also reflects unrealized losses.

*Backup Withholding* 

The Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any individual Investor who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the Investor's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

*Tax-Exempt Investors* 

Income of a RIC that would be UBTI if earned directly by a tax-exempt entity will not generally be attributed as UBTI to a tax-exempt Investor of the RIC. Notwithstanding this "blocking" effect, a tax-exempt Investor could realize UBTI by virtue of its investment in the Fund if interests in the Fund constitute debt-financed property in the hands of the tax-exempt Investor within the meaning of Section 514(b) of the Code.

A tax-exempt Investor may also recognize UBTI if the Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in REMICs or equity interests in TMPs as described above, if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

In addition, special tax consequences apply to CRTs that invest in RICs that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, a CRT (as defined in Section 664 of the Code) that realizes any UBTI for a taxable year must pay an excise tax annually of an amount equal to such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI as a result of investing in a RIC that recognizes "excess inclusion income." Rather, if at any time during any taxable year a CRT (or one of certain other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a share in a RIC that recognizes "excess inclusion income," then the RIC will be subject to a tax on that portion of its "excess inclusion income" for the taxable year that is allocable to such shareholders at the highest federal corporate income tax rate. The extent to which this IRS guidance remains applicable in light of the December 2006 legislation is unclear. To the extent permitted under the 1940 Act, the Fund may elect to specially allocate any such tax to the applicable CRT, or other Investor, and thus reduce such Investor's distributions for the year by the amount of the tax that relates to such Investor's interest in the Fund.

CRTs and other tax-exempt Investors are urged to consult their tax advisors concerning the consequences of investing in the Fund.

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans. Members should consult their tax advisors to determine the suitability of Units of the Fund as an investment through such plans.

*Sale, Exchange or Repurchase of Units* 

From time to time, the Fund intends to make a tender offer for its Units (as described under "Repurchases of Units and Transfers" in the Prospectus). Investors who tender all Fund interests (as previously defined, "Units") they hold, or are deemed to hold, in response to a tender offer will be treated as having sold their interests and generally will realize a capital gain or loss, as discussed in the following paragraph. If an Investor tenders fewer than all of its

------

Units or fewer than all Units tendered are repurchased, such Investor may be treated as having received a so-called "Section 301 distribution," taxable in whole or in part as a dividend upon the tender of its Units, unless the repurchase is treated as being either (i) "substantially disproportionate" with respect to such Investor or (ii) otherwise "not essentially equivalent to a dividend" under the relevant rules of the Code. A Section 301 distribution is not treated as a sale or exchange giving rise to capital gain or loss, but rather is treated as a dividend to the extent supported by the Fund's current and accumulated earnings and profits, with the excess treated as a return of capital reducing an Investor's tax basis in its Units (but not below zero), and thereafter as capital gain. Where the Investor is treated as receiving a dividend, there is a risk that non-tendering Investors and Investors who tender some but not all of their Units or fewer than all of whose Units are repurchased, in each case whose percentage interests in the Fund increase as a result of such tender, will be treated as having received a taxable dividend distribution from the Fund. The extent of such risk will vary depending upon the particular circumstances of the tender offer, and in particular whether such offer is a single and isolated event or is part of a plan for periodically repurchasing Units of the Fund.

The sale, repurchase or other taxable disposition of Fund Units generally will give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of Units will be treated as long-term capital gain or loss if the Units have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Units will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of Units held by an Investor for six months or less will be treated as long-term, rather than short-term, to the extent of any Capital Gain Dividends received (or deemed received) by the Investor with respect to the Units. Further, all or a portion of any loss realized upon a taxable disposition of Units will be disallowed under the Code's "wash sale" rule if other substantially identical Units are purchased, including by means of dividend reinvestment, within 30 days before or after the disposition. In such a case, the basis of the newly purchased Units will be adjusted to reflect the disallowed loss.

The Fund's use of cash to repurchase shares could adversely affect its ability to satisfy the distribution requirements for treatment as a RIC and its ability to avoid Fund-level income and excise taxes. To the extent that the Fund recognizes net gains on the liquidation of portfolio securities to fund share repurchases pursuant to its tender offers or otherwise repurchases Units, the Fund will be required to take such gains into account in determining whether the distribution requirements are satisfied and it may be required to make additional distributions to its Investors, including distributions of short-term capital gains taxable to individual shareholders as ordinary income.

Upon the sale, exchange or redemption of Units, the Fund or, in the case of Units purchased through a financial intermediary, the financial intermediary, may be required to provide an Investor and the IRS with cost basis and certain other related tax information about the Units the Investor sold, exchanged or redeemed. See the Prospectus for more information.

*Foreign Investors* 

Distributions by the Fund to an Investor that is not a "U.S. person" within the meaning of the Code (a "Foreign Investor") properly reported by the Fund as (1) Capital Gain Dividends, (2) short-term capital gain dividends, and (3) interest-related dividends, each as defined and subject to certain conditions described below, generally are not subject to withholding of U.S. federal income tax.

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S.-source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual Foreign Investor, in each case to the extent such distributions are properly reported as such by the Fund in a written notice to Investors. The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not apply to (A) distributions to an individual Foreign Investor who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is treated as effectively connected with the conduct by the Foreign Investor of a trade or business within the United States under special rules regarding the disposition of U.S. real property interests ("USRPIs") as described below. The exception to withholding for interest-related dividends does not apply to distributions to a Foreign Investor (A) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (B) to the extent that the dividend is attributable to certain interest on an obligation if the Foreign Investor is the issuer or is a

------

10% shareholder of the issuer, (C) that is within certain foreign countries that have inadequate information exchange with the United States, or (D) to the extent the dividend is attributable to interest paid by a person that is a related person of the Foreign Investor and the Foreign Investor is a controlled foreign corporation. If a Fund invests in a RIC that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to Foreign Investors. The Fund is permitted to report such part of its dividends as interest-related and/or short-term capital gain dividends as are eligible, but is not required to do so.

In the case of Units held through an intermediary, the intermediary may withhold even if a RIC reports all or a portion of a payment as an interest-related or short-term capital gain dividend to investors. Foreign Investors should contact their intermediaries regarding the application of these rules to their accounts.

Distributions by the Fund to Foreign Investors other than Capital Gain Dividends, short-term capital gain dividends, and interest-related dividends (e.g. dividends attributable to foreign-source dividend and interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).

A Foreign Investor is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of Units of the Fund unless (i) such gain is effectively connected with the conduct by the Foreign Investor of a trade or business within the United States, (ii) in the case of a Foreign Investor that is an individual, the Investor is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met, or (iii) the special rules relating to gain attributable to the sale or exchange of USRPIs apply to the Foreign Investor's sale of Units of the Fund (as described below).

Special rules would apply if the Fund were a qualified investment entity ("QIE") because it is either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition of USRPIs described below. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs are generally defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or very generally, an entity that has been a USRPHC in the last five years. A RIC that holds, directly or indirectly, significant interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and RICs that are QIEs, not-greater-than 10% interests in publicly traded classes of stock in REITs and not-greater-than-5% interests in publicly traded classes of stock in RICs generally are not USRPIs, but these exceptions do not apply for purposes of determining whether the Fund is a QIE. If an interest in the Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share repurchase by a greater-than-5% Foreign Investor, or any Foreign Investor if shares of the Fund are not considered regularly traded on an established securities market, in which case such Foreign Investor generally would also be required to file U.S. tax returns and pay any additional taxes due in connection with the repurchase.

If the Fund were a QIE, under a special "look-through" rule, any distributions by the Fund to a Foreign Investor (including, in certain cases, distributions made by the Fund in redemption of its shares) attributable directly or indirectly to (i) distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat as USRPI gain in its hands, and (ii) gains realized on the disposition of USRPIs by the Fund would retain their character as gains realized from USRPIs in the hands of the Fund's Foreign Investors and would be subject to U.S. tax withholding. In addition, such distributions could result in the Foreign Investor being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a Foreign Investor, including the rate of such withholding and character of such distributions (e.g., as ordinary income or USRPI gain), would vary depending upon the extent of the Foreign Investor's current and past ownership of the Fund.

The Fund generally does not expect that it will be a QIE.

Foreign Investors also may be subject to "wash sale" rules to prevent the avoidance of the tax-filing and -payment obligations discussed above through the sale and repurchase of Units of the Fund. In general, if a Foreign Investor disposes of an interest in a domestically controlled QIE during the 30-day period before the ex-dividend date of a

------

distribution that the Foreign Investor would (but for the disposition) have treated as USRPI gain, and acquires, or enters into a contract or option to acquire, a substantially identical interest in that entity during the 61-day period that began on the first day of the 30-day period, the Foreign Investor is treated as having USRPI gain in an amount equal to the portion of such distribution that would have been treated as USRPI gain in the absence of such disposition.

Foreign Investors with respect to whom income from the Fund is effectively connected with a trade or business conducted by the Foreign Investor within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations, whether such income is received in cash or reinvested in Units of the Fund and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a Foreign Investor is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the Foreign Investor in the United States. More generally, Foreign Investors who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisors.

In order to qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a Foreign Investor must comply with special certification and filing requirements relating to its non-US status (including, in general, furnishing an IRS Form W-8BEN or substitute form). Foreign Investors should consult their tax advisors in this regard. Special rules (including withholding and reporting requirements) apply to foreign partnerships and those holding Units through foreign partnerships. Additional considerations may apply to foreign trusts and estates. Investors holding Units through foreign entities should consult their tax advisors about their particular situation.

Foreign Investors should consult their tax advisors and, if holding Units through intermediaries, their intermediaries, concerning the application of these rules to their investment in the Fund. A Foreign Investor may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax referred to above.

*Tax Shelter Reporting Regulations* 

Under U.S. Treasury regulations, if an Investor recognizes a loss of at least $2 million in any single tax year or $4 million in any combination of tax years for an individual Investor or at least $10 million in any single tax year or $20 million in any combination of tax years for a corporate Investor, the Investor must file with the IRS a disclosure statement on IRS Form 8886. Direct holders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, investors in a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to investors in most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Investors should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

*Investor Reporting Obligations with Respect to Foreign Bank and Financial Accounts* 

Investors that are U.S. persons and own, directly or indirectly, more than 50% of the Fund could be required to report annually their "financial interest" in the Fund's "foreign financial accounts," if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts ("FBAR"). Investors should consult a tax advisor, and persons investing in the Fund through an intermediary should consult their intermediary, regarding the applicability to them of this reporting requirement.

*Other Reporting and Withholding Requirements* 

Sections 1471-1474 of the Code and the U.S. Treasury regulations and IRS guidance issued thereunder (collectively, "FATCA") generally require the Fund to obtain information sufficient to identify the status of each of its interest holders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If an Investor fails to provide the requested information or otherwise fails to comply with

------

FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that Investor on ordinary dividends it pays. The IRS and the U.S. Department of the Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or Capital Gain Dividends the Fund pays. If a payment by the Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to Foreign Investors described above (e.g., short-term capital gain dividends, and interest-related dividends).

Each prospective Investor is urged to consult its tax advisor regarding the applicability of FATCA and any other reporting requirements with respect to the prospective Investor's own situation, including investments through an intermediary.

**General Considerations** 

The U.S. federal income tax discussion set forth above is for general information only. Prospective Investors should consult their tax advisors regarding the specific federal tax consequences of purchasing, holding, and disposing of interests of the Fund, as well as the effects of state, local, foreign, and other tax law and any proposed tax law changes.

**FINANCIAL STATEMENTS** 

The audited financial statements and related report of [ ], the Fund's independent registered public accounting firm, are contained in the Fund's annual report to members and are hereby incorporated by reference thereto. No other portions of the Fund's annual report will be incorporated by reference. A copy of the Fund's annual report may be obtained without charge by contacting BNY Mellon Investment Servicing (US) Inc. at (877) 355-1566 or on the SEC's website at www.sec.gov.

------

**APPENDIX A: ADVISER PROXY VOTING POLICIES AND PROCEDURES** 

**Proxy Voting Policy** 

Last Reviewed April 2025

**Overview and Policies** 

Pantheon Group<sup>1</sup> ("Pantheon") has adopted and implemented written policies and procedures reasonably designed to ensure that Pantheon applies a sufficient duty of care and acts in the best interest of its clients when exercising voting authority on behalf of its clients.<sup>2</sup> The following policies and procedures address instances where Pantheon is asked to (1) vote with respect to a directly held underlying portfolio company security or exchange-traded funds ("ETFs") held by certain Pantheon-managed SEC registered investment companies; (2) vote, approve or consent to an action with respect to an underlying fund investment (e.g., amending a Limited Partnership Agreement) on behalf of its clients; or (3) vote with respect to ETFs held by Pantheon managed collective investment trusts. To the extent that Pantheon holds other types of investments in the future, these policies and procedures will be amended accordingly. For purposes of these policies and procedures, "clients" refer to Pantheon's funds-of-funds and separate account clients.

The best interest of each client shall be the primary consideration when voting on behalf of clients. Each issue shall receive individual consideration based on all relevant facts and circumstances. <u>Exhibits A and B</u> attached hereto contain Pantheon's Proxy Voting Guidelines for directly held portfolio company securities, ETFs held by certain Pantheon-managed SEC registered investment companies and underlying fund investments. ETF proposals for Pantheon managed collective investment trusts and other proposals not specifically addressed by Pantheon's guidelines are evaluated on a case-by-case basis, taking into account State Street Global Advisors' Proxy Voting and Engagement Guidelines ("SSgA Guidelines") or such other providers' proxy voting policies and keeping in mind that the objective is to vote in the best interest of each client.

With respect to ERISA accounts, it is Pantheon's policy to fully comply with all ERISA provisions regarding proxy voting for ERISA accounts and to the extent possible, amend its policies and procedures from time to time to reflect the Department of Labor's views of the proxy voting duties and obligations imposed by ERISA with respect to ERISA accounts. Pantheon shall act prudently, solely in the interests of plan participants and beneficiaries and for the exclusive purpose of providing benefits to them. Proxy voting rights have been declared by the Department of Labor to be valuable plan assets and therefore exercised in accordance with the fiduciary duties under ERISA.

**Procedures** 

Should Pantheon need to exercise proxy voting power with respect to a portfolio company investment or an underlying fund investment, the following steps are taken:

<sup>1</sup> Pantheon Group refers to Pantheon Holdings Limited, Pantheon Ventures, Inc., Pantheon Capital (Asia) Limited, Pantheon Ventures (UK) LLP, Pantheon Ventures (US) LP, Pantheon Infra Advisors LLC, Pantheon Ventures (Singapore) Pte. Ltd., Pantheon Ventures (Ireland) DAC and each of their respective subsidiaries and subsidiary undertakings, from time to time, including any successor or assign of any of the foregoing entities for so long as such successor or assign is directly or indirectly a subsidiary or subsidiary undertaking of a holding company or parent undertaking of any of the foregoing entities or is controlled by any person or persons which control(s) any of the foregoing entities. 

<sup>2</sup> SEC Rule 206(4)-6 under the Investment Advisers Act of 1940 (the "Act").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The relationship/portfolio manager ("PM") for the investment reviews the issue(s), consulting with
other investment professionals as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The PM must exercise reasonable diligence to determine whether any conflicts of interest exist between Pantheon
(and its affiliates) on the one hand, and its clients, on the other hand, with respect to the issue(s). If the PM has knowledge of an actual or potential conflict of interest with respect to an issue being considered by the PM, which arises through
a personal or professional (other than through employment by Pantheon) relationship, the PM will refer the issue to a Partner for action.<sup>3</sup> The PM has a duty to disclose any such conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If a material or non-material conflict is identified, the issue must be
brought to the attention of Pantheon's Chief Compliance Officer for the appropriate jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The best interest of the client shall be the primary consideration in the PM's decision-making process.
The PM will consult the guidelines set forth in <u>Exhibits A and B and the SSgA Guidelines</u> or such other providers' proxy voting policies. Pantheon should generally vote in accordance with these guidelines, however, deviation is
permissible if warranted by specific facts and circumstances of the situation, and approved by a Pantheon Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Pantheon's voting recommendation is documented by the PM and approved in writing by a Partner or a
designee and documentation is retained in the CAM system.

Upon request by a client, Pantheon shall provide the client a copy of its guidelines and/or information on its voting record with respect to the client's account.

**Responsible Parties** 

Pantheon's Partners are responsible for supervising investment professionals' overall compliance with these policies and procedures. Each PM is responsible for implementation in accordance with these policies and procedures. Pantheon's Investment teams are responsible for executing on approved voting recommendations and for recordkeeping. Breaches of these policies and procedures shall be reported to Pantheon's Compliance team, which is responsible for escalating the issue to Pantheon's Partnership Board, as appropriate.

Pantheon's Partners (or other designated senior member of the U.S. investment team) shall review these policies and procedures at least annually and work together with Pantheon's Compliance team to update them as needed.

**Recordkeeping** 

Pantheon maintains the following proxy records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of these policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of each proxy statement the firm receives regarding client's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A record of each vote cast by the firm on behalf of a client;

of a client or that memorialized the basis for that decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A copy of each written client request for information on how Pantheon voted proxies on behalf of the client,
and a copy of any written response by Pantheon to any (written or oral) client request for information on how the firm voted proxies on behalf of the requesting client.

<sup>3</sup> For example, a conflict may exist if the PM has a spouse or close family member or friend who is a director or executive officer of a company whose securities are the subject of the proxy solicitation.

------

The proxy voting records described in the section must be maintained and preserved in an easily accessible place for a period of not less than five years and kept on site for a period of not less than two years (and will be preserved for a minimum of 7 years under internal Pantheon Policy).

------

**EXHIBIT A** 

**PROXY VOTING GUIDELINES** 

**FOR DIRECTLY HELD PORTFOLIO COMPANY SECURITIES AND ETFS HELD BY PANTHEON MANAGED SEC REGISTERED INVESTMENT COMPANIES** 

**I.** **Boards of Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Voting On Director Nominees in Uncontested and Contested Elections** 

Votes on director nominees are made on a **case-by-case** basis, examining a number of factors including but not limited to: long-term financial performance record relative to a market index; composition of board and key board committees; nominee's attendance at meetings during the past two years; nominee's investment in the company; whether the Chairman is also serving as CEO; qualifications of nominee; number of other board seats held by nominee and other significant duties that will impact the nominee's time commitment to the board; and in the case of contested elections, evaluation of what each side is offering shareholders as well as the likelihood that the proposed objectives and goals can be met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Chairman and CEO are the Same Person** 

Pantheon votes on a **case-by-case** basis on proposals that would require the positions of chairman and CEO to be held by different persons. In general, proposals are supported that seek different persons to serve as the Chairman and CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Majority of Independent Directors** 

Proposals that request that the board be comprised of a majority of independent directors are evaluated on a **case-by-case** basis. In general, proposals are supported that seek to require that a majority of directors be independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Stock Ownership Requirements** 

Pantheon votes **against** proposals requiring directors to own a minimum amount of company stock in order to qualify as a director, or to remain on the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Term of Office** 

Pantheon votes **against** proposals to limit the tenure of directors. Pantheon believes that a director's qualification, not length of service, should be the only factor considered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Director and Officer Indemnification and Liability Protection** 

Proposals concerning director and officer indemnification and liability protection are evaluated on a **case-by-case** basis.

Generally, Pantheon will vote **for** indemnification provisions that are in accordance with state law. Pantheon will vote **for** proposals adopting indemnification for directors with respect to acts conducted in the normal course of business. Pantheon will vote **for** proposals that expand coverage for directors and officers in the event their legal defense is unsuccessful but where the director was found to have acted in good faith and in the best interests of the company. Pantheon will vote **against** indemnification for gross negligence.

------

**II.** **Executive and Director Compensation** 

In general, executive and director compensation plans are voted on a **case-by-case** basis, with the view that viable compensation programs reward the creation of stockholder wealth by having a high payout sensitivity to increases in shareholder value. Compensation plans should include clear performance goals related to the company's short term and especially long-term performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Proposals to Limit Executive and Director Pay** 

All proposals that seek to limit executive and director pay are reviewed on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Golden and Tin Parachutes** 

All proposals to ratify or cancel golden or tin parachutes are reviewed on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Employee Stock Ownership Plans ("ESOPs")** 

Pantheon votes **for** proposals that request shareholder approval in order to implement an ESOP or to increase authorized shares for existing ESOPs, except in cases when the number of shares allocated to the ESOP is "excessive" (i.e., generally greater than five percent of outstanding shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **401(k) Employee Benefit Plans** 

Proposals to implement a 401(k) savings plan for employees are reviewed on a **case-by-case** basis.

**III.** **Proxy Contest Defenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Board Structure: Staggered vs. Annual Elections** 

Pantheon votes **against** proposals to classify the board. Pantheon votes **for** proposals to repeal classified boards and to elect all directors annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Shareholder Ability to Remove Directors** 

Pantheon votes **against** proposals that provide that directors may be removed only for cause. Pantheon will vote **for** proposals to restore shareholder ability to remove directors with or without cause. Pantheon will vote **against** proposals that provide that only continuing directors may elect replacements to fill board vacancies. Pantheon will vote **for** proposals that permit shareholders to elect directors to fill board vacancies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Cumulative Voting** 

Pantheon votes **for** proposals to permit cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Shareholder Ability to Call Special Meetings** 

Pantheon votes **against** proposals to restrict or prohibit shareholder ability to call special meetings. Pantheon votes **for** proposals that remove restrictions on the right of shareholders to act independently of management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Shareholder Ability to Act by Written Consent** 

Pantheon votes **for** proposals to allow shareholders to take action by written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Shareholder Ability to Alter the Size of the Board** 

Pantheon votes **against** proposals that give management the ability to alter the size of the board without shareholder approval. Proposals to change the number of directors are considered on a **case-by-case** basis.

------

**IV.** **Tender Offer Defenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Poison Pills** 

Pantheon votes **for** proposals that ask a company to submit its poison pill for shareholder ratification. Pantheon votes **against** proposals to ratify a poison pill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Fair Price Provisions** 

A Fair Price Provision in the company's charter or by-laws is designed to ensure that each shareholder's securities will be purchased at the same price if the corporation is acquired under a plan not agreed to by the Board. Pantheon will consider fair price provisions on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Greenmail** 

Greenmail, commonly referred to as "legal corporate blackmail", are payments made to a potential hostile acquirer who has accumulated a significant percentage of a company's stock. Pantheon will vote **for** proposals to adopt anti-greenmail charter or bylaw amendments or otherwise restrict a company's ability to make greenmail payments. Pantheon reviews on a **case-by-case** basis anti-greenmail proposals when they are bundled with other charter or bylaw amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Unequal Voting Rights** 

Proposals seeking shareholder approval for the issuance of stock with unequal voting rights generally are used as an anti-takeover devices. Unequal voting rights plans are designed to reduce the voting power of existing shareholders and concentrate a significant amount of voting power in the hands of management. Pantheon votes **against** proposals granting unequal voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Supermajority Amendments** 

In most instances, Pantheon will vote **against** these proposals for supermajority vote requirements and will vote **for** shareholder proposals that seek to reinstate the simple majority vote requirement.

**V.** **Miscellaneous Governance Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Equal Access** 

Pantheon votes **for** proposals that would allow significant company shareholders equal access to management's proxy material in order to evaluate and propose voting recommendations on proxy proposals and director nominees, and in order to nominate their own candidates to the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Bundled Proposals** 

Pantheon does not generally support proposals that "link" or "bundle" two elements or issues together in one and prefer to see each submitted separately, but reviews such items on a **case-by-case** basis.

**VI.** **Capital Structure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Common Stock Authorization** 

Pantheon reviews on a **case-by-case** basis proposals to increase the number of shares of common stock authorized for issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Stock Distributions: Splits and Dividends** 

Pantheon reviews proposals to increase common share authorization for a stock split on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Reverse Stock Splits** 

Pantheon reviews proposals to implement a reverse stock split on a **case-by-case** basis.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Blank Check Preferred Authorization** 

Pantheon votes **for** proposals to create blank check preferred stock in cases when the company expressly states that the stock will not be used as a takeover defense or carry superior voting rights. Pantheon reviews on a **case-by-case** basis proposals that would authorize the creation of new classes of preferred stock with unspecified voting, conversion, dividend and distribution, and other rights. Pantheon reviews on a **case-by-case** basis proposals to increase the number of authorized blank check preferred shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Share Repurchase Programs** 

Pantheon votes **for** proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms.

**VII.** **State of Incorporation** 

Proposals to change a company's state of incorporation are examined on a **case-by-case** basis.

**VIII.** **Ratifying Auditors** 

Pantheon generally votes **for** proposals to ratify auditors, unless: an auditor has a financial interest in or association with the company, and is therefore not independent; or there is reason to believe that the independent auditor has rendered an opinion which is neither accurate nor indicative of the company's financial position.

**IX.** **Social Responsibility, Environmental and Political Issues** 

Pantheon assesses proposals involving social responsibility, environmental and political issues on a **case-by-case** basis. With respect to ERISA accounts, the consideration must be based on factors in line with DOL guidance and/or particular state pension plan regulation, as applicable, that are reasonably determined to be in the best interest of the clients.

------

**EXHIBIT B** 

*PROXY VOTING GUIDELINES* 

*FOR UNDERLYING FUND INVESTMENTS* 

**I.** **Boards of Directors** 

See Proxy Voting Guidelines for Directly Held Portfolio Company Securities.

**II.** **Company Management** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General Partner/Manager Replacement** 

Pantheon generally votes **for** proposals to replace management in for cause situations. Other situations are considered on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **General Partner/Manager Resource Allocation** 

Pantheon votes **against** proposals that divert or create competition for the resources of the General Partner or the Manager of the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Transfer of General Partner's/Manager's Interest** 

Pantheon considers management proposals on a **case-by-case** basis that request approval to sell, assign, or transfer the interest of the General Partner or key management team to a third party.

**III.** **Capital Structure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Capitalization Process** 

For closed-end funds, Pantheon will consider extensions to the period for raising capital if the General Partner can demonstrate that a larger fund benefits investors or is counteracted by an increased transaction pipeline and an adequate resource commitment to managing the additional capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Debt** 

Changes to pre-specified limits and guidelines on fund borrowing, including lines of credit, will be considered on a **case-by-case** basis.

**IV.** **Fund Operations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Investment Period** 

Pantheon generally votes **for** proposals to terminate the investment period if key management personnel change without adequate replacement or if the fund's strategy is no longer viable. Other situations are considered on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Term** 

Extensions or premature termination of a closed-end fund will be considered on a **case-by-case** basis considering the impact on value of shareholders/partners investments.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Diversification/Investment Limitations** 

Changes to diversification/investment limits will be considered on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Affiliate Transactions** 

Pantheon considers affiliate transactions on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Distributions In Kind** 

Pantheon will consider proposals to make Distributions in Kind on a **case-by-case** basis, although Pantheon would generally support distributions of freely tradable publicly traded securities.

**V.** **Fund Restructurings** 

Pantheon considers on a **case-by-case** basis those transactions whereby a fund (using all or a portion of its assets) seeks to become publicly owned or seeks to merge with another private entity. With the assistance of consultants and advisors, Pantheon will evaluate whether the transaction is in the long-term best economic interest of the investors or whether it is designed to further the interests of current management at a cost to investors.

In addition to economic analyses, Pantheon will consider whether: (a) other potential bidders have had an opportunity to investigate the company and make competing bids; (b) management has used a "lockup" device that prevented third party bidders from competing fairly; or (c) management with a controlling interest is willing to match or exceed competing offers. Pantheon will also consider whether a "fairness opinion" has been issued and, if so, on what terms the provider of the opinion was retained. Finally, Pantheon will weigh governance issues to ensure that shareholder rights are not destroyed.

If the evaluation indicates that management is not pursuing fully the shareholders' interests, Pantheon will not support the proposal. If the evaluation indicates that management has pursued the interests of shareholders in seeking to maximize the value, Pantheon will support the proposal.

------

**STATEMENT OF ADDITIONAL INFORMATION** 

**[July 31, 2026]** 

**AMG PANTHEON FUND, LLC** 

**Class 2, Class 3, Class 4 and Class 5 Units** 

**680 Washington Boulevard, Suite 500** 

**Stamford, Connecticut 06901** 

**877-355-1566** 

The prospectus for Class 2, Class 3, Class 4, and Class 5 units of beneficial interest (the "Units") of AMG Pantheon Fund, LLC (the "Fund"), dated [July 31, 2026], as revised or supplemented from time to time (the "Prospectus"), provides the basic information investors should know before investing. This Statement of Additional Information ("SAI"), which is not a prospectus, is intended to provide additional information regarding the activities and operations of the Fund and should be read in conjunction with the Prospectus. The Fund offers Class 1 units in a separate prospectus and statement of additional information. You may request a copy of the Prospectus or this SAI free of charge by contacting BNY Mellon Investment Servicing (US) Inc. at (877) 355-1566. Capitalized terms not otherwise defined in this SAI have meanings accorded to them in the Fund's Prospectus.

SAI096-[0726]

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **PAGE** |
|  [INVESTMENT POLICIES](#sai2147541_1) | 1 |
|  [FUNDAMENTAL INVESTMENT RESTRICTIONS](#sai2147541_2) | 1 |
|  [ADDITIONAL INFORMATION ON INVESTMENT TECHNIQUES AND RELATED RISKS](#sai2147541_3) | 2 |
|  [MANAGEMENT OF THE FUND](#sai2147541_4) | 5 |
|  [PORTFOLIO MANAGEMENT](#sai2147541_5) | 14 |
|  [CODES OF ETHICS](#sai2147541_6) | 18 |
|  [CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES](#sai2147541_7) | 18 |
|  [INVESTMENT MANAGEMENT AND OTHER SERVICES](#sai2147541_8) | 19 |
|  [BROKERAGE ALLOCATION AND OTHER PRACTICES](#sai2147541_9) | 23 |
|  [PROXY VOTING POLICIES AND PROCEDURES](#sai2147541_10) | 24 |
|  [CERTAIN U.S. FEDERAL INCOME TAX MATTERS](#sai2147541_11) | 25 |
|  [FINANCIAL STATEMENTS](#sai2147541_12) | 40 |
|  [APPENDIX A: ADVISER PROXY VOTING POLICIES AND PROCEDURES](#sai2147541_13) | A-1 |

---

------

**INVESTMENT POLICIES** 

The investment objective and principal investment strategies of the Fund and AMG Pantheon Master Fund, LLC (the "Master Fund"), as well as the principal risks associated with the Fund's and the Master Fund's investment strategies, are set forth in the Prospectus. Certain additional related information is provided below. The various private investment funds ("Investment Funds"), co-investments, and other private investments (collectively, "Private Fund Investments") in which the Master Fund and Fund invest are not subject to the investment policies of the Fund and the Master Fund and may have different or contrary investment policies.

**FUNDAMENTAL INVESTMENT RESTRICTIONS** 

The following investment restrictions have been adopted with respect to the Fund. Except as otherwise stated, these investment restrictions are "fundamental" policies. A "fundamental" policy is defined in the Investment Company Act of 1940 Act, as amended (the "1940 Act"), to mean that the restriction cannot be changed without the vote of a "majority of the outstanding voting securities" of the Fund. A majority of the outstanding voting securities is defined in the 1940 Act as the lesser of (a) 67% or more of the voting securities present at a meeting if the holders of more than 50% of the outstanding voting securities are present or represented by proxy, or (b) more than 50% of the outstanding voting securities. The Master Fund has identical fundamental policies. "SEC," as used in this SAI, refers to the U.S. Securities and Exchange Commission. The Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) May issue senior securities to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) May borrow money to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) May lend money to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) May underwrite securities to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) May purchase and sell commodities to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) May purchase and sell real estate to the extent permitted by the 1940 Act, or the rules or regulations thereunder, as such statute, rules, or regulations may be amended from time to time, or by regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such Act, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) May not concentrate investments in a particular industry or group of industries, as concentration is defined or interpreted under the 1940 Act, and the rules, and regulations thereunder, as such statute, rules or regulations may be amended from time to time, and under regulatory guidance or interpretations of such Act, rules, or regulations.

------

Any restriction on investments or use of assets, including, but not limited to, market capitalization, geographic, rating and/or any other percentage restrictions, set forth in this SAI or the Fund's Prospectus shall be measured only at the time of investment, and any subsequent change, whether in the value, market capitalization, rating, percentage held or otherwise, will not constitute a violation of the restriction, other than with respect to investment restriction (2) above related to borrowings by the Fund. For purposes of determining compliance with investment restriction (7) above related to concentration of investments, Investment Funds are not considered part of any industry or group of industries. Notwithstanding anything herein to the contrary, nothing in investment restriction (7) will prohibit the Fund from investing in the Master Fund.

**ADDITIONAL INFORMATION ON INVESTMENT TECHNIQUES AND RELATED RISKS** 

As discussed in the Prospectus, the Fund's investment objective is to seek long-term capital appreciation. In pursuing its investment objective, the Fund invests substantially all of its assets in the Master Fund, a Delaware limited liability company also registered under the 1940 Act as a non-diversified, closed-end management investment company. The Master Fund has the same investment objective as that of the Fund.

The Master Fund may invest up to 25% of its total assets in a subsidiary that is 100% owned by the Master Fund ("Wholly-Owned") that is organized as a Delaware limited liability company (the "Corporate Subsidiary"). The Master Fund may also invest all or a portion of its assets in a second Wholly-Owned subsidiary organized as a Delaware limited liability company (the "Lead Fund" and, together with the Corporate Subsidiary, the "Subsidiaries", and each a "Subsidiary"). Each Subsidiary has the same investment objective and strategies as the Master Fund and, like the Fund and the Master Fund, is managed by the Adviser.

Except as otherwise provided, references to the Fund's investments also will refer to the Master Fund's investments and each Subsidiary's investments, in each case, for the convenience of the reader.

Additional information concerning the characteristics of certain of the Fund's and Master Fund's investments are set forth below.

**Emerging Market Securities** 

Investments in securities in emerging market countries may be considered to be speculative and may have additional risks from those associated with investing in the securities of U.S. issuers. There may be limited information available to investors that is publicly available, and generally emerging market issuers are not subject to uniform accounting, auditing and financial standards and requirements like those required by U.S. issuers. Investors should be aware that the value of the Master Fund and the Fund's investments in emerging markets securities may be adversely affected by changes in the political, economic or social conditions, embargoes, economic sanctions, expropriation, nationalization, limitation on the removal of funds or assets, controls, tax regulations and other restrictions in emerging market countries. These risks may be more severe than those experienced in non-emerging market countries. Emerging market securities trade with less frequency and volume than domestic securities and, therefore, may have greater price volatility and lack liquidity. Furthermore, there is often no legal structure governing private or foreign investment or private property in some emerging market countries. This may adversely affect the Master Fund's or the Fund's operations and the ability to obtain a judgment against an issuer in an emerging market country.

**Real Estate Investment Trusts ("REITs")** 

The Master Fund and the Fund may invest in REITs, which are pooled investment vehicles that invest primarily in income-producing real estate or real estate related loans or interest.

------

REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. Like RICs such as the Master Fund and the Fund, REITs are not taxed on income distributed to shareholders provided that they comply with certain requirements under the Code. The Master Fund or the Fund will indirectly bear its proportionate share of any expenses paid by REITs in which it invests in addition to the expenses paid by the Master Fund or the Fund, as applicable.

Investing in REITs involves certain unique risks. Equity REITs may be affected by changes in the value of the underlying property owned by such REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, are not diversified (except to the extent the Code requires), and are subject to the risk of financing projects. During periods of declining interest rates, certain mortgage REITs may hold mortgages that the mortgagors elect to prepay, and such prepayment may diminish the yield on securities issued by such mortgage REITs. REITs are subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, and the possibility of failing to qualify for the favorable tax treatment accorded REITs under the Code and failing to maintain their exemption from the 1940 Act. REITs, and mortgage REITs in particular, are also subject to interest rate risk.

**Small-Capitalization Companies** 

The stocks of small-capitalization companies involve more risk than the stocks of larger, more established companies because they often have greater price volatility, lower trading volume, and less liquidity. These companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies. A fund that invests in small-capitalization companies may underperform other stock funds (such as medium- and large-company stock funds) when stocks of small-capitalization companies are out of favor.

**Mid-Capitalization Companies** 

The stocks of mid-capitalization companies involve more risk than the stocks of larger, more established companies because they often have greater price volatility, lower trading volume, and less liquidity. These companies tend to have smaller revenues, narrower product lines, less management depth and experience, smaller shares of their product or service markets, fewer financial resources, and less competitive strength than larger companies. To the extent the Fund invests in mid–capitalization companies it may underperform other stock funds (such as large-company stock funds) when stocks of mid–capitalization companies are out of favor.

**LIBOR Transition Risk and Reference Benchmark Risk** 

The London Interbank Offered Rate ("LIBOR") had been used extensively in the U.S. and globally as a "benchmark" or "reference rate" for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives. Instruments in which the Master Fund or a Private Fund Investment (as applicable) invests may have historically paid interest at floating rates based on LIBOR or may have been subject to interest caps or floors based on LIBOR. The Master Fund or Private Fund Investment and issuers of instruments in which the relevant fund invests may have also historically obtained financing at floating rates based on LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants as a result of benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are continuing to develop (*e.g.*, the Secured Overnight Financing Rate ("SOFR") for USD-LIBOR). While the transition from LIBOR has been substantially completed, there remain residual risks associated with the transition that may impact markets or particular investments and, as such, the full impact of the transition on the Fund, the Master Fund, the Private Fund Investments or the financial instruments in which the Master Fund or a Private Fund Investment invests cannot yet be fully determined.

------

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 ("FRBNY"). If data from a given source required by the FRBNY to calculate SOFR is unavailable for any day, then the most recently available data for that segment will be used, with certain adjustments. If errors are discovered in the transaction data or the calculations underlying SOFR after its initial publication on a given day, SOFR may be republished at a later time that day. Rate revisions will be effected only on the day of initial publication and will be republished only if the change in the rate exceeds one basis point.

Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR is 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. SOFR has a relatively limited history, having been first published in April 2018. 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 may bear little or no relation to historical levels of SOFR, LIBOR or other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of the Fund or the Master Fund.

In addition, interest rates or other types of rates and indices which are classed as "benchmarks" have been the subject of ongoing national and international regulatory reform, including under the European Union ("EU") regulation on indices used as benchmarks in financial instruments and financial contracts (known as the "Benchmarks Regulation"). The Benchmarks Regulation has been enacted into United Kingdom ("UK") law by virtue of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

**Additional Market Disruption and Geopolitical Risks** 

Unexpected political, regulatory and diplomatic events within the United States and abroad, such as the U.S.-China "trade war" that intensified in 2018, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. The current political climate and the renewal or escalation of a trade war between China and the United States may have an adverse effect on both the U.S. and Chinese economies, including as the result of one country's imposition of tariffs on the other country's products. In addition, sanctions or other investment restrictions could preclude a fund from investing in certain Chinese issuers or cause a fund to sell investments at disadvantageous times. Events such as these and their impact on the Fund and the Master Fund are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future.

In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities such as oil and natural gas. Following Russia's actions, various countries, including the U.S., Canada, the UK, Germany, and France, as well as the EU, issued broad-ranging economic

------

sanctions against Russia. Sanctions threatened or imposed by these jurisdictions, and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or the Fund. Further, due to market closures and trading restrictions, the value of Russian securities could be significantly impacted, which could lead to such securities being valued at zero. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that may have negative effects on the Fund. Sanctions, or the threat of new or modified sanctions, could impair the ability of the Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response (including cyberattacks and espionage), which may further impair the value and liquidity of Russian securities. The extent and duration of the military actions associated with Russia's invasion of Ukraine, the resulting sanctions, and the resulting disruption of the Russian economy are impossible to predict but may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Fund, even if the Fund does not have direct exposure to securities of Russian issuers.

**MANAGEMENT OF THE FUND** 

**Directors and Officers of the Fund** 

The Directors and Officers of the Fund, their business addresses, principal occupations for the past five years, and ages are listed below. The Board provides broad supervision over the affairs of the Fund. The Board is composed of experienced executives who meet periodically throughout the year to oversee the Fund's activities, review contractual arrangements with companies that provide services to the Fund, and review the Fund's performance. Unless otherwise noted, the address of each Director and each Officer is c/o AMG Funds LLC, 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901.

There is no stated term of office for Directors. Each Director serves during the continued lifetime of the Fund until he or she dies, resigns or is removed, or, if sooner, until the next meeting of members called for the purpose of electing Directors and until the election and qualification of his or her successor in accordance with the Fund's organizational documents. The Chairman of the Board, the President, any Vice President, the Treasurer, and the Secretary and such other officers as the Directors may in their discretion from time to time elect each hold office until his or her successor is elected and qualified, or until he or she sooner dies, resigns, is removed or becomes disqualified. Each officer holds office at the pleasure of the Board.

The Master Fund Board, which currently has the same composition as the Board, has overall responsibility for the management and supervision of the business operations of the Master Fund on behalf of the Master Fund investors, including the Fund. References herein to the "Board" refers to the Board of Directors of the Fund or the Master Fund, as appropriate, and references herein to "Directors" refers to the Directors of the Fund or the Master Fund, as appropriate.

***Independent Directors***

The Directors in the following table are Independent Directors of the Fund. Eric Rakowski serves as the Independent Chairman of the Board.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS**<br> **AND YEAR OF**<br> **BIRTH\*** | **POSITION(S)**<br> **HELD WITH**<br> **THE FUND**<br> **AND**<br> **LENGTH OF**<br> **TIME**<br> **SERVED** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST 5<br>YEARS** | **NUMBER**<br> **OF FUNDS**<br> **IN FUND**<br> **COMPLEX**<br> **OVERSEEN**<br> **BY**<br> **DIRECTOR\*\*** | **OTHER**<br> **DIRECTORSHIPS**<br> **HELD BY**<br> **DIRECTOR** | **EXPERIENCE,**<br> **QUALIFICATIONS,**<br> **ATTRIBUTES,**<br> **SKILLS FOR**<br> **BOARD**<br> **MEMBERSHIP** |
| Jill R. Cuniff<br> YOB: 1964 | Director since 2026 | Retired (2016-Present); Member of Board of Governors and Investment Committee, Montana State University Alumni Foundation (2015-2021, 2023-Present); President & Portfolio Manager, Edge Asset Management (2009-2016); President & Chief Investment Officer, Morley Financial Services (2001-2009); President, Union Bond & Trust Company (2001-2009) | 41 | Director of Harding Loevner Funds, Inc. (6 portfolios) (2018-Present). | Significant experience as a board member of mutual funds; significant business experience as president of executive teams; experience with institutional and retail distribution; experience as a co-portfolio manager. |
| Kurt<br> Keilhacker<br> YOB: 1963 | Director since<br> 2014 | Managing Partner, Elementum Ventures (2013-Present); Managing Partner, TechFund Europe (2000-Present); Managing Partner, TechFund Capital (1997-Present); Adjunct Professor, University of San Francisco (2022-Present); Trustee, Wheaton College (2018-Present); Director, Wheaton College Trust Company, N.A. (2018-2024) | 41 |  | Significant board experience, including as a board member of private companies; significant experience as a managing member of private companies; significant experience in the venture capital industry; significant experience as co-founder of a number of technology companies. |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS**<br> **AND YEAR OF**<br> **BIRTH\*** | **POSITION(S)**<br> **HELD WITH**<br> **THE FUND**<br> **AND**<br> **LENGTH OF**<br> **TIME**<br> **SERVED** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST 5<br>YEARS** | **NUMBER**<br> **OF FUNDS**<br> **IN FUND**<br> **COMPLEX**<br> **OVERSEEN**<br> **BY**<br> **DIRECTOR\*\*** | **OTHER**<br> **DIRECTORSHIPS**<br> **HELD BY**<br> **DIRECTOR** | **EXPERIENCE,**<br> **QUALIFICATIONS,**<br> **ATTRIBUTES,**<br> **SKILLS FOR**<br> **BOARD**<br> **MEMBERSHIP** |
| Peter W. MacEwen<br> YOB: 1964 | Director since 2026 | Private investor (2019-Present); Affiliated Managers Group, Inc. (2003-2018): Chief Administrative Officer, Office of the CEO (2013-2018); Senior Vice President, Finance (2007-2013); Vice President, Finance (2003-2007) | 41 | Trustee, John Hancock Comvest Private Income Fund (2023-Present) | Significant experience in the financial services industry, including as a senior executive of an S&P 500 asset management firm where responsibilities included: corporate finance and capital raising; strategy development and execution; internal audit and risk management; and oversight of global operations. |
| Eric<br> Rakowski<br> YOB: 1958 | Director since<br> 2014 | Professor of Law (Emeritus), University of California at Berkeley School of Law (1990-Present) | 41 | Trustee of Parnassus Funds (4 portfolios) (2021-Present); Trustee of Parnassus Funds II (2 portfolios) (2021-Present); Director of Harding, Loevner Funds, Inc. (6 portfolios) (2008-Present); Trustee, AMG Comvest Senior Lending Fund (2023-Present); Trustee of Third Avenue Trust (3 portfolios) (2002-2019); Trustee of Third Avenue Variable Trust (1 portfolio) (2002-2019) | Significant experience as a board member of mutual funds; former practicing attorney; currently professor of law. |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS**<br> **AND YEAR OF**<br> **BIRTH\*** | **POSITION(S)**<br> **HELD WITH**<br> **THE FUND**<br> **AND**<br> **LENGTH OF**<br> **TIME**<br> **SERVED** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST 5<br>YEARS** | **NUMBER**<br> **OF FUNDS**<br> **IN FUND**<br> **COMPLEX**<br> **OVERSEEN**<br> **BY**<br> **DIRECTOR\*\*** | **OTHER**<br> **DIRECTORSHIPS**<br> **HELD BY**<br> **DIRECTOR** | **EXPERIENCE,**<br> **QUALIFICATIONS,**<br> **ATTRIBUTES,**<br> **SKILLS FOR**<br> **BOARD**<br> **MEMBERSHIP** |
| Victoria L.<br> Sassine<br> YOB: 1965 | Director since<br> 2014 | Trustee, University of California San Diego School of Business (2025-Present); Adjunct Professor, Babson College (2007-Present); Director, Board of Directors, PRG Group (2017-Present); CEO, Founder, Scale Smarter Partners, LLC (2018-Present); Adviser, EVOFEM Biosciences (2019-2025); Chairperson, Board of Directors, Business Management Associates (2018-2019) | 41 |  | Significant board experience, including as a board member of private companies; finance experience in strategic financial and operation management positions in a variety of industries; audit and tax experience in a global accounting firm; experience as a board member of various organizations; Certified Public Accountant (inactive). Current adjunct professor of finance. |

---

\* The address for each director is c/o AMG Funds LLC, 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901.

\*\* The AMG Fund Complex consists of the Fund, the Master Fund, AMG Pantheon Credit Solutions Fund, AMG Pantheon Infrastructure Fund, LLC, AMG BBH Asset-Backed Credit Fund, LLC, and the funds of AMG Funds, AMG Funds I, AMG Funds III, AMG Funds IV, and AMG ETF Trust.

***Interested Director***

Garret Weston is being treated by the Fund as an "interested person" of the Fund within the meaning of the 1940 Act by virtue of his position with, and interest in securities of, Affiliated Managers Group, Inc., which indirectly owns a majority of the interests of Pantheon Ventures (US) LP (the "Adviser").

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS**<br> **AND YEAR OF BIRTH\*** | **POSITION(S)**<br> **HELD WITH**<br> **THE FUND**<br> **AND**<br> **LENGTH OF**<br> **TIME**<br> **SERVED** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST 5<br>YEARS** | **NUMBER**<br> **OF FUNDS**<br> **IN FUND**<br> **COMPLEX**<br> **OVERSEEN**<br> **BY**<br> **DIRECTOR\*\*** | **OTHER**<br> **DIRECTORSHIPS**<br> **HELD BY**<br> **DIRECTOR** | **EXPERIENCE,**<br> **QUALIFICATIONS,**<br> **ATTRIBUTES,**<br> **SKILLS FOR**<br> **BOARD**<br> **MEMBERSHIP** |
| Garret W. Weston<br> YOB: 1981 | Director since<br> 2021 | Affiliated Managers Group, Inc. (2008-Present): Managing Director, Head of Global Strategic Partnerships t (2025-Present), Managing Director, Head of Affiliate Product Strategy and Development (2023-2025), Managing Director, Co-Head of Affiliate Engagement, Distribution (2021-2022), Senior Vice President, Office of the CEO (2019-2021), Senior Vice President, Affiliate Development (2016-2019), Vice President, Office of the CEO (2015-2016), Vice President, New Investments (2008-2015); Associate, Madison Dearborn Partners (2006-2008); Analyst, Merrill Lynch (2004-2006) | 41 |  | Significant senior leadership role within AMG across a number of areas, including past responsibilities for the AMG Funds business and other distribution related activities, as well as prior significant experience with AMG's investments and relationships with its Affiliates. Prior to AMG, significant business, investment and corporate finance experience within the financial services industry. |

---

\* The address for each director is c/o AMG Funds LLC, 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901.

\*\* The AMG Fund Complex consists of the Fund, the Master Fund, AMG Pantheon Credit Solutions Fund, AMG Pantheon Infrastructure Fund, LLC, AMG BBH Asset-Backed Credit Fund, LLC, and the funds of AMG Funds, AMG Funds I, AMG Funds III, AMG Funds IV, and AMG ETF Trust.

***Information About Each Director's Experience, Qualifications, Attributes or Skills***

Directors of the Fund, together with information as to their positions with the Fund, principal occupations and other board memberships for the past five years, and experience, qualifications, attributes or skills for serving as Directors are shown in the tables above. The summaries relating to the experience, qualifications, attributes and skills of the Directors are required by the registration form adopted by the SEC, do not constitute holding out the Board or any Director as having any special expertise or experience, and do not impose any greater responsibility or liability on any such person or on the Board as a whole than would otherwise be the case. The Board believes that the significance of each Director's experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one Director may not have the same value for another) and that these factors are best evaluated at the Board level, with no single Director, or particular factor, being indicative of Board effectiveness. However, the Board believes that Directors need to be able to critically review, evaluate, question and discuss information provided to them, and to interact effectively with Fund management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties. The Board believes that each of its members has these abilities. Experience relevant to having these abilities may be achieved through a Director's educational background; business, professional training or practice (e.g., finance or law), or academic positions; experience from service as a board member (including the Board) or as an executive of investment funds, significant private or not-for-profit entities or other organizations; and/or other life experiences. To assist them in evaluating matters under federal and state law, the Independent Directors are counseled by their own separate, independent legal counsel, who participates in Board meetings and interacts with the Adviser, and also may benefit from information provided by the Fund's and the Adviser's legal counsel. Both Independent Director and Fund counsel have significant experience advising funds and fund board members. The Board and its committees have the ability to engage other experts, including the Fund's independent public accounting firm, as appropriate. The Board evaluates its performance on an annual basis.

------

***Officers***

---

| | | |
|:---|:---|:---|
| **NAME, ADDRESS AND YEAR<br>OF BIRTH \*** | **POSITION(S) HELD**<br> **WITH**<br> **THE FUND AND**<br> **LENGTH**<br> **OF TIME SERVED** | **PRINCIPAL OCCUPATION(S)**<br> **DURING**<br> **PAST 5 YEARS** |
| Keitha L. Kinne<br> YOB: 1958 | President, Chief Executive Officer and Principal Executive Officer since 2018; Chief Operating Officer since 2014 | President, Chief Executive Officer and Principal Executive Officer, AMG Fund Complex\*\*(2018-Present); Chief Operating Officer, AMG Fund Complex (2007-Present); Managing Director, Head of Platform and Operations, AMG Funds LLC (2023-Present); Chief Operating Officer, AMG Funds LLC (2007-Present); Chief Investment Officer, AMG Funds LLC (2008-Present); President and Principal, AMG Distributors, Inc. (2018-Present); Chief Operating Officer, AMG Distributors, Inc. (2007-Present); Chief Operating Officer and Chief Investment Officer, Aston Asset Management, LLC (2016); President and Principal Executive Officer, AMG Funds, AMG Funds I, AMG Funds III, and AMG ETF Trust (2012-2014); Managing Partner, AMG Funds LLC (2007-2014); President and Principal, AMG Distributors, Inc. (2012-2014); Managing Director, Legg Mason & Co., LLC (2006-2007); Managing Director, Citigroup Asset Management (2004-2006) |
| Thomas Disbrow<br> YOB: 1966 | Treasurer, Principal Financial Officer, and Principal Accounting Officer since 2017 | Treasurer, Principal Financial Officer, and Principal Accounting Officer, AMG Fund Complex (2017-Present); Managing Director, Platform and Operations, AMG Funds LLC (2025-Present); Chief Financial Officer, AMG Funds, AMG Funds I, AMG Funds III, AMG Funds IV, and AMG ETF Trust (2017-Present);Vice President, Mutual Fund Treasurer & CFO, AMG Funds, AMG Funds LLC (2017-2025); Managing Director—Global Head of Traditional Funds Product Control, UBS Asset Management (Americas), Inc. (2015-2017); Managing Director—Head of North American Funds Treasury, UBS Asset Management (Americas), Inc. (2011-2015) |
| Jeff Miller<br> YOB: 1971 | Executive Vice President since 2025 | Executive Vice President, AMG Pantheon Fund, LLC, AMG Pantheon Master Fund, LLC, AMG Pantheon Credit Solutions Fund, and AMG Pantheon Infrastructure Fund, LLC (2025-Present); Chief Investment Officer and Global Head of Private Equity, Pantheon Ventures (US) LP (2024-Present); Head of Private Equity (2022-2024); Global Head of Co-Investments, Pantheon Ventures (US) LP (2020-2022); Partner, Pantheon Ventures (US) LP (2014-Present); Principal Member, Pantheon Ventures (US) LP (2012-2014); Principal, Pantheon Ventures (US) LP (2008 – 2012); Principal, Allied Capital (2004—2008), Vice President, Lehman Brothers Investment Banking Division (2000—2004) |
| Mark J. Duggan<br> YOB: 1965 | Secretary and Chief Legal Officer since 2015 | Secretary and Chief Legal Officer, AMG Fund Complex (2015-Present); Managing Director and Senior Counsel, AMG Funds LLC (2021-Present); Senior Vice President and Senior Counsel, AMG Funds LLC (2015-2021); Attorney, K&L Gates, LLP (2009-2015) |

---

------

---

| | | |
|:---|:---|:---|
| **NAME, ADDRESS AND YEAR<br>OF BIRTH \*** | **POSITION(S) HELD**<br> **WITH**<br> **THE FUND AND**<br> **LENGTH**<br> **OF TIME SERVED** | **PRINCIPAL OCCUPATION(S)**<br> **DURING**<br> **PAST 5 YEARS** |
| Patrick J. Spellman<br> YOB: 1974 | Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer since 2019; Anti-Money Laundering Compliance Officer since 2022 | Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer, AMG Fund Complex(2019-Present); Anti-Money Laundering Compliance Officer, AMG Fund Complex (2022-Present); Vice President, Chief Compliance Officer, AMG Funds LLC (2017-Present); Chief Compliance Officer, AMG Distributors, Inc. (2010-Present); Anti-Money Laundering Compliance Officer, AMG Funds, AMG Funds I, AMG Funds III, and AMG ETF Trust (2014-2019); Anti-Money Laundering Compliance Officer, AMG Funds IV (2016-2019); Senior Vice President, Chief Compliance Officer, AMG Funds LLC (2011-2017); Compliance Manager, Legal and Compliance, Affiliated Managers Group, Inc. (2005-2011) |
| John A. Starace<br> YOB: 1970 | Deputy Treasurer since 2017 | Deputy Treasurer, AMG Fund Complex (2017-Present); Vice President, Mutual Fund Accounting, AMG Funds LLC (2021-Present); Director, Mutual Fund Accounting, AMG Funds LLC (2017-2021); Vice President, Deputy Treasurer of Mutual Funds Services, AMG Funds LLC (2014-2017); Vice President, Citi Hedge Fund Services (2010-2014); Audit Senior Manager (2005-2010) and Audit Manager (2001-2005), Deloitte & Touche LLP |

---

\* The address for each executive officer is c/o AMG Funds LLC, 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901.

\*\* The AMG Fund Complex consists of the Fund, the Master Fund, AMG Pantheon Credit Solutions Fund, AMG Pantheon Infrastructure Fund, LLC, AMG BBH Asset-Backed Credit Fund, LLC, and the funds of AMG Funds, AMG Funds I, AMG Funds III, AMG Funds IV, and AMG ETF Trust.

***Director Share Ownership***

---

| | | |
|:---|:---|:---|
| **Name of Director** | **Dollar Range of Equity Securities**<br>**in the Fund Beneficially Owned as**<br>**of December 31, 2025** | **Aggregate Dollar Range of Equity**<br>**Securities in All Registered**<br>**Investment Companies Overseen**<br>**by Director in the Family of**<br>**Investment Companies**<br>**Beneficially Owned December 31, 2025** |
|  ***Independent Directors***: |  |  |
|  Jill R. Cuniff |  | Over $100,000 |
|  Kurt A. Keilhacker | Over $100,000 | Over $100,000 |
|  Peter W. MacEwen |  | Over $100,000 |
|  Eric Rakowski | Over $100,000 | Over $100,000 |
|  Victoria L. Sassine | $50001-$100000 | Over $100,000 |
|  ***Interested Director***: |  |  |
|  Garret W. Weston | Over $100,000 | Over $100,000 |

---

------

***Board Leadership Structure and Risk Oversight***

The following provides an overview of the leadership structure of the Board and the Board's oversight of the Fund's risk management process. The Board consists of six Directors, five of whom are Independent Directors. An Independent Director serves as Chairman of the Board. In addition, the Board also has two standing committees, the Audit Committee and Governance Committee (the "Committees") (discussed below), each comprised of all of the Independent Directors, to which the Board has delegated certain authority and oversight responsibilities.

The Board's role in supervising the operations of the Fund is oversight, including oversight of the Fund's risk management process. The Board meets regularly on at least a quarterly basis and at these meetings the officers of the Fund and the Fund's Chief Compliance Officer report to the Board on a variety of matters. A portion of each regular meeting is devoted to an executive session of the Independent Directors, the Independent Directors' separate, independent legal counsel, and the Fund's Chief Compliance Officer, at which no members of management are present. In a separate executive session of the Independent Directors and the Independent Directors' independent legal counsel, the Independent Directors consider a variety of matters that are required by law to be considered by the Independent Directors, as well as matters that are scheduled to come before the full Board, including fund governance, compliance, and leadership issues. When considering these matters, the Independent Directors are advised by their independent legal counsel. The Board reviews its leadership structure periodically and believes that its structure is appropriate to enable the Board to exercise its oversight of the Fund.

The Fund has retained the Adviser as the Fund's investment adviser. The Adviser is responsible for the Fund's overall investment operations, including management of the risks that arise from the Fund's investment operations. An employee of the Adviser serves as one of the Fund's officers. The Board provides oversight of the services provided by the Adviser, the Fund's other service providers, and the Fund's officers, including their risk management activities. On an annual basis, the Fund's Chief Compliance Officer conducts a compliance review and risk assessment and prepares a written report relating to the review that is provided to the Board for review and discussion. The assessment includes a broad-based review of the risks inherent to the Fund, the controls designed to address those risks, and selective testing of those controls to determine whether they are operating effectively and are reasonably designed. In the course of providing oversight, the Board and the Committees receive a wide range of reports on the Fund's activities, including regarding the Fund's investment portfolio, the compliance of the Fund with applicable laws, and the Fund's financial accounting and reporting. The Board receives periodic reports from the Fund's Chief Legal Officer on risk management matters. The Board also receives periodic reports from the Fund's Chief Compliance Officer regarding the compliance of the Fund with federal and state securities laws and the Fund's internal compliance policies and procedures.

The Master Fund Board's leadership structure and risk oversight are identical.

***Board Committees***

As described below, the Board has two standing Committees. The Board has not established a formal risk oversight committee. However, much of the regular work of the Board and its standing Committees addresses aspects of risk oversight.

***Audit Committee***

The Board has an Audit Committee consisting of all of the Independent Directors. Victoria Sassine serves as the chair of the Audit Committee. Under the terms of its charter, the Audit Committee (a) acts for the Directors in overseeing the Fund's financial reporting and auditing processes; (b) receives and reviews communications from the independent registered public accounting firm relating to its review of the Fund's financial statements; (c) reviews and assesses the performance, approves the compensation, and approves or ratifies the appointment, retention or termination of the Fund's independent registered public accounting firm; (d) meets periodically with the independent registered public accounting firm to review the Fund's annual audits and pre-approves the audit services provided by the independent registered public accounting firm; (e) considers and acts upon proposals for the independent registered public accounting firm to provide non-audit services to the Fund or the Adviser or its affiliates to the extent that such approval is required by applicable laws or regulations; (f) considers and reviews with the independent registered public accounting firm, periodically as the need arises, but not less frequently than annually, matters bearing upon the registered public accounting firm's status as "independent" under applicable standards of independence established from time to time by the SEC and other regulatory authorities; and (g) reviews and reports to the full Board with respect to any material accounting, tax, valuation or record keeping issues of which the Audit Committee is aware that may affect the Fund, the Fund's financial statements or the amount of any dividend or distribution right, among other matters. The function of the Audit Committee of the Master Fund is the same. The Audit Committee of the Fund met twice during the most recent fiscal year.

------

***Governance Committee***

The Board has a Governance Committee consisting of all of the Independent Directors. Eric Rakowski serves as the chairman of the Governance Committee. Under the terms of its charter, the Governance Committee is empowered to perform a variety of functions on behalf of the Board, including responsibility to make recommendations with respect to the following matters: (i) individuals to be appointed or nominated for election as Independent Directors; (ii) the designation and responsibilities of the chairperson of the Board (who shall be an Independent Director) and Board committees, such other officers of the Board, if any, as the Governance Committee deems appropriate, and officers of the Fund; (iii) the compensation to be paid to Independent Directors; and (iv) other matters the Governance Committee deems necessary or appropriate. The Governance Committee is also empowered to: (i) set any desired standards or qualifications for service as a Director; (ii) conduct self-evaluations of the performance of the Directors and help facilitate the Board's evaluation of the performance of the Board at least annually; (iii) oversee the selection of independent legal counsel to the Independent Directors and review reports from independent legal counsel regarding potential conflicts of interest; and (iv) consider and evaluate any other matter the Governance Committee deems necessary or appropriate. It is the policy of the Governance Committee to consider nominees recommended by members. Members who would like to recommend nominees to the Governance Committee should submit the candidate's name and background information in a sufficiently timely manner (and in any event, no later than the date specified for receipt of member proposals in any applicable proxy statement of the Fund) and should address their recommendations to the attention of the Governance Committee, at c/o AMG Funds LLC, 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. The function of the Governance Committee of the Master Fund is the same. The Governance Committee of the Fund met twice during the most recent fiscal year.

***Directors' Compensation***

[To be updated by amendment]

---

| | | |
|:---|:---|:---|
| **Name of Director** | **Aggregate**<br> **Compensation**<br> **from the Fund<sup>(a)</sup>** | **Total Compensation**<br> **from the**<br> **Fund Complex**<br> **Paid to Directors<sup>(b)</sup>** |
|  <u>***Independent Directors***:</u> |  |  |
|  Jill R. Cuniff | $[] | $[] |
|  Kurt A. Keilhacker | $[] | $[] |
|  Peter W. MacEwen | $[] | $[] |
|  Eric Rakowski | $[] | $[] |
|  Victoria L. Sassine | $[] | $[] |
|  <u>***Interested Director***:</u> |  |  |
|  Garret W. Weston |  |  |

---

(a) Aggregate compensation includes amounts from the Fund and the Master Fund for the fiscal year ending
March 31, 2026. The Fund does not provide any pension or retirement benefits for the Directors.

(b) Total compensation includes amounts paid for the fiscal year ended March 31, 2026 for services as a
Director of the AMG Fund Complex. As of March 31, 2026, each Director served as a trustee or director to 39 funds in the AMG Fund Complex.

From June 12, 2025 through January 28, 2026, Jill R. Cuniff and Peter W. MacEwen served as consultants to the Board on an as needed basis. As compensation for their services, Ms. Cuniff and Mr. MacEwen each received $[ ], paid by the Fund and the Master Fund collectively.

------

**PORTFOLIO MANAGEMENT** 

[To be updated by amendment]

In addition to the Fund (for purposes of this section, the "Fund" includes the Master Fund and its Subsidiaries, unless otherwise indicated), the Fund's portfolio managers manage, or are affiliated with, other accounts, including other pooled investment vehicles. The following tables list the number and types of accounts, other than the Fund, managed by the Fund's portfolio managers and estimated assets under management in those accounts, as of [ ].

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio**<br> **manager** | **Registered investment**<br>**companies managed** | **Registered investment**<br>**companies managed** | **Other pooled investment**<br>**vehicles managed<br>(world-wide)** | **Other pooled investment**<br>**vehicles managed<br>(world-wide)** | **Other accounts (world-<br>wide)** | **Other accounts (world-<br>wide)** |
|  | *Number of*<br>*accounts* | *Total assets*<br>*(in billions)* | *Number of<br>accounts* | *Total assets<br>(in billions)* | *Number of<br>accounts* | *Total assets<br>(in billions)* |
|  Brian Buenneke | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Evan Corley | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Kevin Dunwoodie | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Kathryn Leaf | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Jeff Miller | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Rakesh Jain | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Amyn Hassanally | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Dinesh Ramasamy | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Matt Cashion | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio**<br> **manager** | **Registered investment**<br>**companies managed**<br>**for which the Adviser**<br>**receives a performance-<br>based**<br>**fee** | **Registered investment**<br>**companies managed**<br>**for which the Adviser**<br>**receives a performance-<br>based**<br>**fee** | **Other pooled investment**<br>**vehicles managed (world-<br>wide) for which the<br>Adviser receives a**<br>**performance-based fee** | **Other pooled investment**<br>**vehicles managed (world-<br>wide) for which the<br>Adviser receives a**<br>**performance-based fee** | **Other accounts (world-**<br>**wide) for which the**<br>**Adviser receives a**<br>**performance-based fee** | **Other accounts (world-**<br>**wide) for which the**<br>**Adviser receives a**<br>**performance-based fee** |
|  | *Number of<br>accounts* | *Total assets<br>(in billions)* | *Number of<br>accounts* | *Total assets*<br>*(in billions)* | *Number of<br>accounts* | *Total assets<br>(in billions)* |
|  Brian Buenneke | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Evan Corley | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Kevin Dunwoodie | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Kathryn Leaf | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Jeff Miller | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Rakesh Jain | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Amyn Hassanally | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Dinesh Ramasamy | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
|  Matt Cashion | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

***Potential Conflicts of Interest***

The Adviser will advise multiple clients with investment objectives, guidelines and policies, and fee structures that may differ from each other or that may be substantially similar. In situations where an investment opportunity falls within the investment objectives of multiple clients of the Adviser, there may also be conflicts of interest among clients regarding which of those entities will be given the opportunity to make or participate in the investment opportunity and, if the investment is to be made by more than one of those entities, the proportions in which such opportunity will be allocated among the participating entities.

The Adviser will receive both management fees and/or carried interest (performance fees) as compensation for its advisory services for many clients. Carried interest will, at times, create an incentive for the Adviser to make investments that are riskier or more speculative than would be the case in the absence of a performance-based fee. In these instances, the Adviser's compensation will, at times, be greater than it would otherwise have been, as the fee will be based on the funds' or separate accounts' performance instead of, or in addition to, a percentage of assets

------

under management. In theory, the Adviser has an incentive to dedicate increased resources and allocate more profitable investment opportunities to clients bearing higher carried interest percentages or to clients whose governing documents contain less restrictive terms regarding timing of carried interest distributions, which would not include the Master Fund. In theory, the Adviser also has an incentive to allocate investment opportunities to clients that pay a general partner's share or management fees based on invested capital or capital committed to transactions rather than on capital commitments. However, the Adviser has a Conflicts of Interest Policy to manage conflicts of interest, including with respect to allocation of investment opportunities, and it is the Adviser's policy to allocate investment opportunities and resources based on its allocation procedures (as discussed below), and it does not consider fees or carried interest, in any regard, when making allocation determinations.

The Adviser's investment allocation policy (the "Allocation Policy") is to allocate investment opportunities among clients based on methodologies designed to be fair and equitable over time, not taking into account fee structures on particular accounts, and consistent with and subject to the fiduciary and contractual duties of the Adviser to such clients in accordance with the Adviser's Allocation Policy and procedures.

In order to implement the Allocation Policy and manage any conflicts of interest related to investment allocations, the Adviser maintains procedures relating to the allocation of investment opportunities. The Adviser's allocation procedures may be modified from time to time at its discretion.

Occasionally, after allocating opportunities to all eligible clients of the Adviser pursuant to the Allocation Policy (including other investment vehicles and accounts managed or advised by a Pantheon entity, referred to herein as "Pantheon Funds"), the Adviser will have excess capacity (or overage) for a transaction for which it may look to other persons, including syndication partners or investors in Pantheon Funds. The Adviser reserves full discretion with respect to the allocation of such opportunities. The Adviser may charge fees or carried interest to any such persons.

*Classification of Investment Opportunities.* Allocation of investment opportunities is generally predicated on the initial classification of each such opportunity in order to determine which clients of the Adviser are eligible for each investment opportunity, taking into account one or more of a number of factors such as type of asset and deal, for example, (i) as a primary investment, a secondary investment, or a co-investment, (ii) a private equity investment, an infrastructure or real asset investment, a real estate investment, or a credit investment, or (iii) global, regional (US, Europe, Asia, Rest of the World), an emerging market investment, or the like. In some instances, the classifications are not entirely clear or an investment may be classified as overlapping with multiple investment strategies, and in these situations, the Adviser will determine the classification of an investment opportunity in good faith. Depending on such classification, clients implementing targeted strategies that are subsets of broader classifications may be subject to increases or decreases in such allocations in the manner set forth above in order to fully and appropriately implement such targeted strategy. In addition, where an investment opportunity overlaps multiple investment strategies (such as, for example, an investment opportunity that is, say, both an infrastructure investment and a secondary investment, or a co-investment and a real asset investment), the Adviser may in good faith classify such investment opportunity as a core opportunity in respect of one or more investment strategies whether in terms of the asset class (such as private equity, infrastructure, or credit (senior or opportunistic)) or in terms of the type of transaction (such as primaries, secondaries or co-investments) or otherwise, and as a non-core opportunity in respect of one or more other investment strategies, and in such cases, the investment opportunity may be allocated in priority to clients for whom such investment opportunity represents a core opportunity, with only the remainder of such investment opportunity, if any, allocated to other clients treating such other clients as an overflow account in respect of such non-core opportunity (as discussed below).

*Portfolio Construction Considerations.* The Adviser's allocation procedures do not, however, preclude a good faith determination by the Adviser that some or all of an investment opportunity is unsuitable for any one client or exceeds an appropriate amount for any one client. This can happen from time to time for legal, tax, regulatory, portfolio construction or other reasons, after taking into account considerations such as the investment strategy, objectives, investment restrictions, risk profile, deployment targets, the respective size of portfolios and existing and prospective other exposures of that client, whether or not any other client or fund managed or advised by any member of the Adviser is taking up all or part of its allocable share of the investment opportunity or whether there is any excess arising as a result of any client or fund declining all or part of their allocable share of such investment opportunity. Any amount that is declined on behalf of any client is designated as 'overage', which the Adviser may choose to allocate entirely at its discretion as described above.

------

*Capacity Constrained Situations.* In situations where capacity or access to any investment for clients of the Adviser is constrained for any reason, in certain circumstances, it will not always be feasible for all clients to secure access in the desired amounts to the same investment. In this situation the Adviser will, in good faith, determine to either (i) reduce the allocations to all clients involved on a pro rata basis (subject to rounding) or (ii) reduce the allocation of one or more clients to such opportunity (which in some cases will result in non-pro rata allocations) or even exclude one or more clients from such opportunity (for example where a client is scaled back below any de minimis limit set for such client or based on a formulaic rotation utilized by the Adviser), in each case, with respect to the Master Fund, consistent with applicable exemptive relief and/or relevant no-action letters, provided that the Adviser shall endeavor to source an alternative investment opportunity for such client(s) that the Adviser in good faith considers to be a suitable alternative.

*Issuer Considerations*. In all cases, the allocation of the opportunity and the consummation of an investment by any given client of the Adviser is subject always to the issuer of the investment agreeing to accept such client as an investor in the relevant fund or investment.

*Allocation of Core and Non-Core Investment Opportunities.* The Adviser typically has a broad and flexible investment mandate on behalf of funds and clients managed by the Adviser. The investment mandate for clients of the Adviser may include a core investment strategy in an asset class (such as private equity, infrastructure, or credit (senior or opportunistic) or core investment category (such as, for example, a focus on primary investments or a focus on secondary investments or a focus on co-investments) and may also include one or more non-core investment strategies in other asset classes or non-core investment categories. The Adviser will generally make an initial classification of an investment opportunity (as discussed above). After classifying such investment opportunity, the Adviser may then give priority in allocation to those clients for whom such investment opportunity represents a core part of their respective investment strategies, with only the remainder of such investment opportunity, if any, allocated to other clients treating such other clients as an overflow account in respect of such non-core opportunity. For example, a co-investment opportunity may be initially allocated to clients whose investment mandate primarily concentrates on co-investments, with only the remainder, if any, being allocated to clients for whom co-investments represent a non-core opportunity.

*Changes in Investment Focus.* For clients with broad long-term strategies, like the strategy of the Fund, the investment focus may be adjusted opportunistically by the Adviser, from time to time, to focus on certain specific types or categories of investments at the discretion of the Adviser, while pausing or ceasing altogether the deployment of capital to other types of investment or alternatively including them as a *non-core* opportunity only, even if such investments otherwise fall within the broad mandate of the investment strategy for such client. By way of example only, the investment strategy for a client, such as is the case for the Fund, may generally include one or more types whether in terms of the asset class (such as private equity, infrastructure, or credit (senior or opportunistic)) or in terms of the type of transaction (such as primaries, secondaries or co- investments) or otherwise, and the Adviser may at times determine to focus on one or more of such investment opportunities on behalf of such client. Accordingly, at such times, such client would be included in the allocation process in respect of an investment opportunity of such type(s). At other times, however, the Adviser may determine to pause or cease altogether the deployment of capital to investments of one or more types for a client who will then be excluded from the allocation process in respect of such investment opportunities or alternatively to include investments of one or more types as *non-core opportunities* for any such client who will then be treated as an overflow account in respect of such non-core opportunities (see below under "Overflow Accounts"). Moreover, the Adviser's determination to include, pause or cease deployment of capital to, or treat as *non-core* one or more types of investment of one or more clients of the Adviser will be made (and reviewed from time to time) on a client by client basis and therefore may differ as between such clients. As a result, one or more clients may be participating in the allocation of such investment opportunities while other clients are excluded from such allocations or are treated as an overflow account in respect of such opportunity (as discussed below).

*Overflow Accounts.* The Adviser has previously accepted, and expects to continue to accept, "over-flow" accounts for certain strategies. In connection with this arrangement, it is typically agreed that such clients will rank behind "non-overflow accounts" with respect to the allocation of opportunities to make investments falling within the applicable strategy. Allocation of any excess capacity shall be made at the complete discretion of the Adviser (including as between over-flow accounts).

------

*Allocation of Opportunities arising from the Adviser's Relationships.* Investment opportunities, including co-investment opportunities, may arise to the Adviser as the result of relationships developed by the Adviser with portfolio fund managers over time, including managers of underlying portfolio funds of clients of the Adviser. Such investment opportunities will generally be allocated among one or more clients of the Adviser, consistent with the usual procedures as provided above (which may or may not include clients invested in the relevant portfolio fund). For instance, a client executing a primary investment strategy may have a primary investment in a portfolio fund and any co-investment or secondary investment opportunity, as the case may be, originating from the manager of such portfolio fund may be allocated entirely to other clients of the Adviser executing a co-investment strategy or secondary investment strategy, respectively. Exceptions may be made on a case-by-case basis, for example where explicit pre-emption rights or rights of first refusal accrue to clients making the original investments or in the case of stapled transactions as described above.

*Investor-Sourced Investment Opportunities.* One or more separate account clients of the Adviser or investors in an Adviser-managed vehicle, such as an investor in an Adviser-managed account or an Adviser-managed fund-of-one, may itself have one or more direct or indirect relationships with fund sponsors, investment managers, potential portfolio funds or potential portfolio companies. Such clients and investors may obtain investment opportunities as a result of such relationships and may undertake to effectuate such investment opportunity through such Adviser-managed vehicle. Investment opportunities accruing to specific funds or clients (e.g., an opportunity accruing to a fund as a result of a right of first refusal or an investment opportunity sourced by a specific separate account client) will generally not be subject to the Adviser's investment allocation process, and other clients of the Adviser may not share or participate in such investment opportunities sourced by such clients or investors.

*Stapled Opportunities*. A secondary strategy or a co-investment strategy may make a secondary investment or co-investment, as the case may be, that is contingent upon a primary investment to which the secondary investment or co-investment is "stapled," and in such circumstances the Adviser may decide to treat the entire transaction (including the stapled primary) as a secondary investment or co-investment, as the case may be. Such stapled primaries will be allocated to the same clients and in the same proportions as the secondary or co-investment to which they are stapled.

*Strategic Opportunities.* Similarly, when an opportunity arises, a secondary strategy or a co-investment strategy may make a "strategic primary" investment with an intention of facilitating the generation of future opportunities to make secondary or co-investments. However, there can be no assurance that such opportunities will arise at all or, if they do arise, that they will accrue to the benefit of the clients of the Adviser making such primary investment, by way of example only, because the commitment period of such client of the Adviser has expired.

*Clients Negotiating Their Own Access.* In certain cases, the Adviser may provide portfolio construction services and investment due diligence services to third-party clients, who negotiate their own access to the underlying portfolio investments directly with the sponsor or manager of the relevant portfolio interest and independently of the Adviser. Where third-party clients negotiate their own access (including as to the quantum of the investment) to underlying portfolio investments, then it is the Adviser's policy to ask the sponsor or manager of the relevant portfolio interest to treat the third-party client's request entirely separately from the request made by the Adviser on behalf of all other funds or clients managed by the Adviser, such that the third-party client's request will not be subject to the Adviser's investment allocation process (much like an investor-sourced investment opportunity), while the request made by the Adviser on behalf of all other clients will be subject to the Adviser's investment allocation process. In these cases and where the investment is capacity-constrained, similar to an allocation by the sponsor or manager to another unrelated third-party investor, the amount allocated by the sponsor or manager of the portfolio investment to other funds or clients managed by the Adviser will potentially be adversely impacted by the amount made available to the client that negotiates its own access. However, to manage any potential conflicts of interest, the Adviser does not allow third-party clients to elect arbitrarily to opt in or out of the Adviser's investment allocation policy on a case-by-case basis.

------

From time to time, the Adviser and its affiliates will give advice and take action with respect to such other Adviser clients or for their own accounts that will differ from the advice or the timing or nature of action taken with respect to other clients.

*Portfolio Differences.* In certain circumstances, a client of the Adviser ("Client A") with a similar investment strategy to another client of the Adviser ("Client B") may experience a different portfolio construction and / or different investment performance to Client B, including for all the reasons described above. In addition, specifically in relation to primaries, the Adviser typically constructs a customized roadmap for each client that has a core primary investment strategy, which serves to record, on an indicative basis only (and subject inter alia to due diligence, investment approvals and contractual negotiations), the names of, and commitment amounts for, each target portfolio fund. The roadmaps of two clients with substantially similar strategies will be likely to differ from one another for numerous reasons, provided always that all target portfolio funds appearing on a client's roadmap must be drawn from the Adviser's approved list of investable private funds and must aim to achieve the client's stated strategy.

***Portfolio Manager Compensation and Securities Ownership***

As of March 31, 2026, none of the portfolio managers had any direct or indirect beneficial ownership of the Fund.

Subject to available Pantheon (as defined below) profits, the compensation of each portfolio manager is typically comprised of a fixed annual distribution, a distribution determined by reference to the revenues of Pantheon, and potentially an annual supplemental distribution from surplus profits of Pantheon awarded at the discretion of Pantheon UK (as defined below). Such amounts are payable by Pantheon and not by the Master Fund or Fund. In addition, each portfolio manager may be eligible to receive a share of any performance fees or carried interest earned by Pantheon in any given year.

**CODES OF ETHICS** 

Each of the Master Fund, the Fund, the Adviser, and AMG Distributors, Inc. ("AMGD" or the "Distributor") has adopted a code of ethics under Rule 17j-1 of the 1940 Act (collectively the "Codes of Ethics"). Rule 17j-1 and the Codes of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by covered personnel ("Access Persons"). The Codes of Ethics apply to the Fund and the Master Fund and permit Access Persons to, subject to certain restrictions, invest in securities, including securities that may be purchased or held by the Master Fund or Fund. Under the Codes of Ethics, Access Persons may engage in personal securities transactions, but are required to report their personal securities transactions for monitoring purposes. In addition, certain Access Persons are required to obtain approval before investing in initial public offerings, private placements or certain other securities. The Codes of Ethics are available on the EDGAR database on the SEC's website at www.sec.gov, and also may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: <u>publicinfo@sec.gov</u>.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES** 

[To be updated by amendment]

A control person is a person who beneficially owns more than 25% of the voting securities of a company. To the knowledge of the Fund, as of [ ], no persons and/or entities owned beneficially or of record more than 25% of the outstanding units of the Fund and therefore may be presumed to "control" the Fund, as that term is defined in the 1940 Act.

To the knowledge of the Fund, as of [ ], the Directors of the Fund and the officers of the Fund, as a group, owned less than 1% of the outstanding shares of each of the Class 2, Class 3, Class 4, and Class 5 Units of the Fund.

------

As of [ ], the following persons and/or entities owned beneficially or of record 5% or more of the outstanding Class 4 Units of the Fund. As of [ ], [the Fund did not know of any person and/or entity who owned beneficially or of record 5% or more of the outstanding Class 2 Units, Class 3 Units, or Class 5 Units of the Fund]. Class 1 units of the Fund are offered in a separate prospectus and statement of additional information.

---

| | |
|:---|:---|
| **Name and Address** | **Percentage Ownership** |
|  *Class 4* |  |
|  [ ] | [ ]% |

---

**INVESTMENT MANAGEMENT AND OTHER SERVICES** 

**The Adviser** 

Pantheon Ventures (US) LP serves as the Fund's and Master Fund's investment adviser. The Adviser is a limited partnership organized under the laws of the State of Delaware and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Affiliated Managers Group, Inc. ("AMG"), a publicly-traded company, indirectly owns a majority interest of the Adviser. The Adviser serves as investment adviser to the Fund and the Master Fund pursuant to investment advisory agreements entered into between the Fund and the Adviser and the Master Fund and the Adviser (the "Investment Management Agreements"). The Directors have engaged the Adviser to provide investment advice to the Fund and the Master Fund, in each case under the ultimate supervision of, and subject to any policies established by, the Board. As of [ ], the Adviser had approximately $[ ] in discretionary assets under management. The Adviser is an affiliate of Pantheon Ventures (UK) LLP ("Pantheon UK"), Pantheon Holdings Limited, Pantheon Ventures, Inc., Pantheon Infra Advisors LLC, Pantheon Capital (Asia) Limited, Pantheon Ventures (Ireland) DAC, and Pantheon Ventures (Singapore) Pte. Ltd. (together with the Adviser, each of their respective subsidiaries, subsidiary undertakings, successors and assigns, collectively "Pantheon").

The Adviser has agreed to waive the management fee payable by the Fund, but charges the Master Fund a management fee, of which the Fund indirectly bears a pro rata share. The Adviser also charges each Subsidiary a management fee, of which the Fund and the Master Fund also indirectly bear a pro rata share. The method of calculating the management fees payable by the Master Fund is described in the Prospectus under "Management of the Fund— Investment Management Agreement."

The management fees paid to the Adviser by the Master Fund and the Subsidiaries for the fiscal years ended March 31, 2024, March 31, 2025, and March 31, 2026 are as follows:

[To be updated by amendment]

---

| | |
|:---|:---|
|  Fiscal year ended March 31, 2024 | $17885136 |
|  Fiscal year ended March 31, 2025 | $30324946 |
|  Fiscal year ended March 31, 2026 | $[ ] |

---

The Adviser is subject to an expense limitation and reimbursement agreement, which is described further in the Prospectus under "Fees and Expenses." All fees waived and/or expenses reimbursed to (recouped from) the Fund pursuant to the Expense Limitation and Reimbursement Agreement for the fiscal years ended March 31, 2024, March 31, 2025, and March 31, 2026 are as follows:

------

[To be updated by amendment]

---

| | |
|:---|:---|
|  | **Amount waived (recouped)** |
|  Fiscal year ended March 31, 2024 | $0 |
|  Fiscal year ended March 31, 2025 | $0 |
|  Fiscal year ended March 31, 2026 | $[ ] |

---

**Administrator** 

AMG Funds LLC (the "Administrator") serves as the Administrator for the Fund. The Administrator's principal business address is 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. The Administrator performs certain administration, accounting, and investor services for the Fund. In consideration for these services, the Fund pays the Administrator a fee based on the average net assets of the Fund (the "Administration Fee"). The Administrator also performs certain administration, accounting, and investor services for the Master Fund, and receives a fee from the Master Fund for such services. The Administrator is an indirect, wholly-owned subsidiary of AMG. As a result of its affiliation with AMG, the Administrator is an affiliate of the Adviser. AMGD, a wholly-owned subsidiary of the Administrator, serves as the Fund's distributor and the distributor of the AMG Fund Complex, a mutual fund complex comprised of 41 different funds, each having distinct investment management objectives, strategies, risks, and policies.

The Administrator maintains certain of the Fund's and Master Fund's accounts, books, and other documents required to be maintained under the 1940 Act at 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. Other such accounts, books, and other documents are maintained at the offices of the Adviser (555 California Street, Suite 3450, San Francisco, California 94104 or 11 Times Square, 35<sup>th</sup> Floor, New York, New York 10036), or the Custodian (240 Greenwich Street, New York, New York 10286).

**Distributor** 

AMGD acts as the distributor of the Fund's Units on a best efforts basis. The Distributor's principal address is 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. The Distributor is a wholly-owned subsidiary of the Administrator. The Distributor is a registered broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Pursuant to a distribution agreement with the Fund, the Distributor acts as the agent of the Fund in connection with the continuous offering of Units of the Fund. The Distributor continually distributes Units of the Fund on a best efforts basis. The Distributor has no obligation to sell any specific quantity of Units. The Distributor and its officers have no role in determining the investment policies of the Fund.

The Fund offers five separate classes of units: Class 1, Class 2, Class 3, Class 4, and Class 5. The Fund offers Class 1 units in a separate prospectus and statement of additional information. Class 2, Class 3, and Class 4 Units of the Fund are offered at their current net asset value per Unit and are not subject to any sales charges. Class 5 Units of the Fund are offered at their current net asset value less a maximum sales charge of 3.50% of the subscription amount. The Fund or the Distributor may elect to reduce, otherwise modify or waive the sales charge with respect to any investor. No sales charge is expected to be charged with respect to investments by the Adviser and its respective affiliates, directors, principals, officers and employees and others in the Fund's sole discretion.

The following table sets forth the net sales charge received (after allowance of a portion of the sales charge to independent dealers) by the Distributor, as the Fund's principal underwriter, for the fiscal year ended March 31, 2026:

[To be updated by amendment]

------

---

| | |
|:---|:---|
|  | Fiscal Year Ended March 31, 2026 |
|  Gross Sales Charge | $[ ] |
|  Amount Allowed to Dealers | $[ ] |
|  Net commissions received by Distributor | $[ ] |

---

***Distribution and Service Plan***. The Fund has received an exemptive order from the SEC with respect to the Fund's multi-class structure. Pursuant to such order, the Fund has adopted a Distribution and Service Plan (the "Plan") with respect to Class 1, Class 2, Class 3, and Class 5 units in compliance with Rule 12b-1 under the Investment Company Act. Class 1 units are offered in a separate prospectus and statement of additional information.

Pursuant to the Plan with respect to Class 2, Class 3, and Class 5 Units, the Fund may compensate the Distributor, brokers, dealers or other financial intermediaries (in each case, not limited to expenses incurred) for engaging, directly or indirectly, in any activity primarily intended to result in the sale of Class 2, Class 3, and Class 5 Units, for the reimbursement of related expenses, and for the maintenance and personal service provided to existing shareholders of that class. The Plan authorizes payments of 0.50%, 0.25%, and 1.00% on an annualized basis of the average daily net assets of the Fund attributable to Class 2, Class 3, and Class 5 Units, respectively.

The Plan is designed to promote sales of shares and reduce the amount of redemptions that might otherwise occur if the Plan were not in effect, as well as to compensate brokers and intermediaries for their servicing and maintenance of shareholder accounts. Increasing the Fund's net assets through sales of shares, or attempting to limit declines in net assets by reducing redemptions, may help reduce the Fund's expense ratio by spreading the Fund's fixed costs over a larger base, which may also help reduce the potential adverse effect of selling the Fund's portfolio securities to meet redemptions.

In accordance with the terms of the Plan, the Distributor provides to the Fund, for review by the Directors, a quarterly written report of the amounts expended under the Plan and the purpose for which such expenditures were made. In the Directors' quarterly review of the Plan, they will review the level of compensation the Plan provides in considering the continued appropriateness of the Plan.

Under its terms, the Plan remains in effect from year to year provided such continuance is approved annually by vote of the Directors in the manner described therein. The Plan may not be amended to increase materially the distribution and/or service fee without approval of the shareholders of the affected share class, and material amendments to the Plan must also be approved by the Directors in a manner described therein. The Plan may be terminated at any time, without payment of any penalty, by vote of the majority of the Directors who are not "interested persons" (as that term is defined in the Investment Company Act) of the Fund and have no direct or indirect financial interest in the operations of the Plan or any related agreements, or by "the vote of a majority of the outstanding voting securities" (as that term is defined in the Investment Company Act) of the Fund or applicable share class.

For the fiscal year ended March 31, 2026, Class 2, Class 3, and Class 5 Units of the Fund paid $[ ], $[ ], and $[ ] under the Plan, respectively.

The table below reflects the amounts the Fund's Class 2, Class 3, and Class 5 Units paid for the principal types of activities under its Plan during the fiscal year ended March 31, 2026:

[To be updated by amendment]

---

| | | | |
|:---|:---|:---|:---|
|  | Class 2 | Class 3 | Class 5 |
|  Advertising | $[ ] | $[ ] | $[ ] |
|  Printing and mailing of prospectuses to other than current shareholders | $[ ] | $[ ] | $[ ] |
|  Compensation to underwriters | $[ ] | $[ ] | $[ ] |
|  Compensation to broker-dealers | $[ ] | $[ ] | $[ ] |
|  Compensation to sales personnel | $[ ] | $[ ] | $[ ] |
|  Interest, carrying, or other financing charges | $[ ] | $[ ] | $[ ] |
|  Other | $[ ] | $[ ] | $[ ] |

---

------

**Custodian** 

The Bank of New York Mellon, a subsidiary of The Bank of New York Mellon Corporation (the "Custodian"), 240 Greenwich Street, New York, New York 10286, serves as a custodian and fund accounting agent for the Fund and Master Fund. The Custodian is responsible for holding all cash assets and portfolio securities of the Fund and the Master Fund in connection with the Fund's and the Master Fund's investments, releasing and delivering assets as directed by the Fund and the Master Fund, maintaining bank accounts in the names of the Fund and the Master Fund, receiving for deposit into such accounts payments for units of the Fund and the Master Fund, collecting income and other payments due the Fund and the Master Fund with respect to investments, paying out monies of the Fund and the Master Fund, and providing certain fund accounting services to the Fund and the Master Fund.

The Custodian may maintain custody of the Fund's assets with domestic and foreign sub-custodians (which may be banks, trust companies, securities depositories and clearing agencies) approved by the Board. 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 a custodian in a securities depository, clearing agency, or omnibus customer account of such custodian.

**Independent Registered Public Accounting Firm** 

[ ], [ ], is the independent registered public accounting firm for the Fund and Master Fund. [ ] conducts an annual audit of the financial statements of the Fund and Master Fund and may provide other audit, tax and related services. The financial statements contained in the Fund's annual report for the fiscal year ended March 31, 2026 were audited by [ ], whose report, along with such audited financial statements, is incorporated herein by reference to the Fund's annual report to members.

**Legal Counsel** 

Ropes & Gray LLP, One Maritime Plaza, Suite 1800, 300 Clay Street, San Francisco, California 94111, acts as legal counsel to the Fund and the Master Fund.

**Organization and Management of Wholly-Owned Subsidiaries** 

The Master Fund may invest a portion of its assets, within the limitations of Subchapter M of the Code, as applicable, in the Corporate Subsidiary. The Master Fund may also invest a portion of its assets in the Lead Fund. Each Subsidiary is a limited liability company organized under the laws of Delaware.

Each Subsidiary is overseen by its own board of directors and is not registered under the 1940 Act. The Master Fund, as the sole member of each Subsidiary, does not have all of the protections offered by the 1940 Act to shareholders of investment companies registered under the 1940 Act with respect to its investment in each Subsidiary. However, each Subsidiary is wholly-owned and controlled by the Master Fund and the Master Fund's Board oversees the investment activities of the Master Fund, including its investment in each Subsidiary, and the Master Fund's role as sole member of each Subsidiary. The Adviser is responsible for each Subsidiary's day-to-day business pursuant to a separate agreement with each Subsidiary.

Each Subsidiary's board of directors currently has the same composition as the Master Fund's Board.

Each Subsidiary has entered into a separate investment management agreement with the Adviser for the provision of advisory services. Under this agreement, the Adviser provides each Subsidiary with the same type of advisory services, under substantially the same terms, as are provided to the Master Fund.

The Subsidiaries have entered into contracts for the provision of custody services and fund administration and accounting services with the same service providers who provide those services to the Master Fund. Each Subsidiary bears the fees and expenses incurred in connection with the services that it receives pursuant to each of these separate agreements and arrangements. The Master Fund expects that the expenses borne by the Subsidiaries will not be material in relation to the value of the Master Fund's assets.

------

For purposes of adhering to the Master Fund's compliance policies and procedures, the Adviser treats the assets of each Subsidiary as if the assets were held directly by the Master Fund. The Chief Compliance Officer of the Master Fund makes periodic reports to the Master Fund's Board regarding the management and operations of each Subsidiary.

The financial information of the Subsidiaries is consolidated into the Master Fund's financial statements, as contained within the Master Fund's annual and semiannual reports provided to members.

Please refer to the section titled "***Certain U.S. Federal Income Tax Matters – Investment in the Master Fund***" for information about certain tax considerations relating to the Master Fund's investment in the Subsidiaries.

By investing in each Subsidiary, the Master Fund is indirectly exposed to the risks associated with each Subsidiary's investments. The Private Fund Investments and other investments held by a Subsidiary are subject to the same risks that would apply to similar investments if held directly by the Master Fund. Each Subsidiary is subject to the same principal risks to which the Master Fund is subject (as described in the Fund's prospectus). There can be no assurance that the investment objective of each Subsidiary will be achieved. The Subsidiaries are not registered under the 1940 Act, but the Subsidiaries will comply with certain sections of the 1940 Act and be subject to the same policies and restrictions as the Master Fund. The Master Fund wholly owns and controls each Subsidiary, and the Master Fund and each Subsidiary are both managed by the Adviser, making it unlikely that a Subsidiary will take action contrary to the interests of the Master Fund and its members. The Master Fund's Board has oversight responsibility for the investment activities of the Master Fund, including its investment in each Subsidiary, and the Master Fund's role as sole member of each Subsidiary. In managing a Subsidiary's investment portfolio, the Adviser manages the Subsidiary's portfolio in accordance with the Master Fund's investment policies and restrictions.

The Adviser, as it relates to each Subsidiary, complies with provisions of the 1940 Act relating to investment advisory contracts under Section 15 as an investment adviser to the Master Fund under Section 2(a)(20) of the 1940 Act. The Master Fund complies with the provisions of the 1940 Act, including those relating to investment policies (Section 8) and capital structure and leverage (Section 18) on an aggregate basis with each Subsidiary, and each Subsidiary complies with the provisions relating to affiliated transactions and custody (Section 17).

Changes in the tax laws of the United States and/or the State of Delaware could result in the inability of the Master Fund and/or a Subsidiary to operate as described in the prospectus and this SAI and could adversely affect the Fund and its members.

**BROKERAGE ALLOCATION AND OTHER PRACTICES** 

The Fund anticipates investing substantially all of its assets in the Master Fund in private transactions that will not involve brokerage commissions or markups. The Master Fund's primary investments in Investment Funds, in which interests may be purchased directly from the Investment Fund, may be, but are generally not, subject to brokerage commissions or markups, although there will be legal and other expenses incurred as part of such investments. The Master Fund's secondary investments in Investment Funds generally will be subject to brokerage commissions and other transaction expenses, and the Fund and the Master Fund anticipate that other portfolio transactions may be subject to such expenses as well. It is the policy of the Master Fund and Fund to obtain best results in connection with effecting its portfolio transactions taking into certain factors set forth below.

The Master Fund and Fund will bear commissions or spreads in connection with its portfolio transactions, if any. In placing orders, it is the policy of the Master Fund and Fund to obtain the best results, taking into account the broker-dealer's general execution and operational facilities, the type of transaction involved, and other factors such as the broker-dealer's risk in positioning the securities involved. While the Adviser generally seeks reasonably competitive spreads or commissions, the Master Fund and Fund will not necessarily be paying the lowest spread or commission available. In executing portfolio transactions and selecting brokers or dealers, the Adviser seeks to obtain the best overall terms available for the Master Fund and Fund. In assessing the best overall terms available for any transaction, the Adviser considers factors deemed relevant, including the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis.

------

In evaluating the best overall terms available, and in selecting the broker-dealer to execute a particular transaction, the Adviser may also consider the brokerage and research services provided (as those terms are defined in Section 28(e) of the Exchange Act). Consistent with any guidelines established by the Board of the Master Fund or Fund, as applicable, and Section 28(e) of the Exchange Act, the Adviser is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Master Fund or the Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if, but only if, the Adviser determines in good faith that such commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of that particular transaction or in terms of the overall responsibilities of the Adviser to its discretionary clients, including the Master Fund and the Fund. In addition, the Adviser is authorized to allocate purchase and sale orders for securities to brokers or dealers (including brokers and dealers that are affiliated with the Adviser or the Fund's placement agent) and to take into account the sale of Units of the Fund if the Adviser believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms. Given the focus on private equity investing, the Fund and the Master Fund are not expected to pay significant brokerage commissions.

For the fiscal year ended March 31, 2024, the Fund and the Master Fund paid $0 and $695.71 in brokerage commissions, respectively. For the fiscal year ended March 31, 2025, the Fund and the Master Fund paid $0 and $1,860 in brokerage commissions, respectively. For the fiscal year ended March 31, 2026, the Fund and the Master Fund paid $0 and $[ ] in brokerage commissions, respectively.

**PROXY VOTING POLICIES AND PROCEDURES** 

The Fund and the Master Fund have delegated the voting of proxies in respect of portfolio holdings to the Adviser to vote the proxies (as defined below) in accordance with the Adviser's proxy voting policies and procedures, except with regards to investments in cash sweep funds (where the Adviser will typically vote as recommended by the cash sweep fund's directors) and investments in other registered investment companies in reliance on the exemption provided by Section 12(d)(1)(F) of the 1940 Act, including cash sweep funds (where the Adviser will vote in the same proportion as the vote of all other shareholders of the other investment company). The proxy voting policies and procedures of the Adviser are attached as Appendix A. In general, the Adviser believes that voting proxies in accordance with the Adviser's proxy voting policies and procedures will be in the best interests of the Fund and the Master Fund.

In exercising its voting discretion, the Adviser seeks to avoid any direct or indirect conflict of interest presented by the voting decision. No less frequently than annually, the Adviser will provide the Board a written report describing any issues arising under the Adviser's proxy voting policies and procedures, including information about any material conflicts of interest and actions taken in response to those material conflicts of interest.

Investments in the Investment Funds do not typically convey traditional voting rights, and the occurrence of corporate governance or other consent or voting matters for this type of investment is substantially less than that encountered in connection with registered equity securities. On occasion, however, the Master Fund or Fund may receive notices or proposals from the Investment Funds seeking the consent of or voting by holders ("proxies").

The Master Fund may hold its interests in the Investment Funds in non-voting form. Where only voting securities are available for purchase by the Master Fund, the Master Fund may seek to create by contract the same result as owning a non-voting security by entering into a contract, typically before the initial purchase, to relinquish the right to vote in respect of its investment.

Information regarding how the Adviser voted proxies related to the Master Fund's portfolio holdings during the 12-month period ending June 30 is available, without charge, upon request by calling (877) 355-1566, and on the SEC's website at www.sec.gov.

------

**CERTAIN U.S. FEDERAL INCOME TAX MATTERS** 

The following summary of certain U.S. federal income tax considerations is intended for general informational purposes only. This discussion is not tax advice. This discussion does not address all aspects of taxation (including U.S. federal, state and local, and foreign taxes) that may be relevant to particular Investors in light of their own investment or tax circumstances, or to particular types of Investors (including insurance companies, tax-advantaged retirement plans, financial institutions or broker-dealers, foreign corporations, and persons who are not citizens or residents of the United States) subject to special treatment under U.S. federal income tax laws. This summary is based on the Code, the U.S. Treasury regulations thereunder, published rulings and court decisions, each as in effect as of the date of this SAI. These authorities are subject to change by legislative or administrative action, possibly with retroactive effect.

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans or arrangements. Investors should consult their tax advisers to determine the suitability of Units of the Fund as an investment through such plans and the precise effect of an investment on their particular tax situation.

The Fund invests substantially all of its assets in the Master Fund, and so substantially all of the Fund's income will consist of distributions (or deemed distributions) from the Master Fund. Therefore, as applicable, references to the U.S. federal income tax treatment of the Fund, including to the assets owned, income earned by or decisions made by or on behalf of the Fund, will be to or will include the Master Fund, and, as applicable, the assets owned, income earned by or decisions made by or on behalf of the Master Fund.

YOU ARE ADVISED TO CONSULT YOUR OWN TAX ADVISER WITH RESPECT TO THE SPECIFIC TAX CONSEQUENCES OF AN INVESTMENT IN THE FUND IN LIGHT OF YOUR PARTICULAR CIRCUMSTANCES. THIS DISCUSSION IS NOT INTENDED AS A SUBSTITUTE FOR CAREFUL TAX PLANNING.

**U.S. Federal Income Taxation of the Fund – in General** 

*Qualification for and Treatment as a Regulated Investment Company* 

The Fund has elected to be treated as a RIC under Subchapter M of the Code and intends each year to qualify and to be eligible to be treated as such. In order to qualify for the favorable tax treatment accorded RICs and their investors, the Fund must, among other things:

(a) derive at least 90% of its gross income for each taxable year from (i) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies and (ii) net income derived from interests in "qualified publicly traded partnerships" (as defined below);

(b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the market value of the Fund's total assets consists of cash and cash items (including receivables), U.S. government securities, securities of other RICs, and other securities limited in respect of any one issuer to a value not greater than 5% of the value of the Fund's total assets and not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, (x) in the securities (other than those of the U.S. government or other RICs) of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar, or related trades or businesses, or (y) in the securities of one or more qualified publicly traded partnerships (as defined below); and

(c) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid—generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and net tax-exempt income, for such year, in a manner qualifying for the dividends-paid deduction.

------

In general, for purposes of the 90% gross income requirement described in paragraph (a) above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the RIC. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (a partnership (x) the interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, and (y) that derives less than 90% of its income from the qualifying income described in paragraph (a)(i) above) will be treated as qualifying income. In general, such entities will be treated as partnerships for federal income tax purposes because they meet the passive income requirement under Code Section 7704(c)(2). In addition, although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership.

For purposes of the diversification test in paragraph (b) above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership. Also, for purposes of the diversification test in paragraph (b) above, the identification of the issuer (or, in some cases, issuers) of a particular investment can depend on the terms and conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the Internal Revenue Service ("IRS") with respect to issuer identification for a particular type of investment may adversely affect a RIC's ability to meet the diversification test in paragraph (b) above.

If the Fund qualifies as a RIC that is accorded favorable tax treatment, the Fund will not be subject to U.S. federal income tax on income distributed in a timely manner to its Investors in the form of dividends (including Capital Gain Dividends, as defined below) that qualify for the dividends-paid deduction.

The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in the Master Fund, which itself has elected to be treated and intends to qualify and be eligible to be treated as a RIC. The Fund generally expects to satisfy the requirements to qualify and be eligible to be treated as a RIC, provided that the Master Fund also meets these requirements; the Fund currently expects that the Master Fund will meet these requirements. Nonetheless, there can be no assurance that either the Fund or the Master Fund will so qualify and be eligible. If the Master Fund were to fail to satisfy the 90% gross income or diversification requirement for qualification as a RIC and were not to cure that failure (as described below), the Fund may as a result itself fail to meet the asset diversification test and may be ineligible to or may otherwise not cure such failure.

The federal income tax rules applicable to the Master Fund's investments are in certain cases unclear. An adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the Master Fund, and thus the Fund, has satisfied the requirements to maintain its qualification as a RIC. See "Fund Investments" below.

From time to time, the Fund or the Master Fund may increase its investments in ETFs, including in order to increase the percentage of its income constituting qualifying income.

If the Fund were to fail to meet the income, diversification or distribution tests described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax or interest, making additional distributions, or disposing of certain assets. If the Fund were ineligible to or otherwise did not cure such failure for any year, or if the Fund were otherwise to fail to qualify as a RIC accorded favorable tax treatment for such year, the Fund would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to Investors as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate Investors and may be eligible to be treated as "qualified dividend income" in the case of Investors taxed as individuals, provided, in both cases, the Investor meets certain holding period and other requirements in respect of the Units of the Fund. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before re-qualifying as a RIC that is accorded favorable tax treatment. As stated above, this discussion of the U.S. federal income tax treatment of the Fund includes the Master Fund. If the Master Fund were to fail to qualify to be treated as a RIC, the Fund would also most likely fail to qualify as a RIC.

The Fund intends to distribute at least annually to its Investors all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction), its net tax-exempt income (if any) and reserves the right to distribute annually substantially all its net capital gain. Any taxable income, including any net

------

capital gain, retained by the Fund will be subject to tax at the Fund level at regular corporate rates. In the case of net capital gain, the Fund is permitted to designate the retained amount as undistributed capital gain in a timely notice to its Investors (or the Fund, in the case of the Master Fund making such designation) who would then, in turn, be (i) required to include in income for U.S. federal income tax purposes, as long-term capital gain, their shares of such undistributed amount, and (ii) entitled to credit their proportionate share of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds on a properly filed U.S. tax return to the extent the credit exceeds such liabilities. If the Fund makes this designation, for U.S. federal income tax purposes, the tax basis of Units owned by an Investor of the Fund (or interests in the Master Fund owned by the Fund, in the case of the Master Fund making such designation) would be increased by an amount equal under current law to the difference between the amount of undistributed capital gains included in the Investor's gross income under clause (i) of the preceding sentence and the tax deemed paid by the Investor under clause (ii) of the preceding sentence. The Fund is not required to, and there can be no assurance the Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

In determining its net capital gain, including in connection with determining the amount available to support a Capital Gain Dividend (as defined below), its taxable income, and its earnings and profits, a RIC generally may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion, if any, of the taxable year after October 31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to any such portion of the taxable year) or late-year ordinary loss (generally, the sum of its (i) net ordinary loss, if any, from the sale, exchange or other taxable disposition of property, attributable to the portion, if any, of the taxable year after October 31, plus its (ii) other net ordinary loss, if any, attributable to the portion , if any, of the taxable year after December 31) as if incurred in the succeeding taxable year.

*Excise Tax* 

If the Fund were to fail to distribute in a calendar year at least an amount generally equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income for the one-year period ending October 31 of such year, plus any such amounts retained from the prior year, the Fund would be subject to a nondeductible 4% excise tax on the undistributed amounts. For purposes of the required excise tax distribution, the income and gains of Investment Funds and co-investments treated as partnerships for federal tax purposes will be treated as arising in the hands of the Master Fund at the time realized and recognized by the Investment Funds or co-investments. Also, for purposes of the required excise tax distribution, a RIC's ordinary gains and losses from the sale, exchange or other taxable disposition of property that would otherwise be taken into account after October 31 of a calendar year generally are treated as arising on January 1 of the following calendar year. In addition, for these purposes, the Fund will be treated as having distributed any amount on which it is subject to corporate income tax for the taxable year ending within the calendar year. Given the difficulty of estimating Master Fund income and gains in a timely fashion, each year the Master Fund is likely to be liable for a 4% excise tax, and it is possible that the Fund will also be liable for such tax.

*Capital Loss Carryforwards* 

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against the Fund's net investment income. Instead, potentially subject to certain limitations, a RIC may carry net capital losses from any taxable year forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent taxable years. Distributions from capital gains are generally made after applying any available capital loss carryforwards. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether a RIC retains or distributes such gains. A RIC may carry net capital losses (if any) forward to one or more subsequent taxable years without expiration. The Fund must apply long-term capital loss carryforwards first against long-term capital gains, and short-term capital loss carryforwards first against short-term capital gains. The Fund's available capital loss carryforwards, if any, will be set forth in its annual report for each fiscal year.

Because a RIC cannot "pass through" its losses to its investors, and thus the Master Fund cannot pass through losses to the Fund, any capital losses the Master Fund recognizes for U.S. federal income tax purposes will remain at the Master Fund level until the Master Fund can use them to reduce future capital gains. Accordingly, the Fund generally does not expect to realize any net capital losses, except possibly in the case where it disposes of a certain portion of its investment in the Master Fund at a loss as part of a tender offer by the Master Fund. For further discussion of the effect on the Fund of net capital losses realized by the Master Fund and of the consequences of a redemption by the Fund of a portion of its investment in the Master Fund, see "Investment in Master Fund" below.

------

**Taxation of Fund Investments** 

The Master Fund may invest a significant portion of its assets in Investment Funds and co-investments that are classified as partnerships for U.S. federal income tax purposes.

An entity that is properly classified as a partnership, rather than an association or publicly traded partnership taxable as a corporation, is not itself subject to federal income tax. Instead, each partner of the partnership must take into account its distributive share of the partnership's income, gains, losses, deductions and credits (including all such items allocable to that partnership from investments in other partnerships) for each taxable year of the partnership ending with or within the partner's taxable year, without regard to whether such partner has received or will receive corresponding cash distributions from the partnership. Accordingly, the Master Fund, and thus the Fund, may be required to recognize items of taxable income and gain prior to the time that the Master Fund receives corresponding cash distributions from an Investment Fund or co-investment. In such case, the Master Fund might have to borrow money or dispose of investments, including interests in Investment Funds, and the Fund might have to sell interests of the Master Fund, in each case including when it is disadvantageous to do so, in order to make the distributions required in order to maintain their status as RICs and to avoid the imposition of a federal income or excise tax.

In addition, the character of a partner's distributive share of items of partnership income, gain and loss generally will be determined as if the partner had realized such items directly. Investment Funds and co-investments classified as partnerships for federal income tax purposes may generate income allocable to the Master Fund that is not qualifying income for purposes of the 90% gross income test described above. In order to meet the 90% gross income test, the Master Fund may structure its investments in a way potentially increasing the taxes imposed thereon or in respect thereof. Because the Master Fund may not have timely or complete information concerning the amount and sources of such an Investment Fund's or co-investment's income until such income has been earned by the Investment Fund or co-investment or until a substantial amount of time thereafter, it may be difficult for the Master Fund to satisfy the 90% gross income test.

Furthermore, it may not always be clear how the asset diversification rules for RIC qualification will apply to the Master Fund's investments in Investment Funds or co-investments that are classified as partnerships for federal income tax purposes. It is possible that the Master Fund and the Fund will engage the services of a third-party service provider to collect, aggregate and analyze data on the Master Fund's direct and indirect investments in order to ensure that the Master Fund meets the asset diversification test. In the event that the Master Fund believes that it is possible that it will fail the asset diversification requirement at the end of any quarter of a taxable year, it may seek to take certain actions to avert such failure, including by acquiring additional investments to come into compliance with the asset diversification test or by disposing of non-diversified assets. Although the Code affords the Master Fund the opportunity, in certain circumstances, to cure a failure to meet the asset diversification test, including by disposing of non-diversified assets within six months, there may be constraints on the Master Fund's ability to dispose of its interest in an Investment Fund that limit utilization of this cure period.

As a result of the considerations described in the preceding paragraphs, the Fund's and the Master Fund's intention to qualify and be eligible for treatment as RICs can limit their ability to acquire or continue to hold positions in Investment Funds or co-investments that would otherwise be consistent with their investment strategy or can require them to engage in transactions in which they would otherwise not engage, resulting in additional transaction costs and reducing the Fund's return to Investors.

As stated above, unless otherwise indicated, references in this discussion to the Fund's investments, activities, income, gain, and loss include the direct investments, activities, income, gain, and loss of both the Fund and the Master Fund, as well as those indirectly attributable to the Fund as result of the Fund's or the Master Fund's investment in any Investment Fund (or other entity, including a co-investment or the Lead Fund) that is properly classified as a partnership or disregarded entity for U.S. federal income tax purposes (and not an association or publicly traded partnership taxable as a corporation).

------

*Passive Foreign Investment Companies* 

The Master Fund may invest in Investment Funds or in other entities, including co-investments, that are classified as passive foreign investment companies ("PFICs") for U.S. federal income tax purposes, and Investment Funds themselves may invest in entities that are classified as PFICs. Investments in PFICs could potentially subject the Master Fund to a U.S. federal income tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company. This tax cannot be eliminated by making distributions to its investors. The Master Fund (or, as applicable, the Investment Fund or another entity) generally may elect to avoid the imposition of that tax by, for example, electing to treat a PFIC in which it holds an interest as a "qualified electing fund" (i.e., make a "QEF election"), in which case the Master Fund will be required to include its share of the PFIC's income and net capital gains annually, regardless of whether it receives any distributions from the PFIC.

In certain circumstances, the Master Fund may be permitted to and elect to mark the gains (and to a limited extent losses) in such PFIC holdings "to the market" as though it had sold (and, solely for purposes of this mark-to-market election, repurchased) such holdings on the last day of the Master Fund's taxable year. Such gains and losses are treated as ordinary income and loss. If the Master Fund realizes a loss with respect to a PFIC which has elected such mark-to-market treatment, whether by virtue of selling all or part of its interest in the PFIC or because of the "mark to market" adjustment described above, the loss will be ordinary to the extent of the excess of the sum of the mark-to-market gains over the mark-to-market losses previously recognized with respect to the PFIC. To the extent that the Master Fund's mark-to-market loss with respect to a PFIC exceeds that limitation, the loss will effectively be taken into account in offsetting future mark-to-market gains from the PFIC, and any remaining loss will generally be deferred until the PFIC interests are sold, at which point the loss will be treated as a capital loss.

Where the mark-to-market election is made, it is possible that the Master Fund will be required to recognize income (which generally must be distributed to the Fund, and in turn to the Fund's Investors) in excess of the distributions that it receives in respect of an interest in a PFIC. Accordingly, the Master Fund may need to borrow money or to dispose of investments, potentially including its interests in the PFIC, in order to make the distributions required in order to maintain its status as a RIC and to avoid the imposition of a federal income tax and/or the nondeductible 4% excise tax. There can be no assurances, however, that the Master Fund will be successful in this regard; if the Master Fund were unsuccessful in this regard, it could limit the ability of the Master Fund, and thus, the Fund to qualify and be eligible for treatment as a RIC.

In certain cases, neither the Fund nor the Master Fund will be the party legally permitted to make the QEF election or the mark-to-market election in respect of indirectly held PFICs and, in such cases, will thus not have control over whether the QEF or mark-to-market election is made.

If neither a "mark-to-market" nor a QEF election is made with respect to an interest in a PFIC, the ownership of the PFIC interest may have significantly adverse tax consequences for the Master Fund, and thus the Fund: The holder of the PFIC interest would be subject to an interest charge (at the rate applicable to tax underpayments) on tax liability treated as having been deferred with respect to certain distributions and on gain from the disposition of the interests in a PFIC (collectively referred to as "excess distributions"), even if, where the holder is a RIC, those excess distributions are paid by the RIC as a dividend to its shareholders.

Because it is not always possible to identify a foreign corporation as a PFIC, in certain instances the Fund or the Master Fund may unexpectedly incur the tax and interest charges described above. Any such tax will reduce the value of an Investor's investment in the Fund.

*Investments in Other RICs* 

The Fund's investment in shares of mutual funds, ETFs or other companies that qualify as RICs, including, as discussed in "Investment in the Master Fund" below, the Master Fund, (each, an "underlying RIC"), can cause the Fund to be required to distribute greater amounts of net investment income or net capital gain than the Fund would have distributed had it invested directly in the securities held by the underlying RIC, rather than in shares of the underlying RIC. Further, the amount or timing of distributions from the Fund qualifying for treatment as a particular character (e.g., long-term capital gain, exempt interest, eligible for dividends-received deduction, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the underlying RIC.

------

If the Fund receives dividends from an underlying RIC and the underlying RIC reports such dividends as "qualified dividend income," then the Fund is permitted in turn to report a portion of its distributions as qualified dividend income, provided that the Fund meets holding period and other requirements with respect to shares of the underlying RIC.

If the Fund receives dividends from an underlying RIC and the underlying RIC reports such dividends as eligible for the dividends-received deduction, then the Fund is permitted in turn to report its distributions derived from those dividends as eligible for the dividends-received deduction as well, provided the Fund meets holding period and other requirements with respect to shares of the underlying RIC.

*Derivatives, Hedging and Related Transactions* 

In general, option premiums received by the Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Fund transfers or otherwise terminates the option (e.g., through a closing transaction). If a call option written by the Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the Fund minus (b) the Fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by the Fund pursuant to the exercise of a put option written by it, the Fund generally will subtract the premium received for purposes of computing its cost basis in the securities purchased. The gain or loss with respect to any termination of the Fund's obligation under an option other than through the exercise of the option generally will be short-term gain or loss depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by the Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

Certain covered call-writing activities of the Fund may trigger the U.S. federal income tax straddle rules of Section 1092 of the Code, requiring that losses be deferred and holding periods be tolled on offsetting positions in options and stocks deemed to constitute substantially similar or related property. Options on single stocks that are not "deep in the money" may constitute qualified covered calls, which generally are not subject to the straddle rules; the holding period on stock underlying qualified covered calls that are "in the money" although not "deep in the money" will be suspended during the period that such calls are outstanding. Thus, the straddle rules and the rules governing qualified covered calls could cause gains that would otherwise constitute long-term capital gains to be treated as short-term capital gains, and distributions that would otherwise constitute "qualified dividend income" or qualify for the dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as ordinary income or to fail to qualify for the dividends-received deduction, as the case may be.

The tax treatment of certain futures contracts entered into by the Fund as well as listed non-equity options written or purchased by the Fund on U.S. exchanges (including options on futures contracts, equity indices and debt securities) will be governed by Section 1256 of the Code ("Section 1256 contracts"). Gains or losses on Section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, Section 1256 contracts held by the Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable.

In addition to the special rules described above in respect of futures and options transactions, the Fund's transactions in other derivative instruments (e.g., forward contracts and swap agreements), as well as any of its hedging, short sale, securities loan or similar transactions, may be subject to one or more special tax rules (e.g., notional principal contract, straddle, constructive sale, wash sale and short sale rules). These rules may affect whether gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby affecting whether capital gains and losses are treated as short-term or long-term. These rules could therefore affect the amount, timing and/or character of distributions to Investors.

------

Because these and other tax rules applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a RIC and avoid a Fund-level tax.

*Book-Tax Differences* 

Certain of the Fund's investments in derivative instruments and foreign currency-denominated instruments, and any of the Fund's transactions in foreign currencies and hedging activities, are likely to produce a difference between the Fund's book income and its taxable income. If such a difference arises, and the Fund's book income is less than its taxable income, the Fund could be required to make distributions exceeding book income to qualify as a RIC that is accorded favorable tax treatment and to avoid an entity-level tax. In the alternative, if the Fund's book income exceeds its taxable income (including realized capital gains), the distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits, (ii) thereafter, as a return of capital to the extent of the recipient's basis in its Units, and (iii) thereafter as gain from the sale or exchange of a capital asset.

*Special Rules for Debt Obligations* 

Some debt obligations with a fixed maturity date of more than one year from the date of issuance (and zero-coupon debt obligations with a fixed maturity date of more than one year from the date of issuance) will be treated as having original issue discount ("OID"). OID is, very generally, the excess of the stated redemption price at maturity of a debt obligation over the issue price. OID is treated as interest income and is included in the Fund's income and is required to be distributed over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. In addition, payment-in-kind obligations will give rise to income which is required to be distributed and is taxable even though the Fund holding the obligation receives no interest payment in cash on the security during the year.

Some debt obligations with a fixed maturity date of more than one year from the date of issuance that are acquired by the Fund in the secondary market may be treated as having "market discount." Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with OID, its "revised issue price") over the purchase price of such obligation. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt obligation having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt obligation. Alternatively, the Fund or an Investment Fund treated as a partnership, as applicable, may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount in the Fund's income (as ordinary income) and thus distribute it over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. The rate at which the market discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund or Investment Fund, as applicable elects.

Some debt obligations with a fixed maturity date of one year or less from the date of issuance may be treated as having OID or, in certain cases, "acquisition discount" (very generally, the excess of the stated redemption price over the purchase price). The Fund will be required to include the OID or acquisition discount in income (as ordinary income) and thus distribute it over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The rate at which OID or acquisition discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

If the Fund holds the foregoing kinds of obligations, or other obligations subject to special rules under the Code, it may be required to pay out as an income distribution each year an amount which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or, if necessary, by disposition of portfolio securities, including at a time when it may not be advantageous to do so. These

------

dispositions may cause the Fund to realize higher amounts of short-term capital gains (generally taxed to Investors at ordinary income tax rates for U.S. federal income tax purposes) and, in the event the Fund realizes net capital gains from such transactions, its Investors may receive a larger Capital Gain Dividend (as defined below) than if the Fund had not held such securities.

A portion of the OID accrued on certain high-yield discount obligations may not be deductible to the issuer and will instead be treated as a dividend paid by the issuer for purposes of the dividends-received deduction. In such cases, if the issuer of the high-yield discount obligations is a domestic corporation, dividend payments by the Fund may be eligible for the dividends-received deduction to the extent attributable to the deemed dividend portion of such OID.

*Securities Purchased at a Premium* 

Very generally, where the Fund purchases a bond at a price that exceeds the redemption price at maturity – that is, at a premium—the premium is amortizable over the remaining term of the bond. In the case of a taxable bond, if the Fund makes an election applicable to all such bonds it purchases, which election is irrevocable without the consent of the IRS, the Fund reduces the current taxable income from the bond by the amortized premium and reduces its tax basis in the bond by the amount of such offset; upon the disposition or maturity of such bonds, the Fund is permitted to deduct any remaining premium allocable to a prior period. In the case of a tax-exempt bond, tax rules require the Fund to reduce its tax basis by the amount of amortized premium.

*At-risk or Defaulted Securities* 

Investments in debt obligations that are at risk of or in default present special tax issues for the Fund. Tax rules are not entirely clear about issues such as whether or to what extent the Fund should recognize market discount on such a debt obligation, when the Fund may cease to accrue interest, OID or market discount, when and to what extent the Fund may take deductions for bad debts or worthless securities and how the Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by the Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its eligibility for treatment as a RIC and does not become subject to U.S. federal income or excise tax.

*Foreign Currency Transactions* 

Any transaction by the Fund in foreign currencies, foreign currency-denominated debt obligations or certain foreign currency options, futures contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may accelerate Fund distributions to Investors and increase the distributions taxed to Investors as ordinary income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned in subsequent taxable years.

*Commodity-Linked Derivatives* 

The Fund's use of commodity-linked derivatives can bear on or be limited by the Fund's intention to qualify as a RIC. Income and gains from certain commodity-linked derivatives does not constitute qualifying income to a RIC for purposes of the 90% gross income test described above. The tax treatment of certain other commodity-linked derivative instruments in which the Fund might invest is not certain, in particular with respect to whether income or gains from such instruments constitute qualifying income to a RIC. If the Fund were to treat income or gain from a particular instrument as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any other non-qualifying income, caused the Fund's non-qualifying income to exceed 10% of its gross income in any taxable year, the Fund would fail to qualify as a RIC unless it is eligible to and does pay a tax at the Fund level.

------

*Certain Investments in REITs* 

Any investment by the Fund in equity securities of REITs qualifying as such under Subchapter M of the Code may result in the Fund's receipt of cash in excess of the REIT's earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to Fund Investors for U.S. federal income tax purposes. Dividends received by the Fund from a REIT will not qualify for the corporate dividends-received deduction and generally will not constitute qualified dividend income.

*Mortgage-Related Securities* 

The Fund may invest directly or indirectly in residual interests in real estate mortgage investment conduits ("REMICs") (including by investing in residual interests in collateralized mortgage obligations ("CMOs") with respect to which an election to be treated as a REMIC is in effect) or equity interests in taxable mortgage pools ("TMPs"). Under a notice issued by the IRS in October 2006 and Treasury regulations that have yet to be issued but may apply retroactively, a portion of the Fund's income (including income allocated to the Fund from a REIT or other pass-through entity) that is attributable to a residual interest in a REMIC or an equity interest in a TMP (referred to in the Code as an "excess inclusion") will be subject to U.S. federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a RIC will be allocated to Investors of the RIC in proportion to the dividends received by such Investors, with the same consequences as if the Investors held the related interest directly. As a result, a RIC investing in such interests may not be a suitable investment for charitable remainder trusts ("CRTs") (See, "Tax-Exempt Shareholders" below).

In general, excess inclusion income allocated to Investors (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or other tax-exempt entity) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a non-U.S. Investor, will not qualify for any reduction in U.S. federal withholding tax. An Investor will be subject to U.S. federal income tax on such inclusions notwithstanding any exemption from such income tax otherwise available under the Code.

*Investment in the Master Fund* 

Because the Fund will invest all or substantially all of its assets in the Master Fund, its distributable income and gains will normally consist entirely of distributions (or deemed distributions) from the Master Fund and gains and losses on the disposition of units of the Master Fund. To the extent that the Master Fund realizes net losses on its investments for a given taxable year, the Fund will not be able to benefit from those losses unless (i) the losses are capital losses and the Master Fund realizes subsequent capital gains that it can reduce by those losses, or (ii) the Fund is able to recognize its share of the Master Fund's losses when it disposes of units of the Master Fund. Even if the Fund were able to recognize its share of those losses by making such a disposition, a portion of its loss may be recognized as a long-term capital loss, which will not be treated as favorably for U.S. federal income tax purposes as a short-term capital loss or an ordinary deduction. In particular, the Fund will not be able to offset any capital losses from its dispositions of Master Fund units against its ordinary income (including distributions of any net short-term capital gains realized by the Master Fund).

As a result of the foregoing rules, and certain other special rules, it is possible that the amounts of net investment income and net capital gain that the Fund will be required to distribute to Investors will be greater than such amounts would have been had the Fund invested directly in the securities held by the Master Fund, rather than investing in units of the Master Fund. For similar reasons, the amount or timing of distributions from the Fund qualifying for treatment as a particular character (e.g., long-term capital gain, exempt interest, eligibility for dividends-received deduction, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the Master Fund.

A redemption, if any, of Master Fund units (including a redemption in connection with a tender offer of the Fund) by the Fund generally will be treated as a distribution under Section 301 of the Code (a "Section 301 distribution") unless the redemption is treated as being any of (i) a complete termination of the Fund's interest in the Master Fund,

------

(ii) "substantially disproportionate" with respect to the Fund or (iii) otherwise "not essentially equivalent to a dividend" under the relevant rules of the Code. The Fund expects that its redemptions, if any, of Master Fund units will be treated as Section 301 distributions. A Section 301 distribution is not treated as a sale or exchange giving rise to capital gain or loss, but rather is treated as a dividend to the extent supported by the Master Fund's current and accumulated earnings and profits, with the excess treated as a return of capital reducing the Fund's tax basis in its units, and thereafter as capital gain.

In the case where the Fund is treated as having received a taxable dividend from the Master Fund, there is a risk that non-tendering investors in the Master Fund, and other investors in the Master Fund who tender some but not all of their units therein or not all of whose units therein are repurchased, in each case whose percentage interests in the Master Fund increase as a result of such tender, will be treated as having received a taxable distribution from the Master Fund. The extent of such risk will vary depending upon the particular circumstances of the tender offer, and in particular whether such offer is a single and isolated event or is part of a plan for periodically redeeming units of the Master Fund. Dividend treatment of a tender by the Master Fund would affect the amount and character of income required to be distributed by both the Master Fund and the Fund for the year in which the redemption occurred. It is possible that such a dividend would qualify as qualified dividend income; otherwise, it would be taxable as ordinary income.

If the Fund receives dividends from the Master Fund, and the Master Fund reports such dividends as "qualified dividend income," then the Fund is permitted, in turn, to report a portion of its distributions as "qualified dividend income," provided the Fund meets the holding period and other requirements with respect to units of the Master Fund.

If the Fund receives dividends from the Master Fund, and the Master Fund reports such dividends as eligible for the dividends-received deduction, then the Fund is permitted, in turn, to report a portion of its distributions as eligible for the dividends-received deduction, provided the Fund meets the holding period and other requirements with respect to units of the Master Fund.

The Fund expects to be a "qualified fund of funds"—that is, a RIC at least 50% of the total assets of which consists, at the close of each quarter of the RIC's taxable year, of interests in other RICs (including the Master Fund). As a result, the Fund will be permitted to elect to pass through to its Investors foreign income taxes and other similar taxes paid by the Fund or Master Fund in respect of foreign securities held directly by the Fund or by the Master Fund, if the Master Fund itself elected to pass such taxes through to Investors, so that Investors in the Fund will be eligible to claim a tax credit or deduction for such taxes. However, even if the Fund or the Master Fund qualifies to make such election for any year, it may determine not to do so. See "Foreign Taxation" below for more information.

Failure of the Master Fund or the Fund to qualify and be eligible to be treated as a RIC would likely significantly reduce the investment return to the Fund's Investors.

The Master Fund is permitted to invest up to 25% of its total assets in the Corporate Subsidiary, a Delaware limited liability company that has elected to be treated as a corporation for U.S. federal income tax purposes. A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where, as here, the Corporate Subsidiary is organized in the U.S., the Corporate Subsidiary will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Master Fund's return on its investment in the Corporate Subsidiary. If a net loss is realized by the Corporate Subsidiary, such loss is not generally available to offset the income of the Master Fund.

*Foreign Taxation* 

Income, proceeds and gains received by the Fund or Master Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. This will decrease the Fund's yield on securities subject to such taxes. Tax treaties between certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the Master Fund's assets at the end of its taxable year consists of the securities of foreign corporations, the Master Fund may elect to permit its investors, including the Fund, to claim a credit or deduction on their U.S. federal income tax returns for their pro rata portions of qualified taxes paid by the Master Fund to foreign

------

countries in respect of foreign securities that the Master Fund has held for at least the minimum period specified in the Code. In such a case, the investors, including the Fund, will include in gross income from foreign sources their pro rata share of such taxes paid by the Master Fund. As discussed above, if the Fund is a qualified fund of funds, it also may elect to pass through to its Investors foreign taxes it has paid or foreign taxes passed through to it by any RIC, including the Master Fund, in which it invests that itself was eligible to elect and did elect to pass through such taxes to Investors (see "Investment in Master Fund" and "Investments in Other RICs" above). Even if the Fund is eligible to make such an election for a given year, it may determine not to do so. If the Fund is not so eligible or does not so elect, foreign taxes, if any, would nonetheless reduce the Fund's taxable income. An Investor's ability to claim an offsetting foreign tax credit or deduction in respect of foreign taxes passed through by the Fund is subject to certain limitations imposed by the Code, which may result in the Investor's not receiving a full credit or deduction (if any) for the amount of such taxes. Investors who do not itemize deductions on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. Investors that are not subject to U.S. federal income tax, and those who invest in the Fund through tax-advantaged accounts (including those who invest through individual retirement accounts or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by the Fund.

If the Fund is not eligible to or does not make the above election, the Fund's taxable income will be reduced by the foreign taxes paid or withheld, and Investors will not be entitled separately to claim a credit or deduction with respect to such taxes. Members are advised to consult their own tax advisers with respect to the treatment of foreign source income and foreign taxes under the U.S. federal income tax laws.

**Taxation of Investors** 

*Distributions by the Fund* 

For U.S. federal income tax purposes, distributions of investment income are generally taxable to Investors as ordinary income. Taxes on distributions of capital gains are determined by how long the Fund owned or is considered to have owned the investments that generated them, rather than how long an Investor has owned his or her interests. In general, the Fund will recognize long-term capital gain or loss on investments it has owned (or is deemed to have owned) for more than one year, and short-term capital gain or loss on investments it has owned (or is deemed to have owned) for one year or less. Distributions of net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case determined with reference to any loss carryforwards) that are properly reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable to Investors as long-term capital gains includible in net capital gain and taxed to individuals at reduced rates. The IRS and the U.S. Department of the Treasury have issued final regulations that impose special rules in respect of Capital Gain Dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code. Distributions of net short-term capital gain (as reduced by any net long-term capital loss for the taxable year) will be taxable to Investors as ordinary income. Distributions from capital gains are generally made after applying any available capital loss carryovers. Distributions of investment income reported by the Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to net capital gain, provided holding period and other requirements are met at both the Investor and Fund level. The Fund does not expect a significant portion of Fund distributions to be derived from qualified dividend income. Distributions of investment income reported by the Fund as derived from eligible dividends will qualify for the "dividends-received deduction" in the hands of corporate Investors, provided holding period and certain other requirements are met. The Fund does not expect a significant portion of Fund distributions to be eligible for the dividends-received deduction.

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. For these purposes, "net investment income" generally includes, among other things (i) distributions paid by the Fund of net investment income and capital gains and (ii) any net gain from the sale, exchange, or other taxable disposition of interests. Investors are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in the Fund.

As required by federal law, detailed U.S. federal tax information with respect to each calendar year will be furnished to each Investor as soon as practicable in the succeeding year.

------

If the Fund makes a distribution to an Investor in excess of the Fund's current and accumulated earnings and profits in any taxable year, the excess distribution will be treated as a return of capital to the extent of such Investor's tax basis in its interests, and thereafter as capital gain. A return of capital is not taxable, but it reduces an Investor's tax basis in its interests, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the Investor of its interests.

Distributions are taxable as described herein whether Investors receive them in cash or reinvest them in additional interests. A dividend paid to Investors in January generally is deemed to have been paid by the Fund on December 31 of the preceding year, if the dividend was declared and payable to Investors of record on a date in October, November, or December of that preceding year.

Distributions by the Fund to its shareholders that the Fund properly reports as "Section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "Section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by a RIC from REITs, to the extent such dividends are properly reported as such by the RIC in a written notice to its shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible, but is not required to do so.

Distributions on the Fund's interests are generally subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such distributions may economically represent a return of a particular Investor's investment. Such distributions are likely to occur in respect of interests purchased at a time when the Fund's net asset value reflects either unrealized gains, or realized but undistributed income or gains, that were therefore included in the price the Investor paid. Such distributions may reduce the fair market value of the Fund's interests below the Investor's cost basis in those interests. As described above, the Fund is required to distribute realized income and gains regardless of whether the Fund's net asset value also reflects unrealized losses.

*Backup Withholding* 

The Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any individual Investor who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the Investor's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

*Tax-Exempt Investors* 

Income of a RIC that would be UBTI if earned directly by a tax-exempt entity will not generally be attributed as UBTI to a tax-exempt Investor of the RIC. Notwithstanding this "blocking" effect, a tax-exempt Investor could realize UBTI by virtue of its investment in the Fund if interests in the Fund constitute debt-financed property in the hands of the tax-exempt Investor within the meaning of Section 514(b) of the Code.

A tax-exempt Investor may also recognize UBTI if the Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in REMICs or equity interests in TMPs as described above, if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

In addition, special tax consequences apply to CRTs that invest in RICs that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, a CRT (as defined in Section 664 of the Code) that realizes any UBTI for a taxable year must pay an excise tax annually of an amount

------

equal to such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI as a result of investing in a RIC that recognizes "excess inclusion income." Rather, if at any time during any taxable year a CRT (or one of certain other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a share in a RIC that recognizes "excess inclusion income," then the RIC will be subject to a tax on that portion of its "excess inclusion income" for the taxable year that is allocable to such shareholders at the highest federal corporate income tax rate. The extent to which this IRS guidance remains applicable in light of the December 2006 legislation is unclear. To the extent permitted under the 1940 Act, the Fund may elect to specially allocate any such tax to the applicable CRT, or other Investor, and thus reduce such Investor's distributions for the year by the amount of the tax that relates to such Investor's interest in the Fund.

CRTs and other tax-exempt Investors are urged to consult their tax advisors concerning the consequences of investing in the Fund.

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans. Members should consult their tax advisors to determine the suitability of Units of the Fund as an investment through such plans.

*Sale, Exchange or Repurchase of Units* 

From time to time, the Fund intends to make a tender offer for its Units (as described under "Repurchases of Units and Transfers" in the Prospectus). Investors who tender all Fund interests (as previously defined, "Units") they hold, or are deemed to hold, in response to a tender offer will be treated as having sold their interests and generally will realize a capital gain or loss, as discussed in the following paragraph. If an Investor tenders fewer than all of its Units or fewer than all Units tendered are repurchased, such Investor may be treated as having received a so-called "Section 301 distribution," taxable in whole or in part as a dividend upon the tender of its Units, unless the repurchase is treated as being either (i) "substantially disproportionate" with respect to such Investor or (ii) otherwise "not essentially equivalent to a dividend" under the relevant rules of the Code. A Section 301 distribution is not treated as a sale or exchange giving rise to capital gain or loss, but rather is treated as a dividend to the extent supported by the Fund's current and accumulated earnings and profits, with the excess treated as a return of capital reducing an Investor's tax basis in its Units (but not below zero), and thereafter as capital gain. Where the Investor is treated as receiving a dividend, there is a risk that non-tendering Investors and Investors who tender some but not all of their Units or fewer than all of whose Units are repurchased, in each case whose percentage interests in the Fund increase as a result of such tender, will be treated as having received a taxable dividend distribution from the Fund. The extent of such risk will vary depending upon the particular circumstances of the tender offer, and in particular whether such offer is a single and isolated event or is part of a plan for periodically repurchasing Units of the Fund.

The sale, repurchase or other taxable disposition of Fund Units generally will give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of Units will be treated as long-term capital gain or loss if the Units have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Units will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of Units held by an Investor for six months or less will be treated as long-term, rather than short-term, to the extent of any Capital Gain Dividends received (or deemed received) by the Investor with respect to the Units. Further, all or a portion of any loss realized upon a taxable disposition of Units will be disallowed under the Code's "wash sale" rule if other substantially identical Units are purchased, including by means of dividend reinvestment, within 30 days before or after the disposition. In such a case, the basis of the newly purchased Units will be adjusted to reflect the disallowed loss.

The Fund's use of cash to repurchase shares could adversely affect its ability to satisfy the distribution requirements for treatment as a RIC and its ability to avoid Fund-level income and excise taxes. To the extent that the Fund recognizes net gains on the liquidation of portfolio securities to fund share repurchases pursuant to its tender offers or otherwise repurchases Units, the Fund will be required to take such gains into account in determining whether the distribution requirements are satisfied and it may be required to make additional distributions to its Investors, including distributions of short-term capital gains taxable to individual shareholders as ordinary income.

------

Upon the sale, exchange or redemption of Units, the Fund or, in the case of Units purchased through a financial intermediary, the financial intermediary, may be required to provide an Investor and the IRS with cost basis and certain other related tax information about the Units the Investor sold, exchanged or redeemed. See the Prospectus for more information.

*Foreign Investors* 

Distributions by the Fund to an Investor that is not a "U.S. person" within the meaning of the Code (a "Foreign Investor") properly reported by the Fund as (1) Capital Gain Dividends, (2) short-term capital gain dividends, and (3) interest-related dividends, each as defined and subject to certain conditions described below, generally are not subject to withholding of U.S. federal income tax.

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S.-source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual Foreign Investor, in each case to the extent such distributions are properly reported as such by the Fund in a written notice to Investors. The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not apply to (A) distributions to an individual Foreign Investor who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is treated as effectively connected with the conduct by the Foreign Investor of a trade or business within the United States under special rules regarding the disposition of U.S. real property interests ("USRPIs") as described below. The exception to withholding for interest-related dividends does not apply to distributions to a Foreign Investor (A) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (B) to the extent that the dividend is attributable to certain interest on an obligation if the Foreign Investor is the issuer or is a 10% shareholder of the issuer, (C) that is within certain foreign countries that have inadequate information exchange with the United States, or (D) to the extent the dividend is attributable to interest paid by a person that is a related person of the Foreign Investor and the Foreign Investor is a controlled foreign corporation. If a Fund invests in a RIC that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to Foreign Investors. The Fund is permitted to report such part of its dividends as interest-related and/or short-term capital gain dividends as are eligible, but is not required to do so.

In the case of Units held through an intermediary, the intermediary may withhold even if a RIC reports all or a portion of a payment as an interest-related or short-term capital gain dividend to investors. Foreign Investors should contact their intermediaries regarding the application of these rules to their accounts.

Distributions by the Fund to Foreign Investors other than Capital Gain Dividends, short-term capital gain dividends, and interest-related dividends (e.g. dividends attributable to foreign-source dividend and interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).

A Foreign Investor is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of Units of the Fund unless (i) such gain is effectively connected with the conduct by the Foreign Investor of a trade or business within the United States, (ii) in the case of a Foreign Investor that is an individual, the Investor is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met, or (iii) the special rules relating to gain attributable to the sale or exchange of USRPIs apply to the Foreign Investor's sale of Units of the Fund (as described below).

Special rules would apply if the Fund were a qualified investment entity ("QIE") because it is either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition of USRPIs described below. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs are generally defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or very generally, an entity that has been a USRPHC in the last five years. A RIC that holds, directly or indirectly, significant interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and

------

RICs that are QIEs, not-greater-than 10% interests in publicly traded classes of stock in REITs and not-greater-than-5% interests in publicly traded classes of stock in RICs generally are not USRPIs, but these exceptions do not apply for purposes of determining whether the Fund is a QIE. If an interest in the Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share repurchase by a greater-than-5% Foreign Investor, or any Foreign Investor if shares of the Fund are not considered regularly traded on an established securities market, in which case such Foreign Investor generally would also be required to file U.S. tax returns and pay any additional taxes due in connection with the repurchase.

If the Fund were a QIE, under a special "look-through" rule, any distributions by the Fund to a Foreign Investor (including, in certain cases, distributions made by the Fund in redemption of its shares) attributable directly or indirectly to (i) distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat as USRPI gain in its hands, and (ii) gains realized on the disposition of USRPIs by the Fund would retain their character as gains realized from USRPIs in the hands of the Fund's Foreign Investors and would be subject to U.S. tax withholding. In addition, such distributions could result in the Foreign Investor being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a Foreign Investor, including the rate of such withholding and character of such distributions (e.g., as ordinary income or USRPI gain), would vary depending upon the extent of the Foreign Investor's current and past ownership of the Fund.

The Fund generally does not expect that it will be a QIE.

Foreign Investors also may be subject to "wash sale" rules to prevent the avoidance of the tax-filing and -payment obligations discussed above through the sale and repurchase of Units of the Fund. In general, if a Foreign Investor disposes of an interest in a domestically controlled QIE during the 30-day period before the ex-dividend date of a distribution that the Foreign Investor would (but for the disposition) have treated as USRPI gain, and acquires, or enters into a contract or option to acquire, a substantially identical interest in that entity during the 61-day period that began on the first day of the 30-day period, the Foreign Investor is treated as having USRPI gain in an amount equal to the portion of such distribution that would have been treated as USRPI gain in the absence of such disposition.

Foreign Investors with respect to whom income from the Fund is effectively connected with a trade or business conducted by the Foreign Investor within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations, whether such income is received in cash or reinvested in Units of the Fund and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a Foreign Investor is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the Foreign Investor in the United States. More generally, Foreign Investors who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisors.

In order to qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a Foreign Investor must comply with special certification and filing requirements relating to its non-US status (including, in general, furnishing an IRS Form W-8BEN or substitute form). Foreign Investors should consult their tax advisors in this regard. Special rules (including withholding and reporting requirements) apply to foreign partnerships and those holding Units through foreign partnerships. Additional considerations may apply to foreign trusts and estates. Investors holding Units through foreign entities should consult their tax advisors about their particular situation.

Foreign Investors should consult their tax advisors and, if holding Units through intermediaries, their intermediaries, concerning the application of these rules to their investment in the Fund. A Foreign Investor may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax referred to above.

------

*Tax Shelter Reporting Regulations* 

Under U.S. Treasury regulations, if an Investor recognizes a loss of at least $2 million in any single tax year or $4 million in any combination of tax years for an individual Investor or at least $10 million in any single tax year or $20 million in any combination of tax years for a corporate Investor, the Investor must file with the IRS a disclosure statement on IRS Form 8886. Direct holders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, investors in a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to investors in most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Investors should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

*Investor Reporting Obligations with Respect to Foreign Bank and Financial Accounts* 

Investors that are U.S. persons and own, directly or indirectly, more than 50% of the Fund could be required to report annually their "financial interest" in the Fund's "foreign financial accounts," if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts ("FBAR"). Investors should consult a tax advisor, and persons investing in the Fund through an intermediary should consult their intermediary, regarding the applicability to them of this reporting requirement.

*Other Reporting and Withholding Requirements* 

Sections 1471-1474 of the Code and the U.S. Treasury regulations and IRS guidance issued thereunder (collectively, "FATCA") generally require the Fund to obtain information sufficient to identify the status of each of its interest holders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If an Investor fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that Investor on ordinary dividends it pays. The IRS and the U.S. Department of the Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or Capital Gain Dividends the Fund pays. If a payment by the Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to Foreign Investors described above (e.g., short-term capital gain dividends, and interest-related dividends).

Each prospective Investor is urged to consult its tax advisor regarding the applicability of FATCA and any other reporting requirements with respect to the prospective Investor's own situation, including investments through an intermediary.

**General Considerations** 

The U.S. federal income tax discussion set forth above is for general information only. Prospective Investors should consult their tax advisors regarding the specific federal tax consequences of purchasing, holding, and disposing of interests of the Fund, as well as the effects of state, local, foreign, and other tax law and any proposed tax law changes.

**FINANCIAL STATEMENTS** 

The audited financial statements and related report of [ ], the Fund's independent registered public accounting firm, are contained in the Fund's annual report to members and are hereby incorporated by reference thereto. No other portions of the Fund's annual report will be incorporated by reference. A copy of the Fund's annual report may be obtained without charge by contacting BNY Mellon Investment Servicing (US) Inc. at (877) 355-1566 or on the SEC's website at www.sec.gov.

------

**APPENDIX A: ADVISER PROXY VOTING POLICIES AND PROCEDURES** 

**Proxy Voting Policy** 

Last Reviewed April 2025

**Overview and Policies** 

Pantheon Group<sup>1</sup> ("Pantheon") has adopted and implemented written policies and procedures reasonably designed to ensure that Pantheon applies a sufficient duty of care and acts in the best interest of its clients when exercising voting authority on behalf of its clients.<sup>2</sup> The following policies and procedures address instances where Pantheon is asked to (1) vote with respect to a directly held underlying portfolio company security or exchange-traded funds ("ETFs") held by certain Pantheon-managed SEC registered investment companies; (2) vote, approve or consent to an action with respect to an underlying fund investment (e.g., amending a Limited Partnership Agreement) on behalf of its clients; or (3) vote with respect to ETFs held by Pantheon managed collective investment trusts. To the extent that Pantheon holds other types of investments in the future, these policies and procedures will be amended accordingly. For purposes of these policies and procedures, "clients" refer to Pantheon's funds-of-funds and separate account clients.

The best interest of each client shall be the primary consideration when voting on behalf of clients. Each issue shall receive individual consideration based on all relevant facts and circumstances. <u>Exhibits A and B</u> attached hereto contain Pantheon's Proxy Voting Guidelines for directly held portfolio company securities, ETFs held by certain Pantheon-managed SEC registered investment companies and underlying fund investments. ETF proposals for Pantheon managed collective investment trusts and other proposals not specifically addressed by Pantheon's guidelines are evaluated on a case-by-case basis, taking into account State Street Global Advisors' Proxy Voting and Engagement Guidelines ("SSgA Guidelines") or such other providers' proxy voting policies and keeping in mind that the objective is to vote in the best interest of each client.

With respect to ERISA accounts, it is Pantheon's policy to fully comply with all ERISA provisions regarding proxy voting for ERISA accounts and to the extent possible, amend its policies and procedures from time to time to reflect the Department of Labor's views of the proxy voting duties and obligations imposed by ERISA with respect to ERISA accounts. Pantheon shall act prudently, solely in the interests of plan participants and beneficiaries and for the exclusive purpose of providing benefits to them. Proxy voting rights have been declared by the Department of Labor to be valuable plan assets and therefore exercised in accordance with the fiduciary duties under ERISA.

<sup>1</sup> Pantheon Group refers to Pantheon Holdings Limited, Pantheon Ventures, Inc., Pantheon Capital (Asia) Limited, Pantheon Ventures (UK) LLP, Pantheon Ventures (US) LP, Pantheon Infra Advisors LLC, Pantheon Ventures (Singapore) Pte. Ltd., Pantheon Ventures (Ireland) DAC and each of their respective subsidiaries and subsidiary undertakings, from time to time, including any successor or assign of any of the foregoing entities for so long as such successor or assign is directly or indirectly a subsidiary or subsidiary undertaking of a holding company or parent undertaking of any of the foregoing entities or is controlled by any person or persons which control(s) any of the foregoing entities. 

<sup>2</sup> SEC Rule 206(4)-6 under the Investment Advisers Act of 1940 (the "Act").

------

**Procedures** 

Should Pantheon need to exercise proxy voting power with respect to a portfolio company investment or an underlying fund investment, the following steps are taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The relationship/portfolio manager ("PM") for the investment reviews the issue(s), consulting with
other investment professionals as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The PM must exercise reasonable diligence to determine whether any conflicts of interest exist between Pantheon
(and its affiliates) on the one hand, and its clients, on the other hand, with respect to the issue(s). If the PM has knowledge of an actual or potential conflict of interest with respect to an issue being considered by the PM, which arises through
a personal or professional (other than through employment by Pantheon) relationship, the PM will refer the issue to a Partner for action.<sup>3</sup> The PM has a duty to disclose any such conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If a material or non-material conflict is identified, the issue must be
brought to the attention of Pantheon's Chief Compliance Officer for the appropriate jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The best interest of the client shall be the primary consideration in the PM's decision-making process.
The PM will consult the guidelines set forth in <u>Exhibits A and B and the SSgA Guidelines</u> or such other providers' proxy voting policies. Pantheon should generally vote in accordance with these guidelines, however, deviation is
permissible if warranted by specific facts and circumstances of the situation, and approved by a Pantheon Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Pantheon's voting recommendation is documented by the PM and approved in writing by a Partner or a
designee and documentation is retained in the CAM system.

Upon request by a client, Pantheon shall provide the client a copy of its guidelines and/or information on its voting record with respect to the client's account.

**Responsible Parties** 

Pantheon's Partners are responsible for supervising investment professionals' overall compliance with these policies and procedures. Each PM is responsible for implementation in accordance with these policies and procedures. Pantheon's Investment teams are responsible for executing on approved voting recommendations and for recordkeeping. Breaches of these policies and procedures shall be reported to Pantheon's Compliance team, which is responsible for escalating the issue to Pantheon's Partnership Board, as appropriate.

Pantheon's Partners (or other designated senior member of the U.S. investment team) shall review these policies and procedures at least annually and work together with Pantheon's Compliance team to update them as needed.

**Recordkeeping** 

Pantheon maintains the following proxy records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of these policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of each proxy statement the firm receives regarding client's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A record of each vote cast by the firm on behalf of a client;

of a client or that memorialized the basis for that decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A copy of each written client request for information on how Pantheon voted proxies on behalf of the client,
and a copy of any written response by Pantheon to any (written or oral) client request for information on how the firm voted proxies on behalf of the requesting client.

<sup>3</sup> For example, a conflict may exist if the PM has a spouse or close family member or friend who is a director or executive officer of a company whose securities are the subject of the proxy solicitation.

------

The proxy voting records described in the section must be maintained and preserved in an easily accessible place for a period of not less than five years and kept on site for a period of not less than two years (and will be preserved for a minimum of 7 years under internal Pantheon Policy).

------

**EXHIBIT A** 

**PROXY VOTING GUIDELINES** 

**FOR DIRECTLY HELD PORTFOLIO COMPANY SECURITIES AND ETFS HELD BY PANTHEON MANAGED SEC REGISTERED INVESTMENT COMPANIES** 

**I.** **Boards of Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Voting On Director Nominees in Uncontested and Contested Elections** 

Votes on director nominees are made on a **case-by-case** basis, examining a number of factors including but not limited to: long-term financial performance record relative to a market index; composition of board and key board committees; nominee's attendance at meetings during the past two years; nominee's investment in the company; whether the Chairman is also serving as CEO; qualifications of nominee; number of other board seats held by nominee and other significant duties that will impact the nominee's time commitment to the board; and in the case of contested elections, evaluation of what each side is offering shareholders as well as the likelihood that the proposed objectives and goals can be met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Chairman and CEO are the Same Person** 

Pantheon votes on a **case-by-case** basis on proposals that would require the positions of chairman and CEO to be held by different persons. In general, proposals are supported that seek different persons to serve as the Chairman and CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Majority of Independent Directors** 

Proposals that request that the board be comprised of a majority of independent directors are evaluated on a **case-by-case** basis. In general, proposals are supported that seek to require that a majority of directors be independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Stock Ownership Requirements** 

Pantheon votes **against** proposals requiring directors to own a minimum amount of company stock in order to qualify as a director, or to remain on the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Term of Office** 

Pantheon votes **against** proposals to limit the tenure of directors. Pantheon believes that a director's qualification, not length of service, should be the only factor considered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Director and Officer Indemnification and Liability Protection** 

Proposals concerning director and officer indemnification and liability protection are evaluated on a **case-by-case** basis.

Generally, Pantheon will vote **for** indemnification provisions that are in accordance with state law. Pantheon will vote **for** proposals adopting indemnification for directors with respect to acts conducted in the normal course of business. Pantheon will vote **for** proposals that expand coverage for directors and officers in the event their legal defense is unsuccessful but where the director was found to have acted in good faith and in the best interests of the company. Pantheon will vote **against** indemnification for gross negligence.

------

**II.** **Executive and Director Compensation** 

In general, executive and director compensation plans are voted on a **case-by-case** basis, with the view that viable compensation programs reward the creation of stockholder wealth by having a high payout sensitivity to increases in shareholder value. Compensation plans should include clear performance goals related to the company's short term and especially long-term performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Proposals to Limit Executive and Director Pay** 

All proposals that seek to limit executive and director pay are reviewed on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Golden and Tin Parachutes** 

All proposals to ratify or cancel golden or tin parachutes are reviewed on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Employee Stock Ownership Plans ("ESOPs")** 

Pantheon votes **for** proposals that request shareholder approval in order to implement an ESOP or to increase authorized shares for existing ESOPs, except in cases when the number of shares allocated to the ESOP is "excessive" (i.e., generally greater than five percent of outstanding shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **401(k) Employee Benefit Plans** 

Proposals to implement a 401(k) savings plan for employees are reviewed on a **case-by-case** basis.

**III.** **Proxy Contest Defenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Board Structure: Staggered vs. Annual Elections** 

Pantheon votes **against** proposals to classify the board. Pantheon votes **for** proposals to repeal classified boards and to elect all directors annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Shareholder Ability to Remove Directors** 

Pantheon votes **against** proposals that provide that directors may be removed only for cause. Pantheon will vote **for** proposals to restore shareholder ability to remove directors with or without cause. Pantheon will vote **against** proposals that provide that only continuing directors may elect replacements to fill board vacancies. Pantheon will vote **for** proposals that permit shareholders to elect directors to fill board vacancies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Cumulative Voting** 

Pantheon votes **for** proposals to permit cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Shareholder Ability to Call Special Meetings** 

Pantheon votes **against** proposals to restrict or prohibit shareholder ability to call special meetings. Pantheon votes **for** proposals that remove restrictions on the right of shareholders to act independently of management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Shareholder Ability to Act by Written Consent** 

Pantheon votes **for** proposals to allow shareholders to take action by written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Shareholder Ability to Alter the Size of the Board** 

Pantheon votes **against** proposals that give management the ability to alter the size of the board without shareholder approval. Proposals to change the number of directors are considered on a **case-by-case** basis.

------

**IV.** **Tender Offer Defenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Poison Pills** 

Pantheon votes **for** proposals that ask a company to submit its poison pill for shareholder ratification. Pantheon votes **against** proposals to ratify a poison pill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Fair Price Provisions** 

A Fair Price Provision in the company's charter or by-laws is designed to ensure that each shareholder's securities will be purchased at the same price if the corporation is acquired under a plan not agreed to by the Board. Pantheon will consider fair price provisions on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Greenmail** 

Greenmail, commonly referred to as "legal corporate blackmail", are payments made to a potential hostile acquirer who has accumulated a significant percentage of a company's stock. Pantheon will vote **for** proposals to adopt anti-greenmail charter or bylaw amendments or otherwise restrict a company's ability to make greenmail payments. Pantheon reviews on a **case-by-case** basis anti-greenmail proposals when they are bundled with other charter or bylaw amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Unequal Voting Rights** 

Proposals seeking shareholder approval for the issuance of stock with unequal voting rights generally are used as an anti-takeover devices. Unequal voting rights plans are designed to reduce the voting power of existing shareholders and concentrate a significant amount of voting power in the hands of management. Pantheon votes **against** proposals granting unequal voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Supermajority Amendments** 

In most instances, Pantheon will vote **against** these proposals for supermajority vote requirements and will vote **for** shareholder proposals that seek to reinstate the simple majority vote requirement.

**V.** **Miscellaneous Governance Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Equal Access** 

Pantheon votes **for** proposals that would allow significant company shareholders equal access to management's proxy material in order to evaluate and propose voting recommendations on proxy proposals and director nominees, and in order to nominate their own candidates to the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Bundled Proposals** 

Pantheon does not generally support proposals that "link" or "bundle" two elements or issues together in one and prefer to see each submitted separately, but reviews such items on a **case-by-case** basis.

**VI.** **Capital Structure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Common Stock Authorization** 

Pantheon reviews on a **case-by-case** basis proposals to increase the number of shares of common stock authorized for issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Stock Distributions: Splits and Dividends** 

Pantheon reviews proposals to increase common share authorization for a stock split on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Reverse Stock Splits** 

Pantheon reviews proposals to implement a reverse stock split on a **case-by-case** basis.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Blank Check Preferred Authorization** 

Pantheon votes **for** proposals to create blank check preferred stock in cases when the company expressly states that the stock will not be used as a takeover defense or carry superior voting rights. Pantheon reviews on a **case-by-case** basis proposals that would authorize the creation of new classes of preferred stock with unspecified voting, conversion, dividend and distribution, and other rights. Pantheon reviews on a **case-by-case** basis proposals to increase the number of authorized blank check preferred shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Share Repurchase Programs** 

Pantheon votes **for** proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms.

**VII.** **State of Incorporation** 

Proposals to change a company's state of incorporation are examined on a **case-by-case** basis.

**VIII.** **Ratifying Auditors** 

Pantheon generally votes **for** proposals to ratify auditors, unless: an auditor has a financial interest in or association with the company, and is therefore not independent; or there is reason to believe that the independent auditor has rendered an opinion which is neither accurate nor indicative of the company's financial position.

**IX.** **Social Responsibility, Environmental and Political Issues** 

Pantheon assesses proposals involving social responsibility, environmental and political issues on a **case-by-case** basis. With respect to ERISA accounts, the consideration must be based on factors in line with DOL guidance and/or particular state pension plan regulation, as applicable, that are reasonably determined to be in the best interest of the clients.

------

**EXHIBIT B** 

*PROXY VOTING GUIDELINES* 

*FOR UNDERLYING FUND INVESTMENTS* 

**I.** **Boards of Directors** 

See Proxy Voting Guidelines for Directly Held Portfolio Company Securities.

**II.** **Company Management** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General Partner/Manager Replacement** 

Pantheon generally votes **for** proposals to replace management in for cause situations. Other situations are considered on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **General Partner/Manager Resource Allocation** 

Pantheon votes **against** proposals that divert or create competition for the resources of the General Partner or the Manager of the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Transfer of General Partner's/Manager's Interest** 

Pantheon considers management proposals on a **case-by-case** basis that request approval to sell, assign, or transfer the interest of the General Partner or key management team to a third party.

**III.** **Capital Structure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Capitalization Process** 

For closed-end funds, Pantheon will consider extensions to the period for raising capital if the General Partner can demonstrate that a larger fund benefits investors or is counteracted by an increased transaction pipeline and an adequate resource commitment to managing the additional capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Debt** 

Changes to pre-specified limits and guidelines on fund borrowing, including lines of credit, will be considered on a **case-by-case** basis.

**IV.** **Fund Operations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Investment Period** 

Pantheon generally votes **for** proposals to terminate the investment period if key management personnel change without adequate replacement or if the fund's strategy is no longer viable. Other situations are considered on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Term** 

Extensions or premature termination of a closed-end fund will be considered on a **case-by-case** basis considering the impact on value of shareholders/partners investments.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Diversification/Investment Limitations** 

Changes to diversification/investment limits will be considered on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Affiliate Transactions** 

Pantheon considers affiliate transactions on a **case-by-case** basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Distributions In Kind** 

Pantheon will consider proposals to make Distributions in Kind on a **case-by-case** basis, although Pantheon would generally support distributions of freely tradable publicly traded securities.

**V.** **Fund Restructurings** 

Pantheon considers on a **case-by-case** basis those transactions whereby a fund (using all or a portion of its assets) seeks to become publicly owned or seeks to merge with another private entity. With the assistance of consultants and advisors, Pantheon will evaluate whether the transaction is in the long-term best economic interest of the investors or whether it is designed to further the interests of current management at a cost to investors.

In addition to economic analyses, Pantheon will consider whether: (a) other potential bidders have had an opportunity to investigate the company and make competing bids; (b) management has used a "lockup" device that prevented third party bidders from competing fairly; or (c) management with a controlling interest is willing to match or exceed competing offers. Pantheon will also consider whether a "fairness opinion" has been issued and, if so, on what terms the provider of the opinion was retained. Finally, Pantheon will weigh governance issues to ensure that shareholder rights are not destroyed.

If the evaluation indicates that management is not pursuing fully the shareholders' interests, Pantheon will not support the proposal. If the evaluation indicates that management has pursued the interests of shareholders in seeking to maximize the value, Pantheon will support the proposal.

------

PART C. OTHER INFORMATION

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

---

| | | |
|:---|:---|:---|
| 1. | Financial Statements: | Included in Part A: Financial Highlights for the fiscal years ended [March 31, 2026,] 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018, and 2017. Included in Part B: Audited financial statements and related report of [ ], the Fund's independent registered public accounting firm, incorporated by reference to the Fund's annual report to shareholders for the fiscal year ended [March 31, 2026], filed [ ]. |
| 2. | Exhibits: |  |
|  | (a) | (1) [Certificate of Formation](http://www.sec.gov/Archives/edgar/data/1609211/000119312514215186/d733143dex99a1.htm). (i) |
|  |  | (2) Limited Liability Company Agreement – included as Appendix A to the Registrant's Prospectus. |
|  | (b) | [By-Laws dated December 9, 2015](http://www.sec.gov/Archives/edgar/data/1609211/000119312516597665/d165160dex99a3.htm). (iv) |
|  | (c) | Not Applicable. |
|  | (d) | See Item 25(2)(a)(2). |
|  | (e) | None. |
|  | (f) | Not Applicable. |
|  | (g) | (1) (a) [Form of Investment Management Agreement](http://www.sec.gov/Archives/edgar/data/1609211/000119312514215186/d733143dex99g1.htm). (i)<br>(b) [Amendment No. 1 to Investment Management Agreement](http://www.sec.gov/Archives/edgar/data/1609211/000119312515353460/d47897dex99g2.htm). (iii) |
|  |  | (2) [Fourth Amended and Restated Expense Limitation and Reimbursement Agreement](http://www.sec.gov/Archives/edgar/data/1609211/000119312521231542/d159224dex99g2.htm). (x) |
|  | (h) | (1) [Third Amended and Restated Distribution Agreement](http://www.sec.gov/Archives/edgar/data/1609211/000119312518160920/d584292dex99h5.htm). (v)<br>(2) [Form of Amendment to Third Amended and Restated Distribution Agreement](http://www.sec.gov/Archives/edgar/data/1609211/000119312520139418/d927524dex99h2.htm). (viii)<br>(3) [Sub-Distribution Agreement between AMG Distributors, Inc. and Pantheon Securities, LLC](http://www.sec.gov/Archives/edgar/data/1609211/000119312518160920/d584292dex99h6.htm). (v)<br>(4) [Form of Amended and Restated Distribution and Service Plan](http://www.sec.gov/Archives/edgar/data/1609211/000119312520139418/d927524dex99h4.htm). (viii)<br>(5) [Form of Multiple Class Expense Allocation Plan Pursuant to Rule 18f-3](http://www.sec.gov/Archives/edgar/data/1609211/000119312520139418/d927524dex99h5.htm). (viii)<br>(6) [Amendment to Sub-Distribution Agreement between AMG Distributors, Inc. and Pantheon Securities, LLC](http://www.sec.gov/Archives/edgar/data/1609211/000119312520198603/d51853dex99h6.htm). (ix)<br>(7) [Amendment to Third Amended and Restated Distribution Agreement](http://www.sec.gov/Archives/edgar/data/1609211/000119312522206566/d559707dex99h7.htm). (xii)<br>(8) [Amendment to Sub-Distribution Agreement between AMG Distributors, Inc. and Pantheon Securities, LLC](http://www.sec.gov/Archives/edgar/data/1609211/000119312522206566/d559707dex99h8.htm). (xii) |

---

------

---

| | |
|:---|:---|
| (i) | Not Applicable. |
| (j) | (1) [Form of Custody Agreement between the Registrant, AMG Pantheon Master Fund, LLC (the "Master Fund") and The Bank of New York Mellon](http://www.sec.gov/Archives/edgar/data/1609211/000119312514371405/d792088dex99j.htm). (ii) |
|  | (2) [Amendment to Custody Agreement dated April 9, 2019](http://www.sec.gov/Archives/edgar/data/1609211/000119312519144345/d744433dex99j2.htm). (vii)<br>(3) [Amendment to Custody Agreement dated June 23, 2021](http://www.sec.gov/Archives/edgar/data/1609211/000119312521231542/d159224dex99j3.htm). (x)<br>(4) [Amendment to Custody Agreement dated February 12, 2024](http://www.sec.gov/Archives/edgar/data/1609211/000119312524187541/d868166dex99j4.htm). (xiv)<br>(5) [Form of Amendment to Custody Agreement](http://www.sec.gov/Archives/edgar/data/1609211/000119312524187541/d868166dex99j5.htm). (xiv)<br>(6) [Amendment to Custody Agreement dated April 10, 2025](http://www.sec.gov/Archives/edgar/data/1609211/000119312525167956/d811565dex99j6.htm). (xv)<br>(7) [Amendment to Custody Agreement dated June 30, 2025](http://www.sec.gov/Archives/edgar/data/1609211/000119312525167956/d811565dex99j7.htm). (xv) |
| (k) | (1) [Form of Administration Agreement between the Registrant and AMG Funds LLC](http://www.sec.gov/Archives/edgar/data/1609211/000119312514215186/d733143dex99k1.htm). (i) |
|  | (2) (a) [Form of Transfer Agency and Shareholder Services Agreement between the Registrant, the Master Fund and BNY Mellon Investment Servicing (US) Inc.](http://www.sec.gov/Archives/edgar/data/1609211/000119312514371405/d792088dex99k2.htm) (ii)<br>(b) [Amendment No. 1 to Transfer Agency and Shareholder Services Agreement](http://www.sec.gov/Archives/edgar/data/1609211/000119312520139418/d927524dex99k2b.htm). (viii)<br>(c) [Amendment No. 2 to Transfer Agency and Shareholder Services Agreement](http://www.sec.gov/Archives/edgar/data/1609211/000119312520139418/d927524dex99k2c.htm). (viii)<br>(d) [Amendment No. 3 to Transfer Agency and Shareholder Services Agreement](http://www.sec.gov/Archives/edgar/data/1609211/000119312521231542/d159224dex99k2d.htm). (x)<br>(e) [Amendment No. 4 to Transfer Agency and Shareholder Services Agreement](http://www.sec.gov/Archives/edgar/data/1609211/000119312523196087/d479653dex99k2e.htm). (xiii)<br>(f) [Amendment No. 5 to Transfer Agency and Shareholder Services Agreement](http://www.sec.gov/Archives/edgar/data/1609211/000119312524187541/d868166dex99k2f.htm). (xiv)<br>(g) [Amendment No. 6 to Transfer Agency and Shareholder Services Agreement](http://www.sec.gov/Archives/edgar/data/1609211/000119312525167956/d811565dex99k2g.htm). (xv) |
|  | (3) (a) [Form of Fund Administration and Accounting Agreement between the Registrant, the Master Fund and The Bank of New York Mellon](http://www.sec.gov/Archives/edgar/data/1609211/000119312514371405/d792088dex99k3.htm). (ii)<br>(b) [Amendment to Fund Administration and Accounting Agreement dated April 9, 2019](http://www.sec.gov/Archives/edgar/data/1609211/000119312519144345/d744433dex99k3b.htm). (vii)<br>(c) [Amendment to Fund Administration and Accounting Agreement dated April 16, 2021](http://www.sec.gov/Archives/edgar/data/1609211/000119312521231542/d159224dex99k3c.htm). (x)<br>(d) [Amendment to Fund Administration and Accounting Agreement dated June 23, 2021](http://www.sec.gov/Archives/edgar/data/1609211/000119312521231542/d159224dex99k3d.htm). (x)<br>(e) [Amendment to Fund Administration and Accounting Agreement dated February 12, 2024](http://www.sec.gov/Archives/edgar/data/1609211/000119312524187541/d868166dex99k3e.htm). (xiv)<br>(f) [Form of Amendment to Fund Administration and Accounting Agreement](http://www.sec.gov/Archives/edgar/data/1609211/000119312524187541/d868166dex99k3f.htm). (xiv)<br>(g) [Amendment to Fund Administration and Accounting Agreement dated April 10, 2025](http://www.sec.gov/Archives/edgar/data/1609211/000119312525167956/d811565dex99k3g.htm). (xv) |

---

------

---

| | |
|:---|:---|
|  | <br> (h) [Amendment to Fund Administration and Accounting Agreement dated June 30, 2025](http://www.sec.gov/Archives/edgar/data/1609211/000119312525167956/d811565dex99k3h.htm). (xv). |
|  | (4) [Form of State Filing Services Agreement between Registrant and BNY Mellon Investment Servicing (US) Inc](http://www.sec.gov/Archives/edgar/data/1609211/000119312514371405/d792088dex99k4.htm). (ii) |
| (l) | (1) [Opinion and consent of Ropes & Gray LLP as to the Registrant's Shares](http://www.sec.gov/Archives/edgar/data/1609211/000119312520198603/d51853dex99l.htm). (ix) |
|  | (2) [Opinion and consent of Ropes & Gray LLP as to the Registrant's Shares](http://www.sec.gov/Archives/edgar/data/1609211/000119312521231542/d159224dex99l2.htm). (x)<br>(3) [Opinion and consent of Ropes & Gray LLP as to the Registrant's Shares](http://www.sec.gov/Archives/edgar/data/1609211/000119312522091552/d333893dex99l3.htm). (xi)<br>(4) [Opinion and consent of Ropes & Gray LLP as to the Registrant's Shares](http://www.sec.gov/Archives/edgar/data/1609211/000119312522206566/d559707dex99l4.htm). (xii)<br>(5) [Opinion and consent of Ropes & Gray LLP as to the Registrant's Shares](http://www.sec.gov/Archives/edgar/data/1609211/000119312523196087/d479653dex99l5.htm). (xiii)<br>(6) [Opinion and consent of Ropes & Gray LLP as to the Registrant's Shares](http://www.sec.gov/Archives/edgar/data/1609211/000119312524187541/d868166dex99l6.htm). (xiv)<br>(7) [Opinion and consent of Ropes & Gray LLP as to the Registrant's Shares](http://www.sec.gov/Archives/edgar/data/1609211/000119312525167956/d811565dex99i7.htm). (xv) |
| (m) | Not Applicable. |
| (n) | Consent of independent registered public accounting firm – to be filed by amendment. |
| (o) | Not Applicable. |
| (p) | Not Applicable. |
| (q) | Not Applicable. |
| (r) | (1) [Code of Ethics of AMG Pantheon Fund, LLC – filed herewith.](d147541dex99r1.htm) |
|  | (2) [Code of Ethics of Pantheon Ventures (US) LP – filed herewith.](d147541dex99r2.htm) |
|  | (3) [Code of Ethics of AMG Distributors, Inc. – filed herewith.](d147541dex99r3.htm) |
| (s) | Calculation of Filing Fee Tables – to be filed by amendment. |
| (t) | [Power of Attorney for Directors and certain Officers. – filed herewith.](d147541dex99t.htm) |
| Notes: |  |
| (i) | Filed as an exhibit to the Registrant's Registration Statement on Form N-2, Registration No. 811-22973 (filed May 28, 2014), and hereby incorporated by reference. |
| (ii) | Filed as an exhibit to the Registrant's Registration Statement No. 333-199318 under the Securities Act of 1933, and Amendment No. 2 to Registration Statement No. 811-22973 under the Investment Company Act of 1940 (filed October 15, 2014), and hereby incorporated by reference. |

---

------

(iii) Filed as an exhibit to the Registrant's Registration Statement No. 333-199318 under the Securities Act of 1933, and Amendment No. 4 to Registration Statement No. 811-22973 under the Investment Company Act of 1940 (filed October 26, 2015), and hereby incorporated by reference.

(iv) Filed as an exhibit to Amendment No. 1 to the Registrant's Registration Statement No. 333-199318 under the Securities Act of 1933, and Amendment No. 5 to Registration Statement No. 811-22973 under the Investment Company Act of 1940 (filed May 20, 2016), and hereby incorporated by reference.

(v) Filed as an exhibit to the Registrant's Registration Statement No. 333-224873 under the Securities Act of 1933, and Amendment No. 10 to Registration Statement No. 811-22973 under the Investment Company Act of 1940 (filed May 11, 2018), and hereby incorporated by reference.

(vi) Filed as an exhibit to the Registrant's Registration Statement No. 333-224873 under the Securities Act of 1933, and Amendment No. 11 to Registration Statement No. 811-22973 under the Investment Company Act of 1940 (filed July 24, 2018), and hereby incorporated by reference.

(vii) Filed as an exhibit to Amendment No. 1 to the Registrant's Registration Statement No. 333-224873 under the Securities Act of 1933, and Amendment No. 12 to Registration Statement No. 811-22973 under the Investment Company Act of 1940 (filed May 10, 2019), and hereby incorporated by reference.

(viii) Filed as an exhibit to the Registrant's Registration Statement No. 333-238184 under the Securities Act of 1933, and Amendment No. 14 to Registration Statement No. 811-22973 under the Investment Company Act of 1940 (filed May 11, 2020), and hereby incorporated by reference.

(ix) Filed as an exhibit to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement No. 333-238184 under the Securities Act of 1933, and Amendment No. 15 to Registration Statement No. 811-22973 under the Investment Company Act of 1940 (filed July 24, 2020), and hereby incorporated by reference.

(x) Filed as an exhibit to the Registrant's Registration Statement No. 333-258314 under the Securities Act of 1933, and Amendment No. 16 to Registration Statement No. 811-22973 under the Investment Company Act of 1940 (filed July 30, 2021), and hereby incorporated by reference.

(xi) Filed as an exhibit to the Registrant's Registration Statement No. 333-264013 under the Securities Act of 1933, and Amendment No. 17 to Registration Statement No. 811-22973 under the Investment Company Act of 1940 (filed March 31, 2022), and hereby incorporated by reference.

(xii) Filed as an exhibit to the Registrant's Registration Statement No. 333-266399 under the Securities Act of 1933, and Amendment No. 19 to Registration Statement No. 811-22973 under the Investment Company Act of 1940 (filed July 29, 2022), and hereby incorporated by reference.

(xiii) Filed as an exhibit to the Registrant's Registration Statement No. 333-273477 under the Securities Act of 1933, and Amendment No. 20 to Registration Statement No. 811-22973 under the Investment Company Act of 1940 (filed July 27, 2023), and hereby incorporated by reference.

------

(xiv) Filed as an exhibit to the Registrant's Registration Statement No. 333-281078 under the Securities Act of 1933, and Amendment No. 21 to Registration Statement No. 811-22973 under the Investment Company Act of 1940 (filed July 29, 2024), and hereby incorporated by reference.

(xv) Filed as an exhibit to the Registrant's Registration Statement No. 333-289032 under the Securities Act of 1933, and Amendment No. 22 to Registration Statement No. 811-22973 under the Investment Company Act of 1940 (filed July 29, 2025), and hereby incorporated by reference.

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

Not Applicable.

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

Not Applicable.

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

Each of AMG Pantheon Subsidiary Fund, LLC (the "Corporate Subsidiary") and AMG Pantheon Lead Fund, LLC (the "Lead Fund"), each a Delaware limited liability company, is a wholly-owned subsidiary of the Master Fund and is consolidated for financial reporting purposes. In addition, the Registrant, the Master Fund, the Corporate Subsidiary, and the Lead Fund may be deemed to be controlled by Pantheon Ventures (US) LP, the adviser of the Registrant, the Master Fund, the Corporate Subsidiary, and the Lead Fund (the "Adviser"). Information regarding the ownership of the Adviser is set forth in its Form ADV as filed with the Securities and Exchange Commission (the "SEC") (File No. 801-71327), and is incorporated herein by reference.

<u>Item 29</u>. <u>Number of Holders of Securities as of [ ]</u>:

---

| | | | |
|:---|:---|:---|:---|
| Title of Class | Number of Record<br>Holders | Number of Record<br>Holders |  |
|  Class 1 |  | [ | ] |
|  Class 2 |  | [ | ] |
|  Class 3 |  | [ | ] |
|  Class 4 |  | [ | ] |
|  Class 5 |  | [ | ] |

---

<u>Item 30</u>. <u>Indemnification:</u>

Reference is made to Section 3.6 of the Registrant's Limited Liability Company Agreement (the "LLC Agreement"), included as Appendix A to the Prospectus, and to Paragraph 7 of the Registrant's Investment Management Agreement (the "Investment Management Agreement"), filed as Exhibit (g)(1) to the Registrant's Registration Statement on Form N-2, Registration No. 811-22973 (filed May 28, 2014). The Registrant hereby undertakes that it will apply the indemnification provisions of the LLC Agreement and the Investment Management Agreement in a manner consistent with Release 40-11330 of the SEC under the Investment Company Act of 1940, as amended (the "1940 Act"), so long as the interpretation therein of Sections 17(h) and 17(i) of the 1940 Act remains in effect.

------

The Registrant maintains insurance on behalf of any person who is or was an independent director, officer, employee or agent of the Registrant against certain liability asserted against and incurred by, or arising out of, his or her position. However, in no event will the Registrant pay that portion of the premium, if any, for insurance to indemnify any such person for any act for which the Registrant itself is not permitted to indemnify. In addition, Affiliated Managers Group, Inc. maintains insurance on behalf of Garret W. Weston, an employee of Affiliated Managers Group, Inc. and an interested director of the Fund, against certain liability asserted against and incurred by, or arising out of, his position.

Insofar as indemnification for liability arising under the Securities Act of 1933, as amended (the "1933 Act") 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 SEC such indemnification is against public policy as expressed in the 1940 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 1940 Act and will be governed by the final adjudication of such issue.

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

The Adviser is the investment adviser to the Fund, and its business is summarized in Part A and Part B of this Registration Statement under the sections entitled "Management of the Fund" and "Investment Management and Other Services," respectively. Information regarding any other business, profession, vocation, or employment of a substantial nature in which the Adviser, and each member, director, executive officer, or partner of the 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 member, director, officer, employee, partner or director, is included in its Form ADV as filed with the SEC (File No. 801-71327), and is incorporated herein by reference.

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

AMG Funds LLC, the Registrant's administrator, maintains certain required accounting related and financial books and records of the Registrant at 680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901. Other required books and records are maintained by Pantheon Ventures (US) LP at 555 California Street, Suite 3450, San Francisco, California 94104 or 11 Times Square, 35<sup>th</sup> Floor, New York, New York 10036 or by The Bank of New York Mellon at 240 Greenwich Street, New York, New York 10286.

------

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

None.

<u>Item 34</u>. <u>Undertakings</u>:

1. Not Applicable.

2. Not Applicable.

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 1933 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.

&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 1933 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;(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;(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;(1) if the Registrant is relying on Rule 430B [17 CFR 230.430B]:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the
registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration
statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and
included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule
430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that
prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. 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 effective
date, 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 effective date; or

&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;(e) that for the purpose of determining liability of the Registrant under the 1933 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;(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be
filed pursuant to Rule 424 under the 1933 Act;

------

&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 Registrants;

&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 1933 Act
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;(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

4. Not applicable.

5. Not applicable.

6. Not applicable.

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, its 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 Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Stamford and State of Connecticut, on the 1st day of June, 2026.

---

| | |
|:---|:---|
| AMG PANTHEON FUND, LLC | AMG PANTHEON FUND, LLC |
| By: | /s/ Keitha L. Kinne |
|  | Name: Keitha L. Kinne |
|  | Title: Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
| Signatures | Title | Date |
| /s/ Jill Cuniff\* | Director | June 1, 2026 |
| Jill Cuniff |  |  |
| /s/ Kurt Keilhacker\* | Director | June 1, 2026 |
| Kurt Keilhacker |  |  |
| /s/ Peter MacEwen\* | Director | June 1, 2026 |
| Peter MacEwen |  |  |
| /s/ Eric Rakowski\* | Director | June 1, 2026 |
| Eric Rakowski |  |  |
| /s/ Victoria Sassine\* | Director | June 1, 2026 |
| Victoria Sassine |  |  |
| /s/ Garret W. Weston\* | Director | June 1, 2026 |
| Garret W. Weston |  |  |
| /s/ Keitha L. Kinne | Principal Executive Officer | June 1, 2026 |
| Keitha L. Kinne |  |  |
| /s/ Thomas Disbrow | Principal Financial and Accounting Officer | June 1, 2026 |
| Thomas Disbrow |  |  |

---

------

---

| | |
|:---|:---|
| By: | /s/ Thomas Disbrow |
|  | Thomas Disbrow |

---

\* Attorney-in-Fact pursuant to [the Power of Attorney for Directors and certain Officers filed herewith](d147541dex99t.htm).

------

SIGNATURES

AMG Pantheon Master Fund, LLC has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Stamford and State of Connecticut, on the 1st day of June, 2026.

---

| | |
|:---|:---|
| AMG PANTHEON MASTER FUND, LLC | AMG PANTHEON MASTER FUND, LLC |
| By: | /s/ Keitha L. Kinne |
|  | Name: Keitha L. Kinne |
|  | Title: Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
| Signatures | Title | Date |
| /s/ Jill Cuniff\* | Director | June 1, 2026 |
| Jill Cuniff |  |  |
| /s/ Kurt Keilhacker\* | Director | June 1, 2026 |
| Kurt Keilhacker |  |  |
| /s/ Peter MacEwen\* | Director | June 1, 2026 |
| Peter MacEwen |  |  |
| /s/ Eric Rakowski\* | Director | June 1, 2026 |
| Eric Rakowski |  |  |
| /s/ Victoria Sassine\* | Director | June 1, 2026 |
| Victoria Sassine |  |  |
| /s/ Garret W. Weston\* | Director | June 1, 2026 |
| Garret W. Weston |  |  |
| /s/ Keitha L. Kinne | Principal Executive Officer | June 1, 2026 |
| Keitha L. Kinne |  |  |
| /s/ Thomas Disbrow | Principal Financial and Accounting Officer | June 1, 2026 |
| Thomas Disbrow |  |  |

---

------

---

| | |
|:---|:---|
| By: | /s/ Thomas Disbrow |
|  | Thomas Disbrow |

---

\* Attorney-in-Fact pursuant to [the Power of Attorney for Directors and certain Officers filed herewith](d147541dex99t.htm).

------

**<u>EXHIBIT INDEX</u>**

---

| | |
|:---|:---|
| Exhibit No. | Description |
| (r)(1) | [Code of Ethics of AMG Pantheon Fund, LLC](d147541dex99r1.htm) |
| (r)(2) | [Code of Ethics of Pantheon Ventures (US) LP](d147541dex99r2.htm) |
| (r)(3) | [Code of Ethics of AMG Distributors, Inc.](d147541dex99r3.htm) |
| (t) | [Power of Attorney for Directors and certain Officers](d147541dex99t.htm) |

---

## Ex-99.(R)(1)

**AMG PANTHEON FUND, LLC,** 

**AMG PANTHEON MASTER FUND, LLC,** 

**AMG PANTHEON SUBSIDIARY FUND, LLC, AMG PANTHEON LEAD FUND, LLC, AMG PANTHEON CREDIT SOLUTIONS FUND, AMG PANTHEON CREDIT SOLUTIONS SUBSIDIARY FUND, LLC, AMG PANTHEON CREDIT SOLUTIONS LEAD FUND, LLC, AMG PANTHEON INFRASTRUCTURE FUND, LLC, AMG PANTHEON INFRASTRUCTURE SUBSIDIARY FUND, LLC AND AMG PANTHEON INFRASTRUCTURE LEAD FUND, LLC** 

**Rule 17j-1** 

**Code of Ethics** 

AMG Pantheon Fund, LLC, AMG Pantheon Master Fund, LLC, AMG Pantheon Subsidiary Fund, LLC, AMG Pantheon Lead Fund, LLC, AMG Pantheon Credit Solutions Fund, AMG Pantheon Credit Solutions Subsidiary Fund, LLC, AMG Pantheon Credit Solutions Lead Fund, LLC, AMG Pantheon Infrastructure Fund, LLC, AMG Pantheon Infrastructure Subsidiary Fund, LLC and AMG Pantheon Infrastructure Lead Fund, LLC (each, a "Fund" and collectively, the "Funds") have adopted this Code of Ethics (the "Code"), pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), with respect to certain types of personal securities transactions and to establish reporting requirements and enforcement procedures with respect to such transactions.

**I.** **DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "Access Person" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "Adviser" or "Pantheon" shall mean Pantheon Ventures (US) LP as investment adviser to AMG Pantheon Fund, LLC, AMG Pantheon Master Fund, LLC, AMG Pantheon Subsidiary Fund, LLC, AMG Pantheon Lead Fund, LLC, AMG Pantheon Credit Solutions Fund, AMG Pantheon Credit Solutions Subsidiary Fund, LLC, and AMG Pantheon Credit Solutions Lead Fund, LLC and investment subadviser to AMG Pantheon Infrastructure Fund, LLC, AMG Pantheon Infrastructure Subsidiary Fund, LLC and AMG Pantheon Infrastructure Lead Fund, LLC and shall mean Pantheon Infra Advisors LLC as investment adviser to AMG Pantheon Infrastructure Fund, LLC, AMG Pantheon Infrastructure Subsidiary Fund, LLC, and AMG Pantheon Infrastructure Lead Fund, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "Adviser's Code of Ethics" shall mean the code of ethics of Pantheon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "Beneficial ownership" shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934, as amended and the rules and regulations thereunder.

AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act. Generally, it means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. "Covered Security" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act. Generally, it means a "security" as defined in Section 2(a)(36) of the 1940 Act except that it shall not include (i) direct obligations of the government of the United States, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements and (iii) shares issued by registered open-end investment companies, other than Reportable Funds (defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. "Distributor" shall mean the "principal underwriter" for the Funds, as such term is defined in Section 2(a)(29) of the 1940 Act that is an "affiliated person" (as defined in the 1940 Act) of a Fund or the Adviser, or which has an officer, director or general partner who is also an officer, director or general partner of a Fund or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. "Distributor's Code of Ethics" shall mean the code of ethics of the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. "Initial Public Offering" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. "Independent Director/Trustee" shall be any director/trustee of the Funds who is not an Interested Person of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. "Interested Person" shall have the same meaning as that set forth in Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. "Investment Personnel" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. "Limited Offering" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. "Purchase" or "Sale" of a security includes, without limitation, the writing of an option to purchase or sell a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. "Reportable Fund" shall mean any fund for which Pantheon acts as investment adviser or for which an investment adviser that controls, is controlled by, or is under common control with Pantheon serves as the investment adviser or subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. "Security Held or to be Acquired" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. "Special Access Person" shall mean an Access Person who is neither an Independent Director/Trustee nor an officer, director or employee of the Adviser or the Distributor.

**II.** **STATEMENT OF GENERAL PRINCIPLES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Persons Subject to the Code</u>. This Code applies to all Access Persons of a Fund, provided, however, that any Access Person of a Fund who is subject to a code of ethics pursuant to Rule 17j-1 under the 1940 Act adopted by the Adviser or the Distributor shall not be subject to this Code except that any such Access Person's violation of the code of ethics pursuant to Rule 17j-1 to which they are subject shall also constitute a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Fiduciary Obligations</u>. Every person subject to this Code should keep the following general fiduciary principles in mind in discharging their obligations under the Code. Each such person shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at all times, place the interests of the Funds for which they are an Access Person before their personal
interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) conduct all personal securities transactions in a manner consistent with this Code, so as to avoid any actual
or potential conflicts of interest, or an abuse of position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not take any inappropriate advantage of their position with or on behalf of any Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) comply at all times with all applicable policies, procedures and laws with respect to the use of material, non-public information and insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Prohibited Practices</u>. No person subject to this Code may, in connection with the purchase or sale, directly or indirectly, by such person of a Security Held or to be Acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employ any device, scheme or artifice to defraud a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make any untrue statement of a material fact to a Fund or omit to state a material fact necessary in order to
make the statements made to a Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) engage in any act, practice or course of business that operates or would operate as a fraud or deceit on a
Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) engage in any manipulative practice with respect to a Fund.

AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

------

**III.** **CODE PROVISIONS APPLICABLE ONLY TO INDEPENDENT DIRECTORS/TRUSTEES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Independent Director/Trustee of a Fund shall file with the Secretary of the Fund a written report
containing the information described in Section III.1(b) of this Code with respect to each transaction in any Covered Security in which such Independent Director/Trustee has, or by reason of such transaction acquires, any direct or indirect
beneficial ownership, if such Independent Director/Trustee knew, or in the ordinary course of fulfilling their official duties as a director/trustee of the Fund, should have known that during the 15-day period
immediately before or after the Independent Director/Trustee's transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Fund purchased or sold such Covered Security, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund or its Adviser considered purchasing or selling such Covered Security for the Fund;

<u>provided</u>, <u>however</u>, that such Independent Director/Trustee shall not be required to make a report with respect to any transaction effected for any account over which they do not have any direct or indirect influence or control, such as automatic dividend reinvestment accounts, automatic employer-sponsored savings and stock programs, blind trust accounts, or other accounts managed by a third-party manager with discretionary investment authority, which the Independent Director/Trustee cannot control or influence.

Each such report may contain a statement that the report shall not be construed as an admission by the Independent Director/Trustee that he has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such report shall be made not later than 30 days after the end of each calendar quarter and shall contain the
following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date of each transaction, the title of and the number of shares and the principal amount of each Covered
Security involved, and the interest rate and maturity date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the nature of each transaction (i.e., purchase, sale or any other type of acquisition or disposition);

AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the price of the Covered Security at which each transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the name of the broker, dealer or bank with or through whom each transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the date such report is submitted by the Independent Director/Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Review</u>. The Funds' Chief Compliance Officer (the "Fund CCO") shall review or supervise the review of the personal securities transactions reported pursuant to Section III.1. If the Fund CCO determines that a violation of this Code may have occurred, the Fund CCO shall submit the pertinent information regarding the transaction to counsel for the Fund. Such counsel shall evaluate whether a material violation of this Code has occurred. Before making any determination that a violation has occurred, such counsel shall give the person involved an opportunity to supply additional information regarding the transaction in question and shall consult with counsel for the Independent Director/Trustee whose transaction is in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Sanctions</u>. If, after having reviewed pertinent information provided by the Fund CCO or otherwise, Fund counsel determines that a material violation of this Code has occurred, such counsel shall so advise the Fund CCO. The Fund CCO shall provide a written report of counsel's determination to the applicable Fund's Board of Directors/Trustees (other than the Director/Trustee whose actions are at issue) for such further action and sanctions as the Board of Directors/Trustees deems appropriate.

**IV.** **CODE PROVISIONS APPLICABLE ONLY TO SPECIAL ACCESS PERSONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Report</u>.

Each Special Access Person of a Fund shall file with the Fund CCO or any person or persons designated by the Fund CCO, not later than 10 days after the person becomes a Special Access Person, a written report containing the following information, current as of a date no more than 45 days before the date the person became a Special Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title of and the number of shares and the principal amount of each Covered Security in which the Special
Access Person had any direct or indirect beneficial ownership when the person became a Special Access Person;

AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name of any broker, dealer or bank with whom the Special Access Person maintained an account in which *any securities* were held for the direct or indirect benefit of the Special Access Person as of the date that person became a Special Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date such report is submitted by the Special Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Annual Report</u>.

Annually, each Special Access Person of a Fund shall file with the Fund CCO a written report containing the following information, current as of a date no more than 45 days before the report is submitted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title of and the number of shares and the principal amount of each Covered Security in which the Special
Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name of any broker, dealer or bank with whom the Special Access Person maintained an account in which *any securities* were held for the direct or indirect benefit of the Special Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date such report is submitted by the Special Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Quarterly Reports</u>.

Each Special Access Person of a Fund shall file with the Fund CCO, no later than 30 days after the end of each calendar quarter, a written report containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to any transaction during the quarter in a Covered Security in which the Special Access Person had
any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the date of each transaction, the title of and the number of shares and the principal amount of each Covered
Security involved, and the interest rate and maturity date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the nature of each transaction (i.e., purchase, sale or any other type of acquisition or disposition);

AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the price of the Covered Security at which each transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the name of the broker, dealer or bank with or through whom each transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the date such report is submitted by the Special Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to any account established by the Special Access Person in which a Covered Security was held
during the quarter for the direct or indirect benefit of the Special Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the name of the broker, dealer or bank with whom the Special Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the date such report is submitted by the Special Access Person.

In lieu of such a report the Special Access Person may provide broker trade confirmations or monthly account statements, if such trade confirmations or account statements were received by the Fund within the time period, and contain the information required by Section IV.1(c) of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exceptions and Disclaimers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Special Access Person need not make a report under Section IV.1 with respect to transactions effected for,
and Covered Securities held in, any account over which the person has no direct or indirect influence or control such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) automatic dividend reinvestment accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) automatic employer-sponsored savings and stock programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) blind trust accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) other accounts managed by a third-party manager with discretionary investment authority, which the Special
Access Person cannot control or influence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any report under Section IV.1 will contain a representation by the Special Access Person that they have not
exercised, directly or indirectly, any control or influence with respect to transactions in accounts subject to the reporting exception set forth in Section IV.2.

AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any report under Section IV.1 may contain a statement that the report shall not be construed as an admission by
the Special Access Person that he has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Review</u>. The Fund CCO shall review or supervise the review of the personal securities transactions reported to the Fund CCO pursuant to Section IV.1. If the Fund CCO determines that a violation of this Code may have occurred, the Fund CCO shall submit the pertinent information regarding the transaction to counsel for the Fund. Such counsel shall evaluate whether a material violation of this Code has occurred. Before making any determination that a violation has occurred, such counsel shall give the Special Access Person involved an opportunity to supply additional information regarding the transaction in question and shall consult with counsel for the Special Access Person whose transaction is in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Sanctions</u>. If, after having reviewed pertinent information provided by the Fund CCO or otherwise, Fund counsel determines that a material violation of this Code has occurred, such counsel shall so advise the Fund CCO. The Fund CCO shall provide a written report of counsel's determination to the applicable Fund's Board of Directors/Trustees (other than any Director/Trustee whose actions are at issue) for such further action and sanctions as the Board of Directors/Trustees deems appropriate.

**V.** **NOTICE TO ACCESS PERSONS** 

The Fund CCO shall notify each Access Person who may be required to make reports pursuant to this Code that such person is subject to this reporting requirement and shall deliver a copy of this Code to each such person.

**VI.** **REVIEW BY THE BOARD OF DIRECTORS/TRUSTEES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Approval of Codes of Ethics and material amendments or revisions thereto</u>. The Board of Directors/Trustees, including a majority of the Independent Directors/Trustees, of the Funds must approve a material change to this Code, and the Board of Directors/Trustees, including a majority of the Independent Directors/Trustees, of the applicable Fund(s) must approve a material change to the Adviser's Code of Ethics or the Distributor's Code of Ethics, in each case, no later than six (6) months after adoption of such material change. In addition, no investment adviser or distributor may be appointed unless and until the code of ethics of that entity has been approved by the Board of Directors/Trustees, including a majority of the Independent Directors/Trustees, of the applicable Fund(s). Before approving a code of ethics or any material amendment to such code of ethics pursuant to this Section VI.1, the Board of Directors/Trustees of the applicable Fund(s) must receive a certification from the entity that adopted the code of ethics or amendment that it has adopted procedures reasonably necessary to prevent its personnel who are Access Persons from violating its code of ethics.

AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Annual Written Reports</u>. No less frequently than annually, the Fund CCO shall provide a written report to the Board of Directors/Trustees of the Funds with respect to this Code, and shall request from the Adviser and the Distributor a written report regarding their respective Codes addressed to the applicable Board of Directors/Trustees of the Fund(s). Each report shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) describe any issues arising under the applicable code of ethics or procedures since the last report to the
Board(s) of Directors/Trustees, including, but not limited to, information about material violations of the applicable code of ethics and sanctions imposed in response to such material violation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) certify that the reporting entity or entities have adopted procedures reasonably necessary to prevent their
personnel who are Access Persons from violating their code of ethics.

**VII.** **MISCELLANEOUS PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Initial Public Offerings and Limited Offerings</u>. Investment Personnel of a Fund or its Adviser may not directly or indirectly acquire beneficial ownership in any securities in an Initial Public Offering. Investment Personnel may not acquire or sell securities in a Limited Offering without prior approval from the Adviser's CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Records</u>. The Funds shall maintain this Code and all related records and reports in the manner and to the extent required by Rule 17j-1 under the 1940 Act. The Funds have adopted a Books and Records Retention Policy and Procedures that sets forth the manner in which such records will be kept.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Interpretation of Provisions</u>. This Code shall be maintained and interpreted in accordance with Rule 17j-1 under the 1940 Act.

AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

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

**<u>Pantheon Global Code of Ethics</u>**

Last Reviewed February 2026

**1.** **About the Code of Ethics** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Overview** 

This Global Code of Ethics (the "**Code**") describes important policies concerning the personal conduct responsibilities of Pantheon Associates (as defined in the "Certification" section below) of the Pantheon Group<sup>1</sup> ("**Pantheon**") that are intended to address certain ethical, legal, and regulatory requirements. Associates are required to read and become knowledgeable about the Code and to adhere to both the principles and specifics of these policies, as well as all applicable laws, regulations, and rules. Failure to do so may have adverse consequences as discussed below under "Consequences for Violating the Code."

The continued success of Pantheon depends upon its relationships with its clients, investors, and portfolio fund managers and its excellent reputation as an organization with integrity and ethical conduct in all of its dealings. Pantheon is committed to maintaining its tradition of ethical conduct and, to this end, requires high ethical behavior as well as strict adherence to applicable legal and regulatory requirements from its Associates.

In addition to the Code, Pantheon Associates must also abide by the Compliance Manual for the jurisdiction related to such Associate. Associates also may be required to comply with other policies and procedures generally or more specifically relating to their particular role or responsibilities.

Some US-based Pantheon Associates are also Registered Representatives ("RRs") of Pantheon Securities, LLC ("**PSL**"). Accordingly, these Associates are also subject to the PSL Written Supervisory Procedures and Compliance Manual ("**WSPs**"), as well as applicable federal and state securities laws and regulations and Financial Industry Regulatory Authority ("**FINRA**") rules.

Where this Code requires Associates (and thus RRs of PSL) to contact, report to, receive approval from, or otherwise engage with Pantheon's Senior Management, Legal and Compliance Team, Risk Team, Information Security Officer/IT, or any other applicable Pantheon officer, group or committee, in connection with their business or non-business-related activities, the RRs must also, to the extent applicable to the securities business of PSL, contact, report to, receive approval from, or otherwise engage with PSL's Chief Executive Officer, Chief Compliance Officers, or other respective Supervising Principals,

<sup>1</sup> Pantheon Group refers to Pantheon Holdings Limited, Pantheon Ventures, Inc., Pantheon Ventures (UK) LLP, Pantheon Ventures (US) LP, Pantheon Infra Advisors LLC, Pantheon Ventures (Ireland) DAC, Pantheon Ventures (Asia) Limited, Pantheon Ventures (Singapore) Pte Ltd., Pantheon Korea Inc., and each of their respective subsidiaries and subsidiary undertakings, from time to time, including any successor or assign of any of the foregoing entities for so long as such successor or assign is directly or indirectly a subsidiary or subsidiary undertaking of a holding company or parent undertaking of any of the foregoing entities or is controlled by any person or persons which control(s) any of the foregoing entities. Its principal operating entities are based in the US (San Francisco and New York), the UK (London), Ireland (Dublin), Japan (Tokyo), Singapore, and South Korea (Seoul). Pantheon Ventures Inc., Pantheon Ventures (US) LP, Pantheon Ventures (UK) LLP, and Pantheon Infra Advisors LLC are, inter alia, registered as investment advisors with the Securities and Exchange Commission ("SEC"). Pantheon Ventures (UK) LLP also is authorised and regulated by the Financial Conduct Authority ("FCA") in the United Kingdom. Pantheon Ventures (Ireland) DAC is regulated by the Central Bank of Ireland (CBI). Pantheon Ventures (Asia) Limited, registered as a Type II Financial Instruments Business and Investment Advisory and Agency Business Operator under the registration entry "Director General of the Kanto Local Finance Bureau (Financial Instruments Business Operator) No. 3138" under the Financial Instruments and Exchange Act of Japan (the "FIEA") and a regular member of the Type II Financial Instruments Firms Association of Japan and Japan Investment Advisers Association, to "Professional Investors" (tokuteitoshika) as defined in Article 2, paragraph 31 of the FIEA. Pantheon Ventures (Singapore) Pte Ltd. holds a capital markets services license ("CMSL") which is issued by the Monetary Authority of Singapore ("MAS") to conduct fund management activities. Pantheon Ventures (Guernsey) Ltd and a number of other Pantheon entities incorporated in Guernsey are regulated by the Guernsey Financial Services Commission (GFSC). Pantheon Securities, LLC is an SEC-registered US limited purpose broker dealer and member of the Financial Industry Regulatory Authority ("FINRA") and the Securities Investor Protection Corporation ("SIPC"). The registrations and memberships described above in no way imply that the SEC, FCA, CBI, KLFB, MAS, GFSC, FINRA or SIPC have endorsed any of the referenced entities, their products or services, or this code. 

INTERNAL ALL

------

as applicable. This obligation may be satisfied to the extent PSL or an appropriate PSL principal (i) is involved with and participates in the applicable Pantheon group or committee, (ii) serves in the role of the applicable Pantheon position to which Associates must report pursuant to this Code, or (iii) otherwise has access to such information and/or the information systems that record and maintain records of such contact, reports, approvals, or engagements.

This Code is implemented and supervised by the Compliance Team. Any questions regarding this Code and any uncertainties or problems relating to compliance must be directed to the Compliance Team whose responsibility it is to ensure that this Code (and the policies referenced herein) are kept up to date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Certification** 

This Code (and the policies referenced herein) must be followed by all "access persons", namely those persons who have access to information regarding investment decisions, transactions and portfolio holdings. Unless the Compliance Team otherwise agrees, "access persons" would include all officers, partners and employees of Pantheon, as well as any interns, consultants or self-employed contractors (together "**Associates**"). The Compliance Team may designate additional persons as "access persons" (Associates) or exclude persons as "non-access persons", should it be deemed appropriate, in relation to all or part of this Code.

All Pantheon Associates are required to certify, via the Pantheon internal reporting system, no later than 10 days after their start date and annually thereafter that they (1) received a copy of the Code and (2) agree to comply with its terms.

The individuals described above are also required annually to certify information concerning their personal security accounts, personal securities transactions and other information as described in this Code of Ethics. All certifications and reporting required under the Code shall be made via the Pantheon internal reporting system.

**2.** **Conflicts of Interest** 

Pantheon has an affirmative duty of care, loyalty, honesty, good faith, and fair dealing to act in the best interests of our clients/investors. Compliance with this duty requires that we avoid conflicts of interest to the best of our ability. Should any conflict or potential conflict arise with respect to any client/investor, all material facts and details must be promptly disclosed to your manager and the Compliance Team. Under no circumstances should your interests or the interests of Pantheon be placed above the interests of our clients/investors.

It is important to note that potential conflicts of interest often arise in the ordinary course of business. Pantheon's policies are focused on the identification and management of these potential conflicts in order to minimize the risk of prejudicing our clients and investors.

Conflicts that are not appropriately managed may harm clients/investors. Even the appearance of a potential conflict that has not been appropriately managed may damage Pantheon's reputation.

Although it may not be possible to foresee every potential conflict of interest that may arise, you should be sensitive to actual or potential conflicts and bring them to the attention of your supervisor and seek the advice of the Compliance Team when confronted with any conflict of interest issues.

For further information, please refer to Pantheon's Conflicts of Interest Policy which is available on the <u>Legal & Compliance sub-site of the Pantheon intranet.</u>

INTERNAL ALL

------

**3.** **Confidentiality** 

Confidentiality is another fundamental duty we owe to our clients / investors, as well as to our fellow Associates. You must protect and maintain the confidentiality of sensitive, proprietary, non-public and/or personal information which may come into your possession regarding Pantheon, its Associates, clients/investors, fund managers, co-investors, service providers, vendors and any other persons or entities with whom we transact. You must not disclose such information to any persons or entities outside of Pantheon without prior authorization from Pantheon or unless mandated by law or regulation.

If you become aware that the security of any confidential, sensitive, proprietary, non-public or personal information may have been compromised, lost or stolen, you must promptly report the matter to the Compliance Team and Information Security Officer.

Please refer to **<u>Annex A</u>** for additional details on Pantheon's Confidentiality and Privacy Policy. Pantheon also maintains standalone Information Security, Cybersecurity, Data Protection, Portfolio Holdings and Privacy Policies, all available on the Pantheon intranet. The Confidentiality and Privacy Policy is also complemented by the Insider Trading and Market Conduct/Abuse Policy, which can be found in **<u>Annex B</u>** and the Information Barrier Policy, which can be found in **<u>Annex G</u>**.

**4.** **Communications with Media** 

Pantheon also aims to maintain its continued good reputation and ensure positive relations with the media. Pantheon has appointed a Head of Client Communications who has primary responsibility for all communications with the media, and, in conjunction with Compliance, for setting Pantheon's Communications with Media Policy, which is available on the Pantheon intranet. In accordance with Pantheon's Media Policy, all communications are restricted to those individuals authorized to speak with the Media.

**5.** **Insider Trading & Market Conduct/Abuse** 

From time-to-time, Associates may come into possession of material, non-public information ("**MNPI**") about publicly traded securities and certain financial instruments admitted to trading, or for which a request has been made, on a regulated market or a Multilateral Trading Facility [2](#ex99_r2147541_4) ; or to financial instruments traded on an Organised Trading Facility or to any financial instrument not so covered but whose price or value depends upon, or has an effect on, the price or value of such instruments – including, but not limited to, credit default swaps and contracts for difference. For purposes of this Code, information is considered "non-public" until it has been disseminated broadly to investors in the marketplace. You may obtain non-public information as a result of your conversations with clients, fund managers and other counterparties who are, or are affiliated with, public companies. Generally, information would be considered "material" if such information would, if made generally available, be reasonably likely to have a significant effect on the price of the relevant security or be an important consideration for an investor in making his or her investment decision in relation to such security.

Pantheon has adopted an Insider Trading and Market Conduct/Abuse Policy, set out at **<u>Annex B.</u>** The purpose of this policy is to provide Associates with the necessary information and guidance to ensure that they do not engage in any activities that could constitute insider trading or other forms of market abuse. All Associates must notify Compliance immediately should they be in receipt of inside information and

<sup>2</sup> An MTF is a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments – in the system and in accordance with non-discretionary rules – in a way that results in a contract.

INTERNAL ALL

------

become an insider. This policy outlines what constitutes insider trading/market abuse, the associated penalties and how any suspected instances of insider trading/market abuse should be disclosed to Compliance for investigation. It remains the responsibility of Senior Management to ensure that individual Associates are aware of their responsibilities relating to market abuse. This is of particular relevance to Associates given Pantheon Ventures (UK) LLP's status as investment manager of Pantheon International, PLC and Pantheon Infrastructure plc, companies quoted on the London Stock Exchange, and Pantheon Ventures (US) LP's status as investment adviser and sub-adviser to funds offering periodic redemptions/limited liquidity.

**6.** **Personal Trading** 

In order to ensure that you trade in your personal investment accounts lawfully and in a manner that avoids actual or potential conflicts between your interests and the interests of Pantheon and our clients (as noted above), you must report certain securities transactions and holdings to the Compliance Team through the Pantheon internal reporting system.

The information below summarizes some of the more significant requirements that apply to the personal trading activity of you, your family members and other financial dependents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must disclose certain investment accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not purchase (or short sell) covered securities, with certain exemptions, as set forth in  **<u>Annex C</u>** ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must submit initial, periodic and annual holdings reports within the period set forth in  **<u>Annex</u> <u>C</u>** , via electronic data feeds with your broker to Pantheon's internal reporting system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must obtain prior approval for certain securities transactions, subject to specific confirmations, terms,
& conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not trade securities that are included on Pantheon's Restricted List;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must obtain prior approval before entering into any private securities transaction, such as a limited
partnership or private placement.

Please see **<u>Annex C</u>** for additional details on Pantheon's Personal Trading Policy.

**7.** **Outside Business Activities** 

In order to avoid possible conflicts of interest, Pantheon Associates may not engage in certain Outside Business Activities ("**OBAs**") without the prior approval of their manager, the Compliance Team, and, if applicable, Senior Management, the Partnership Board or the Board of Directors in respect of Pantheon Ventures (Ireland) DAC. For RRs of PSL, their Supervisory Principal, if different from their manager, must also approve. This includes, but is not limited to, employment with, or acceptance of compensation for services (including commission, profit participation, etc.) from any person other than Pantheon, and serving in certain investment advisory or fiduciary capacities and positions with charitable, civic, religious, educational or fraternal organizations.

OBAs must be disclosed via the Pantheon internal reporting system.

Please see **<u>Annex D</u>** for additional details on Pantheon's Outside Business Activities Policy.

INTERNAL ALL

------

**8.** **Training and Education** 

The Compliance Team will provide you with training and education regarding the Code of Ethics on a periodic basis. Associates should make every effort to attend any training sessions and/or read any applicable training materials provided by the Compliance Team, and when required promptly confirm completion via the required method (email, sign in sheet, Pantheon internal reporting system, etc.). Please refer to your jurisdiction's applicable Compliance Manual for further details on Training and Education.

**9.** **Recordkeeping** 

Pantheon and its Associates are required to prepare and maintain certain books and records related to Pantheon's business. Please see **<u>Annex E</u>** for additional details and a list of the books and records to be maintained by Pantheon.

**10.** **Reporting of Breaches and Violations** 

Pantheon's policy on Reporting of Breaches and Violations covers breaches of law, regulation, and Pantheon regulatory policy (including this Code and the related policies and guidelines referenced in it).

All potential breaches and violations must be reported promptly upon their discovery to the Compliance Team. Breaches and violations may be reported to directly to the applicable jurisdictional Chief Compliance Officer ("**CCO**") or their designee or via the Pantheon internal reporting system. The Compliance Team maintains a Compliance Breach and Violation Log in which all reported incidents, if deemed to be a breach or violation by the applicable CCO or their designee, are recorded. Compliance may also become aware of compliance-related breaches or violations through other means and will review and log them accordingly. Where necessary, it is the responsibility of the Compliance Team to report details of the breach or violation to the Human Resources Team, senior management and, if required, to the appropriate regulator.

Please see **<u>Annex</u><u> </u><u>F</u>** for further details on the Reporting of Breaches and Violations Policy.

**11.** **Information Barrier** 

With respect to Affiliated Managers Group ("**AMG**"), there exists an information barrier with Pantheon for Pantheon's offices, information, and systems.

AMG officers and employees may enter Pantheon's offices only if accompanied at all times by a Pantheon officer or employee and such Pantheon officer or employee shall be required to ensure that the AMG officer or employee does not inadvertently access Pantheon's IT system or any hard copy files during that time.

To facilitate this arrangement, under no circumstances should any Pantheon officers or employees discuss with, or otherwise disclose to, any AMG officers or employees any material non-public (insider) or price-sensitive information in relation to Pantheon International, PLC, Pantheon Infrastructure Plc or any other entity named on Pantheon's restricted list.

Please see **<u>Annex</u><u> </u><u>G</u>** for additional details on Pantheon's Information Barrier Policy.

INTERNAL ALL

------

**12.** **Gifts and Entertainment** 

It is Pantheon's policy to earn business based on the quality of our products and services and to select and manage our fund managers and other service providers on the same basis. Accordingly, you should not provide or solicit gifts, entertainment or other items of value for the purpose of unduly influencing the recipient's judgment or in return for any business, service or confidential information.

Please see **<u>Annex H</u>** for more details on Pantheon's Gifts and Entertainment Policy, including reporting requirements for specific clients.

**13.** **Anti-Bribery & Anti-Corruption ("ABC")** 

Pantheon is committed to adhering to the highest standards of conduct, compliance with the law and regulatory requirements, and best practices. To that end, Pantheon has adopted its Anti-Bribery & Anti-Corruption Policy to ensure compliance with ABC laws and to demonstrate its commitment to preventing bribery and establishing a zero-tolerance approach to bribery in all parts of the organization's operations. Bribery and corruption are expressly prohibited.

Please see **<u>Annex</u> <u>I</u>** for additional details on Pantheon's Anti-Bribery & Anti-Corruption Policy.

**14.** **Fraud Prevention** 

Pantheon is required to establish and maintain systems and controls to protect against fraud or attempted fraud or irregularities in the firm's accounting or other records. Pantheon also needs to ensure that its procedures reflect the six principles (controls) outlined in the UK's Economic Crime and Corporate Transparency Act ("**ECCTA**") to help mitigate the risk of succumbing to the offence of Failing to Prevent Fraud. Associates have individual responsibility to behave ethically and with honesty and integrity and to report any fraud or attempted fraud. If an Associate suspects that activities constituting fraud are being undertaken, these suspicions must be immediately reported directly to the Compliance Team for investigation. All such reports will be treated in the strictest confidence.

The attempt to defraud is treated as seriously as accomplished fraud. Any Associate suspected of carrying out or attempting to carry out fraud will be subject to internal Pantheon disciplinary procedures as well as possible criminal prosecution. If convicted, an Associate is liable to imprisonment, a fine, or both. In addition, regulators may take action against the Associate, including potentially barring the Associate from working in the financial services sector again as matters of fraud call to question an Associate's fitness, propriety, and probity.

Please see **<u>Annex J</u>** for Pantheon's Fraud Prevention Policy.

**15.** **Political Contributions** 

Pantheon respects the rights of Pantheon Associates and their connected person(s) to lawfully participate in the political process and make personal contributions to candidates of their choice for federal, state or local office. When a Pantheon Associate chooses to participate in the political process, they must do so at all times as an individual, not as a representative of Pantheon. As a matter of Pantheon policy, no Pantheon Associate may make, or cause Pantheon to make, a contribution to an elected official or candidate for elective office of a local, state, or political subdivision thereof (a "**Government Entity**") for the purpose of obtaining or retaining business for Pantheon.

INTERNAL ALL

------

Under US federal, state, and local laws, referred to as "pay-to-play" laws, political contributions by Pantheon Associates could impact Pantheon's ability to continue to do business or obtain new business with certain Government Entities. Pay-to-play laws are generally intended to prevent government officials from selecting investment advisers on the basis of their political contributions. Failure to comply with these laws may prohibit Pantheon from receiving compensation for managing money for Government Entity clients for up to two years following a disqualifying contribution. To address the requirements of the Rule, all Pantheon Associates are considered "Covered Associates" under the Rule.

If you have any questions about a political contribution that you would like to make, or a political activity you are considering, please contact the Legal and Compliance Team. Please see **<u>Annex K</u>** for additional details on Pantheon's Political Contribution Policy.

**16.** **Whistleblowing** 

Pantheon's whistleblowing procedures are designed to encourage individuals to disclose dangerous, potentially unethical, or illegal activities through appropriate channels and without fear of reprisal or retaliation. This will give Pantheon the opportunity to investigate any concerns before they become more serious problems that might damage Pantheon's reputation through negative publicity, regulatory investigation, and fines.

Pantheon Associates can anonymously report items under the whistleblowing procedures via the Pantheon internal reporting system, which is also linked on the Pantheon intranet.

Associates are encouraged to report any concerns that they may have about Pantheon's business and/or supply chains being used for modern slavery through the existing whistleblowing procedures. Pantheon's Modern Slavery and Human Trafficking Statement can be found in the <u>Legal Disclosure section of the Pantheon website.</u>

Please see **<u>Annex</u><u> </u><u>L</u>** for additional details on Pantheon's Whistleblowing Policy.

**17.** **Administration of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Exceptions to the Code** 

Exceptions to the Code may be granted only in extremely limited circumstances. You must submit a written request for an exception to your applicable Head of Compliance/Chief Compliance Officer describing the nature of the exception and the reason it is being sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Restriction on Use of the Code** 

The Code of Ethics is intended for the use of Associates in connection with their job-related duties. However, copies (or excerpts) of the Code may be requested by clients/investors or prospects or other outside persons or entities on occasion. You may provide copies of the Code (excluding the Annexes) in read-only format to external persons provided that you notify the Compliance Team in advance thereof. Additionally, separate permission is specifically required if you intend to include the detailed policy Annexes along with the Code.

INTERNAL ALL

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Amendments to the Code** 

Compliance may provide you with amendments to the Code from time-to-time, in addition to the Annual Certification. You are responsible for reading and certifying (on the Pantheon internal reporting system) that you will comply with the terms of these amendments.

**18.** **Consequences for Violations** 

Violations of the requirements set forth in the Code, jurisdictional Compliance Manuals, WSPs or other policies and procedures, may result in the imposition of sanctions on the Associate(s) as deemed appropriate under the circumstances. These sanctions may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remedial Training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Verbal or written warning or reprimand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhanced Supervision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Probation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension of privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restitution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure to the Regulator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fines as permitted by law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Termination of employment for cause.

Further, violations and breaches of the Code and other related Pantheon policies may be reported to the applicable Pantheon body responsible for discretionary bonus payments and which therefore may impact an Associate's compensation.

In addition to internal sanctions, Pantheon may refer any violation to civil, criminal, or regulatory authorities as appropriate or required by law. Regulators may take enforcement action against Pantheon and/or the relevant Associate.

INTERNAL ALL

------

**<u>Pantheon Confidentiality and Privacy Policy</u>**

Last Reviewed May 2025

**Applicability** 

This policy applies to all Pantheon Associates.

**Confidentiality** 

Confidentiality is a fundamental duty we owe to our clients and managers of portfolio investments, as well as to Pantheon and our fellow Associates. Pantheon requires that all Associates protect and maintain the confidentiality of sensitive, proprietary, non-public and / or personal information which may come into their possession regarding Pantheon, its Associates, clients, fund managers, co-investors, service providers, vendors, and any other persons or entities with whom we transact. This includes internal Pantheon corporate and other proprietary information as well as other commercially sensitive information received in the ordinary course of business. These requirements are obligatory and arise largely from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sound business practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Duty as agent for the client or investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific confidentiality undertakings given to portfolio fund managers or vendors in connection with investment
activity, e.g. obligations appearing in non-disclosure agreements ()"**NDAs**") or portfolio fund limited partnership agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific confidentiality agreements with clients, investors and other third parties into which Pantheon may enter
into from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific agreements executed between Associates and Pantheon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Legal and regulatory requirements, including Market Abuse / Insider Trading regulations and Privacy / Data
Protection regulations.

Confidential Information includes, but is not limited to, information about Pantheon's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Business strategies and development plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Product design and / or distribution plans, and the identity and nature of arrangements with potential business
partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confidential client / investor information such as tax identification numbers, bank and securities account
numbers, holdings, strategies, fee rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information relating to Pantheon funds or separate account programs, including portfolio investments of such
Pantheon funds or separate account programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance data and track records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial data relating to Pantheon including both results and projections; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Legal posture, strategies or proceedings.

------

Confidential Information also includes but is not limited to personal data of Associates and that of investors, clients, and suppliers. This includes information relating to a living individual who can be identified from that data (or from that data and other information in our possession), for example, a name, address or date of birth or personally identifiable financial information such as an individual investor's or client's account balance, and the mere fact that the individual is or has been an investor or client of Pantheon.

Unless the information communicated to Pantheon Associates is clearly in the public domain, all Confidential Information at Pantheon shall be treated as such. Any unauthorized access to such information could result in fraud or other abuses of such information.

The following restrictions apply to Associates regarding Confidential Information, except as permitted by this Policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associates may not discuss Confidential Information with persons outside Pantheon (including, but not limited to,
the public, clients, suppliers, friends and family – including spouse, significant others, children and parents). This Policy must be strictly adhered to and Associates must disregard that they believe that spouses, partners, family members,
etc. are a "trusted contact". Confidential Information may not be shared with anyone outside of Pantheon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associates should not read or work on Confidential Information in public places (including on the train / tube,
business centers in hotels, etc.) unless codes are in place to disguise identities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associates should not hold discussions which may touch on Confidential Information in public (including taxis).
Associates must be careful of eavesdroppers when discussing confidential issues in an open or non-secure environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Code names should be used for any projects involving public companies (including e-mails); restrictions should be placed on file and folder access, and discussions about projects should so far as is practicable, not take place outside closed door meeting rooms or the offices of Associates
working on the deal in question. Attendance at such meetings should be limited to the deal team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a general rule, the dissemination of such information internally within Pantheon should be restricted only to
those who have a "need to know" in order to facilitate a particular task or strategic project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pantheon-related documents may not be sent to personal email accounts or text messaging/instant messaging
platforms as this conduct could subject Pantheon to regulatory recordkeeping requirements and access to such an account or computer may be required by a Regulator. <u>Written communications regarding Pantheon's business must be conducted on</u> <u>Pantheon's systems and networks.</u> All written communications sent and received on Pantheon's systems and networks will be retained by Pantheon as per applicable recordkeeping rules and may be reviewed by the Compliance team
and/or other approved Pantheon personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Pantheon Associates are prohibited from using their personal emails / text messages or other</u> <u>unofficial communication channels such as WhatsApp messaging or other instant messaging</u> <u>platforms for business purposes/communications without exception</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any Associate with access to personal information about other members of staff, or other individuals must at all
times keep such information confidential, using it only for authorized purposes as required by the duties of such Associate. Associates must comply with applicable laws, rules and regulations concerning privacy / data protection by taking adequate
precautions to protect any personal data relating to living individuals, whether suppliers, other members of staff or investors or clients, against accidental or unauthorized disclosure, loss or modification and by not using any personal data unless
such use is lawful.

------

Associates who may have questions as to what constitutes Confidential Information, or to whom such information may be disclosed inside or outside Pantheon, should contact Pantheon's Legal and Compliance Team.

Disclosure of Confidential Information by an Associate is permitted, if it is made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the ordinary course of the functions and duties of such Associate and such disclosure is consistent with any
specific policies and procedures adopted with respect to such information and / or function, including the Information Security Policy, and any other guidance published by the Legal and Compliance Team and or the Risk Team from time to time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to satisfy a judicial, governmental, legal or regulatory requirement (for example in the context of regulatory
filings or of announcements required to be made to the market by Pantheon International PLC or Pantheon Infrastructure plc as discussed further in the Insider Trading & Market Conduct/Abuse Policy), after consulting with the Legal and
Compliance Team; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• otherwise with the explicit permission of the Legal and Compliance Team or the Risk Committee, as applicable.

**Privacy and Personal Data** 

Pantheon may have additional obligations with respect to non-public personal information or personal data of Associates, investors, and clients, including obligations to implement safeguards for the protection of nonpublic personal information of clients and investors provided to Pantheon and to implement reasonable measures to protect against the unauthorized access to or use of such information in connection with its disposal. The Pantheon Client Privacy Notice ("**Privacy Notice**") (available on the Pantheon intranet and website and incorporated herein) describes the personal information that we may collect from persons seeking to invest in Pantheon funds and the ways in which such information may be used. When sending application forms or subscription forms to a prospective individual investor considering a subscription for an investment in a fund managed by Pantheon, Associates must include a copy of this Privacy Notice.

For further information, please see the EU Data Protection Policy for Pantheon Ventures (UK) LLP and Pantheon Ventures (Ireland) DAC, the Pantheon US Compliance Manual of Pantheon Ventures (US) LP, Pantheon Infra Advisors LLC, and Pantheon Ventures Inc., the Pantheon Data Protection Policy (Americas), and the Pantheon Securities, LLC Compliance Manual and Written Supervisory Procedures ("WSPs"), all of which can be found on the Pantheon intranet.

**Retention and Disposal of Documentation** 

Pantheon Associates are encouraged to adopt a clean desk policy. This is to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reduce the threat of a security breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure compliance with privacy / data protection requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reduce the chance of identity theft; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Demonstrate that Pantheon is taking corporate responsibility for information in its care.

------

Associates should make sure that when they leave their desk unattended, Confidential Information is not left on the desk so that it is visible, and computers are either turned off or locked. Any Confidential Information held in physical form should always be stored in a secure, lockable location.

When Confidential Information held in physical form needs to be disposed of, Associates should use the confidential waste bins located around the office(s) (taking into account the record retention requirements associated with the documents). If you receive any internal/external request(s) to return, delete, or destroy any documents/data/information, you must not respond to such a request as you are required to promptly report the request to the Chief Compliance Officer and the Head of HR to ensure appropriate action is taken, if required by applicable privacy law(s)/requirement(s).

For further information, please see the Pantheon Books and Records / Record Retention Policy available on the Pantheon intranet.

---

| | |
|:---|:---|
| **Compromised** | **Confidential Information**  |

---

Confidential Information may be lost, stolen, breached or otherwise compromised. All possible instances of compromised Confidential Information must be promptly reported to the Chief Compliance Officer and Chief Information Security Officer who will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determine if local laws or regulatory requirements may have been breached;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consider and, if thought fit, or required by law, coordinate any reporting and / or notification requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consider, and if thought fit, implement any security enhancements; and address any related issues.

Other business groups may be involved as necessary to address issues with clients, vendors, etc.

Confidential Information may become compromised when laptop computers, mobile phones, flash drives, other electronic devices, briefcases, or suitcases, etc. are lost, stolen or otherwise compromised, including by means unauthorized access to Pantheon's information technology systems. In the event an Associate is aware that Confidential Information stored electronically may be compromised, the Legal / Compliance Team and the Chief Information Security Officer / IT must be notified immediately. IT may be contacted by email at <u>servicedesk@pantheon.com</u> and the Chief Information Security Officer may be contacted by email at <u>cybersec@pantheon.com</u>.

In the event of an apparent leak of Confidential Information from within Pantheon, a leak review may be carried out by the Legal and Compliance Team. The factors that may trigger such a leak review could include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information appearing in the media which is likely to be known to only Pantheon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discovery of a leak via the compliance monitoring program or via periodic email surveillance conducted by the
Pantheon Compliance team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspicious personal account dealing patterns emerge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A significant change in the share price for any projects involving public companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Staff issues, such as where staff may have recently left or joined the organization or the deal team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whistleblowing or a tip-off from a member of staff; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A specific request from the Regulators or other law enforcement authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The scope of such a leak review would depend on the circumstances and severity of the event. Such a review may
include, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The identification of all Pantheon Associates who could have had access to the sensitive information, whether
electronically or physically;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A review of whether the Pantheon policies and procedures were adequate and correctly followed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A review of records including staff email records, relevant electronic files and folders with the support of
Pantheon IT with access and downloading of such files; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interviews with relevant Associates.

Issues identified in such reviews will be notified to the Senior Management of Pantheon, who may take further steps, including the actions outlined in Pantheon's Global Code of Ethics on consequences of violating the Global Code of Ethics. With regard to a leak/ potential policy violation occurring, the Pantheon Compliance team will conduct enhanced /heightened surveillance of the Pantheon Associate(s) involved in a leak/violation of policy. The outcomes of such reviews/leaks/violations may also form the basis to update Pantheon policies and procedures if gaps or deficiencies are identified.

**Insider Trading and Market Abuse / Conduct, Information Security, Cybersecurity, Data Protection, Information Barrier, and Portfolio Holdings.** 

This policy is intended to compliment other Pantheon global and local policies, including but not limited to, policies concerning Insider Trading and Market Conduct/Abuse, Information Security, Cybersecurity, Data Protection, the Information Barrier Policy, and the Portfolio Holdings Policy, which contain standards for maintaining administrative, technical, and physical safeguards to ensure the security and confidentiality of Confidential Information, including non-public personal financial information, to protect against any anticipated threats or hazards to the security of such information and protect against unauthorized access to or use of such information. These are all available on the Pantheon intranet and collectively address applicable legal and regulatory requirements concerning confidentiality and privacy.

---

| | |
|:---|:---|
| **Risk** | **Assessment and Annual Review**  |

---

The Pantheon Chief Information Security Officer or designee is responsible for assessing existing risks to non-public personal financial information, developing ways to manage and control such risks, monitoring third-party vendor arrangements to ensure information security, testing and revising these policies/processes in light of relevant changes in technology and threats to individual investor information. Based upon the information gathered by performing the risk assessments, and as changes in laws or regulations require, the Chief Information Security officer or designee will consult with the Chief Compliance Officer and will assess the need for, and arrange for, training of Pantheon Associates, periodic certifications of Pantheon Associate's understanding of/compliance with this policy, and will provide policy and procedure updates as may be necessary to ensure that the Program is properly implemented.

------

The Pantheon Chief Information Security Officer or designee will review this policy periodically in order to determine whether its collection, use, and protection of nonpublic personal financial information are in compliance with this policy.

------

**<u>Insider Trading & Market Conduct/Abuse Policy</u>**

Last Updated: July 2025

**A.** **Overview** 

From time-to-time, Associates may come into possession of material, non-public information ("**MNPI**") about publicly traded securities and certain financial instruments admitted to trading, or for which a request has been made, on a stock market (e.g., NYSE, NASDAQ, LSE, LuxSE, etc.) regulated market (LIFFE, LME, Euronext, etc.) or other self-regulated trading venues<sup>1</sup> ; or to any financial instrument not so covered but whose price or value depends upon, or has an effect on, the price or value of such instruments – including, but not limited to, credit default swaps and contracts for difference. For the purposes of this Code, information is considered "non-public" until it has been disseminated broadly to investors in the marketplace. You may obtain non-public information as a result of your work at Pantheon via your conversations with clients, fund managers, and/or other counterparties who are, or are affiliated with, public companies or are in possession of information regarding a public company by the nature of their work. Generally, information would be considered "material" if such information would, if made generally available, be reasonably likely to have a significant effect on the price of the relevant security or be an important consideration for an investor in making his / her / its investment decision in relation to such security. Material non-public information may also be referred to interchangeably with insider information, and Associates must adhere to the requirements within this policy when managing such information.

The purpose of this policy is to provide Associates with the necessary information and guidance to ensure that they do not engage in any activities that could constitute insider trading or other forms of market abuse, including the creation or passing on of rumours. This section outlines what constitutes insider trading/market abuse, the associated penalties, and how any suspected instances of insider trading/market abuse should be disclosed to the Compliance Team for investigation and potential remediation / reporting to relevant regulator(s).

It remains the responsibility of senior management to ensure that individual Associates are aware of their responsibilities relating to market abuse. This is of particular relevance to Pantheon Associates given Pantheon Ventures (UK) LLP's status as investment manager of Pantheon International PLC ("PIP") and Pantheon Infrastructure PLC ("PINT"), both investment companies quoted on the London Stock Exchange, and Pantheon Ventures (Ireland) DAC's status as Alternative Investment Fund Manager ("AIFM") of Pantheon Private Markets SICAV SA – Pantheon Global Private Equity Fund ("PGPE") and Pantheon Private Markets SICAV SA – Pantheon Global Credit Secondaries Fund ("PGCS")) which may operate one or more listed share class[es] on the Luxembourg Stock Exchange, as well as Pantheon Ventures (US) LP's status as investment adviser and sub-adviser to funds offering periodic redemptions / limited liquidity (e.g. AMG Pantheon Fund LLC ("P-PEXX"), AMG Pantheon Credit Solutions Fund ("P-SECC"), AMG Pantheon Infrastructure Fund, LLC ("P-BUILD")).

**B.** **Insider Dealing** 

Insider dealing involves dealing (or an attempt at dealing), by an insider, in a financial instrument<sup>2</sup>, on the basis of non-publicly available inside information in relation to that instrument. The United States,

<sup>1</sup> Including a Multilateral Trading Facility (MTF) and an Organised Trading Facility (OTF). An MTF is a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments – in the system and in accordance with non-discretionary rules – in a way that results in a contract. An OTF is a multilateral system, which is not a regulated market or MTF, and in in which multiple third party buying and selling interests in bonds, structured finance product, emissions allowances or derivatives are able to interact in the system in a way which results in a contract. 

<sup>2</sup> Financial instruments include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Transferable securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Money-market instruments;

------

United Kingdom, Ireland / European Union, Japan, and Singapore securities laws and regulations make it illegal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To trade on MNPI about public companies or other qualifying or financial instruments, or to provide such
information to others who may trade in reliance on such information (i.e., insider trading);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To take advantage of clients or Pantheon by purchasing or selling ahead of client or Pantheon's orders to
take advantage of the possible impact on the market of those orders (i.e., front running or pre-positioning); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the context of a takeover, or potential offer, to enter into a transaction on the basis of inside information
concerning the proposed bid.

**You are prohibited from trading, either personally or on behalf of others on the basis of, or while in possession of MNPI, or communicating MNPI to others in violation of the law and this policy.** The consequences of engaging in insider trading or front running are severe and include sanctions or dismissal by Pantheon, as well as civil and/or criminal penalties (please see Section J below for further details). If you are not sure whether a securities transaction would violate the law or the Pantheon policy because of non-public information in your possession, you should assume that the trade is not permitted until you obtain proper advice to the contrary from the Compliance Team.

**C.** **Other Forms of Market Abuse** 

In addition, some jurisdictions impose civil and / or criminal sanctions on other forms of behaviour which, while not necessarily amounting to "insider dealing", are nevertheless considered

3. Units in collective investment undertakings;

4. Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities,
currencies, interest rates or yields, emission allowances or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. (in relation to derivative contracts relating to a currency) has the meaning in article 10 of the *<u>MiFID</u> <u> </u> <u>Org</u> <u> </u> <u>Regulation</u>*) (in summary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. (i) an instrument which is not a contract within the meaning of paragraph 2 of that article; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. (ii) a means of payment as described in paragraph 1(b) of that article;

5. Options, futures, swaps, forwards and any other derivative contracts relating to commodities that must be
settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event;

6. Options, futures, swaps, and any other derivative contract relating to commodities that can be physically
settled provided that they are traded on a regulated market, a MTF, or an OTF, except for wholesale energy products traded on an OTF that must be physically settled;

7. Options, futures, swaps, forwards and any other derivative contracts relating to commodities, that can be
physically settled not otherwise mentioned in point 6 of this Section and not being for commercial purposes, which have the characteristics of other derivative financial instruments and not being spot contracts;

8. Derivative instruments for the transfer of credit risk;

9. Financial contracts for differences;

10. Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic
variables, freight rates or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event, as well as any
other derivative contracts relating to assets, rights, obligations, indices and measures not otherwise mentioned in this Section, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they
are traded on a regulated market, OTF, or an MTF;

11. Emission allowances

A specified investment is one that has been specified as such in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. The different types of specified investments include: deposits; electronic money; contracts of insurance; shares; instruments creating or acknowledging indebtedness; alternative finance investment bonds; government and public securities; instruments giving entitlements to investments (such as shares, debentures and gilts); certificates representing certain securities (such as shares, debentures and gilts); certificates representing certain securities such as shares, debentures and gilts; units in a collective investment scheme; rights under a pension scheme; greenhouse gas emissions allowances; options; futures; contracts for differences; Lloyd's syndicate capacity and membership; funeral plan contracts; rights under regulated mortgage contracts; rights under regulated home reversion; rights under regulated home purchase plans; rights under regulated sale and rent back agreements; specified benchmarks; credit agreements; consumer hire agreements; and rights to, or interests in, investments.

------

reprehensible conduct and are accordingly prohibited by all Pantheon Associates. These include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unlawful disclosure – an insider discloses inside information to another person other than in the
proper course of the exercise of his or her employment, profession or duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manipulating transactions – trading, or placing orders to trade, that gives a false or misleading
impression of the supply of, or demand for, one or more investments, raising the price of the investment to an abnormal or artificial level;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manipulating devices – behaviour which consists of effecting transactions or orders to trade which
employ fictitious devices or any other form of deception or contrivance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dissemination – behaviour which consists of the dissemination of information that conveys a false or
misleading impression about an investment or the issuer of an investment where the person doing this knows the information to be false or misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misleading behaviour and distortion – which gives a false or misleading impression of either the
supply of, or demand for an investment; or behaviour that otherwise distorts the market in an investment.

Some of the conduct described above could also constitute the creation or passing on of a rumour, which is addressed further below.

**D.** **Market Rumours** 

Market rumour cases generally involve two aspects of market abuse – disseminating false or misleading information and creating a misleading impression or market distortion. For the purpose of this policy, a rumour is defined as a false or misleading statement or a statement without a reasonable basis (for example, because the information is from an unverified source such as an internet bulletin board). A statement will not be considered a "rumour" if it is clearly an expression of an individual's or firm's opinion or view, but such a statement remains subject to other rules concerning market abuse.

Pantheon Associates shall not originate, create, circulate or pass on in any manner a rumour concerning any security that he / she / they know[s] or has reasonable grounds for believing is false or misleading and that is likely to influence the market price of such security.

Pantheon Associates shall not trade on any rumour without first considering the source of the rumour and whether it could constitute market abuse to trade on the rumour. In addition, Associates should also confirm whether the information is in the public domain and therefore available for general view, and thus that trading would not constitute an offence under applicable insider dealing laws.

**E.** **Restricted List and Insider List** 

In order to mitigate against the risk of an inadvertent breach of the above requirements, Pantheon maintains a "Restricted List" of companies on which Pantheon may hold MNPI and an "Insider List" of Associates who have access to MNPI.

<u>Restricted List</u> 

In the course of your work at Pantheon, you are responsible for notifying the Compliance Team of any company that should be placed on Pantheon's Restricted List immediately, and in any event within one business day of becoming aware that the company must be added to the Restricted List due to the receipt or expected receipt of MNPI or similar information. Information to be provided includes:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the issuer(s) including the ticker, the exchange the company is traded on, the appropriate ISIN /
CUSIP / SEDOL codes, and the related Pantheon project name (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of the information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date and time the information was obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The names of all Associates who have knowledge of the information.

In addition to the initial reporting of a company to be placed on the Restricted List to the Compliance Team, you shall also be responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintaining confidentiality of such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notifying the Compliance Team if you are in receipt of MNPI ("an Insider") (please refer to the
procedure in the 'Insider List' section below)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notifying the Compliance Team of any instances in which confidential information may have been inadvertently
passed to someone within Pantheon or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contacting the Compliance Team to delete a company or issuer from the Restricted List.

In addition to their access to deal-level inside information, certain Pantheon Associates are considered restricted persons relating to PIP, PINT, and/or listed share class(es) of PGPE and PGCS ("Restricted Persons") by nature of their knowledge regarding any investor plans to top-up subscriptions or request redemptions of shares.

<u>Insider List</u> 

In the course of your work at Pantheon, you are responsible for notifying the Compliance Team immediately if you become an Insider.

If you become an Insider, you must fully complete the 'Insider List / Restricted List' certification as soon as possible and no later than 3 business days of becoming aware that you must be added to the Insider List.

Additionally, you are responsible for and must inform the Compliance Team:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Of the company being added to the Restricted List (please follow procedure in 'Restricted List'
section above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If there is a change of reason for you being on the Insider List;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Of any individual who is not already on the Insider List is given access to inside information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When you cease to have access to inside information.

In order to maintain proper oversight of, and adherence to, the Restricted List and Insider List, the Compliance Team provides monthly reminders to the Investment Teams regarding their ongoing obligations noted above with regard to the Restricted and Insider Lists. Each Investment Team Head is required to conduct a quarterly review of the Insider List and of the Restricted List for persons and securities added under his / her / their respective product line and must confirm the accuracy of both lists.

In addition to deal-specific Insider Lists and a list of Permanent Insiders (made of individuals who, at all times, have access to inside information at Pantheon (e.g., members of the Valuations / Valuation Analytics Teams, members of the Risk Committee, members of the Compliance Team)), Pantheon also maintains a list of Restricted Persons related to each of PIP and PINT as well as a list of Restricted Persons related to listed share class(es) of PGPE and PGCS.

------

**F.** **Implications for Personal Trading** 

In order to mitigate against the risk of an inadvertent breach of the above requirements, Pantheon has adopted a Personal Trading Policy (please see Annex C for further details of Pantheon's Personal Trading Policy). As part of the process for seeking approval for personal trades, Associates are required to confirm that they hold no MNPI concerning the relevant security. No permission will be granted for trades in securities on the Restricted List, or those that could give rise to a conflict of interest, regardless of if the individual holds MNPI or not.

**G.** **Listing Rules – PIP and PINT** 

This section is relevant in relation to PIP and PINT and any additional listed entities for whom Pantheon Ventures (UK) LLP acts as investment manager and to whom the UK Listing Authority's Listing Rules apply. The purpose of the Listing Principles is to ensure that listed companies pay due regard to the fundamental role they play in maintaining market confidence and ensuring fair and orderly markets. Pantheon Associates are required to abide by the provisions of the Takeover Code and the UK Listing Rules wherever relevant. Legal advisors will be consulted whenever Pantheon participates in public to private transactions and flotations to ensure that obligations are met<sup>3</sup>.

Given that PIP and PINT are publicly listed vehicles and Pantheon's role as manager, Associates must take particular care when conducting personal transactions in PIP and PINT. Associates must consult with the Pantheon PIP/PINT teams before disclosing any material externally or giving presentations about PIP/PINT or their performance, respectively. All personal transactions are prohibited when PIP and PINT are in a "Closed Period." Details of Open and Closed Periods (i.e., public announcements about PIP/PINT performance and PIP/PINT results) are maintained on the Pantheon intranet by the PIP/PINT team and announced periodically by the Head of Compliance (UK & APAC). If in doubt about when personal trades in PIP/PINT are permitted, you must consult the Compliance Team before placing a trade.

**H.** **Additional Rules – PGPE and PGCS Listed Share Classes** 

This section is relevant in relation to PGPE, PGCS, and any additional evergreen entities regulated by the Luxembourg Commission de Surveillance du Secteur Financier ("CSSF") for which Pantheon lists one or more share class(es) on the Luxembourg Stock Exchange.

Persons discharging managerial responsibilities ("PDMR"), as well as persons closely associated with them ("PCA"), must notify the relevant fund and the CSSF about transactions relating to the listed share class(es) that they conducted on their own account once the cumulative cost of such transactions has reached EUR 5,000 in any calendar year, making such notification no later than three (3) business days after the date of the relevant transaction(s).<sup>4</sup> PDMR typically would include members of each fund's board of directors and their respective PCA (which includes spouse, children, and relatives), and non-board members (and their respective PCA) who have regular access to inside information and take managerial decisions affecting such listed share class (e.g., investor relations personal knowledgeable of impending transactions).

<sup>3</sup> Failure to comply would be treated as a breach of FCA Principle 5 (Market Conduct) and FCA individual Conduct Rules 5 (You must observe proper standards of market conduct).

4 Such obligations resulting from the Market Abuse Regulation (EU) 596/2014 ("MAR")

------

Pantheon generally expects no such reporting to be necessary given that investors must apply to invest in these listed share class(es), which were created for the use of a single investor. However, the Compliance Team (a) will maintain a list of such Restricted Persons on an ongoing basis and will retain it for at least five (5) years after it is drawn up or updated, (b) will work with relevant operations teams to ensure that there are procedures in place to block inappropriate subscriptions, and (c) will notify the CSSF promptly should any such subscription ever become successful, regardless of the fact that the relevant Board of Directors would use the power conferred upon it by the prospectus to compulsorily redeem the ineligible investor(s).

If PGPE, PGCS, or any similar Pantheon entity ever decides to list another share class on another stock exchange, such issuer will also ensure in Luxembourg the provision of equivalent information to that made available to the market of any other stock exchange(s) situated or operating outside the Member States of the European Union, to the extent that this information may be important for evaluating the securities in question, in order to ensure that there is no asymmetry of information.

**I.** **Escalation to Pantheon Compliance and Notifications to Regulators** 

If an Associate (a) has a 'reasonable suspicion' that an order / transaction in any financial instrument, whether placed or executed on or outside a trading venue, could constitute (either actual or attempted) insider dealing or market manipulation; or (b) learns of a rumour that he / she / they knows or has reasonable grounds for believing was originated or circulated for the purpose of improperly influencing the market price of a security, he / she / they must notify the Compliance Team immediately. The relevant Head of Compliance may be required to report such instances to applicable regulatory authorities.

Pantheon is also required to report to relevant regulator(s) any information on events affecting shares admitted to trading that it deems necessary to facilitate the due and proper operation of the market. Such information above includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amendments affecting the respective rights of the shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any business combination or split (for example, of PGPE);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any change of transfer or paying agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcement of any distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment and detachment of dividends or interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• coupons being declared without value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the redemption of shares in particular before the due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change of name of the fund in question;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any payment default and in a more general manner, any decision relating to any bankruptcy, insolvency, or
cessation of payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other event or information which, on the date of its publication by the relevant fund or on its behalf, is
likely to influence the price of the security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any suspension from trading at the request of the relevant fund on any other trading venue of its issued shares;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any and all other information that it deems useful for the protection of investors.

**J.** **Market Soundings** 

A market sounding is defined as a communication of information (made by an issuer, a secondary offeror, a third-party agent for an issuer or secondary offeror, a takeover bidder, etc.), prior to the announcement of a transaction, in order to gauge the interest of potential investors in a possible transaction and the conditions relating to it such as its potential size or pricing, to one or more potential investors. A market sounding may take place orally in connection with a meeting, via an audio or video call, in writing or by means of electronic communications.

------

The requirements of the applicable regulation governing market soundings apply to acts only if those acts concern financial instruments admitted to / traded on any UK or EU regulated trading venue, multilateral trading facility or organized trading facility for which a request for admission to trading on any such market or facility has been made. In practice, this means that Pantheon should not ordinarily conduct any market soundings (i.e., communicate any market soundings to third parties) except in relation to Pantheon's publicly listed vehicles, Pantheon International PLC or Pantheon Infrastructure PLC. However, it is also possible that Pantheon may be invited to receive market soundings from a third party in relation to publicly traded financial instruments within the portfolios of Pantheon managed clients. In relation to receiving a market sounding, regardless of whether you, as a representative of Pantheon, accepted the information or decline to receive the information, it is your responsibility to declare this as part of the Market Abuse Regime in the EEA.

The EU and UK market abuse rules are prescriptive and require firms to establish, implement, and maintain internal procedures with respect to market soundings made or received. Pantheon has established the Pantheon Market Soundings Policy and Procedures (available on the Legal & Compliance subsite of the Pantheon intranet) to ensure that all of the obligations which apply regarding the making and / or receipt of market soundings are adhered to.

**Associates must <u>never</u> make a market sounding without pre-clearance from Pantheon Compliance.** 

**Associates must <u>never</u> act as the recipient of a market sounding without pre-clearance from the Head of the appliable Investment Team and from Pantheon Compliance.** 

**K.** **Expert Networks** 

In the conduct of Pantheon's business, Investment team associates may from time to time procure research services provided by independent consulting firms, expert networks, channel checkers or other firms or individuals providing similar services. We refer to these research providers as "Expert Firms" and the individuals providing these research services as "Experts". They are permitted to use Expert Firms in connection with their investment research and due diligence activities, subject to the following conditions.

When using Expert Firms, staff members have a responsibility to avoid receiving MNPI from an Expert and must use the Introductory Script below at the onset of all calls. If they do inadvertently receive MNPI, the MNPI should be treated in accordance with the Policy details outlined above and the Compliance Team should be contacted immediately.

Only Expert Firms approved by the Compliance Team and the Risk Team, in accordance with the Vendor Management procedures for onboarding Services providers (see the Vendor Management Policy for further information) may be consulted. The current list of approved Expert Firms are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GLG

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guidepoint

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coleman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AlphaSights

Each Expert Firm must provide a log of Expert calls and meetings to the Compliance Team on a periodic basis. The Compliance Team also reserves the right to attend any calls or meetings to monitor the adherence to these conditions.

------

Expert Network Introductory Script

The following statements must be made at the outset of any consultation with an Expert.

*"Before we start, as part of our standard compliance disclosure, I want to confirm that:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* *You will not provide to me, and you understand that I do not want to receive, any confidential information about any publicly traded company.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* *You are not prohibited by your employer from participating in this call.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* *You will not disclose any information that will result in breach of any duty of confidentiality to a third party."* 

As noted above, if you think that an Expert has disclosed to you confidential or material non-public information, consult immediately with your jurisdictional Head of Compliance / CCO.

**L.** **Consequences for Violations** 

Failure to abide by this Policy can result in disciplinary action/sanctions. Such sanctions may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remedial Training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Verbal or written warning or reprimand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhanced Supervision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Probation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension/revocation of personal trading privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restitution, including donating profits to charity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fines, as permitted by law and/or civil and criminal penalties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Termination of employment for cause.

Further, any breach or violation of the Policy may be reported to the applicable Pantheon body responsible for discretionary bonus payments and which therefore may impact an Associate's compensation.

In addition to internal sanctions, Pantheon may refer any violation of this Policy to civil, criminal, or regulatory authorities as appropriate or required by law. Regulators may take enforcement action against Pantheon and/or the relevant Associate.

------

**<u>Pantheon Personal Trading Policy</u>**

Last Reviewed October 2025

**1.** **Overview** 

The Personal Trading Policy ("Policy") is designed to ensure that Associates'<sup>1</sup> transactions in their personal investment accounts are in compliance with applicable securities laws and regulations and are conducted in a manner that avoids actual, potential, and/or perceived conflicts between their own interests and the interests of Pantheon and/or its clients.

Accordingly, <u>Associates are prohibited from making purchases (or short sales) in Covered Securities</u>, with certain exceptions described below. Furthermore, Associates must report certain accounts, holdings and transactions through the Pantheon internal reporting system as described in further detail below.

**2.** **Reporting Your Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **What and When Accounts Must Be Reported** 

No later than 10 calendar days after commencing employment with Pantheon or otherwise becoming subject to the Global Code of Ethics, you must report all of your Reportable Accounts via the Pantheon internal reporting system. There are no exceptions to this requirement.

"**Reportable Accounts**" include any securities investment account:

1) over which you direct, or have the ability to direct, the account's investments; and / or

2) in which you, or any of the following individuals (collectively, "**Covered Persons**"), has a Beneficial Ownership interest: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your spouse, domestic partner or minor children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other financial dependent living in your household; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other individual where you have discretion over their investment accounts.

You must also <u>report any new Reportable Account promptly</u> and <u>prior to placing a trade</u> in that account.

Reportable Accounts include brokerage accounts, retirement accounts that permit brokerage holdings or trading, share spread betting accounts, Contract for Difference ("**CFD**") accounts, stocks and shares Individual Saving Accounts ("**ISAs**") or Systematic Investment Plan ("**SIP**") accounts, employee stock compensation plans, self-invested personal pension plans (SIPPs), and transfer agent accounts (other than mutual fund transfer agent accounts). Reportable Accounts also include Managed Accounts (defined below), those accounts from which a Covered Person benefits indirectly, such as a family trust or family partnership, and accounts in which a Covered Person has a joint ownership interest, such as a joint brokerage account.

<sup>1</sup> Under Pantheon's Global Code of Ethics, Associates collectively covers all "access persons", namely those persons who have access to information regarding investment decisions, transactions, and portfolio holdings. Unless the Compliance Team otherwise agrees, "access persons" also includes all officers, partners and employees of Pantheon, as well as any interns, consultants or self-employed contractors. 

INTERNAL ALL

------

The information required to be reported regarding a Reportable Account includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the broker, dealer or bank with whom the Covered Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The account owner (self, spouse, dependent child, etc.)

The following are exempt and not considered Reportable Accounts and therefore do not need to be reported:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 529 plans or similar college savings plans, or cash and savings ISAs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SIP and Child Trust accounts if the account only has the capability to hold open end mutual funds or other funds
where you do not have the ability to control, influence, select or direct its underlying investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open end mutual funds purchased directly from the fund manager and held in accounts which do not have the ability
to hold any other type of securities\*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the US, Associates' Fidelity 401(k) plans do not need to be reported as they have the ability to hold
only open-end mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Similar 401(k) plans from prior employers also do not need to be reported. However, those that can hold other
investments beyond open-end mutual funds should be reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other account that is limited solely to transactions in unit investment trusts ()"**UITs** "),
redeemable securities of registered investment companies, and variable contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other account that is limited solely to transactions in "non-securities" as defined by the SEC (i.e., certain types of crypto currencies).

\* See the "Reporting Your Holdings and Transactions" section for reporting requirements for AMG-affiliated mutual funds.

Please contact the Compliance Team if you hold any securities in physical certificate form or if you are not sure if a particular account is required to be reported.

**<u>Pantheon Securities, LLC ("Pantheon Securities") Registered Representatives ("RRs")</u>**

In addition to those requirements set forth above, an RR of Pantheon Securities who initiates or maintains a personal securities account with a third-party broker-dealer must give written notice to that broker-dealer that he/she is registered with Pantheon Securities prior to opening the account, or, prior to placing an initial order for the purchase or sale of securities through the other broker-dealer. Typically, this notice is provided to the broker-dealer as part of the account application. If the account was established with the other broker-dealer prior to the association of the RR with Pantheon Securities, then the RR shall notify both Pantheon Securities (via the US Compliance team) and the other broker-dealer in writing promptly after becoming associated with Pantheon Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Electronic Data Feeds** 

Subject to any applicable temporary grace period(s) as communicated in writing by Pantheon Compliance, **Associates are required to hold all Reportable Accounts (other than Managed Accounts, see section 3(C) below for more detail) via a firm/broker that provides electronic data feed capabilities** that are compatible with the Pantheon internal reporting system.

INTERNAL ALL

------

Pantheon currently receives direct electronic data feeds from the following broker-dealers\*:

• AJ Bell Youinvest

• Charles Schwab - Investments

• Chase – Investments

• Citi Private Wealth

• E\*TRADE

• Edward Jones

• DE GIRO (GLOBLA)

• Fidelity Investments

• Fidelity International (UK)

• First Republic

• Hargreaves Lansdown

• Interactive Brokers

• JP Morgan Private Client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Morgan Stanley - ClientServ

• Merrill Lynch – MyMerrill Investments

• National Financial Services

• Pershing

• Robinhood

• Rockefeller & Co. – Investments

• Royal Bank of Canada (RBC) Wealth Management

• SEI Investments

• SEI Private Wealth Management

• Stifel Nicholas

• TD Ameritrade

• UBS

• US Trust

• Wells Fargo Advisors

Additional "aggregate" electronic feeds are available via the Pantheon internal reporting system where the Associate connects the account(s) him/herself through the system. Please contact the Compliance team to inquire if your broker has an available aggregate electronic feed and for assistance in making the account connection.

**\*** **The providers of live electronic feeds are continually updated, and this Policy will be updated from time to time to reflect such changes.** 

**3.** **Reporting Your Holdings and Transactions** 

Associates are required to declare initial holdings upon joining Pantheon and thereafter provide annual holding statements (as discussed in more detail in section 3(A) below). Associates are also required to upload confirmations of individual, pre-cleared trades shortly after each such trade together with periodic brokerage account statements (as discussed in more detail in section (B) below).

In both cases, Associates may satisfy these requirements by ensuring that the Compliance Team receives holding statements, trade confirmations, and brokerage statements for their Reportable Accounts directly from their broker via an electronic data feed or link as discussed above. However, it is the responsibility of Associates to ensure their electronic feed is properly connected to Pantheon's internal reporting system and for any securities that are not covered by any such electronic data feed (for example because of any applicable grace period for implementation of the electronic data feed or because there are securities not held within a reportable account such as private securities or stocks held directly), Associates must continue to comply with the following requirements. There are limited exceptions as discussed in section (C) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Initial and Annual Holdings Reports** 

Except as provided below, you must submit via the Pantheon internal reporting system no later than 10 calendar days after commencing employment with Pantheon, or otherwise becoming subject to the Code of Ethics, an initial holdings report which includes all of the holdings in your Reportable Accounts (via electronic data feed, as covered above) and any other securities that would require pre-clearance prior to trading under Section 4 below, including those not covered by an electronic data feed (e.g., private securities, stocks held directly). Additionally, you must report via the Pantheon internal reporting system your holdings in AMG-Affiliated Mutual Funds. (A list of AMG-Affiliated

INTERNAL ALL

------

Mutual Funds is posted in ACA and may be distributed to you periodically). You may not make any personal trades until an initial holdings report has been submitted. You must also submit / certify to an annual holdings report via the Pantheon internal reporting system.

Initial and annual holdings reports must include, at a minimum, the following information as applicable, current as of date not more than 45 calendar days prior to the date of the report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name and type of security, the ticker symbol or CUSIP number, number of shares or units, and principal amount
of the security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any broker, dealer or bank with which the Covered Person maintains the Reportable Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Account Statements** 

Globally, Associates are required to upload monthly or quarterly account statements inclusive of the account's activity (as applicable) to the Pantheon internal reporting system within 30 calendar days following the end of each quarter. For those on a temporary grace period until an electronic feed is connected, statements must be uploaded under the "Accounts" section on the "Personal Trading" tab of the Pantheon internal reporting system. You will not be permitted to actively trade while you are in a grace period until the connection of an electronic feed is complete.

**C.** **Exceptions to Holdings and Transaction Reporting Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Managed Accounts** 

You are not required to submit initial or annual holdings reports, or trade confirmations with respect to securities held in a Managed Account if you have certified to the Compliance Team via the Pantheon internal reporting system that your account is a Managed Account. A "Managed Account" is one from which you could benefit, but over which you have no investment discretion or influence over the investments in the account, such as a professionally advised account about which you will not be consulted or have any input on specific transactions placed by the investment manager prior to execution.

Periodically, the investment manager of a Managed Account may be asked to affirm that you have not exercised influence or investment discretion over the Managed Account. In order for an account to continue to be treated as a Managed Account, the investment manager must provide the requested affirmation, as requested.

You must immediately advise the Compliance Team if you terminate the Managed Account agreement. Upon termination of the Managed Account agreement, you must also immediately begin reporting transactions and holdings in such accounts, as outlined in Sections 3A and 3B above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Automatic Investment Plans** 

An "Automatic Investment Plan" means a program in which regular periodic purchases or sales are made automatically in or from investment accounts in accordance with a predetermined schedule and allocation.

Automatic Investment Plans are permitted in Exempt Securities, but are prohibited in Covered Securities, unless otherwise agreed with Compliance.

INTERNAL ALL

------

**4.** **Trading in Covered Securities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Prohibition on Establishing New Positions in Covered Securities <u> </u>** 

**<u>Associates are prohibited from making purchases (or short sales) in Covered Securities.</u>**

Purchases via managed accounts, dividend reinvestments, and spousal employee stock purchase plans (with prior Compliance consent) and other exempt securities identified below, as well as shares in receipt from vesting prior employer stock awards (with prior Compliance consent), are exempt from this prohibition.

---

| | |
|:---|:---|
| **Anything** | **not listed as an Exempt Security is considered a Covered Security and is subject to this prohibition.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Pre-Clearance of Transactions of Existing Positions in Covered Securities** 

Associates must obtain prior approval/pre-clearance via the Pantheon internal reporting system for sales (or buys to close short sales) in all covered securities. The exceptions to this requirement are trading in Exempt Securities or as otherwise set forth below under Exceptions to Pre-Clearance Requirement (section C).

In most cases, trading requests will be processed on an automated basis through Pantheon's internal compliance system. However, transactions in certain securities will be subject to additional manual review by Compliance and / or the relevant business teams ***before*** responding to such request.

Pre-cleared trades are valid in the Pantheon internal reporting system for a period of three business days unless any delay in trading would breach a closed period. In the case of a previously approved trade possibly breaching a closed period, you may request an exception to the closed period restriction in order to complete the trade. You may not proceed with the trade during the closed period without approval from the Compliance Team.

If a pre-cleared trade is not executed within three business days of approval, you must resubmit the pre-clearance request in the Pantheon internal reporting system at the end of that three-business day period and receive new approval prior to executing the trade unless the trade relates to a rights issue / corporate action. This control continues until the transaction is executed.

Also, if the terms of the order are changed, or if the order is withdrawn or cancelled and subsequently re-entered at a later time, you must submit another pre-clearance request in the Pantheon internal reporting system for the new order.

When requesting pre-clearance of a trade, you must make the following certifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You do not have material, non-public information (MNPI) regarding the
security, defined as information, if it was made generally available, that would be reasonably likely to have a significant effect on the price of the relevant security or be an important consideration for an investor in making his or her investment
decision in relation to such security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the best of your knowledge, the trade does not conflict with any current investment activity of any Pantheon
client or fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the best of your knowledge, the company is not a manager of private funds, such as PE Funds, Infra Funds, or
Credit Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the best of your knowledge, the company is not presently a direct or indirect portfolio company of Pantheon
managed funds or clients. If you are aware that it is a portfolio company of Pantheon, you will be required to hold until the Pantheon funds or clients divest their positions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are not aware that the security is on the Pantheon Restricted List.

INTERNAL ALL

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Exceptions to Pre-Clearance Requirement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Managed Accounts** 

Although you are required to report Managed Accounts as described above, you are not required to obtain pre-clearance of transactions in Managed Accounts, provided that the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You provide certification when reporting the Managed Account through the Pantheon internal reporting system that
transactions in the account are, in fact, effected by your investment adviser (and not you, the Pantheon Associate) with the investment adviser having full discretionary investment authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event that you participate in any individual decision regarding purchases or sales in the account, such
transactions must be pre-cleared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will be required to attest annually to the account's continued managed status; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pantheon reserves the right to contact your investment manager to verify the managed status of the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Exempt Securities** 

You are not prohibited from purchasing, nor are you required to obtain pre-clearance for transactions in "Exempt Securities". Except as noted below Exempt Securities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• open or closed-end funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AMG-Affiliated Mutual Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs (including options on ETFs; excludes single-stock ETFs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UITs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other funds (including investment trusts) where you do not have the ability to control, influence, select or
direct its underlying investments; securities issued by a government, state or municipality (including treasury bonds and municipals bonds); bank certificates of deposit; money market funds; commercial papers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variable annuities and variable insurance contracts.

**Please note** that cryptocurrencies/virtual currencies that are defined as securities by the SEC are **<u>NOT</u>** exempt securities and are "Covered Securities" under this policy. Cryptocurrencies/virtual currencies that are defined as non-securities by the SEC are exempt as noted in section 2. If you have any question as to whether a particular cryptocurrency is a security or non-security please contact the Compliance Team.

If an Associate wishes to partake in cryptocurrency farming, it is the Associate's responsibility to confirm that the cryptocurrency pair are both considered non-securities by the SEC and not in considered a security as per FSMA.

**Exempt Securities do not include funds, collective investment schemes or investment trusts whose primary strategy is investing in private equity, infrastructure, private securities, real estate or other alternative assets. Sales of legacy positions in these securities must also be precleared.** 

**Exempt Securities also do not include the AMG Pantheon Fund (P-PEXX), the AMG Pantheon Credit Solutions Fund (P-SECC), AMG Pantheon Infrastructure Fund (P-BUILD), Pantheon Global Private Equity Fund (PGPE), Pantheon Global Credit Secondaries Fund (PGPE), Pantheon International PLC (PIN) or Pantheon Infrastructure plc (PINT). Purchases (and sales) are permitted but must be precleared.** 

Any Associate who wishes to execute a trade in PIN or PINT must obtain the appropriate pre-approval via email and attach it to their trade request within the internal reporting system:

INTERNAL ALL

------

i. <u>PIN</u>

---

| | |
|:---|:---|
| **Requestee:** | **Confirmation required from:** |
| All Associates (other than those<br> captured below) | Head of the PIN Team<br> Head of Investor Relations & Communications for PIN |
| PIN Team Members | Head of the PIN Team and the Chief Risk Officer |
| Head of PIN Team | A senior member of the PIN Team (i.e., not the person placing the trade), the Chief Executive Officer<br> and the Chief Risk Officer |
| Partnership Board Members | Head of the PIN Team and the Chief Risk Officer |
| VALCOMM (main + PIN sub-committee)<br> Members | Head of the PIN Team and the Chief Risk Officer |
| Chief Risk Officer | Head of the PIN Team and either the COO or Head of<br> Operations |

---

ii. <u>PINT</u>

---

| | |
|:---|:---|
| **Requestee:** | **Confirmation required from:** |
| All Associates (other than those<br> captured below) | Head of the PINT Team |
| Infrastructure Investment Team<br> Members | Head of the PINT Team and the Chief Risk Officer |
| Head of the PINT Team | A senior member of the Infrastructure Investment Team (i.e., not the person placing the trade), the<br> Chief Executive Officer and the Chief Risk Officer |
| Partnership Board Members | Head of the PINT Team and the Chief Risk Officer |
| VALCOMM (main PINT sub-committee)<br> Members | Head of the PINT Team and the Chief Risk Officer |
| Chief Risk Officer | Head of the PINT Team and either the COO or Head of<br> Operations |

---

As noted above, anything not listed as an exempt security is considered a Covered Security.

**Options Transactions in Exempt Securities:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expiration of a put or call must be 60 or more calendar days from date the position was opened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not close an option position unless it has been held for 60 or more calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Following the exercise of an option (other than at expiration), you may not open a new position with the same
underlying security for 60 calendar days after the exercise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may roll an option position at or within 5 calendar days of expiration (e.g., buy or sell an option on the
same underlying security);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not use an option to create a transaction that would otherwise violate the terms of this Policy.

Also, any sale of securities acquired upon exercising a long call option or the expiration of a long in-the-money option will be in violation of these provisions, unless it is pre-cleared or otherwise subject to an exception to the pre-clearance requirement.

INTERNAL ALL

------

**5.** **Other Prohibited or Restricted Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Initial Public Offerings** 

Purchasing Initial Public Offerings ("**IPOs**") are prohibited, in line with the prohibition noted above for Covered Securities. If a private security owned by a Pantheon Associate participates in an IPO, and the Associate would like to sell that security in the public markets, that sale would be subject to the same preclearance requirements noted above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Sales for AMG Pantheon Fund (P-PEXX), the AMG Pantheon Credit Solutions Fund (P-SECC), AMG Pantheon Infrastructure Fund (P-BUILD), Pantheon Global Private Equity Fund (PGPE), Pantheon Global Credit Secondaries Fund (PGPE), Pantheon International PLC (PIN) or Pantheon Infrastructure plc (PINT)** 

If you make a purchase in PIN, PINT, Pantheon Global Private Equity Fund, Pantheon Global Credit Secondaries Fund, the AMG Pantheon Credit Solutions Fund, AMG Pantheon Infrastructure Fund or the AMG Pantheon Fund, **<u>you are required to hold it for a minimum of one year</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Private Securities Transactions** 

You are prohibited from acquiring or selling any security issued in a private security transaction, such as a limited offering or private placement, without prior approval from the Compliance Team. This can include private equity, hedge fund or other types of alternative / private market investments in which an Associate may invest via a subscription document, this could also include crowdfunding or an equity fund raising of a business including startups and product funding. If you have any questions as to whether something constitutes a private investment, please contact the Compliance team for clarification.

Pre-clearance requests for private securities transactions require the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Company to which the Associate is seeking to invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Type of company, including strategy, information & background

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supporting documentation, for example, offer memorandum, subscription agreement, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amount of investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confirmation that you are not being offered the opportunity due to your employment at or association with
Pantheon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confirmation that the opportunity is of no interest to Pantheon clients as of the time of the trade and not
reasonably expected to be of any interest to Pantheon clients in the next 5 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assessment whether the opportunity involves an actual or potential service provider to Pantheon / Pantheon Funds.
In scenarios where an employee requests to make an investment in a potential service provider, full disclosure of the investment is required and that interested parties must immediately recuse themselves from the decision making/due diligence
process if Pantheon were to consider conducting business with that service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confirmation (via email) from a disinterested, senior investment professional that the potential private
investment does not conflict with Pantheon investment activities, including: (i) confirmation that the Associate is not being offered the opportunity due to employment at or association with Pantheon; and (ii) confirmation that the opportunity
is of no interest to Pantheon clients as of the time of the trade and is not reasonably expected to be of any interest to Pantheon clients in the near/distant future (next 5 years); and

INTERNAL ALL

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) an assessment as to whether the opportunity involves an actual or potential service provider to Pantheon / Pantheon Funds.

The Compliance Team may contact your supervisor, other members of Investment Teams or the International Investment Committee to discuss the proposed transaction prior to approving it. Approval may be granted after a review of the facts and circumstances, including, but not limited to the information provided above.

The approval will then be logged in the Pantheon internal reporting system. If approved, after the transaction is complete you are required to upload the final subscription agreement, or other equivalent documents, in the Pantheon internal reporting system, along with adding the private security directly to your holdings record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Derivatives** 

You may trade in certain financial derivatives, such as options and futures, financial spread betting or contracts for difference which are based on generally recognized indexes, currencies or commodities. More complex derivatives may be restricted by the Compliance Team. You should contact the Compliance Team prior to purchasing financial derivatives, other than futures and options on recognized indexes, and should be prepared to discuss the characteristics of the derivative product and the underlying securities or financial products on which the derivative is based in order to provide assurance that the financial derivatives will not provide an opportunity for unlawful trading.

**6.** **Corporate Actions** 

Corporate actions are subject to the restrictions in this policy and extend to making any formal or informal offer to buy or sell, taking up rights on a rights issue, exercising conversion or subscription rights and exercising an option. The restrictions also extend to buying or selling an investment under any offer, including a takeover or tender offer, which is made to the public or all (or substantially all) the holders of the investment concerned.

Pre-clearance must be obtained for corporate actions whereby consent/discretion is normally required from the account holder. This includes, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking up/selling of rights issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercising of subscription rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercising of conversion rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acceptance of a tender/takeover offer

Corporate Actions whereby consent/discretion is *not* normally required are exempt for the pre-clearance requirement, however post-trade notification must be made via account statements/trade confirmations in line with section 3.B. of this policy. This includes, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquisitions/disposals as a result of a merger or spin-off

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Automatic reinvestment of dividends (N.B. initial pre-approval should be
obtained)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock splits

**7.** **Other Exceptions** 

Under very limited circumstances, an exception to the provisions of this Policy not otherwise described above may be granted by the Head of Compliance/Chief Compliance Officer or designee in your region on a case-by-case basis if it is determined that the proposed conduct involves no opportunity for abuse and does not conflict with Pantheon fund or client interests. Requests for such exceptions must be made in writing to the Head of Compliance/Chief Compliance Officer and describe the nature of the exception and the reason it is being requested.

INTERNAL ALL

------

**8.** **Training** 

Pantheon Compliance will conduct training regarding this Policy as part of the new hire/on-boarding process. Pantheon Compliance may also periodically require Associates to undergo training regarding this Policy and may make authorization to make any future trades conditional on successful completion of such training.

**9.** **Policy Violations** 

Failure to abide by this Policy can result in disciplinary action/sanctions. Such sanctions may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remedial training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Verbal or written warning or reprimand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhanced supervision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Probation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension/revocation of personal trading privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restitution/including donating profits to charity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fines as permitted by law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Termination of employment for cause.

Further, violations of the Policy or regulatory breaches may be reported to the applicable Pantheon body responsible for discretionary bonus payments and which may therefore impact other factors such as an Associate's compensation.

In addition to internal sanctions, Pantheon may refer any breach to civil, criminal, or regulatory authorities as appropriate or required by regulation or law. Regulators may take enforcement action against Pantheon and/or the relevant Associate.

INTERNAL ALL

------

**<u>Pantheon Outside Business Activities Policy</u>**

Last Reviewed June 2025

Each Pantheon Associate is required to be engaged in the practices and concerns of Pantheon and to devote substantially all of their normal working time thereto and, to the best of their ability, engage themselves in such activities in a manner which will further the business and interests of Pantheon.

In order to avoid possible conflicts of interest, you must not engage in <u>any</u> of the following (a) – (c), together "**Outside Business Activities**" or "**OBAs**", unless you have obtained prior approval from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) your Supervisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Compliance; and, if applicable,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for Operating Partners and Principal Members (i.e., holders of equity in the business), the Partnership Board<sup>1</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) take on/conduct any outside affiliation/activities for which you receive compensation (whether by fixed or
variable remuneration, commissions, or profit sharing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) serve in an investment advisory capacity or any other fiduciary capacity, whether or not you receive
compensation, for any organization (examples include, but are not limited to, serving on a Board or as treasurer, or assisting in the management of an endowment or building fund or investment committee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise be directly or indirectly materially engaged, concerned or interested in any business activity, trade
or occupation other than your responsibilities for the Pantheon Group.

Examples of OBAs include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accepting directorships, governorships or trusteeships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving as an employee, independent contractor, sole proprietor, officer, director or partner of any other person
or business organization (this includes Advisory Board seats);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full or part-time employment by another organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receiving compensation, or having the reasonable expectation of compensation, from another organization or
individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in personal or family business opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acting as a fiduciary for an organization or an individual; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving in an advisory capacity for any organization, including charitable, civic, religious, educational, or
fraternal organizations (note: as above, prior approval is required to serve in an investment advisory capacity or other fiduciary capacity for any charitable, civic, religious, educational or fraternal organization, whether or not such role is
compensated).

Volunteering without compensation and in a non-advisory/non-fiduciary capacity in a charitable, civic, religious, educational, or fraternal organization does not need to be reported or disclosed, provided that such activities must not – individually or in the aggregate with other OBAs – interfere with the performance of such individual's duties and responsibilities to/for Pantheon. They must not conflict with (or create the appearance of a conflict with) the business of Pantheon and must be otherwise in conformance with Pantheon's policies and procedures. Examples of such activities include coaching a children's football/basketball team, leading the choir in a church, or assisting in a homeless shelter.

<sup>1</sup> Pantheon does not expect to decline permission for any Operating Partner or Principal Member's request to be involved in business endeavours ***on a non-professional basis*** if: (i) such activities cannot reasonably be expected to be inconsistent or in conflict with such Operating Partner or Principal Member Owner's duties and responsibilities to the Pantheon Group; (ii) such activities do not (individually or in the aggregate) interfere with the performance of such individual's duties and responsibilities to / for the Pantheon Group, and (iii) provided that such individual has provided to the Partnership Board appropriate information with respect thereto so that the Partnership Board can ensure that such activities are not inconsistent with or conflict with (or create the appearance of a conflict with) the business of the Pantheon Group and are otherwise in conformance with the policies and procedures of the Pantheon Group. 

------

With regard to any OBAs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Such activities must not (individually or in the aggregate) interfere with the performance of such
individual's duties and responsibilities to/for Pantheon and must be in conformity with the other policies and procedures of Pantheon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must avoid any outside affiliation, including outside employment or professional or personal service, that
competes with Pantheon's business or conflicts (even if it only creates the appearance of a conflict) with the interests of Pantheon or its clients/investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal fiduciary appointments such as administrator, executor or trustee must be reported and approved. This
includes fiduciary appointments for family members or other close personal relationships (which may include commercial ventures).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assuming an advisory role in conjunction with an investment in a private placement or other investment requires
prior approval. Additionally, the investment must be pre-cleared / reported & approved as set out in the Personal Trading Policy (**Annex C** of the Global Code of Ethics).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not use Pantheon resources, including computers, software, proprietary information, letterhead
stationery, and other property in connection with any outside employment or other outside affiliation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Political activities are subject to Pantheon's Political Contribution Policy. Please refer to that Policy
( **<u>Annex K</u>** of the Global Code of Ethics) for information regarding political activities and support of political candidates, political parties, and related organizations.

In addition to this policy, under the Pantheon LLP Deed, an Operating Partner or Principal Member must report any non-Pantheon business activity, trade or occupation to Compliance and obtain the requisite Committee approval *prior to* engaging in such activity.

In order for an OBA to be approved, you must obtain your supervisor's approval, disclose the proposed OBA to Compliance via the Pantheon internal reporting system, and, for Operating Partners and Principal Members (i.e., holders of equity in the business), disclose the proposed OBA to the Partnership Board and obtain its approval. The disclosure(s) must include details of the nature of the OBA and a discussion of any possible conflicts of interest or appearance of conflicts of interest with Pantheon or its clients/investors and how any potential or actual conflicts will be addressed. For all instances involving Operating Partners and Principal Members, the request for approval will go to the Compliance Team and the Partnership Board for approval.

It is your responsibility to ensure that your OBAs are reported in the Pantheon internal reporting system and the information on the Pantheon internal reporting system is promptly updated to reflect when you are no longer engaged in a previously reported OBA.

---

| | |
|:---|:---|
| **Pantheon** | **Securities, LLC ("Pantheon Securities") Registered Representatives ("RRs")**  |

---

Pantheon associates who are RRs of Pantheon Securities must report and seek approval for all proposed OBAs from Compliance and their Series 24 Supervisory Principal (which may not be the same person as their non-broker-dealer supervisor), in addition to those individuals noted above for all employees.

Pantheon Securities also must evaluate the proposed activity to determine whether the activity is properly characterized as an outside business activity or whether it should be treated as involving private securities transactions subject to FINRA requirements. Pantheon Securities will keep a record of its compliance with these obligations with respect to each written notice received and will preserve

------

this record for the period of time and accessibility specified in the SEC recordkeeping rules, which is satisfied by the disclosure of the OBA in the Pantheon internal reporting system. Depending on its nature, the OBA, if approved, may also be subject to disclosure on the RR's FINRA U-4 registration. OBAs that are exclusively charitable, civic, religious, fraternal, and/or recognized tax exempt <u>AND</u> do not include any investment-related activities do not require U-4 disclosure.

The following information is required for all OBAs that require disclosure on the RR's U-4:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your position, title, or relationship with the other business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the start date of the relationship

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the approximate number of hours per month you devote to the other business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of hours you devote to the other business during securities trading hours

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a brief description of your duties relating to the other business

RRs of Pantheon Securities should refer to the Written Supervisory Procedures for more specific requirements.

Please contact the Compliance Team with any questions.

------

**<u>Pantheon Books and Records/Record Retention Policy</u>**

Last Reviewed June 2025

Pantheon shall maintain all records required to be maintained by it by applicable law, in the manner and for the period specified by such law, including without limitation satisfying the most stringent jurisdictions mentioned above. Copies of the record keeping regulations are available upon request from the Legal and Compliance Team.

<u>Record Retention</u> 

Pantheon shall preserve all records relating to its business, including, but may not be limited to, employee, corporate, financial, client, investment and compliance information in accordance with this Policy. Each category of data referenced in the Books & Records Chart below shall be preserved for a period of time that is at least equal to the applicable period of time as is set forth opposite such category of data. All other information shall be preserved for at least seven years after the closing of the account/end of the relationship.

Periodic examinations of all files, records and reports to assure that records are maintained as described in this Policy will be conducted by Compliance via the Pantheon Global Monitoring and Testing Program.

A record is defined as any document used by Pantheon in the course of carrying out investment business and any document used to demonstrate the necessary management and control of Pantheon activities in accordance with regulatory requirements. Regulatory rules state that a firm must arrange for orderly records to be kept of its business and internal organisation, including all services and transactions undertaken by it, which must be sufficient to enable the regulatory body or any other relevant competent authority to monitor the firm's compliance with the requirements under the regulatory system, and in particular to ascertain that the firm has complied with all obligations with respect to clients. Pantheon must therefore ensure that the following requirements are met to ensure compliance with regulatory rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records must be held either in hard copy (on-site or offsite storage)
or in electronic format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records relating to the conduct of Pantheon's business must be held in an easily accessible place (and
specifically for the first two years on-site) from which the records can be retrieved within at most 48 hours of submitting a retrieval request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records must be capable of being reproduced in the English language on paper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All applicable departments/teams must maintain a list of all the types of record they retain

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Details of any records sent for archiving must be maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Without the consent of the Regulatory body in writing, no record or file shall be amended or destroyed should it
be relevant to any matter which is the subject of a regulatory inspection, investigation or any other regulatory proceedings.

Please see the chart on the following page as a further guide to assist with understanding your obligations under this policy.

------

**Books & Records Chart** 

---

| | |
|:---|:---|
| **Category of Data** | **Retention Period** |
| **Regulatory Compliance Records**<br> Compliance Manuals, Policies and Procedures, complaints handling, annual review documentation, and Code of Ethics | Maintain the current manual, policy, or code in effect within the past 7 years |
| **Violations of the Code of Ethics**<br> A record of any violation of the Code of Ethics, and of any action taken as a result of the violation. | 7 years after end of fiscal year in which violation occurs |
| **Access Person Reports**<br> A copy of each report made by an Access Person, including employee acknowledgements, disclosures, breaches, and approvals. | 7 years after end of fiscal year in which report made |
| **Record of People Required to Make Access Person Reports and Those Responsible for Reviewing the Reports**<br> A record of all persons, currently or within the past seven years, who are or were required to make Access Person reports, or who are or were responsible for reviewing these reports. | 7 years |
| **Report on the Code of Ethics**<br> Reports presented to the senior management that describe issues arising under the code of ethics and certify that procedures have been adopted to prevent access persons from violating the code. | 7 years after end of fiscal year in which report made |
| **Pre-Approval of Investments in IPOs and Limited Offerings by Access Persons**<br> A record of any decision and the reasons supporting the decision, to approve the acquisition by investment personnel of securities in an IPO or limited offering. | 7 years after end of fiscal year in which approval granted |
| **Records relating to Investors / Clients, including anti-money laundering ("AML") documentation (This should include copies of evidence or information used to verify identity (these should be retained in the customers' files attached to the verification of identity forms) but excluding personal data of investors / clients)** | 7 Years from the end of the relationship or if later the date on which the last transaction was completed or the last entry to the record was made |
| **Investor / Client tax documents (but excluding personal data of investors / clients)** | 7 Years from the end of the relationship |
| **Personal data of Investors / Clients, e.g. relating to AML documentation or tax documents** | 7 years from the date on which the relevant business relationship, for which purpose such personal data was<br> provided, has ended (or if later the date on which the last transaction was completed or the last entry to the record was made). |

---

------

---

| | |
|:---|:---|
| **Investment Records**<br> Investment Recommendations and Investment Committee approvals (e.g.<br> (i) how investment advisers are selected; and (ii) how the determination of asset allocations are made); investment-related correspondence sent or received; Internal working papers, financial modelling, and due diligence for investments. | 7 years after end of fiscal year in which of the record is made |
| **Recording of Electronic Communications**<br> Recordings of all electronic communications, as well as telephone conversations that result in or may result in the execution of Treasury transactions. | 7 years |
| **Senior Manager and certified persons documentation including fitness & propriety assessments and statements of responsibility**<br> **Documentation in support of fitness & propriety assessments (that could include regulatory references from former employers, which could include information of the certified person's 6 previous years of employment records) job descriptions, background checks, statements of responsibility and the filing of such documentation with the regulator.** | 7 years |
| **Pay to Play Records**<br> A record of (i) the names, titles and business and residential address of all Pantheon Associates, (ii) all Government entities to which Pantheon provides / has provided investment advisory services or which were investors, (iii) all direct / indirect contributions made by Pantheon / Pantheon Associates to a Government official or a political party, and (iv) the name and business address of each person or entity to which Pantheon provides / agrees to provide payment to solicit a Government entity for investment advisory services on its behalf. | 7 years |

---

<u>Required Retention of Pantheon Electronic Business Communications:</u> 

Pantheon-related documents may not be sent to personal email accounts or text messaging/instant messaging platforms as this conduct could subject Pantheon to regulatory recordkeeping requirements and access to such an account or computer may be required by a Regulator. **<u>Written communications</u> <u>regarding Pantheon's business must be conducted on Pantheon's systems and networks.</u>** All written communications sent and received on Pantheon's systems and networks will be retained by Pantheon as per applicable recordkeeping rules.

**<u>Pantheon Associates are strictly prohibited from using their personal unapproved devices and personal emails, text messages or any other unauthorized communication channels including personal WhatsApp messaging or other instant messaging platforms for any business-related communication</u>**

------

**<u>without exception. All communications must be conducted through approved channels that are subject to monitoring and archiving.</u>**

<u>Deletion of Personal Data of Clients / Investors</u> 

With respect to personal data of clients and investors (including in the case of AML due diligence if the applicable law, regulation and circumstances allow for deletion), following the expiry of the retention period set forth above, Pantheon will delete (or otherwise erase, de-identify or pseudonymise or equivalent) any such personal data except as required or permitted by applicable law or regulation, for example where, (i) the data subject has consented or (ii) Pantheon reasonably believe that the records containing the personal data need to be retained for the purpose of legal, regulatory or court proceedings (for example in the context of money laundering, where a report of suspicious activity has been submitted to the law enforcement agencies, or where it is known that a client or transaction is under investigation, the relevant records should not be destroyed without the agreement of the authorities even though the seven-year limit may have been reached).

<u>Personal Data of Pantheon Associates</u> 

Policies relating to the collecting, storing, processing and deletion of personal data of Associates shall be maintained separately by the Human Resources department.

<u>Recording of Telephone and Electronic Communications</u> 

With respect to telephone and electronic communications, Pantheon will take all reasonable steps to record relevant telephone conversations and electronic communications relating to the conclusion of transactions in investments that are financial instruments. Records shall include the recording of telephone conversations or electronic communications relating to, at least, transactions concluded when dealing on own account and the provision of client order services that relate to the reception, transmission and execution of client orders. Such telephone conversations and electronic communications shall also include those that are intended to result in transactions, even if those conversations or communications do not result in the conclusion of such transactions or in the provision of client order services.

Orders placed by clients through other channels must be made in a durable medium such as mails, faxes, emails or documentation of client orders made at meetings. In particular, the content of relevant face-to-face conversations with a client may be recorded by using written minutes or notes. Such orders shall be considered equivalent to orders received by telephone.

Records of all inbound and outbound telephone communications, emails and face-to-face conversations/meetings relating to the conclusion of transactions in investments that are financial instruments are recorded. As such, the Treasury Team must utilise a Pantheon 8x8-enabled mobile device, desktop phone or software program to make telephone calls relating to all transactions.

Pantheon shall take all reasonable steps to prevent any member of the Treasury Team from making, sending or receiving relevant telephone conversations and electronic communications on privately-owned equipment which it is unable to record or copy.

Periodic reviews of electronic communications, including telephone conversations, related to transactions in investments that are financial instruments, will be conducted by Compliance via the Pantheon Global Monitoring and Testing Program.

------

*Exceptional Circumstances* 

Where exceptional circumstances arise and Pantheon is unable to record inbound and/or outbound telephone communications relating to the conclusion of transactions on 8x8-enabled devices, Pantheon endeavours to obtain and retain relevant records and evidence of such communications and to make available the records to competent authorities upon request.

<u>Additional Requirements for Pantheon Securities</u> 

Pantheon Securities LLC- specific books and records obligations and related recordkeeping practices are described in its Written Supervisory Procedures and Compliance Manual ("WSPs") located on the Legal and Compliance section of the Pantheon intranet.

------

**<u>Pantheon Reporting of Breaches and Violations Policy</u>**

Last Reviewed July 2025

**1.** **Applicability** 

This policy applies to all Pantheon Associates.

**2.** **Overview** 

Pantheon is committed to conducting its business with honesty and integrity and we expect all Associates to maintain high standards. Any wrongdoing should be reported as soon as possible.

As there are potential overlaps covering reporting of violations (of Pantheon internal policy) and the reporting of regulatory breaches, Pantheon has adopted a comprehensive policy that covers both of these aspects.

**3.** **Reporting of Breaches and Violations** 

Any act or omission that results in a potential or actual breach of law, rule, or regulation and any violations of Pantheon's internal Compliance or related policies must be reported promptly upon their discovery to the Compliance Team.

Violations and breaches, may be reported to Compliance in the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directly to the applicable jurisdictional Chief Compliance Officer ()"**CCO** "), their designee, or
another member of the Compliance team via email, Teams message, phone or in person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Via the Pantheon internal reporting system.

Compliance may also discover violations or breaches via other means, including, but not limited to, testing carried out as part of the Compliance Monitoring Program, review of alerts generated on the Pantheon internal reporting system, or electronic message review.

Additionally, all instances of lost, stolen, breached or compromised Confidential Information (including personal data) should be reported in accordance with the procedures outlined in the Pantheon Confidentiality and Privacy Policy (available on the Legal and Compliance section of the intranet).

The Compliance Team maintains a Compliance Breaches and Violations Register in which all reported incidents, if deemed to be an actual violation (or minor violation), or breach, will be recorded. Where necessary, it is the responsibility of the Compliance Team to notify and/or escalate details of violations and breaches to HR, senior management and/or to the appropriate regulator, if required.

If the CCO determines that an impacted client requires notification as a result of a violation or breach, the Risk Committee and senior management will be notified. The CCO will then instruct relevant Associates to contact the client/investor and provide the necessary details.

------

If a violation or breach financially disadvantages a fund or investor, the CCO will inform senior management and the Risk Committee and will liaise with the team that reported the violation or breach to ensure that any necessary reimbursements are made promptly. If a violation or breach financially advantages a fund or investor, the CCO will consult with senior management in order to determine an appropriate resolution.

Following resolution of a violation or breach, the CCO will provide sign off, signifying that the violation or breach has been resolved and, with the support of their designee, ensure that all details are included on the Pantheon Compliance Violations and Breaches Register, as appropriate.

**Senior Managers & Certification Regime ("SM&CR")** 

In accordance with the SM&CR, Pantheon is required to report on an annual basis whether it has taken disciplinary action against individuals who are not Senior Managers for breaches of the Conduct Rules and, if so, provide details of the breach. If a reported incident is deemed to be a breach of the FCA Conduct Rules, it is the responsibility of the Compliance Team to ensure the correct escalation process is followed, as per the process document located on the Pantheon intranet site within the section titled "About Us, Conduct and Culture".

With regards to Conduct Rule breaches made by Senior Managers, Pantheon is required to notify the FCA within 7 business days of concluding disciplinary action.

**Pantheon Securities, LLC ("Pantheon Securities") Registered Representative's ("RRs") obligations with regard to reporting violations:** 

The CCO must determine whether substantiated breaches or violations must be reported to FINRA pursuant under FINRA rules or to other regulatory organizations pursuant to applicable rules and regulations. The CCO is responsible for Compliance preparing and filing any required reports.

The Chief Executive Officer ("**CEO**") of Pantheon Securities will be informed of all reported violations on a regular basis, and all substantiated violations will be reported to the CEO as promptly as practicable. After receiving a report of a violation, the CEO, or Supervisory Principal of Pantheon Securities designated by the CEO of the Firm or CCO, shall investigate the facts and circumstances of the reported violation pursuant to the Pantheon Securities Compliance Manual and Written Supervisory Procedures ("**WSPs**") located on the Legal and Compliance section of the Pantheon Intranet. All Pantheon Securities RRs should refer to the WSPs for specific reporting obligations.

------

**<u>Pantheon Information Barrier Policy</u>**

*With Respect to Affiliated Managers Group, Inc. ("AMG")* 

Last Reviewed January 2026

**1.**  **<u>Physical access to Pantheon's offices</u>** 

Subject to the terms of paragraphs 4 and 5 below, under no circumstances are any officers or employees of Affiliated Managers Group, Inc. ("**AMG**") to have independent access to any Pantheon office space. For these reasons, all security passes issued to AMG officers and employees will not open any Pantheon office doors.

AMG officers and employees may enter Pantheon's offices only if accompanied at all times by a Pantheon officer or employee, and such Pantheon officer or employee shall be required to ensure that the AMG officer or employee does not purposefully or inadvertently access Pantheon's IT system or any hard copy files during that time. In the event of a regulatory inquiry or examination, the Pantheon Legal and Compliance Team may coordinate with Pantheon's IT team and AMG's broker/dealer (AMG Distributors, Inc.) Compliance Team to coordinate potential, temporary access to the system or files under the supervision of Pantheon's Head of Compliance.

**2.**  **<u>Access to Pantheon's IT system</u>** 

Subject to the terms of paragraphs 4 and 5 below, under no circumstances are any AMG officers or employees to have access to Pantheon's IT system/network, including the Pantheon intranet or any Pantheon databases or directories.

**3.**  **<u>Non-disclosure of Pantheon information</u>** 

To facilitate the Information Barrier (the "**Barrier**") arrangement and subject to the terms of paragraphs 4 and 5 below, Pantheon officers or employees will not, unless for operational purposes, discuss with or otherwise disclose to any AMG officers or employees any non-public or price sensitive information in relation to Pantheon International, PLC ("**PIN**"), Pantheon Infrastructure Plc ("**PINT**") or any other listed entity named on Pantheon's restricted list ("**Restricted List**"), including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Valuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Re-structuring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pantheon compiled data

Notwithstanding the information above, in accordance with the Written Supervisory Procedures and Compliance Manual ("**WSPs**") of Pantheon Securities, LLC ("**Pantheon Securities**"), Pantheon Securities' Registered Representatives ("**RRs**") from time to time will share information relating to its activities, including without limitations information about certain third-party managers being considered for distribution of the underlying fund interest. Pantheon also shall cooperate and provide the requisite information in connection with its obligations as the investment adviser to any AMG Pantheon funds regulated by the Investment Company Act of 1940 (the "40 Act").

INTERNAL ALL

------

**4.**  **<u>Bringing AMG employees over to Pantheon side of the Information Barrier</u>** 

Pantheon Securities, a limited purpose broker-dealer, has a selling agreement with AMG's broker-dealer, AMG Distributors, Inc., for the AMG Pantheon Fund (P-PEXX), the AMG Pantheon Credit Solutions Fund ("P-SECC"), and Pantheon Infrastructure Fund ("P-BUILD") (the "40 Act Funds"), for which Pantheon Ventures (US) LP is the investment adviser or sub-adviser. In certain situations, in connection with activities of Pantheon Securities' RRs associated with the 40 Act Funds, and only with the prior consent of the Pantheon Legal and Compliance Team, certain AMG officers or employees may be "brought over" to the Pantheon side of the Information Barrier, either indefinitely or for a fixed period of time. In such case, for the duration of their time on the Pantheon side of the Barrier, the AMG officer or employee may be permitted physical access to Pantheon's offices and/or may be given access to Pantheon's IT system. Such AMG officer or employee will become an "access person" and will be required to sign an acknowledgement letter, by which they will:

(i) acknowledge the terms of this Information Barrier Policy;

(ii) agree to comply with the non-disclosure obligations set out at
paragraph 3 above regarding discussions with or disclosures to any AMG officers or employees not on the Pantheon side of the Information Barrier; and

(iii) if required, agree to comply with Pantheon's personal dealing and insider dealing rules as set out in
Pantheon's Compliance Manuals and Global Code of Ethics.

---

| | |
|:---|:---|
| **5** | **<u>Designation of AMG Associates as "non-access persons"</u>**  |

---

In certain situations, and only with the prior consent of a Pantheon Head of Compliance, certain AMG officers and employees may be designated as "non-access persons" who shall be excluded from completing the requirements to becoming an "access person" in paragraph 4 above prior to being brought over to Pantheon's side of the Information Barrier, either indefinitely or for a fixed period of time.

As of this policy's latest update, Pantheon's Head(s) of Compliance have consented to the following individuals designated as "non-access persons":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jay Horgen: Pantheon PB member (non-voting) (AMG CEO)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cheerag Patel: Pantheon PB Observer (AMG Managing Director, Affiliate Partnerships)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ben Langille (AMG Managing Director, Affiliate Partnerships)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Roers Janku (AMG Vice President, Affiliate Partnerships)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Scott Friedman (AMG Vice President, Affiliate Partnerships)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Velvet Regan (AMG Vice President, Legal and Compliance)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Riley Gilberg (AMG Senior Associate, Affiliate Partnerships)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Kevin Tupper (AMG Senior Associate, Affiliate Partnerships)

---

| | |
|:---|:---|
| **6** | **<u>Other Information Barriers</u>**  |

---

Please refer to the following policies regarding information barriers outside of Pantheon's relationship with AMG:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Conflicts of Interest Policy in relation to investment activity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Insider Trading and Market Conduct and Abuse Policy in relation to material, non-public information ("MNPI"), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Confidentiality and Privacy Policy in relation to the protection of sensitive, proprietary, non-public and / or personal information.

INTERNAL ALL

------

**<u>Pantheon Gifts and Entertainment Policy</u>**

Last Reviewed June 2025

Pantheon must conduct its business with integrity, pay due regard to the interests of its clients, and treat them fairly. The purpose of this policy is to ensure that Pantheon does not conduct business under arrangements that might give rise to a conflict with its duty to clients whilst collecting the information necessary to complete required regulatory reports and reporting for clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **General Policy** 

It is Pantheon's policy to earn and conduct business based on the quality of its products and services and to select and manage its service providers on the same basis. Pantheon does not provide, solicit or accept gifts, entertainment or other items of value for the purpose of unduly influencing the recipient's judgment.

Pantheon's Compliance Team is available to assist Associates with any questions concerning this Gifts and Entertainment Policy (the "Policy"). Exceptions to this Policy will only be permitted with the written approval of Pantheon's Compliance Team.

The monetary threshold limits in this Policy are expressed in USD. For purposes of reporting or seeking approval of any gifts or entertainment given or received, the value of such any gifts or entertainment shall be declared in USD, if necessary, by converting from the applicable local currency into USD based on the prevailing exchange rates at the applicable time.

From time to time, details of gifts and entertainment activity may be shared with appropriate supervisors and senior management to assess the activity and relationships with business contacts. Pantheon "business contacts" are considered persons associated with any client / investor, potential client / investor, vendor, broker, fund manager or other third party that has or has the potential to have a business relationship with Pantheon.

**General Requirements.** 

All gifts and entertainment (including hospitality at business events) given or received must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Meet Pantheon's core ethical standards – namely that a gift(s) and / or entertainment must be for a
legitimate business purpose and be reasonable, proportionate, and not excessive or lavish in scale or frequency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Be unlikely to influence the firm's or the relevant Associate's behavior in any way that is
detrimental to any client and not be solicited, i.e., gifts and / or entertainment must not be requested in exchange for directing business to Pantheon, maintaining an existing business relationship with Pantheon, or gaining a business advantage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Be declared / reported and / or pre-approved via the Pantheon internal
reporting system in each case, if and to the extent required under this Policy (see Section 3 and Annex 1 for further information), and comply with all other requirements of this Policy, including in relation to gifts and entertainment for
Sensitive Counterparts as discussed and explained below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with all other applicable Pantheon Compliance Policies, including the Anti-Bribery and Corruption Policy.
In particular, no gifts or entertainment may be given or received in return for any business, service, or confidential information;

INTERNAL ALL

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not conflict with the recipient's own policies, to the reasonable knowledge of Pantheon Associates, in
relation to gifts or entertainment given/provided. Many Pantheon clients and prospects – notably, local authorities, government plans (including Korean Public Plans) and those subject to Taft Hartley or ERISA – have their own strict
policies on the giving and receiving of gifts, entertainment, and other contributions. Depending on the nature of the gift and / or entertainment, Associates are advised to consider whether to discuss these policies with the client or prospect and
the Compliance Team before arranging entertainment or providing gifts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with any applicable rules relating to "inducements", if and to the extent applicable. This
Policy has been designed to enable Pantheon and Pantheon Associates to comply with any applicable rules relating to "inducements".<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Standard Counterparts and Sensitive Counterparts** 

"*Standard Counterparts*" and "*Sensitive Counterparts*" are persons / institutions distinguished by particular criteria that are outlined in the following grid / chart and who are subject to specific thresholds of approval in consideration of the perceived risk of being improperly influenced by their position.

---

| |
|:---|
| **Standard Counterpart** |
| Anyone Pantheon deals with in the course of business who is not a Sensitive Counterpart.<br>This includes prospective or current clients / investors, business partners, consultants, brokers, vendors and service providers, their employees, officers, and representatives.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taft-Hartley Clients<sup>2</sup> and their officers and employees;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unions and their officers and employees;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• South Korean Public Organisations and Korean Public Officials<sup>3</sup>; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ERISA Plans<br>Sensitive Counterparts are subject to particular (and more stringent) laws or rules governing the offering or acceptance of gifts and entertainment and / or expose Pantheon to particular risks in relation to the offering or acceptance of gifts and entertainment. |

---

Pantheon may from time to time prescribe stricter requirements for Sensitive Counterparts than for Standard Counterparts. For further information, please see Section 12. In the absence of any such stricter requirement applicable to a Sensitive Counterpart, the threshold limits for Standard Counterparts will apply.

<sup>1</sup> These inducement rules apply to investment services provided by Pantheon Ventures (UK) LLP and / or Pantheon Ventures (Ireland) DAC (which potentially also include activities performed by US / Singapore Associates for Pantheon Ventures (UK) LLP and / or Pantheon Ventures (Ireland) DAC with respect to funds managed by Pantheon Ventures (UK) LLP or Pantheon Ventures (Ireland) DAC). These inducement rules limit (a) the provision of non-monetary benefits ***by Pantheon*** to persons ***other than the relevant fund or client*** and (b) the provision of non-monetary benefits ***to Pantheon*** from persons ***other than the relevant fund or client***. Where such non-monetary benefits are connected to investment services provided by Pantheon Ventures (UK) LLP or Pantheon Ventures (Ireland) DAC and are provided to persons or received from persons ***other*** than the relevant fund or client, they must meet certain additional criteria as described below: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they are necessary for or enable the service to the fund or client;  **<u>or</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they are (i) designed to enhance the quality of the service to the fund / client, and (ii) are
disclosed to the fund / client prior to the provision of the relevant service, and (iii) if they are received by or in connection with investment activities for separate account clients with whom Pantheon Ventures (UK) LLP and / or Pantheon
Ventures (Ireland) DAC have an investment management or advisory agreement ()"**EU IMA Clients** "), be of reasonable de minimis value, such as food and drink during a business meeting or a conference, seminar or other training
event.

<sup>2</sup> Please consult US Compliance in reference to determining if an individual qualifies as a Taft Hartley client.

<sup>3</sup> Defined broadly to include not only officials working in public sector for national, local or quasi-governmental institutions but also private sector employees of private schools and media companies.

INTERNAL ALL

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Declaration/Reporting / Pre-Approval Requirements** 

*Threshold Limits*.

Depending on particular threshold limits that are explained below (and outlined in Annex 1),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain categories of gifts and entertainment / hospitality are prohibited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• others do not require pre-approval or reporting via the Pantheon internal
reporting system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• others require no pre-approval but must be reported via the Pantheon
internal reporting system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• others require pre-approval from an Associate's Designated Line
Manager<sup>4</sup> only (but not Pantheon Compliance) and must be reported via the Pantheon internal reporting system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• others require pre-approval from an Associate's Designated Line
Manager <u>and</u> Pantheon Compliance and must be reported via the Pantheon internal reporting system.

The "Gifts and Entertainment Matrix" in Annex 1 sets out the applicable threshold limits for approval and recording in relation to each of the above categories, whether given to or received from Standard Counterparts. Please refer to this Matrix and the additional guidance provided below, including in relation to gifts, entertainment, business events, accommodation / travel, spouses / partners / family members, personal gifts, etc.<sup>5</sup>

The threshold limits are to be applied separately to gifts and entertainment, respectively. For clarity, where an individual gives or receives two or more gifts that are connected to each other, the value of such gifts should be aggregated together for purposes of assessment against the *single* gift threshold limit to determine whether pre-approval or reporting is required. Similarly, where two or more items are connected to each other (for example an invitation to a hosted sporting event coupled with hospitality (e.g., food and beverages) at the same event), such items such should be aggregated together for purposes of assessment against the *single* entertainment threshold limit to determine whether pre-approval or reporting is required. However, to the extent practicable, it is important for monitoring and reporting purposes that each such connected item (in particular, travel and accommodation) is declared separately from each other connected item.

*Approvals*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approvals should be sought in advance of the relevant gift, hospitality or event. On rare occasions, it may be
possible to obtain retroactive approvals (see Section 11 below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Designated Line Manager approvals may be given on an ad hoc basis for a specific event or on a generic basis
covering multiple events within prescribed limits stipulated by Designated Line Managers. In either case, Pantheon Compliance expects to conduct monitoring and testing to confirm that Associates are complying with this Gifts and Entertainment Policy
and typically requires documentary evidence of approvals of Designated Line Managers (generic, specific or otherwise). **Moreover, Designated Line Managers can and may impose stricter requirements than those imposed by this Gifts and Entertainment Policy, which simply sets out the minimum compliance standards to which all Associates must adhere and against which monitoring and testing may be performed.** 

<sup>4</sup> Designated Line Manager means the Partner that is the direct or indirect Line Manager of such Associate or other individual (such as Team Head) that is approved for this purpose by Compliance.

<sup>5</sup> See section 12 in relation to Sensitive Counterparts.

INTERNAL ALL

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is assumed that, for these purposes, subject to any contrary indications from Designated Line Managers,
investment professionals have standing approvals from their Designated Line Managers to attend annual general meetings (AGMs) and advisory committee meetings of portfolio fund managers for which they have responsibility and to receive hospitality,
including food and drink in connection therewith, provided always that such hospitality is reasonable, proportionate, and not excessive or lavish in scale or frequency. Nevertheless, hospitality received at such events must be declared / recorded
subject to, and in accordance with, this Gifts and Entertainment Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associates should note that, even if a gift or entertainment does not require pre-approval or receives Designated Line Manager approval, this does not mean that the gift is *per se* permissible. It is incumbent on the Associate giving or receiving any gift to check that the gift is
compliant with this Policy (see General Requirements above). In particular, Associates must check that the proposed gift would not cause any aggregate limits per business contact to be breached and / or for any additional requirements applicable to
Sensitive Counterparts (see Section 12).

*Reporting*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where two or more events are connected to each other (for example, an invitation to a hosted sporting event
coupled with hospitality at the same event or where dinner and travel/accommodation are provided in connection with a portfolio fund AGM or Advisory Committee meeting), such items such must be aggregated together for purposes of assessment against
the *single* entertainment threshold limit to determine whether reporting and / or pre-approval is required. However, to the extent practicable, it is important for monitoring and reporting purposes that
each such connected item (in particular, travel and accommodation) is declared separately from each other connected item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As indicated above, certain gifts or entertainment that do not require pre-approval must be reported or declared via the Pantheon internal reporting system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The reporting of such gifts or entertainment in the Pantheon internal system must occur within sixty (60) calendar days of the gift and/or event(s).** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>Gifts</u>** 

*General*. A gift is anything of value that is offered/given or accepted to which the recipient is not entitled (other than hospitality / entertainment). Gifts can be non-monetary in value and include benefits or advantages. Gifts (other than cash or its equivalent) are permitted subject to and in accordance with this Policy, including the requirements to report and / or seek pre-approval for any such gifts. In particular, please note the additional requirements in relation to Sensitive Counterparts in Section 12. These rules apply to gifts given, even if you pay for the gift with your own money and do not receive reimbursement for the gift from Pantheon.

*Gifts Given*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash gifts. Gifts of cash or equivalent are prohibited. There is no de-minimis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-cash gifts. You may not provide to any one person gifts valuing more
than US$100. This limit operates as both a single gift limit and an aggregate annual limit applying to all gifts within such year to such person.

*Gifts Received*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash gifts. Gifts of cash or equivalent are prohibited. You must tactfully refuse or return any such gifts. There
is no de-minimis.

INTERNAL ALL

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-cash gifts. You may not accept gifts from any one person / firm
valuing more than US$100. This limit operates as both a single gift limit and an aggregate annual limit applying to all gifts within such year from such person / firm. You must tactfully refuse or return any gift(s) in excess of this limit.
Alternatively, if the return or refusal of such gift could cause potential embarrassment to the giver or prejudice to a business relationship, you may accept such gift provided that you turn it into Pantheon Compliance promptly for appropriate
disposition (for example, in a charity draw/internal raffle).

*Reporting.* Associates must not assume that gifts that are permissible do not require reporting. Gifts given or received may require reporting or recording via the on-line Compliance system in accordance with the requirements of this Policy. For further information, please see the "Gifts and Entertainment Matrix" in Annex 1.

*Value of a Gift*. Gifts should be valued objectively, either at cost or at market value (whichever is the higher) for purposes of this Policy.

*Delivery.* To the extent possible, gifts should be given in person to or received at a business address.

*Gifts during Business Events*. Gifts given to or accepted from Standard or Sensitive Counterparts during entertainment or business events (e.g., an AGM) retain their status as gifts and are subject to the requirements for gifts in this section.

*Gifts connected to Investment Services*. Please see below under "Gifts and Hospitality Connected to Investment Services".

*Tickets*. Tickets to sporting events or shows, rounds of golf, etc., are considered gifts unless both you and the business contact accepting or providing the tickets, golf, etc., attend the event. Where both you and the business contact accepting or providing the tickets attend the event, they shall be considered entertainment / hospitality.

*Cash Gifts*. Gifts of cash or its equivalent (including gift certificates or gift cards) are prohibited.

*Traditional / Seasonal Gifts*. Gifts given to mark traditional or seasonal occasions are permitted but are subject to the same requirements, including reporting and / or approval requirements as regular gifts.

*Gifts to family, etc*. Gifts may not be given to or by an Associate's spouse, partner, family or friends in order to circumvent this Policy.

*Promotional Items.* These refer to items such as umbrellas, tote bags, charging cords, memory sticks, shirts or pens which have a per item value (valued objectively, at either cost or market value (whichever is the higher)) of less than US$25 and incorporate the logo of Pantheon or of the donor. Although the providing or receipt of these items must be recorded via the Pantheon internal reporting system**,** Associates are not required to obtain pre-approval to offer / accept such Promotional Gifts, provided that such gifts are otherwise consistent with this Policy, including in relation to Sensitive Counterparts. Items that display the logo by means of a sticker or similar non-permanent packaging will not be considered Promotional Gifts. However, any promotional items with a per item value of US$50 or more are not considered Promotional Gifts and **must** be declared and, if required, approved in the same way as ordinary gifts.

INTERNAL ALL

------

*Tombstones*. These are also known as deal toys, deal cubes, lucites or similar decorative items which are given primarily to commemorate specific deals or occasions. Tombstones are not considered gifts, provided, however, that if such items have specific utility or use in addition to their commemorative purpose, they will not be considered Tombstones and will be treated as gifts even if they are engraved with logos or deal details. For an item to be considered a Tombstone, it must meet the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Be consistent with local business practices and standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clearly display Pantheon's name and / or logo or that of the counterparty

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have a predominantly commemorative purpose and not more than a minor utility or use; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have a per person value of less than US$50.

If the tombstone does not meet these criteria, it will be considered a gift.

**ASSOCIATES MAY NOT SOLICIT GIFTS FROM ANYONE IN RETURN FOR ANY BUSINESS, SERVICE, OR CONFIDENTIAL INFORMATION.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Entertainment** 

*General*. Entertainment means all forms of corporate hospitality offered to or received from investors, clients or third parties. It includes social events, sporting, cultural or recreational activities, ticketed events, drinks, breakfasts, lunches and dinners. Business events such as conferences or seminars are not per se considered to be entertainment and are outside the scope of this Gifts and Entertainment Policy. However, gifts, meals or other hospitality (including travel or accommodation) provided at a business event would fall within the scope of this Gifts and Entertainment Policy.

*Proportionality*. Entertainment must not be lavish or excessive so as to appear to unduly influence the judgment of the recipient or otherwise appear improper. There is no specific monetary amount that represents "lavish or excessive entertainment" – this is a judgment call that you must make on a case-by-case basis in advance of the entertainment. Expense reimbursement requests that are considered "lavish or excessive" after the fact may be rejected and/or subject to review and potential sanctions. In determining whether any entertainment is reasonable and not lavish or excessive, you should consider whether the primary purpose of the entertainment is to spend quality time with the business contact and how will it appear to others outside of the business relationship. If you have any question as to whether a specific event could be considered lavish or excessive, please contact the Compliance team in advance. Entertainment is subject to review by Pantheon Compliance (via the Compliance Monitoring Program). If any entertainment is considered to be lavish or excessive, potential sanctions/disciplinary action may result.

You should tactfully refuse the provision of lavish, excessive or frequent acts of entertainment or other hospitality that may create an impression of impropriety or a conflict of interest. Likewise, you are prohibited from hosting lavish, excessive or frequent acts of entertainment or other hospitality that may create an impression of impropriety or a conflict of interest.

*Reporting*. Except as set forth below and in line with the limits / thresholds outlined in Annex 1, Associates must report in the Pantheon internal reporting system entertainment / hospitality received from or provided to any third party if Pantheon has or may potentially be seeking to develop a business relationship with such third party or such third party has, or may be seeking to develop, a business relationship with Pantheon, including entertainment events hosted by third parties, e.g. annual investor meetings of portfolio fund managers and hospitality offered by other third party vendors and suppliers. Reasonable estimates may be used when you are the recipient of the entertainment and do not know the exact costs. The Compliance Team periodically reviews the expenses of all entertainment, including reasonable business meals to ensure they are not lavish or excessive in

INTERNAL ALL

------

nature, as noted above. There are very limited exceptions as described below for business meals below certain thresholds. Where two or more items of hospitality are connected to each other (for example, an invitation to a sporting event coupled with hospitality at the same event or where dinner and travel or accommodation are provided in connection with a portfolio fund AGM or Advisory Committee meeting), such items such should be aggregated together for purposes of assessment against the *single* entertainment threshold limit to determine whether reporting and / or pre-approval is required. However, to the extent practicable, it is important for monitoring and reporting purposes that each such connected item (in particular, travel and accommodation) is declared separately from each other connected item.

*Hospitality (including drinks, breakfasts, lunches, and dinners)*. By way of exception, hospitality that is less than US$50 does not require reporting. However, all hospitality equal to or greater than US$50 per head, including a meal or entertainment provided at a portfolio fund annual general meeting will be subject to the threshold limits and reporting requirements outlined in Annex 1.

*Tickets*. If you are hosting the entertainment, but are not present for it, the value of the entertainment is considered a gift, subject to the requirements outlined above. Likewise, if a business contact hosting the entertainment is not present and you attend the event, the entertainment is considered a gift to you.

*Gifts during Entertainment / Business Events*. Gifts offered to or accepted from Standard or Sensitive Counterparts during Entertainment or Business Events retain their status as Gifts and are subject to the requirements for Gifts in this section.

*Gifts and Hospitality connected to investment services.* Hospitality connected to investment services is subject to additional limitations, because of their potential to trigger rules relating to inducements. Accordingly, Pantheon has developed the following guidance to make sure that the inducement rules are complied with, if and to the extent applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Hospitality in connection with investment services.* Except as described below and subject to any
applicable de minimis limits, **Associates may not accept other gifts or entertainment in connection with Pantheon's investment services, unless paid for personally or by Pantheon (with Designated Line Manager approval) *.*** For
these purposes, gifts and entertainment should be regarded as connected/related to a service if it is, or could be seen as being, provided in the context of any potential or ongoing investment or transaction or otherwise connected to activities
undertaken by Pantheon in the course of providing investment advisory or management services. A gift and entertainment is more likely to be connected/related to a service if it is provided to or accepted from a business contact of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a third-party managed fund or the sponsor or manager of any such fund (including a portfolio fund of any Pantheon
client);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a buyer or seller or issuer involved in a potential or ongoing secondary acquisition / sale / direct investment;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a placement agent or intermediary acting for any of the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Hospitality relating to business / relationship maintenance / development.* However, gifts or hospitality
relating to business / relationship maintenance / development, such as business meals with portfolio fund managers or intermediaries and / or ex-post-closing dinners and other similar events may potentially be
distinguishable from gifts or hospitality connected to Pantheon's investment services, if the primary purpose is the development or maintenance of a business relationship. If properly distinguishable, such items can be considered to be *unconnected* to Pantheon's investment services and are permissible, subject to and in accordance with the standard, pre-approval and / or reporting requirements of this Gifts and Entertainment
Policy. Hospitality received from service providers (as distinguished from investment counterparties) is less likely to be "connected to" Pantheon's investment services.

INTERNAL ALL

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Hospitality at Portfolio Investment Monitoring Meetings (e.g., Annual General Meetings / Advisory Committee Meetings).* Attendance at portfolio investment monitoring meetings is considered to be an integral part of the job of investment professionals. Hospitality, such as food and drinks, provided at such meetings is permissible (and the standing
approval of Designated Line Manager is assumed in the absence of contrary indications), subject always to the reporting requirement of this Gifts and Entertainment Policy. This is required to address any applicable reporting requirements. To the
extent practicable, it is important for monitoring and reporting purposes that each such connected item (in particular, travel and accommodation) is declared separately from each other connected item. However, attendance at supplemental, voluntary
events linked to such meeting, such as an afternoon of golf, would not qualify for this exception, and the Associate, personally, or Pantheon must pay for such event (unless, of course, it can be properly disassociated from the investment monitoring
meeting such that it may potentially qualify for Hospitality relating to business / relationship maintenance / development (see above)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is often a question of fact and circumstance whether the gift or hospitality is (a) for the primary
purpose of business / relationship maintenance / development and not related to investment services at all, in which case the standard rules relating to Gifts and Entertainment shall apply or (b) related to investment monitoring activity (in which
case hospitality such as food and drink may be permissible but other supplementary, voluntary events in excess of certain limits prohibited) or (c) related to other investment services (including new investment activity) in which case all
hospitality (subject to de minimis limits) is prohibited. An important consideration shall be the primary purpose of the event at which such hospitality was provided. However, the onus shall be on the Pantheon Associate to demonstrate that the
hospitality in question was not connected to investment activity. If in any doubt, seek confirmation from your Designated Line Manager that the event in question is not connected to investment activity, or consult Compliance.

*Pantheon events*. For events hosted or sponsored by Pantheon Group and attended by more than one Associate, it is expected that the Associate responsible for arranging the event will make a single entry in the Pantheon internal reporting system covering all Associates. Where the event includes a number of benefits (such as entertainment, gifts and / or a meal) each benefit must be considered separately and subject to the thresholds in Annex 1. Note, however, that business events, the expenses of which are properly allocable to Pantheon Funds / Clients, are outside the scope of this Policy which applies to gifts, entertainment and hospitality paid for by Pantheon Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Business Events** 

Purely business events, such as a conference or seminar or annual general meeting of a portfolio fund do not require pre-approval or reporting via the on-line compliance system. However, all gifts, hospitality, entertainment and any travel expenses provided in connection with a business event (such as dinner or a cultural activity) must be reported and / or pre- approved subject to and in accordance with this Gifts and Entertainment Policy. In particular, they must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If accepted, involve at least one representative from the host organization (otherwise the Entertainment will be
a Gift);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have received the required level of approval for either Standard or Sensitive Counterparts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be clearly and completely recorded.

INTERNAL ALL

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Accommodation, Travel and Per Diems** 

In connection with Entertainment received, Associates may, in some instances, be permitted to provide or accept accommodation and / or travel, subject to and in accordance with this Policy. Please refer to the limits and thresholds outlined in Annex 1. Where two or more items of hospitality are connected to each other (for example where dinner and travel or accommodation are provided), such items such should be aggregated together for purposes of assessment against the *single* entertainment threshold limit to determine whether reporting and / or pre-approval is required. However, to the extent practicable, it is important for monitoring and reporting purposes that each such connected item (in particular, travel and accommodation) is declared separately from each other connected item.

In connection with Entertainment offered by Pantheon Group, clients / third parties should cover the costs of their own accommodation. Note, however, that business events, such as meetings of the Advisory Committee of the Pantheon Funds, the expenses of which are properly allocable to such Pantheon Fund, are outside the scope of this Policy which applies to gifts, entertainment and hospitality paid for by Pantheon Group.

Employees are prohibited from providing Per Diems (fixed monetary daily sums to cover items such as meals and travel) to Counterparts. Any expenses covered by Pantheon must be paid directly to the service provide, not the Counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Spouses, Partners, and Family Members** 

Generally, it will only be appropriate (a) for spouses, partners or family members of Pantheon Associates to accept gifts or hospitality offered by counterparts of Pantheon or (b) for Pantheon Group to offer gifts or hospitality to spouses, partners or family members of counterparts of Pantheon, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The occasion is one at which it would be customary for them to attend; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invitations have also been extended to the spouses, partners, family members of the other attendees.

For purposes of any reporting or pre-approval requirements outlined in Annex 1, the value of such gifts or hospitality provided to the spouse, partner or family members of any Pantheon Associate shall be aggregated with the value of such gifts or hospitality provided to such Associate and the value of such gifts or hospitality provided to the spouse, partner or family members of any counterpart of Pantheon shall be aggregated with the value of such gifts or hospitality provided to such counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Personal Gifts and Entertainment (including Weddings and Similar Events)** 

Personal Gifts and Entertainment (including Weddings and Similar Events) are those given/provided or accepted in a personal capacity – i.e., not when acting for or on behalf of Pantheon (such as a wedding or other social event, including an anniversary; birthday or birth of a child; and reflecting a personal relationship). The requirements in Section 3 and Annex 1 are waived when offering or accepting Personal Gifts or Entertainment if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a personal relationship with the individual at the Counterpart (for example where you have a personal
relationship with the individual prior to meeting through Pantheon related activities/interactions)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Gift or Entertainment is not organized, paid for or reimbursed by Pantheon or the Counterpart organization;
and

INTERNAL ALL

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Gift or Entertainment is timed appropriately and in particular there are no upcoming pitches or outstanding
decisions concerning (i) new business / transactions; or (ii) the possible termination of business; in relation to that Counterpart which are connected to your role at Pantheon.

If no personal relationship exists, the invitation must be treated as Entertainment, and you must comply with the pre-approval requirements outlined herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Charitable Gifts and Entertainment** 

<u>Charitable Donations</u>

If you offer a Counterpart a Gift but they ask Pantheon to make a charitable donation instead, the donation must be treated as a Gift. You must comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The pre-approval process for Gifts, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensure that the charity is an approved charity (as defined by the relevant jurisdiction). <u> </u> 

<u>Charitable Entertainment</u> 

Entertainment where the purpose is to raise money for charities (dinners, auctions, and sporting events) is included in the definition of entertainment and requires pre-approval regardless of its charitable nature in line with the limits and thresholds outlined in Annex 1.

When providing or accepting invitations to Charitable Entertainment, you must always comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The pre-approval process for Entertainment: and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure that the charity is an approved charity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Determining the cost of Gifts, Entertainment and Business Events** 

Gifts must be valued at either cost value or market value – whichever is higher.

Entertainment should be valued at either cost value or the face amount of the ticket / event, whichever is higher.

Employees must make reasonable efforts to determine the value of Gifts or Entertainment, including searching online for market value prices. Where the exact cost / value of the gift or entertainment or hospitality is not readily ascertainable (for example because it would be embarrassing to ask the host for the exact value), it is permissible to use good faith estimates*.* In this regard, it may be appropriate to consult hotel websites, retailer websites, price comparison websites, travel websites, etc. to arrive at a good faith estimate. However, second-hand auction websites (such as eBay or craigslist) would not be considered appropriate and may not be utilized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Declining Gifts, Entertainment or Business Events that are inappropriate or prohibited** 

Anything of the following nature is prohibited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Illegal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intended to be improperly used

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash or cash equivalent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Derived from an endangered species

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Knowingly counterfeit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dangerous or could lead to health and safety risks

INTERNAL ALL

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indecent, sexually oriented; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Potentially embarrassing to Pantheon or carrying potential reputational risk

If you are offered a Gift, Entertainment or invitation to a Business Event that is inappropriate or prohibited, you must politely decline it and can explain that the requirements of this Policy prevent you from accepting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Retrospective Approval** 

Retrospective approval is only available as an exception to the requirement to obtain pre-approval. Retrospective approval should be sought from Designated Line Managers and / or Compliance, as the case may be, on the same basis as ex-ante approvals. Both the Associate's Designated Line Manager and Compliance retain the discretion to refuse to provide retrospective approval, for example if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They do not deem the Gift or Entertainment or to be appropriate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They do not consider the retrospective request to be justified.

Requests of retrospective approval will only be considered in the limited circumstance, for example where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You unexpectedly want or need to offer or accept a Gift or Entertainment and there is insufficient time to obtain pre-approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The actual attendees differ from those originally approved in number or nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Gift, entertainment or business Event differs in any other material way from what was pre-approved

<u>Retrospective Process</u>

The Associate must comply with the following process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Submit a new request within 15 calendar days of the Gift being accepted or the Entertainment or Business Event
concluding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure that you include the actual date on which the Gift, Entertainment or business Event was offered or
accepted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Explain why you are seeking Retrospective Approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Additional Requirements for Sensitive Counterparts** 

Additional Requirements apply in relation to certain persons, collectively known as "Sensitive Counterparts"

<u>Korean Public Officials<sup>6</sup></u>

All gifts, meals and entertainment provided to public officials in South Korea's public sector are subject to stricter limits than those previously mentioned in this policy.

Pantheon prohibits Associates from giving Korean public officials or their spouses gifts with values of up to **KRW50,000** (approximately US$37) in a single occasion, or exceeding an aggregate **KRW3,000,000** (approximately US$2,214) in a one-year period.

Pantheon Associates are also not permitted to provide Korean public officials with food and/or drink in excess of **KRW30,000** (approximately US$22).

<sup>6</sup> Exchange rates as of 12 June 2025.

INTERNAL ALL

------

In addition, Pantheon prohibits Associates from giving **anything of value in connection with a public official's duties** regardless of the amount. As mentioned above, giving or receiving cash or cash equivalents is also prohibited In connection with such meetings, Associates also cannot accept any gifts, airfare and entertainment paid by a Portfolio Fund Manager offered solely to them and not to the other attendees of the relevant meeting other than a reasonable business meal.

<u>For certain Taft Hartley Clients.</u> 

All gifts provided to Taft Hartley clients and Union Officials associated with Taft Hartley clients *are subject to reporting on* the Pantheon internal reporting system ***as noted above*.** Generally, if the aggregated cost of gifts, meals and entertainment, exceeds US$250 in a fiscal year, the total amount must be reported on Department of Labor Form LM-10.

The costs associated with "widely attended gatherings" paid for by Pantheon are subject to reporting unless certain conditions are met. You must contact the Compliance Team if you anticipate a Taft Hartley client such an event or a similar widely attended gathering to determine if the event is structured in a manner that will or will not require reporting. If the cost of the event will need to be reported, the Compliance Team will advise of the information that is necessary to collect so that Pantheon can comply with the reporting requirements.

Please consult with the Legal and Compliance Team regarding any questions, including determining if an individual is a Taft Hartley client or for information about de minimis reporting exemptions for widely attended gatherings.

The Legal and Compliance Team will review the information reported and determine if it is necessary to file Form LM-10 for a Taft Hartley client.

<u>ERISA Plans.</u> 

ERISA prohibits a plan fiduciary from receiving consideration for his or her personal account from any party dealing with the plan in connection with a transaction involving assets of the plan. However, the Department of Labor's Enforcement Manual treats a gift, gratuity, meal, entertainment or other consideration with an aggregate value of less than US$250 per annum as insubstantial and not as an apparent violation of ERISA's prohibited transaction rules. This is particularly relevant to Pantheon as a provider of gifts or entertainment to clients that are ERISA fiduciaries as Pantheon would not want gifts or entertainment offered by Pantheon to cause a problem for such clients.

The rule is also relevant to Pantheon as a recipient of gifts or entertainment (for example at portfolio fund AGMs) on behalf of clients / Pantheon funds that are "plan assets", although in practice attendance at portfolio fund meetings are on behalf of all funds and other clients of the Pantheon Group invested in such portfolio fund(s) and the quantum of any such gifts or entertainment would be allocated among all such funds / clients. The declaration of any such gifts and entertainment at portfolio fund meetings is required, subject to and in accordance with the remainder of this Policy, to facilitate monitoring and tracking against these ERISA limits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Consequences of Violating this Policy** 

If you violate this Policy, you may incur a sanction and could face disciplinary action (which could include the need to disclose the conduct violation to certain regulator(s)). Exceptions to this policy will only be permitted with the written approval of Pantheon's Compliance Team.

INTERNAL ALL

------

**The Gifts and Entertainment Matrix** 

**Standard Counterparts Only\*** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **US$50 – US$100** | **US$>$100 –**<br> **max. US$250** | **>US$250 –<br>US$1,000** | **>US$1,000** |
| **CASH**<br> Given or accepted | Prohibited | Prohibited | Prohibited | Prohibited | Prohibited |
| **NON-CASH GIFTS** (Per person) Limits operate ***as both a single limit and an annual aggregate limit for all gifts to / from such person*** | **NON-CASH GIFTS** (Per person) Limits operate ***as both a single limit and an annual aggregate limit for all gifts to / from such person*** | **NON-CASH GIFTS** (Per person) Limits operate ***as both a single limit and an annual aggregate limit for all gifts to / from such person*** | **NON-CASH GIFTS** (Per person) Limits operate ***as both a single limit and an annual aggregate limit for all gifts to / from such person*** | **NON-CASH GIFTS** (Per person) Limits operate ***as both a single limit and an annual aggregate limit for all gifts to / from such person*** | **NON-CASH GIFTS** (Per person) Limits operate ***as both a single limit and an annual aggregate limit for all gifts to / from such person*** |
| Gifts Given | Record (within 60 calendar days) | Seek approval from both Designated Line Manager (via email) and Compliance (via<br> ACA) and Record | Prohibited | Prohibited | Prohibited |
| Gifts Accepted<br> (ex. Tombstones) | No action required | Record (within 60 calendar days) | Prohibited<sup>+</sup> | Prohibited<sup>+</sup> | Prohibited<sup>+</sup> |
| **GENERAL ENTERTAINMENT** (per person, including drinks, meals, entertainment, accommodation, travel and other hospitality)<sup>\*\*</sup> | **GENERAL ENTERTAINMENT** (per person, including drinks, meals, entertainment, accommodation, travel and other hospitality)<sup>\*\*</sup> | **GENERAL ENTERTAINMENT** (per person, including drinks, meals, entertainment, accommodation, travel and other hospitality)<sup>\*\*</sup> | **GENERAL ENTERTAINMENT** (per person, including drinks, meals, entertainment, accommodation, travel and other hospitality)<sup>\*\*</sup> | **GENERAL ENTERTAINMENT** (per person, including drinks, meals, entertainment, accommodation, travel and other hospitality)<sup>\*\*</sup> | **GENERAL ENTERTAINMENT** (per person, including drinks, meals, entertainment, accommodation, travel and other hospitality)<sup>\*\*</sup> |
| Hospitality Offered | No action required | Record (within 60 calendar days) | Record (within 60 calendar days) | Seek approval from Designated Line Manager<br> (Partner) and Record | Seek approval from Designated Line Manager (Partner) and<br> Compliance and Record |
| Hospitality Received | No action required | Record (within 60 calendar days) | Record (within 60 calendar days) | See above | See above |
| **ADDITIONAL REQUIREMENTS RELATING TO GIFTS / HOSPITALITY RECEIVED IN CONNECTION WITH INVESTMENT SERVICES**<sup>++</sup> | **ADDITIONAL REQUIREMENTS RELATING TO GIFTS / HOSPITALITY RECEIVED IN CONNECTION WITH INVESTMENT SERVICES**<sup>++</sup> | **ADDITIONAL REQUIREMENTS RELATING TO GIFTS / HOSPITALITY RECEIVED IN CONNECTION WITH INVESTMENT SERVICES**<sup>++</sup> | **ADDITIONAL REQUIREMENTS RELATING TO GIFTS / HOSPITALITY RECEIVED IN CONNECTION WITH INVESTMENT SERVICES**<sup>++</sup> | **ADDITIONAL REQUIREMENTS RELATING TO GIFTS / HOSPITALITY RECEIVED IN CONNECTION WITH INVESTMENT SERVICES**<sup>++</sup> | **ADDITIONAL REQUIREMENTS RELATING TO GIFTS / HOSPITALITY RECEIVED IN CONNECTION WITH INVESTMENT SERVICES**<sup>++</sup> |
| General Rule | Except as described below, gifts and / or hospitality connected to investment services, are prohibited. | Except as described below, gifts and / or hospitality connected to investment services, are prohibited. | Except as described below, gifts and / or hospitality connected to investment services, are prohibited. | Except as described below, gifts and / or hospitality connected to investment services, are prohibited. | Except as described below, gifts and / or hospitality connected to investment services, are prohibited. |
| *Business Development, etc.* | *Gifts or hospitality the primary purpose of which is business / relationship maintenance / development are distinguishable from gifts or hospitality in connection with investment services. These should be assessed under "****Non-Cash Gifts****" or "****General Entertainment****" above.* | *Gifts or hospitality the primary purpose of which is business / relationship maintenance / development are distinguishable from gifts or hospitality in connection with investment services. These should be assessed under "****Non-Cash Gifts****" or "****General Entertainment****" above.* | *Gifts or hospitality the primary purpose of which is business / relationship maintenance / development are distinguishable from gifts or hospitality in connection with investment services. These should be assessed under "****Non-Cash Gifts****" or "****General Entertainment****" above.* | *Gifts or hospitality the primary purpose of which is business / relationship maintenance / development are distinguishable from gifts or hospitality in connection with investment services. These should be assessed under "****Non-Cash Gifts****" or "****General Entertainment****" above.* | *Gifts or hospitality the primary purpose of which is business / relationship maintenance / development are distinguishable from gifts or hospitality in connection with investment services. These should be assessed under "****Non-Cash Gifts****" or "****General Entertainment****" above.* |
| *Hospitality received at investment monitoring*<br> *meetings* | *Hospitality received at monitoring meetings, e.g., food and drink at portfolio fund AGMs / AC meetings, is permissible provided always that such hospitality is reasonable, proportionate and not excessive or lavish in scale or frequency. The standing approval of Designated Line Managers for such events is assumed in the absence of contrary indications. Hospitality received at such events in excess of de minimis limits (see above) must be recorded. Same applies to travel / accommodation, although his should be reported separately.*<br>*This excludes supplementary, voluntary events that are >$50. Supplementary, voluntary events at the AGM / AC meeting greater than $50, such as an afternoon of golf / sailing, would not qualify for this exception.* | *Hospitality received at monitoring meetings, e.g., food and drink at portfolio fund AGMs / AC meetings, is permissible provided always that such hospitality is reasonable, proportionate and not excessive or lavish in scale or frequency. The standing approval of Designated Line Managers for such events is assumed in the absence of contrary indications. Hospitality received at such events in excess of de minimis limits (see above) must be recorded. Same applies to travel / accommodation, although his should be reported separately.*<br>*This excludes supplementary, voluntary events that are >$50. Supplementary, voluntary events at the AGM / AC meeting greater than $50, such as an afternoon of golf / sailing, would not qualify for this exception.* | *Hospitality received at monitoring meetings, e.g., food and drink at portfolio fund AGMs / AC meetings, is permissible provided always that such hospitality is reasonable, proportionate and not excessive or lavish in scale or frequency. The standing approval of Designated Line Managers for such events is assumed in the absence of contrary indications. Hospitality received at such events in excess of de minimis limits (see above) must be recorded. Same applies to travel / accommodation, although his should be reported separately.*<br>*This excludes supplementary, voluntary events that are >$50. Supplementary, voluntary events at the AGM / AC meeting greater than $50, such as an afternoon of golf / sailing, would not qualify for this exception.* | *Hospitality received at monitoring meetings, e.g., food and drink at portfolio fund AGMs / AC meetings, is permissible provided always that such hospitality is reasonable, proportionate and not excessive or lavish in scale or frequency. The standing approval of Designated Line Managers for such events is assumed in the absence of contrary indications. Hospitality received at such events in excess of de minimis limits (see above) must be recorded. Same applies to travel / accommodation, although his should be reported separately.*<br>*This excludes supplementary, voluntary events that are >$50. Supplementary, voluntary events at the AGM / AC meeting greater than $50, such as an afternoon of golf / sailing, would not qualify for this exception.* | *Hospitality received at monitoring meetings, e.g., food and drink at portfolio fund AGMs / AC meetings, is permissible provided always that such hospitality is reasonable, proportionate and not excessive or lavish in scale or frequency. The standing approval of Designated Line Managers for such events is assumed in the absence of contrary indications. Hospitality received at such events in excess of de minimis limits (see above) must be recorded. Same applies to travel / accommodation, although his should be reported separately.*<br>*This excludes supplementary, voluntary events that are >$50. Supplementary, voluntary events at the AGM / AC meeting greater than $50, such as an afternoon of golf / sailing, would not qualify for this exception.* |

---

INTERNAL ALL

------

**Notes:** 

(1) Record means declaring/reporting the Gifts and Entertainment via the on-line Compliance System within sixty (60) calendar days of the gift or event.

(2) Designated Line Manager (LM) approvals to be obtained from the Partner that is direct / indirect line manager
of the relevant Associate or any other person (such as a Team Head) that is approved by Compliance for this purpose. A Partner can act as his / her own Designated Line Manager, meaning that he / she does not need the approval of another Partner,
although Compliance approval may still be required.

\* See sections 2 & 12 of this Policy with regard to tighter limits for Sensitive Counterparts. In particular, in relation to Korean public officials / their spouses, Pantheon prohibits: (i) provision of food / drink > KRW30,000 c.US$22), (ii) offerings gifts > KRW50,000 (c. US$37) in a single occasion, or exceeding an aggregate KRW3,000,000 (approximately US$2,214) in a one-year period and (iii) giving anything of value in connection with a public official's duties regardless of the amount.<sup>7</sup> 

+ See section 3A in relation to situations where refusal of the gift would embarrass the giver or prejudice a business relationship.

\*\* Where two or more items are connected to each other (for example where dinner and travel and / or accommodation are provided in connection with a portfolio fund AGM or Advisory Committee meeting), such items such should be aggregated together for purposes of assessment against the *single* entertainment threshold limit to determine whether reporting and / or pre-approval is required. However, to the extent practicable, it is important for monitoring and reporting purposes that each such connected item (in particular, travel and accommodation) is declared separately from each other connected item. 

---

| | |
|:---|:---|
| ++. | Gifts and Entertainment should be regarded as connected/related to a service if it is, or could be seen as being, provided in the context of any potential or ongoing investment or transaction or otherwise connected to activities undertaken by Pantheon in the course of providing investment advisory or management services. GIFTS AND ENTERTAINMENT is more likely to be connected/related to a service if it is provided to or accepted from a business contact of:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a third-party managed fund or the fund sponsor or fund manager of any such fund (including a portfolio fund of
any Pantheon client);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a buyer or seller or issuer involved in a potential or ongoing secondary acquisition / sale / direct investment;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a placement agent or intermediary acting for any of the above.

Examples:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hospitality offered to / received from a counterparty (seller / buyer / issuer) or placement agent / intermediary
representing such counterparty during the course of a transaction with such counterparty is likely to be regarded as connected to investment services. This includes hospitality provided by a manager of a portfolio fund (or its intermediary /
placement agent) during the fund-raising period, and before Pantheon has either consummated or rejected an investment in said fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hospitality provided at a portfolio fund AGM is likely to be considered to be connected to investment
(monitoring) services. Exceptionally, however, hospitality provided at portfolio fund AGMs, such as food and drink, is permissible subject to certain threshold limits. However, attendance at supplementary, voluntary events at the same AGM or AC
Meeting (above certain de minimis thresholds), such as an afternoon of golf, is prohibited unless the Associate personally (or Pantheon with Line Manager approval) pays.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where Pantheon receives hospitality at an event relating to both the monitoring of existing investments and due
diligence of potential new investments, consideration should be given to the <u>primary purpose</u> behind the meeting.

<sup>7</sup> Exchange rates as of 12 June 2025.

INTERNAL ALL

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Business lunches with portfolio fund managers and / or ex-post-closing dinners and other events may potentially be distinguishable as being simply for the purpose of developing or maintaining a business rather than being "connected to" Pantheon's investment services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hospitality received from service providers (as distinguished from investment counterparties) is less likely to
be "connected to" Pantheon's investment services.

Whether hospitality is connected to investment activity or purely related to business / relationship maintenance / development is a question of fact and circumstance. An important criterion is the <u>primary purpose</u> behind the event at which such hospitality is provided. However, the onus shall be on the Pantheon Associate to demonstrate that the hospitality in question was related to business / relationship maintenance / development. If in any doubt, seek confirmation from your Line Manager that the event in question is not connected to investment activity or consult the Compliance Team.

INTERNAL ALL

------

**<u>Pantheon Anti-Bribery & Anti-Corruption Policy</u>**

Last Reviewed July 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Introduction and Purpose** 

Bribery and corruption may occur internally or externally and may be perpetrated by employees, clients, suppliers, contractors, service providers, agents or anyone else doing business with Pantheon.

Pantheon is committed to adhering to the highest standards of business conduct, compliance with the law and regulatory requirements and best practice. To that end, Pantheon has adopted this Anti-Bribery and Anti-Corruption Policy ("**ABC Policy**") to ensure compliance with anti-bribery laws, demonstrate its commitment to preventing bribery, and establish a zero-tolerance approach to bribery in all parts of the organisation's operation. A breach of anti-bribery laws would cause embarrassment and reputational damage to Pantheon as well as possible financial losses and criminal charges for both the organisation and individuals involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Pantheon's Policy on Anti-Bribery & Anti-Corruption** 

Pantheon will not enter into any business relationship or engage in any activity if it knows or has reasonable grounds to suspect a business relationship or activity is, in any way, connected with or facilitates bribery or corruption.

Pantheon prohibits Associates from offering, giving, promising, requesting, or accepting any payment, gift, entertainment, inducement, or other contribution of anything of value, to or from any person, either directly or indirectly, for the purpose of obtaining or retaining business for, or from, Pantheon or gaining an advantage in the conduct of any business, except as permitted under this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **The Law on Bribery & Corruption** 

In recent years there has been increased scrutiny of and enforcement action against incidents of bribery and corruption globally. Global ABC laws have been strengthened so that payments to foreign officials do not need to be made "corruptly" to establish liability. An intent to influence an individual for the purpose of obtaining or retaining business is sufficient to establish liability under anti-bribery laws.

In recognition of the concerns about corruption and bribery, Pantheon has chosen to adopt a global policy that conforms to the highest global standards.

**US:** In the US, the Foreign Corrupt Practices Act of 1977 ("**FCPA**") makes it unlawful for a US person (including US companies and citizens) to make a payment or provide anything of value to a foreign (i.e., non-US) official for the purpose of obtaining or retaining business for or with, or directing business to, any person or to gain a business advantage. In 1998, the application of the FCPA was extended to non-US firms and persons when any act in furtherance of an FCPA violation occurs within the jurisdiction of the United States.

**UK:** English anti-bribery laws were historically a patchwork of conflicting statutes and common laws resulting in uncertain, and often ineffective, enforcement. In 2010, the UK enacted the Bribery Act (the "Bribery Act"). This repeals the old UK corruption laws and brings in one statute covering: (I) the payment and/or receipt of bribes which will induce (or reward) improper performance of a relevant function or activity, (ii) a new discrete offence of making or promising any payment, gift or other contribution of anything of value to a foreign (i.e. non-UK) official to influence that official in order to obtain or retain business as well as (iii) the new corporate offence for an organisation of failing to prevent bribery by someone acting on behalf of the organisation.

------

**Ireland**: In Ireland, the Criminal Justice (Corruption Offences) Act 2018 ("the CJA") came into force in July 2018. The CJA consolidates Irish law on bribery and corruption and introduced tougher penalties and new offences such as corporate liability, meaning a company may now be guilty of an offence if anyone acting on its behalf is found guilty of corruption. The CJA prohibits six offences: (i) active and passive corruption, (ii) active and passive trading in influence, (iii) corruption in office/employment/position/business, (iv) giving of gifts to facilitate an offence, (v) creating or using a false document and (vi) intimidation.

**Hong Kong**: In Hong Kong, the "Prevention of Bribery Ordinance" (POBO) is the primary anti-corruption legislation. It establishes a series of offences for corrupt conduct as well as specific offences relating to bribery in connection with public procurement, tenders and illicit enrichment by public officials. Violations of the POBO may constitute violations of the codes of conduct issued by the Hong Kong Monetary Authority and the Securities and Futures Commission. Specific restrictions are in place regarding the provision of hospitality (eg gifts, travel expenses, meals and entertainment) and offering an advantage by way of an inducement or a reward.

**Japan:** The Japanese Criminal Code (Articles 197 and 198) outlines details of the giving, offering or promising to give a bribe to a public official. This extends to political contributions, limitations that are applicable to hospitality expenses (including gifts, travel, meals, entertainment). Meanwhile the Japanese Unfair Competition Prevention Act (Article 18) outlines the definition of corruption of foreign public officials. The recommended practice for firms to tackle inappropriate behaviour includes establishing a policy and monitoring.

In many respects, the UK Bribery Act goes considerably further than the FCPA. There are many similarities between the UK Bribery Act and the Irish CJA, however, there is one significant difference (detailed below\*\*) which makes the UK Bribery Act stricter than the Irish CJA. Accordingly, Pantheon applies the UK standards globally throughout Pantheon. Notable differences are:

\*\* The UK Bribery Act has a more pervasive territorial scope, as it does not contain the same requirements that the offence must also be an offence in the country in which it took place as the Irish CJA.

*Strict liability for failure to prevent bribery*. Firms are strictly liable if they fail to prevent an act of bribery by those working for or on its behalf. The offence can be committed without the firm knowing about, or conniving in, the payment of the bribe, whether the incident takes place inside or outside the UK/Ireland/Japan. It also applies to payments made by its representatives and agents, including placement agents (as discussed below). A defence is available for a firm that can demonstrate that it had taken 'adequate procedures' to prevent bribery. Guidance to achieve compliance is reflected in the UK's six principles summarised in Appendix 1 to this Policy. Pantheon is committed to following these principles.

*No public / private sector distinction*. The UK Bribery Act does not distinguish between public and private sector bribery.

*No "corrupt" element required for bribery*. Unlike the FCPA, the UK Bribery Act and the Irish CJA do not require that payments to foreign officials be made "corruptly" to establish liability. An intention to influence the individual for the purpose of obtaining retaining business is sufficient.

*No exception for facilitation payments*. As discussed below, the UK Bribery Act and the Irish CJA do not contain any exemption for facilitation payments.

In the UK, Ireland, Hong Kong, Japan and the US, an individual found guilty of an offence on conviction is liable to a term of imprisonment and/or a substantial fine. Companies are liable on indictment to an unlimited fine and possibly even to exclusion from bidding for public contracts within the EU. Similar or harsher penalties may exist in other jurisdictions.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Circumstances in which bribery may arise** 

For the awareness of Associates, attention will be drawn to some of the circumstances in which bribery/corruption could arise. This will be discussed with reference to what Associates can do to prevent bribery.

**Gifts, Entertainment and Hospitality** 

Some examples of scenarios which may constitute bribery*.*** Whether a scenario does in fact constitute bribery/corruption would depend on the facts and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A member of the Investor Relations Team taking a prospective investor on an all-expenses paid trip to induce an investment in a Pantheon Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Team receiving from a GP an all-expenses paid trip to induce
Pantheon Funds to make a commitment to XYZ Capital Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A member of the Pantheon operations team receiving numerous invitations or even a season ticket to watch live
football from an administrator who is pitching for an appointment as administrator to Pantheon Funds.

The receipt and provision of bona fide hospitality and promotional, or other business expenditure which seeks to improve the Pantheon image, to present our products and services more favourably, or to establish cordial relations with service providers and GPs, is recognised as an established and important part of doing business and is not prohibited by this Policy. It is, however, clear that hospitality and entertainment or other similar business expenditure can be employed as bribes. In order to discourage such activity, Pantheon operates a Political Contributions Policy ("Pay to Play"), an Inducements Policy (UK & Ireland) and a Gifts & Entertainment Policy. These impose monetary limitations and reporting obligations in respect of political contributions, gifts, entertainment and hospitality given and received. Associates are required to familiarise themselves with and comply with Pantheon's Pay to Play Policy, Inducements Policy (UK & Ireland) and Gifts & Entertainment Policy. Political donations, gifts, entertainment and hospitality provided in compliance with these policies would normally be expected to be consistent with this ABC Policy. However, it is important to understand that complying with Pantheon's Gifts & Entertainment Policy does not of itself provide a "safe harbour" for this ABC Policy. Any gift, entertainment or hospitality, made or received in accordance with Pantheon's Gifts & Entertainment Policy may nevertheless violate this Policy. It is therefore important to consider whether the activity is acceptable by reference to this Policy.

**How to evaluate what is 'acceptable':** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associates are required to think what the intent of the gift, entertainment or hospitality is; is it just to
build a relationship or could it extend to something else?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the recipient of the gift, entertainment or hospitality in a position to influence a decision and, if so,
might he or she perform his function differently than he / she would do in the absence of the gift, entertainment or hospitality?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts, entertainment and hospitality should never be so lavish or so frequent as to raise questions of propriety
or create any sense of obligation on behalf of the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are the gifts, entertainment or hospitality timed so as to affect the outcome of a particular event or decision?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• How might a newspaper report the gifts, entertainment or hospitality and what would the public perception be?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Circumstances which are never permissible include examples that involve a ' *quid pro quo'* (offered for something in return).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In most cases sponsorship - the contribution of funds to sporting, charitable or cultural events may be
acceptable, however sponsorship must be recorded, and care must be taken to ensure that it is not a subterfuge for bribery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associates are required to consider local requirements. If providing gifts or entertainment to a public official,
they must consider whether this is permitted under local law as well as the rules of such public bodies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have regard to the location of the party in question by reference to the latest Transparency International -
Corruption Perceptions Index and escalate to Legal & Compliance where a party is based in a jurisdiction that has achieved a score of less than 70.

**Transaction fees** 

Bribery/Corruption may also arise were Pantheon to receive remuneration from a GP of a portfolio fund in return for Pantheon Funds, having made a commitment in such portfolio fund. To avoid any conflict of interests or the perception of conflicts of interest, Pantheon does not accept transaction fees from GPs nor does it allow for any soft dollar arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Use of Third-Party Representatives** 

Pantheon is liable if a person 'associated' with it bribes another person intending to obtain or retain business or a business advantage for Pantheon. A person 'associated' with Pantheon is defined at as a person who 'performs services' for or on behalf of Pantheon and can be an individual or an incorporated or unincorporated body. This covers third-party relationships such as placement agents, contractors and consultancy firms.

Senior management is responsible for the evaluation of each third-party relationship and determining whether a significant risk is posed. Criteria to be considered include: the location where the third party will operate, any history of bribery/corruption charges and the general compliance and legal history of the third-party service provider, and the existence of appropriate policies and procedures covering bribery, gifts and entertainment. Where risk regarding a third-party arrangement has been identified, senior management must exercise enhanced due diligence and determine whether it is necessary to take additional steps. If available, a request may be made for a copy of any internal audit or other monitoring report and results. Pantheon may also ask such third party for copy of its ABC policies and procedures and request periodic certification as to compliance with such policies and procedures. Should the third party not have an anti-bribery policy, or should Pantheon consider their policy to be insufficient, Pantheon may provide a copy of its own Pantheon Anti-Bribery and Anti-Corruption Policy and require such service provider to certify periodically that it has complied with the requirements set out in the Pantheon Anti-Bribery and Anti-Corruption Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Facilitation Payments** 

Facilitation payments in many countries take place as part of customary business practice. Facilitation payments involve the payment of money or gifts to junior government officials as an incentive to facilitate or speed up a process, e.g. obtaining licences or permits. Facilitation payments are permitted under the FCPA. However, under the UK Bribery Act and the Irish CJA such payments are <u>not</u> distinguished from bribes and are therefore illegal under UK and Irish law whether they happen in that country or in another jurisdiction. Consistent with the Bribery Act 2010, Pantheon explicitly prohibits facilitation payments. However, Pantheon can continue to pay for legally required administrative fees or legitimate fast-track services.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **PEPs** 

Pantheon associates should be vigilant during their dealings with politically exposed persons ("PEPs"). A PEP is a person who has been entrusted with a prominent public function, is a senior politician, or is a close associate of such a person. By virtue of the public position and the influence that they hold, a PEP may present a higher risk for potential involvement in bribery. For more information about PEPs please refer to Pantheon's Anti-Money Laundering and Counter Terrorist Financing Policy and Pay to Play Policy. Pantheon associates, as with other aspects of financial crime are regarded as the first line of defence; as such they are expected to highlight any PEP association in relation to an investor or investment if known.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Our steps to prevent Bribery & Corruption** 

Pantheon has developed an anti-bribery and anti-corruption risk assessment, the purpose of which is to further identify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• those areas of Pantheon's business and activities that are subject to an inherently higher risk of bribery
and corruption, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the existing controls and mitigating factors in place to manage and address such risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inherent and residual risk ratings of such areas of Pantheon's business and activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential enhancements to further reduce / mitigate any residual risks highlighted in its assessment.

Pantheon already operates a Gifts and Entertainment Policy, an Inducement Policy (UK & Ireland) and a Pay to Play Policy and has also implemented certain additional procedures to assist in the prevention of bribery. This policy and these procedures have been designed in a manner which is considered to be appropriate to the size and the organisation of Pantheon and are therefore considered to be adequate to prevent and eliminate bribery within the organisation. Nevertheless, the design of this policy and such arrangements will be kept under review and modified as appropriate from time to time in the context of the development of Pantheon's size, product range, business model and the jurisdictions in which it operates.

Pantheon is committed to the education of its Associates in bribery and corruption prevention. The Compliance Team provides training to Associates on a periodic basis.

Pantheon understands that the ABC risk it faces is continuous and seeks to review its risk assessment on a periodic basis and/or in connection with the Pantheon compliance monitoring and testing program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Oversight and management of incidents of bribery & corruption** 

Pantheon managers are responsible for monitoring staff activities and expenses to identify possible breaches of this Policy. Any possible or actual breach of this Policy should be reported to a member of the Legal and Compliance Team, unless it is not appropriate (for example where the alleged breach involves a member of the Legal and Compliance Team), in which case the breach should be reported to a member of the Partnership Board or to the Board of Directors where it relates to PV (Ireland). In addition to such reporting, representatives from the Legal and Compliance Team, with assistance from the Finance & Risk Teams shall be tasked with identifying possible instances of bribery during the course of their activities pursuant to the anti-bribery procedures developed by the Legal and Compliance team.

------

The Compliance Team will also, if they consider it appropriate to do so in any particular instance, refer

to the Pantheon Partnership Board, or to the Board of Directors where it relates to PV (Ireland), any actual or potential instance of possible bribery. In such circumstances, the Partnership Board/Board of Directors has final responsibility to oversee the Pantheon's response and decide how or whether to refer the matter to law enforcement agencies. Anti-bribery will feature on the Legal and Compliance Team's quarterly reports to the Partnership Board/Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Disciplinary action** 

Pantheon Associates found in violation/breach of this policy or local laws on bribery will face disciplinary action which could include dismissal for gross misconduct. Associates should be aware that they could also be liable to criminal prosecution if provisions of bribery and corruption laws are breached.

------

**Appendix 1** 

**Six Principles for Bribery Prevention** 

**1)** **Proportionality:** Pantheon's procedures to prevent bribery by persons associated with it are proportionate to the bribery risks it faces and to the nature, scale and complexity of the commercial organisation's activities. They are also clear, practical, accessible, effectively implemented and enforced. 

**2)** **Top-level commitment**: The top-level management of Pantheon is committed to preventing bribery by persons associated with it. They foster a culture within the organisation in which bribery is never acceptable 

**3)** **Risk Assessment**: Pantheon assesses the nature and extent of its exposure to potential external and internal risks of bribery on its behalf by persons associated with it. The assessment is periodic, informed and documented. 

**4)** **Due Diligence:** Pantheon applies due diligence procedures, taking a proportionate and risk based approach, in respect of persons who perform or will perform services for or on behalf of Pantheon, in order to mitigate identified bribery risks. 

**5)** **Communication (including training):** Pantheon seeks to ensure that its bribery prevention policies and procedures are embedded and understood throughout Pantheon through internal and external communication, including training, that is proportionate to the risks it faces. 

**6)** **Monitoring and review**: Pantheon monitors and reviews procedures designed to prevent bribery by persons associated with it and makes improvements where necessary. 

------

**<u>Pantheon Fraud Prevention Policy</u>**

Last Reviewed May 2025

**1. Applicability** 

This policy applies to all Pantheon Associates.

**2. Objective** 

Pantheon is required to establish and maintain systems and controls to protect against fraud or attempted fraud or irregularities in the firm's accounting or other records. Associates have individual responsibility to behave ethically and with honesty and integrity and to report any fraud or attempted fraud.

**3. Senior Management Responsibility** 

It is the responsibility of Senior Management to ensure that individual Associates are aware of their obligations relating to their awareness of potential corrupt or fraudulent activity. Senior Management have overall responsibility for ensuring that Pantheon has established effective anti-bribery and anti-fraud systems and controls that reflect the corruption and fraud risks identified as facing the firm, and that are proportionate to the nature, scale and type of our business.

**4. Examples of Fraudulent Activity** 

Pantheon's Risk Team and the Finance and Corporate Funds Team have implemented fraud prevention and detection controls to ensure that all Associates meet the highest ethical standards by ensuring that they remain alert to acts of fraud or attempted fraud. The controls are intended to enable effective prevention of and allow early detection and reporting of any fraud or attempted fraud.

Examples of fraudulent activity include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Theft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• False accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conspiracy to defraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dishonestly making a false representation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dishonestly failing to disclose to another person information which he is under a legal duty to disclose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dishonestly abusing (by action or omission) a position of trust in which one is expected to safeguard or not act
against the financial interests of another person, and or acting with the intent to make a gain for yourself, or another, or to cause loss/expose another to risk of loss; and

------

In addition, the UK Bribery Act of 2010 introduced the strict liability offence of failure to prevent bribery, the UK Criminal Finance Act 2017 introduced the strict liability offence of failure to prevent facilitation of tax evasion and more recently the UK Economic Crime and Corporate Transparency Act 2023 introduced the new strict liability offence of failure to prevent fraud (covering a broader range of fraud types that the bribery or tax evasion offences). These "failure to prevent" offences for bribery, tax evasion and fraud share a common legal framework and purpose. These offences aim to hold organisations (such as Pantheon) criminally liable for failing to prevent specific crimes committed by "associated persons" (like employees, agents, or subsidiaries) when the crime benefits or is intended to benefit the organisation. As a strict liability offence, liability is not dependent on knowledge etc. of the criminal action. The main defence is demonstrating that the organisation had reasonable procedures in place to prevent the act of bribery, tax evasion or other fraud. Typically, these laws have extra-territorial application so long as there is a nexus to the UK. In the case of the UK Economic Crime and Corporate Transparency Act 2023, the failure to prevent fraud offence applies where part of the relevant fraudulent act takes place in the UK or targets UK victims, even if the corporate and employee are based outside the UK

Associates must be aware that some fraud offences may potentially overlap with market abuse offences or other financial crimes under anti-money laundering and anti-bribery and corruption laws and may attract additional sanctions under these regimes as well.

**5. Anti-Fraud Systems and Controls** 

The Risk Team, working in conjunction with the Finance and Corporate Funds Teams, have primary responsibility for ensuring that Pantheon has adequate checks and balances to mitigate against the likelihood of any of the above matters. These checks and balances are also reviewed annually as part of the audit cycle, as well as part of the Type II SSAE16, ISAE 3402 Internal Controls reports, conducted by an independent external audit firm, and lead and coordinated by the firm's Risk Team. The results of the audits are shared with the Partnership Board and our Clients/investors. The full details of Pantheon's systems, controls, checks and balances against fraud are maintained by the Risk, Finance and Corporate Funds Teams.

The UK Economic Crime and Corporate Transparency Act outlines "six principles" (controls) that firms should reflect in their procedures in order to mitigate the risk of fraud being committed on their behalf. In particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Top level commitment

Responsibility for the prevention and detection of fraud rests with those charged with governance – such as the Partnership Board, Partners and Senior Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Risk assessment

Performing an assessment of the nature / extent of risks pertaining to staff, agents and other associated persons who are at risk of committing fraud

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Proportionate risk-based prevention procedures

The need for procedures to be proportionate to the risks faced and the nature / scale / complexity of activities undertaken

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Due diligence

Maintain procedures for persons who perform services for or on behalf of the firm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Communication (including training)

Fraud prevention policies should be communicated to, embedded within and understood throughout the firm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Monitoring and review

Undertake regular review and introducing improvements where necessary

------

**6. Procedure for the Reporting of Suspected Cases of Fraud** 

Pantheon has an obligation to notify the firm's regulators immediately should Pantheon become aware or have a reason to believe that the following has occurred or may occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pantheon becomes aware that an employee may have committed a fraud against one of its
customers/clients/investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pantheon becomes aware that a person, whether or not employed by the firm, may have committed a fraud against the
firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pantheon considers that any person, whether or not employed by the firm, is acting with intent to commit a fraud
against the firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pantheon identifies irregularities in the firm's accounting or other records, whether or not there is
evidence of fraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pantheon suspects that one of its employees may be guilty of serious misconduct concerning their honesty or
integrity and which is connected with Pantheon's regulated activities or ancillary activities. If an Associate suspect that activities constituting fraud are being undertaken, these suspicions must be reported directly to the Compliance Team
for immediate investigation. All such reports will be treated in the strictest confidence.

Upon receipt of this information, the Head of Compliance / Chief Compliance Officer will escalate any concerns as necessary, including with the HR and Risk Departments, and to the Partnership Board / Board of Directors. The Partnership Board / Board of Directors, in consultation with the Head of Compliance / Chief Compliance Officer and the Risk Committee, will determine what necessary external reporting should be made. The Head of Compliance / Chief Compliance Officer is responsible for making the necessary regulatory notifications should any of these events be identified.

The Compliance Team will maintain copies of all relevant documentation of the reported issue.

**7. Disciplinary Procedures/Penalties for Fraud/Attempted Fraud** 

The attempt to defraud is treated as seriously as accomplished fraud. Any Associate suspected of carrying out fraud or attempted fraud will be subject to internal Pantheon disciplinary procedures as set out in the Employee Manual, which forms part of your employment contract with Pantheon as well as possible criminal prosecution. Fraud is a criminal offence. Therefore, any Associate who is found guilty of fraud or attempted fraud may be subject to criminal prosecution, and if convicted, is liable to imprisonment or a fine, or both.

If the employee is a Senior Manager or a Certified Person in accordance with SM&CR, an Approved Person, a Licenced Representative, holds a Controlled Function or a Pre-Approval Controlled Function, the Associate's activities would also be notified to Pantheon's regulators. Regulators may take action against the Associate, including potentially barring the Associate from ever working in the financial services sector again as matters of fraud call to question an Associate's fitness and propriety.

------

**<u>Pantheon Political Contribution Policy</u>**

Last Reviewed June 2025

**Overview and Objective** 

Pantheon respects the rights of Pantheon Associates to lawfully participate in the political process and make personal contributions to candidates or existing officials of their choice for U.S. federal, state, or local (or other political subdivision thereof) office. When a Pantheon Associate chooses to participate in the political process, they must do so at all times as an individual, not as a representative of Pantheon. As a matter of Pantheon policy, no Pantheon Associate may make, or cause Pantheon to make, a contribution to an elected official or candidate for elected office of a U.S. federal, state, or local body (or other political subdivision thereof) (hereafter a "**Government Entity**") for the purpose of obtaining or retaining business for Pantheon.

Under U.S. federal, state, and local laws, referred to as "pay to play" laws, political contributions by Pantheon Associates and their connected person(s)<sup>1</sup> could impact Pantheon's ability to continue to do business or obtain new business with certain Government Entities. Pay to play laws are generally intended to prevent government officials from selecting investment advisers on the basis of their political contributions. These laws include Investment Advisers Act Rule 206(4)-5 (the "**Rule**"). Failure to comply with the Rule may prohibit Pantheon from receiving compensation for managing money for Government Entity clients for up to two (2) years following a disqualifying contribution. To address the requirements of the Rule, all Pantheon Associates and their connected person(s) are considered "Covered Associates" under the Rule.

To ensure compliance with the requirements of the Rule, Pantheon has established this Policy. The Compliance Team and Human Resources are responsible for administering the Policy.

If Pantheon Associates and their connected person(s) have any questions about a political contribution that they would like to make, or a political activity they are considering, they should contact the Compliance Team.

**Registered Representatives of Pantheon Securities, LLC** 

FINRA Rule 2030 is modeled after the SEC Pay-to-Play Rule (formalized as Rule 206(4)-5). Rule 2030 prohibits a FINRA member firm from engaging in distribution or solicitation activities for compensation with a government fund on behalf of an investment adviser within two (2) years after the firm or one of its covered associates makes a political contribution to a government official with influence over the government fund or to a candidate for such an office. Like the SEC Rule, a firm's "covered associates" include its general partner, managing member or executives with similar functions; persons who are engaged in distribution or solicitation activities with government funds and their supervisors; and political action committees controlled by the firm or a covered associate.

Additionally, FINRA Rule 4580 imposes certain recordkeeping requirements pertaining to the activities regulated by FINRA Rule 2030 and requires covered members to maintain a list or other record of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the names, titles, and business and residential addresses of all covered associates;

<sup>1</sup> A connected person is a person that is (i) a Pantheon Associate's Partner (defined as a spouse, civil partner, or any person with whom the Associate lives as a partner in an enduring family relationship), (ii) a child or stepchild of the Associate or of the Associate's Partner, or (iii) an individual having a financial dependence on the Associate or the Associate's Partner (which could include, but is not limited to, a mature student) or vulnerability resulting in any other dependency on the Associate or the Associate's Partner (which could include, but is not limited to, an elderly relative). 

INTERNAL ALL

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name and business address of each investment adviser on behalf of which the covered member has engaged in
distribution or solicitation activities with a Government Entity within the past five (5) years (but not prior to the Rule's effective date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name and business address of all Government Entities with which the covered member has engaged in
distribution or solicitation activities for compensation on behalf of an investment adviser, or which are or were investors in any covered investment pool on behalf of which the covered member has engaged in distribution or solicitation activities
with the Government Entity on behalf of the investment adviser to the covered investment pool, within the past five (5) years (but not prior to the Rule's effective date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all direct or indirect contributions made by the covered member or any of its covered associates to an official
of a Government Entity, or direct or indirect payments to a political party of a state or political subdivision thereof, or to a PAC.

FINRA Rule 4580 requires that the direct and indirect contributions or payments made by the covered member or any of its covered associates be listed in chronological order and indicate (i) the name and title of each contributor, (ii) each recipient of the contribution or payment, (iii) the amount and date of each contribution or payment, and (iv) whether the contribution was the subject of the exception for returned contributions in Rule 2030.

**Permitted Contributions and Political Activities** 

Pantheon Associates and their connected person(s) must enter information into the Pantheon internal reporting system and receive approval before they may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make a contribution to an elected official or candidate for elected office of a Government Entity (including
Presidential elections) up to and including an aggregated US$150 per candidate, per election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make a contribution of up to US$150 to a political party, Political Action Committee ()"**PAC** ")
(note: contributions to a PAC may be above US$150 if permission is granted by the Head of Compliance prior to the contribution and documented in the Pantheon internal reporting system, along with completing the certification in Appendix A below) or
other organization (1) if the contribution is not directed to an individual elected official or candidate for elected office of a Government Entity and (2) following due diligence to confirm that the entity receiving the contribution will
not funnel funds to a specific elected official or candidate for elected office of a Government Entity. Requests to contribute to a political party, PAC, or other organization require due diligence and pre-approval by the Compliance Team, which may refer review of a proposed contribution to the Partnership Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As part of a campaign, volunteer their time on behalf of an elected official or candidate for elected office of a
Government Entity during non-business hours so long as Pantheon Associates and their connected person(s) do not use Pantheon's name (or imply any endorsement by Pantheon) or resources (such as corporate
facilities, systems, communications equipment and phone lines, office supplies, and mailing lists), and so long as Pantheon Associates and their connected person(s) do not coordinate or solicit any person or PAC to make any contribution (as
described further below).

INTERNAL ALL

------

**Prohibited Contributions and Political Activities** 

No Pantheon Associate may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make a contribution to an elected official or candidate for elected office of a Government Entity (including
Presidential elections) in excess of the US$150 limit set forth above without the prior approval of the Compliance Team, as stated above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cause Pantheon to make any contribution to an elected official or candidate for any elected office of a
Government Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cause Pantheon to pay a third party (including affiliates) to solicit a Government Entity for business unless the
Compliance Team has provided approval in advance of the activity (for example, either an SEC-registered investment adviser or a FINRA-registered broker dealer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coordinate or solicit any person, PAC or other organization to make any contribution to an elected official or
candidate for elected office of a Government Entity or contribution to a U.S. local or state political party (this includes but is not limited to requesting funds in speeches or written materials);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use Pantheon's name or resources (as described above) in connection with any service to a campaign or in
support of any elected official or candidate for elected office of a Government Entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any lobbying efforts on behalf of Pantheon, since lobbying is a regulated activity that often requires
public filings and/or registration, without prior approval from the Compliance Team and the Pantheon Partnership Board.

**Political Activities & Indirect Contributions** 

<u>Overview</u>

Pantheon Associates and their connected person(s) need to know that the Rule prohibits Pantheon and Pantheon Associates and their connected person(s) from doing anything indirectly which, if done directly, would result in a violation of the Rule and this Policy.

Certain activities supporting elected officials or candidates of a Government Entity, including fundraising, may be considered indirect contributions and are prohibited. Therefore, political activities are subject to pre-approval by the Compliance Team.

<u>Prohibited Activities</u> 

Following are examples of prohibited activities. Pantheon Associates and their connected person(s) may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Speak at a fundraising event for an elected official or candidate for any elected office of a Government Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide a venue or other support, such as refreshments, for an event that involves directly or indirectly
soliciting contributions for an elected official or candidate for any elected office of a Government Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase a ticket for a fundraising dinner for a fee in excess of the value of the dinner if the excess is
directed to an elected official or candidate for any elected office of a Government Entity.

INTERNAL ALL

------

Additionally, Pantheon Associates and their connected person(s) should be aware of contributions that may be viewed as in their control and therefore may be a violation of this Policy and the Rule, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Solicitation of any person, such as a spouse, family member or friend, to make a contribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions made by spouses from a joint checking account, which may give the appearance of an indirect
contribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions made to an entity where a Pantheon Associate has the ability to direct the use of the funds or
knows that entity will use the funds to support an elected official or candidate for elected office of a Government Entity.

**Prospective Pantheon Associates** 

The Rule has a "look back" provision on contributions made by newly hired Pantheon Associates. To prevent past contributions by a newly hired Pantheon Associate from impacting Pantheon's ability to receive compensation from its clients, prospective new Pantheon Associates must provide information regarding past contributions and political activities made two (2) years prior to the prospective hire date.

Contribution history is collected from prospective Pantheon Associates prior to the first date of employment. The Compliance Team will review the contribution and political activity information to determine if it poses challenges to Pantheon's ability to conduct business.

**Procedures** 

<u>Pre-Clearance</u>

Prior to making a contribution, information regarding the proposed contribution must be entered into the Pantheon internal reporting system by the Pantheon Associate and be approved by the Compliance Team. Requested exceptions to the policy require special review and approval of the Compliance Team and may be referred to the Partnership Board for further review, as appropriate.

Prior to engaging in a political activity, information regarding the proposed activity must be entered into the Pantheon internal reporting system by the Pantheon Associate, who must wait for approval from the Compliance Team before engaging in the activity. The proposed activity may be referred to the Partnership Board for review.

As necessary, the Compliance Team will research local and state pay to play laws and Pantheon will bear the costs of external support for such pay to play research in California, New York and Illinois. Pantheon Associates and their connected person(s)who wish to make contributions or engage in political activities in other states may be required to pay for external support to research local and/or state pay to play laws.

The Compliance Team reserves the right to prohibit any proposed contribution or political activity that is deemed to raise a risk of violating the Rule, state or local laws or this Policy, or any actual or apparent conflict of interest, or place Pantheon's business at risk, or for any other reason determined by the Compliance team.

<u>Periodic Reporting</u> 

On a periodic basis (typically via the Pantheon annual certification process), all Pantheon Associates and their connected person(s) must submit an acknowledgement confirming that they are in compliance with this Policy and acknowledging that the information regarding their contributions and political activities in the Pantheon internal reporting system is complete and accurate.

<u>New Government Entity Clients</u> 

The Compliance Team shall review records of contributions in excess of US$150 made within two (2) years of the date of anticipated inception of an account with a Government Entity to determine whether any contributions have been made to an official of the Government Entity. Information regarding contributions greater than US$150, if any, will be shared with the Investor Relations Team to preclude efforts to contact Government Entity until two (2) years after the contribution.

INTERNAL ALL

------

<u>Confidentiality</u>

Pantheon respects the rights of Pantheon Associates and their connected person(s) to lawfully contribute to the political process and will keep the information provided under this Policy confidential, subject to the rights of inspection of the Compliance Team and all regulatory and licensing bodies, or as any disclosure may become necessary or advisable in the operation of Pantheon, including disclosures at the request of representatives of clients and potential clients who are Government Entities, pension funds, or their fiduciaries, if requested to do so.

<u>Compliance with Other Laws</u> 

It should not be assumed that pre-clearance or approval under this Policy is confirmation that Pantheon Associates and their connected person(s) are complying with any applicable campaign finance, lobbying, or other applicable laws. Each Pantheon Associate is urged to consult such advisors or counsel as appropriate on such laws. With respect to clients and potential clients that are Government Entities, additional state and local rules may apply.

<u>Violations</u>

If any Pantheon Associate becomes aware of a potential violation or violation of this Policy, they must immediately notify the Compliance Team. The ability to cure a violation or potential violation is time-sensitive, and it is important that the Compliance Team is notified as soon as possible. In the event that a Pantheon Associate makes a contribution in violation of this Policy or the Rule, the Pantheon Associate agrees to take all reasonable efforts as requested by Pantheon to prevent the triggering of the Rule's two-year time-out period, including, but not limited to, actively seeking the return of the contribution.

<u>Recordkeeping</u>

Pantheon will maintain the following books and records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The names, titles and business (if other than Pantheon's address) and residence addresses of all Pantheon
Associates and their connected person(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All Government Entities to which Pantheon provides or has provided investment advisory services, or which are
or were investors in any fund or other pooled vehicle to which Pantheon provides or has provided investment advisory services, as applicable, in the past five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All direct or indirect contributions made by Pantheon or any Pantheon Associates and their connected person(s)
to an official of a Government Entity, or to a political party of a state or political subdivision thereof, or to a political action committee, if applicable. Records relating to such contributions must be listed in chronological order and indicate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the name and title of each contributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the name and title (including any city/county/state or other political subdivision) of each recipient of a
contribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the amount and date of each contribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. whether any such contribution was the subject of the exception for certain returned contributions pursuant to
Rule 206(4)-5(b)(2).

INTERNAL ALL

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The name and business address of each person or entity to which Pantheon provides or agrees to provide,
directly or indirectly, payment to solicit a Government Entity for investment advisory services on its behalf, in accordance with Rule 206(4)-5(a)(2), if applicable.

<u>Oversight</u>

The Compliance Team is responsible for the oversight of this Policy. Pantheon Associates and their connected person(s) are encouraged to contact the Compliance Team with any questions about this Policy. Compliance shall periodically complete public donor database spot checks with regard to review political contributions/potential political contributions made/reported by Pantheon Associates and their connected person(s).

**Questions Regarding Application of the Policy** 

Pantheon Associates should consult the Compliance Team if they have any questions about whether a contribution or activity would be prohibited or restricted by this Policy or the Rule.

For example, please seek guidance from the Compliance Team if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You or a family member expects to run for state or municipal office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You or a family member expects to serve in an official capacity in a campaign for state or municipal office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You or a family member are asked to make a non-political (e.g.,
charitable) contribution by an elected official of a Government Entity.

**Definitions** 

For purposes of this Policy:

"**Pantheon**" includes Pantheon Ventures Inc., Pantheon Ventures (US) LP, Pantheon Ventures (UK) LLP, Pantheon Ventures (Ireland) DAC, Pantheon Ventures (Asia) Limited, and Pantheon Ventures (Singapore) Pte. Ltd.

"**Contribution**" means any contribution, gift, subscription, loan, advance or deposit of money including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) payment of debt incurred in connection with an election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) transition or inaugural expenses of a successful candidate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) anything else of value to the candidate or official, other than volunteered time outside of business hours.

For any non-Pantheon Officer, partner or employee who is determined to be covered by this Policy under the Rule, the Compliance Team is responsible for establishing appropriate pre-clearance and reporting procedures, unless the non-Pantheon Associate is subject to a Policy administered by her/his employer.

"**Family member**" means any person, related by blood, marriage, domestic partnership or civil union, who lives in the same household as the Pantheon Associate and includes: any spouse, domestic partner, child, stepchild, grandchild, parent, stepparent, grandparent, sibling, and any adoptive relationships living in the same household as the Pantheon Associate.

INTERNAL ALL

------

"**Government Entity**" means any U.S. city, state or political subdivision of a state, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any agency, authority, or instrumentality of the state or political subdivision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a pool of assets sponsored or established by the state or political subdivision or any agency, authority, or
instrumentality thereof, including, but not limited to a "defined benefit plan" as defined in Section 414(j) of the Internal Revenue Code (the "Code"), or a state general fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any participant-directed investment program or plan sponsored or established by a state or political
subdivision or any agency, authority or instrumentality thereof, including, but not limited to a "qualified tuition plan" authorized by Section 529 of the Code, a retirement plan authorized by Section 403(b) or 457 of the Code,
or any similar program or plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) officers, agents, or employees of the state or political subdivision or any agency, authority or
instrumentality thereof, acting in their official capacity.

"**Rule**" means U.S. Investment Advisers Act Rule 206(4)-5, which prohibits investment advisers and their Covered Associates from making political contributions greater than de minimis limits to an elected official or candidate for elected office of a Government Entity. Political contributions in violation of the Rule will trigger a two-year time-out during which advisers cannot provide advisory services for compensation to the Government Entity that received the contribution.

"**Solicit**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to investment advisory services, to communicate, directly or indirectly, for the purpose of
obtaining or retaining a client for, or referring a client to, an investment advisor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to a contribution, to communicate, directly or indirectly, for the purpose of obtaining or
arranging a contribution.

***Reference:*** Advisers Act – Rule 206(4)-5; Rule 204-2: FINRA Rules - 2030 and 4580: Applicable State Laws

***Effective Date***: March 14, 2011

INTERNAL ALL

------

**Appendix A - Political Action Committee Donation Certification** 

Per Pantheon's Political Contribution policy (Annex K to the Code of Ethics), associates can make a contribution of up to US$150 to a political party, Political Action Committee ("**PAC**") (contributions to a PAC may be above US$150 if permission is granted by the Head of Compliance prior to the contribution and documented in the Pantheon internal reporting system) or other organization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the contribution is not directed to an elected official or candidate for elected office of a Government Entity
and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following due diligence to confirm the entity receiving the contribution will not funnel funds to an elected
official or candidate of a Government Entity.

In order to make a donation in excess of $150 to a PAC (subject to federal election law limits), the Pantheon Associate must certify to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pantheon and/or its covered associates do not "control" the PAC (meaning the associate does not have
the ability to direct or cause the direction of the governance or the operations of that PAC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The contributions do not violate the rule's prohibition on doing indirectly what you can't do
directly; meaning, this contribution is not part of a chain of contributions through PAC(s) made for the purpose of avoiding the pay to play rule

I, {name} hereby certify that I do not control {Name of PAC} and the {amount $$} contribution that I am making to {Name of PAC} is not part of a chain of contributions through this PAC made for the purpose of avoiding the pay to play rule.

---

| | | |
|:---|:---|:---|
| (Print Name) | (Signature) | (Date) |

---

INTERNAL ALL

------

**<u>Pantheon Whistleblowing Policy</u>**

Last update November 2025

***Applicability***

This policy applies to all Pantheon Group Associates<sup>1</sup>.

***Overview***

Whether in respect of a firm or an individual, whistleblowing is the making of a disclosure that, in the reasonable belief of the Associate making such disclosure (the "Reporting Person"), is in the public interest and asserts that one or more of the following has taken place in the past, is taking place in the present, or will likely take place in the future:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• crime(s), breaches of law, serious breaches of legal and regulatory obligations (such as securities violations,
fitness & propriety, violations of our obligations on bribery, corruption, sanctions, money laundering, fraud, tax evasion, facilitation of tax evasion and other criminal activities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a miscarriage of justice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a danger to health and safety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• damage to the environment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attempts to cover up such malpractice of the above (such as concealing or destroying evidence of wrongdoing).

***How to make a whistleblowing disclosure***

Pantheon hopes that, in many cases, Associates will be able to raise any concerns with their direct manager. However, where Associates would prefer to raise concerns via other channels, they may contact senior management, HR or the applicable Chief Compliance Officer ("CCO") / Head of Compliance (each, a "Designated Person") who will maintain communication with the Reporting Person, follow-up on the report and provide feedback to the Reporting Person.

***Protection and support for whistleblowers***

Pantheon shall ensure that no discrimination, harassment, victimization, penalization or, in the case of Associates, any other unfair employment practice like retaliation, threat or intimidation of termination/suspension of service, disciplinary action, transfer, demotion, refusal of promotion or the like will be adopted against Associates making whistleblower disclosures.

Associates are expressly forbidden from taking any adverse personal actions against Reporting Persons. Associates found to have been involved in such conduct may be subject to disciplinary action.

A whistleblower may report any violations of this section to a Designated Person.

<sup>1</sup> Please refer to the Pantheon Ventures (Ireland) DAC section of the policy for further details of applicability specific to Ireland.

------

***Confidentiality***

Pantheon will treat all such disclosures in a sensitive manner and will endeavor to keep the identity of an individual making an allegation confidential. However, the investigation process may inevitably reveal the source of the information and the individual making the disclosure may need to provide a statement which cannot be kept confidential if legal or regulatory proceedings arise. Pantheon will make every effort to keep your identity secret and only reveal it where necessary to those involved in investigating your concern.

***Anonymous allegations***

Pantheon hopes that Associates will feel able to voice whistleblowing concerns openly under this Policy. This Policy does not require individuals to put their names to any disclosures they make. An Associate may choose to report a breach anonymously. Anonymous reporting can be done via the Whistleblowing Disclosure form located on the Pantheon internal reporting system through the link below. (Note: this link is also readily available via the Pantheon intranet.)

Anonymous Whistleblowing

***Investigation and outcome***

The Designated Person will aim to acknowledge receipt of a whistleblowing disclosure within seven (7) days of receipt. The Designated Person will carry out an initial assessment to determine the scope of any investigation and will diligently follow up on all reports received. The Reporting Person may be required to attend additional meetings in order to provide further information. The Designated Person will aim to provide feedback to the Associate on actions taken or envisaged to be taken within three (3) months of the date of the whistleblowing disclosure and will aim to provide further feedback to the Associate at three-month intervals thereafter<sup>2</sup>. Whilst the Designated Person will aim to keep the whistleblowing Associate informed of the progress of the investigation, sometimes the need for confidentiality may prevent them from giving the Associate specific details of the investigation or any disciplinary action taken as a result. Associates should treat any information about the investigation as confidential.

***External Disclosures***

The aim of this Policy is to provide an internal mechanism for reporting, investigating and remedying any wrongdoing in the workplace. We believe that in light of our processes, Associates should not find it necessary to alert anyone externally. However, Associates have the right to report concerns to an external body, such as a regulator<sup>3</sup>. Pantheon Associates may seek advice internally before making whistleblowing disclosures to anyone externally.

<sup>2</sup> Please refer to the Pantheon Ventures (Ireland) DAC section of the policy for further details of applicability specific to Ireland.

<sup>3</sup> Please refer to the Pantheon Ventures (Ireland) DAC section of this policy for further details on the rights of the reporting person to report to an external body.

------

***Pantheon Ventures (Ireland) DAC ("PV Ireland")***

In Ireland, this Policy also applies to members of the Board of PV Ireland, shareholders, and job applicants. Job applicants can make a disclosure via the Whistleblowing Disclosure link located on the Pantheon Careers page and via the Worker Privacy Notice on the public website.

In Ireland, Reporting Persons have the right to report to a regulator, known as a 'prescribed person'. A list of prescribed persons can be found at: <u>www.gov.ie/prescribed-persons</u>. Reporting Persons can also report to the Protected Disclosures Commissioner who will refer the report usually to a suitable regulator for acknowledgment, follow-up, and feedback. As part of the internal investigation and outcome process, the Designated Person will provide the Reporting Person with information on how to report externally to a prescribed person or to the Protected Disclosures Commissioner.

**Pre-Approval Controlled Function ("PCF") Disclosures** 

Persons holding PCF roles in regulated firms who need to make a disclosure of an alleged offence, breach of financial services legislation or concealment or destruction of evidence of such in their firm are requested to make the disclosure by completing the disclosure form, available on the Central Bank of Ireland <u>website</u>.

## Ex-99.(R)(3)

![LOGO](g147541g02g24.jpg)

**CODE OF ETHICS** 

**AMG Funds LLC** 

**AMG Distributors, Inc.** 

**November 2025** 

------

---

| | |
|:---|:---|
|  **Introduction and Standards of Conduct** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exemptions | 5 |
|  **Personal Trading Policies** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Clearance Requirement | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Clearance Procedures | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prohibited Sales | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited Offerings | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Discretionary Accounts | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brokerage Account Reporting | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frequent Trading | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Volitional Trading | 9 |
|  **Employee Reporting and Certification Requirements** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quarterly Certification of Personal Securities Transactions | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial and Quarterly Certification of Brokerage Accounts | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial and Annual Certification of Holdings Reports | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial and Annual Certification of Code of Ethics | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial and Annual Certification of Compliance Manual | 13 |
|  **Initial and Quarterly Certification of Pay to Play Policy** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial and Annual Certification of AMG's Insider Trading Policy | 13 |
|  **Insider Trading** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material Non-Public Information | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Information Relating to Clients is Inside Information | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanctions and Penalties | 15 |
|  **Sharing or Using Investment-Related Information** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Barriers | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Note Regarding False Rumors and Other Abusive Market Activity | 16 |
|  **General Business Conduct and Avoiding of Conflicts of Interest** | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifts and Gratuities ("Gifts") | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business Entertainment | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outside Sponsor Requirements | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outside Business Activities | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Political Campaign Contributions | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketing and Sales Activities | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investigation and Sanctions | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retaliation | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guidance | 21 |
|  **Ethics Training Requirements** | **22** |
|  **Exhibit A - Definitions** | **A-1** |

---

For Internal Use Only - AMG Funds LLC 2

------

---

| | |
|:---|:---|
|  **Exhibit B - Initial and Annual Holdings Certification Form** | **B-1** |
|  **Exhibit C - Special Request Form – Personal Securities Transaction Approval** | **C-1** |
|  **Exhibit D - Personal Securities Pre-Clearance/Reporting Requirements** | **D-1** |

---

For Internal Use Only - AMG Funds LLC 3

------

**Introduction and Standards of Conduct** 

**Introduction** 

AMG Funds LLC ("AMGF" or "Firm") has adopted this Code of Ethics ("Code") in accordance with Rule 204A-1 under the Investment Advisers Act of 1940 and Rule 17j-1 of the Investment Company Act of 1940 as well as in accordance with FINRA Rule 2010, which applies to AMG Distributors, Inc. ("AMGDI"), AMGF's wholly owned subsidiary and broker-dealer and distributor for many of the funds in the AMG Funds family of funds (the "AMG Funds") and for registered funds sponsored by Affiliates of AMGDI. AMGDI also serves as placement agent for certain private funds sponsored by AMG Affiliates (each, a "Private Investment Fund"). AMGF is also a Commodity Futures Trading Commission ("CFTC") /National Futures Association ("NFA") registrant and as required by the CFTC (under Rule 180.1) this Code is designed to reasonably satisfy the CFTC's prohibition on Market Manipulation. Please see AMGF's CFTC/NFA Compliance Manual for additional information. AMGF has developed this Code to promote high standards of ethical conduct among our officers and Employees (defined in Exhibit A).

Additionally, the AMG Funds maintain a Code of Ethics pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended, with respect to certain types of personal securities transactions and to establish reporting requirements and enforcement procedures with respect to such transactions.

One of the Firm's most important assets is our reputation for honesty, integrity and professionalism. The responsibility for maintaining that reputation rests with each Employee. This shared commitment underlies our success as individuals and as a business. The Code contains procedural requirements that Employees must follow to meet certain regulatory and legal requirements as well as ethical standards. Our procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Address trading policies applicable to Employees' personal investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Define confidentiality expectations and "non-public information" and set forth the parameters for appropriate use of this information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Describe the procedures we have established for "information barriers," which govern the
dissemination of information outside of AMGF; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Address general business conduct expected of Employees to avoid conflicts of interest or conduct that may put the
Firm's reputation at risk.

The Code addresses the personal trading activities and other business-related conduct of AMGF Employees and registered representatives of AMGDI who (in certain instances) are also Employees of AMGF. The Firm's Chief Compliance Officer ("CCO"), who is responsible for administering the Code, also may subject certain individuals, including (but not limited to) interns, co-ops, temporary employees, contract employees or independent contractors, to any part or all of the Firm's Code, its requirements and provisions. Certain provisions of this Code also apply to "Immediate Family" of Employees where indicated.

The CCO is responsible for administering the Code of Ethics and ensuring that Employees understand the Code. The CCO should encourage Employees to discuss questions of business ethics or practices at any time they arise and to surface potential questions before any action is taken in order to prevent actual or apparent conflicts of interest. The CCO shall review the adequacy of the Code and the effectiveness of its implementation at least annually.

For Internal Use Only - AMG Funds LLC 4

------

**Contractors and Interns** 

AMGF may from time to time hire contractors, interns and other temporary workers (collectively referred to as a "Contractor"). An Employee in the Human Resources department will notify Compliance if any Contractors will be used by AMGF and indicate their anticipated length of stay, where he or she will be located and their responsibilities. Based upon this description, the CCO (or their designee) will determine the extent to which this Code applies to such Contractor. Generally, all Contractors will be required to complete Compliance training, at the time of engagement, which includes a discussion of the Code. However, an AMGF Contractor who is not expected to become an Employee, or whose stay is not expected to exceed six (6) consecutive months, will generally not be subject to the Employee Reporting and Certification Requirements. If an AMGF Contractor becomes an Employee or their length of stay exceeds six (6) months, then the AMGF Contractor may be treated as an Employee for purposes of the requirements under the Code. The Standards of Conduct addressed in the Code apply to all Employees and Contractors. All new Employees and Contractors receive training related to this Code.

**Exemptions** 

For Internal Use Only - AMG Funds LLC 5

------

**Standards of Conduct** 

AMGF expects Employees to conduct themselves in an ethical manner and consistently with all applicable fiduciary and legal obligations. As a "fiduciary", the Firm owes our clients a duty of care, loyalty, honesty, good faith, fair dealing and to always act in the best interests of our clients. Thus, we must always place the interests of our clients first and over the interests of the Firm. AMGF expects all Employees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act with integrity, competence and dignity, and in an ethical manner when dealing with the public, clients,
prospects, and fellow Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adhere to the highest standards with respect to any potential conflicts of interest with client accounts. Simply
stated, no Employee should ever enjoy an actual, apparent or perceived benefit to the detriment of the account of any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preserve the confidentiality (and privacy) of information they may obtain during our business and to use such
information properly and in no way adversely to our clients' interests, subject to the legality of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct their personal financial affairs in a prudent manner, avoiding any action that could compromise in any
way their ability to deal objectively with clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise reasonable care and professional judgment to avoid engaging in actions that put the image of the Firm or
its reputation at risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with all applicable federal securities laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promptly report suspected material violations of the Code, including violations of securities or other laws,
rules and regulations applicable to our business, to the CCO.

While it is not possible to specifically define and prescribe rules addressing all possible situations in which conflicts may arise, this Code sets forth the Firm's policy regarding those situations in which conflicts are most likely to develop.

**Failure to comply with the Code may result in disciplinary action, including but not limited to a warning, fines, disgorgement of profits, suspension, demotion, or termination of employment. Violations also may result in referral to civil or criminal authorities where appropriate.** 

For Internal Use Only - AMG Funds LLC 6

------

**Personal Trading Policies** 

Employees must avoid any actual or apparent conflict with securities transactions contemplated or being conducted by AMG Affiliates for their clients. Accordingly, Employees should not make direct personal investments in publicly traded securities for any account over which they exercise control or receive direct or indirect benefit from investments in securities including direct investment in stocks, bonds and derivatives (e.g. options) on these instruments, whether through an initial public offering or not. Investments in securities through mutual funds or other private and public pooled vehicles, or through a non-discretionary account, are permitted. Exemptions to this policy may be granted by the CCO with prior approval. Any Employee who receives such an exemption must receive pre-clearance approval, as described below, before they may initiate any transaction(s). The CCO or his designee may from time to time direct a review of Employee personal trading to ensure compliance with this policy.

Employees may purchase the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the U.S. Government

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money market instruments, including bankers' acceptances, bank certificates of deposits, commercial paper
and high-quality short-term debt instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by open-end mutual funds, closed-end funds\*, ETFs (excluding single stock), ETNs, BDC's other private or public pooled vehicles, including collective investment trusts, unit trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 529 Savings Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Municipal Bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities of Affiliated Managers Group, Inc. (AMG)\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Public stock, pursuant to employer stock options/grants\*, unless this is a non-volitional trade, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments through any account where the Employee does not have discretion or control over the investments,
including separately managed accounts.

\* Requires pre-clearance

If the Legal and Compliance team ("Compliance") should determine that an Employee's personal trade(s) gives the appearance of impropriety (such as front-running or market-timing), Compliance may require the Employee to sell the security or securities and disgorge any profits earned to a designated charity of the Firm's choice. Factors that may be considered in determining whether an Employee must sell their security include but may not be limited to: the frequency of occurrence, the degree of personal benefit to the Employee, and/or the degree of conflict of interest.

**<u>Note:</u>** Employees should refer to *Exhibit A – Definitions* for a Description of Terms.

**Pre-Clearance Requirement** 

Employees are required to pre-clear all personal securities transactions in Reportable Accounts prior to selling any security, except for those securities specifically exempted from pre-clearance in this Code. Employees should refer to *Exhibit D—Personal Securities Pre-Clearance and Reporting Requirements* or contact Compliance for a list of securities exempted from pre-clearance.

For Internal Use Only - AMG Funds LLC 7

------

**Pre-Clearance Procedures** 

Employees must use the Employee Personal Trading and Certification System ("Personal Trading System" or "System") to obtain pre-clearance of personal trades that are permitted under the Code. The Personal Trading System, which enables Employees to submit personal trade pre - clearance requests prior to execution, is accessible through the AMGF intranet (and the internet) 7 days a week/24 hours a day. <u>Please Note:</u> While the system can be accessed at any time, pre-clearance requests are only reviewed during the normal hours of market operation. Therefore, for any pre-clearance requests entered into the system prior to market open (or after market close), Employees may experience a longer waiting period between submission and notification than if the request was submitted during normal market hours. Employees should remember that pre-clearance is good <u>only</u> for the date approved.

Employees who experience technical difficulties with the System should contact Compliance for assistance. If a technical problem cannot be resolved in a timely manner, Compliance may ask the Employee to use the form, *Exhibit C—Special Request Form—Personal Securities Transactions Approval* posted on the Compliance section of the AMGF intranet. In no instance should an Employee trade a security that requires pre-clearance prior to obtaining said pre-clearance.

**Prohibited Sales** 

In addition to being prohibited from making any direct personal investments in publicly traded securities, including stocks, bonds and derivatives on these instruments, Employees are prohibited from selling any security where AMGF may have access to trade information about that security, as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Restrictions Regarding Mutual Fund Subadviser Trading Information</u>. In cases where the Firm has
access to information regarding active or planned trading activity by a subadviser to one or more series of the AMG Funds (a "Mutual Fund Subadviser"), Employees are prohibited from selling a security if, during the prior three
(3) business days (starting from the date that Mutual Fund Subadviser's trading data is received by AMGF), a Mutual Fund Subadviser has traded in the security for any Reportable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Restrictions Regarding Private Investment Funds sponsored by AMG Affiliates or Certain Third-Party Private Funds</u>. In cases where the Firm has access to information regarding active or planned investment activity by an affiliated advisor to a Private Investment Fund or a third-party private fund, Employees are prohibited from purchasing or selling a
security involved in such activity. In addition, Employees are prohibited from purchasing or selling a security if, during the prior three (3) business days (starting from the date that advisor's investment data is received by AMGF), a
Private Investment Fund or a third-party private fund trades that security.

**<u>Note</u>:** Only under special circumstances (e.g., estate liquidation, home purchase, or financial hardship) can an Employee sell a security that would otherwise be denied. "Special Requests" must be submitted via *Exhibit C—Special Request Form – Personal Securities Transaction Approval* and require written approval from Compliance.

**Limited Offerings** 

Employees may not acquire or sell securities in a Limited Offering without prior approval from Compliance. Employees seeking approval should submit *Exhibit C—Special Request Form – Personal Securities Transaction Approval*. Approvals for transactions in Limited Offerings <u>should</u> be submitted through the Personal Trading System by uploading *Exhibit C – Special Request Form – Personal Securities Transaction Approval*. Employees interested in participating in a Limited Offering should contact the CCO or designee for further guidance on obtaining approval. Additionally, Employees who acquire securities in a Limited Offering should review the section below entitled "Frequent Trading" regarding additional stipulations that may affect their desire to participate in these types of offerings.

For Internal Use Only - AMG Funds LLC 8

------

**Non-Discretionary Accounts** 

Trading activity through an account for which an Employee does not have any authority to trade or to exercise discretion is not subject to pre-clearance and reporting requirements of the Code. Employees who hold AMG stock still need to have all transactions in AMG stock pre-cleared. This would include, for example, blind trusts or brokerage accounts where the Employee cannot exercise trading authority. Employees are required to provide Compliance with a copy of the investment management agreement or similar document that evidences assignment of investment discretion to a third party. If a copy of the required documentation is not provided to Compliance, the Employee will be considered to have discretion, and thus, be subject to pre-clearance and reporting requirements. In addition, Compliance may periodically ask Employees who have disclosed a non-discretionary (managed) account, and/or the broker(s) who administers this account, to submit certifications regarding the Employee's trading authority or influence over the account.

**Brokerage Account Reporting** 

Employees must disclose all Reportable Accounts (i.e., accounts in which there is direct or Beneficial Ownership) to the CCO. Employees must disclose any newly opened Reportable Account within 10 calendar days by disclosing such account in the Personal Trading System. All Reportable Accounts must also be disclosed prior to the Employee executing any trades in the new account. No employee should execute any trade in the disclosed account until receiving approval from Compliance. In addition, Employees must authorize the broker-dealer to send duplicate copies of trade confirmations and periodic statements (either electronically or by hard copy) for all Reportable Accounts directly to Compliance.

All Employees are limited to opening and maintaining personal brokerage accounts with select brokerage firms ("Designated Brokers") unless granted an exception from the CCO. Personal securities transactions executed with these firms are updated electronically and monitored by Compliance through the Personal Trading System.

Compliance maintains a current list of Designated Brokers. Employees should consult Compliance if they believe they have Reportable Accounts that cannot readily be maintained with a Designated Broker (e.g., family trust account, stock certificates held in paper form or 529 plans, etc.).

**Frequent Trading** 

In general, AMGF defines frequent trading as the purchase and sale (or sale and then repurchase) of a security within 30 calendar days of an initial transaction. Only under limited and extraordinary circumstances (e.g., financial hardships, estate issues, etc.) may Employees of AMGF engage in frequent trading activity. Any such request must be approved by the CCO. Any profits realized in the purchase and sale, or sale and purchase, of the same (or equivalent) securities in the same account, including mutual funds and ETFs, within 30 calendar days of initial transaction on such short-term trades may be required to be disgorged to a charity selected by the CCO.

**Non-Volitional Trading** 

Purchases or sales of securities that are non-volitional (i.e., the Employee has no control over the transaction in question) on the part of an Employee (i.e., an assignment of options or exercise of an option at expiration) are not considered a violation of the Code of Ethics, as the Employee is required to have obtained the necessary preclearance to enter into the contract prior to its commencement, excluding derivatives on stocks and bonds that are not eligible for purchase.

For Internal Use Only - AMG Funds LLC 9

------

**Bitcoin/Cryptocurrency Investing** 

Employees are allowed to directly invest in cryptocurrencies such as bitcoin. Prior to engaging in any cryptocurrency trading, the Employee must disclose in the Personal Trading System the account that the Employee opened to engage in cryptocurrency investing. Crypto ETFs would be subject to ETF rules. Investing in Initial Coin Offerings (ICOs) is prohibited.

After disclosure of the account, an Employee will not need to pre-clear any future cryptocurrency transactions within the account.

For Internal Use Only - AMG Funds LLC 10

------

**Sanctions for Personal Trading Violations** 

If Compliance determines that a breach of these personal trading policies has occurred, it shall promptly document and discuss the issue with the Employee and the Employee's immediate supervisor. Depending on the severity of the violation, sanctions, as determined to be appropriate, may be imposed. Sanctions may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Warning (verbal or written).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reprimand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remedial compliance training.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reassignment of duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension of activities (*e.g.,* one's ability to trade for personal accounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Require the Employee to sell the security in question and disgorge all profits to a charity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Require the trade to be broken (if not settled).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary action (*e.g.,* including a reduction in salary or bonus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension or termination of employment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A combination of the foregoing.

For Internal Use Only - AMG Funds LLC 11

------

**Employee Reporting and Certification Requirements** 

**Quarterly Certification of Personal Securities Transactions** 

Employees are required to certify their personal securities transactions each quarter via the Personal Trading System. Compliance will notify Employees (via e-mail) of this certification requirement each quarter. Employees authorized to maintain accounts at a brokerage firm not included on the Designated Broker list must also ensure the Firm receives all quarterly brokerage statements for any Reportable Accounts maintained by them or their Immediate Family (including account statements for any Reportable Security held outside of an AMGF 401(k) plan).

Certifications and all brokerage account statements must be submitted to Compliance by the date indicated by Compliance in its notification email as well as in the Personal Trading System.

**Initial and Quarterly Certification of Brokerage Accounts** 

Upon hire and on a quarterly basis, AMGF requires its Employees to certify as to their Reportable Accounts (i.e., their accounts and any accounts of their Immediate Family that hold or could hold Reportable Securities). Employees also should indicate Reportable Account(s) that they or their Immediate Family opened or closed during the quarter, which should be done via the Personal Trading System.

**Initial and Annual Certification of Holdings Reports** 

New Employees are required to disclose their Reportable Securities holdings (which include holdings of Reportable Accounts where the Employee has a direct or indirect Beneficial Ownership) promptly upon commencement of employment and on an <u>annual basis</u> thereafter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. No later than 10 calendar days after hire, and the information must be current as of a date no more than 45
calendar days prior to the Employee's start date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. At least once each 12-month period thereafter, and the information must
be current as of a date no more than 45 calendar days prior to the date the report was submitted.

All Employees are also required to complete an Annual Holdings Report each year (i.e., typically due by the end of January). A description of the securities that must be reported on this certification is included in *Exhibit D—Personal Securities Pre-Clearance and Reporting Requirements*. Employees also are requested to provide the names of any brokers, dealers or banks at which the Employee held any securities in which the Employee has direct or indirect Beneficial Ownership (i.e., not just those accounts where the Employee held Reportable Securities).

**Initial and Annual Certification of Code of Ethics** 

Upon hire and at least annually thereafter, Compliance will provide Employees with a copy of AMGF's current Code, including any amendments. Employees are expected to read the Code and will be asked to acknowledge that they: 1) understand their responsibilities under the Code; 2) recognize that the Code applies to them <u>and may apply to their Immediate Family;</u> and 3) agree to comply in all respects. Absent extraordinary circumstances, certifications typically are initiated and recorded through the Personal Trading System.

For Internal Use Only - AMG Funds LLC 12

------

**Initial and Annual Certification of Compliance Manual** 

AMGF's Compliance Manual contains the written compliance policies and procedures for the Firm and must be followed by all Employees in carrying out their responsibilities with AMGF. Employees receive a copy of the Compliance Manual in electronic format upon hire and at least annually thereafter, as well as in the event of a material change during the year. Upon hire, Employees must acknowledge their receipt of the Compliance Manual and that they agree to abide by all requirements as set forth in the Manual. On an annual basis, Employees must reaffirm their ongoing compliance with the Firm's policies and procedures. Absent extraordinary circumstances, certifications typically are initiated and recorded through the Personal Trading System. Copies of the Compliance Manual are available on the intranet, in the Personal Trading System and may be requested from the Legal and Compliance Department.

**Initial and Quarterly Certification of Pay to Play Policy** 

Upon hire and at least quarterly thereafter, Compliance will provide Employees with a copy of AMGF's Political Contributions and Other Restricted Payment Policy ("Pay to Play Policy"). Employees are expected to read the Pay to Play Policy and will be asked to certify that they: 1) understand their responsibilities under the Pay to Play Policy; 2) recognize that the Pay to Play Policy applies to them<u>;</u> and 3) agree to pre-clear and/or disclose all political contributions and political activities required to be reported under the Pay to Play Policy. This certification is typically initiated and recorded through the Personal Trading System.

**Initial and Annual Disclosure of Past Disciplinary Issues** 

Upon hire and at least annually thereafter, AMGF requires its Employees to certify whether any of a list of certain "disqualifying" criminal or regulatory events applies to them. This certification is typically initiated and recorded through the Personal Trading System. If Employees are subject to any disqualifying criminal or regulatory event, they should contact the CCO.

**Initial and Annual Certification of AMG's Insider Trading Policy** 

Employees also are subject to AMG's (corporate) Insider Trading Policy, which broadly prohibits the use of material, non-public information and includes special procedures for personal securities transactions in AMG securities. Employees are required to certify they have read and understand this policy upon hire and at least annually thereafter.

For Internal Use Only - AMG Funds LLC 13

------

**Insider Trading** 

Federal and state securities laws prohibit AMGF or its Employees from engaging in securities transactions for themselves or for others based on non-public or "inside information." These laws also prohibit the dissemination of inside information to others who may use that knowledge to trade securities (so-called "tipping"). These prohibitions apply to all Employees and Contractors and extend to activities within and outside of Employees' and Contractors' duties at AMGF.

**Material Non-Public Information** 

AMGF's policy, as well as AMG's Insider Trading Policy to which Employees and Contractors also are subject, prohibit Employees and Contractors, while in possession of material, non-public information, from trading securities or recommending transactions, either personally or on behalf of others (including private accounts), or communicating material, non-public information to others in violation of the federal securities laws.

Information is defined as "material" when there is a substantial likelihood that a reasonable investor would consider it important in making their investment decisions. Generally, disclosure of this information would be expected to have a substantial effect on the price of a company's securities. Material information can relate to a company's results and operations, including, for example, dividend changes, earnings results, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidity problems, and extraordinary management developments. This list is not all-inclusive but serves as an indication of what may constitute inside information.

"Material" information may also relate to the market for a company's securities. Information about significant trades to be affected for AMGF's client accounts may in some contexts be deemed as material inside information, including, for example, if AMGF or a subadviser was expecting to generate a large trade in a security that has the potential to move the market's pricing of that issue. This knowledge can be used to take advantage of price movements in the market that may be caused by the Firm's buying or selling of specific securities for its clients. Material nonpublic information also relates to securities recommendations and client securities holdings and transactions.

Information is "public" when it has been disseminated broadly to investors in the marketplace. Tangible evidence of such dissemination is the best indication that the information is public (e.g., press release, newspaper article, SEC filing, or announcement on a company website).

Any Employee who believes that he or she has come into possession of material, non-public information about a certain company should immediately contact the CCO and refrain from disclosing the information to anyone else. The CCO will review the information and consult with counsel, if necessary, to determine whether the information is material and non-public. If deemed necessary, AMGF will place that company on a "Restricted List" in order to prohibit trading in any security of the company for Employee or client accounts. This list is confidential (and maintained by Compliance) and may only be disseminated to certain individuals whom the CCO, in conjunction with counsel, deems appropriate.

**Investment Information Relating to Clients is Inside Information** 

In the course of their employment, Employees may learn or obtain material non-public information about investment recommendations, trading, and holdings for client accounts or Reportable Funds. Using or sharing this information other than in connection with the performance of one's duties for AMGF is considered acting on inside information and is therefore

For Internal Use Only - AMG Funds LLC 14

------

strictly prohibited. Employees' personal securities transactions must not be timed to precede orders placed for any Investment Adviser's or client accounts, which could be considered as "front-running" or insider trading. AMGF has a fiduciary duty to its clients, and as such, investment opportunities must be offered *first* to clients served by AMGF before the firm or its Employees or Contractors may act on them.

**Sanctions and Penalties** 

Transacting in securities while in possession of material non-public information or improperly communicating that information or other information considered inside information to others inside or outside AMGF may expose a person to stringent penalties. Regardless of whether a government inquiry occurs, AMGF views any violation of these procedures seriously. Such violations may constitute grounds for immediate dismissal.

In addition, government authorities and regulatory bodies, such as the SEC and/or the U.S. Department of Justice, may impose penalties for violations of securities laws. These penalties may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Formal censure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary fines and/or disgorgement of profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension from securities-related activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disbarment from the securities industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Imprisonment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A combination of the foregoing.

For Internal Use Only - AMG Funds LLC 15

------

**Sharing or Using Investment-Related Information** 

**Information Barriers** 

Information Barriers exist between the Employees of AMGF and Investment Advisers with whom AMGF has a business relationship (e.g., AMGF Affiliates). These barriers are designed to prevent the dissemination or misuse of inside, confidential and proprietary information.

An Information Barrier prohibits the disclosure of non-public (i.e., inside), confidential and proprietary information that belongs to a company or its clients, to others. In this context, this information may include, but is not limited to, an adviser's investment recommendations, portfolio holdings and actual or pending purchases or sales of securities.

Employees are strictly prohibited from disclosing to or discussing with any person outside of AMGF, or any Employee whose job duties are not pertinent to the discussion, securities being considered for accounts of clients of AMGF or an Investment Adviser with whom AMGF has a business relationship.

If an Employee becomes aware of any instance where confidential trade information is communicated to AMGF or anyone outside of AMGF, the Employee must immediately report such instance to Compliance. Employees are strictly prohibited from trading in any security in which he/she has obtained knowledge that a particular security is being considered for purchase or sale by an Investment Adviser, any subadvisers, or other clients. Using or sharing this information with anyone inside or outside of AMGF (including family and friends), other than in connection with the investment of accounts of AMGF or any Investment Advisers with whom AMGF has a business relationship, is considered acting on inside information and is strictly prohibited.

**Special Note Regarding False Rumors and Other Abusive Market Activity** 

Employees should be aware that spreading false rumors or engaging in collusive activity to impact the financial condition of a security is strictly prohibited. Employees engaging in such activities may be subject to immediate termination in addition to civil and criminal prosecution.

Failure to comply with these policies may result in adverse consequences for AMGF, its Employees, and the Investment Advisers with whom AMGF has a business relationship.

For Internal Use Only - AMG Funds LLC 16

------

**General Business Conduct and Avoiding of Conflicts of Interest** 

AMGF is committed to the highest standards of business conduct. Therefore, Employees must always act in the best interests of clients and ensure their actions are always professional and ethical in order to protect the integrity of AMGF. Giving or accepting gifts, gratuities or entertainment in connection with an Employee's employment as well as Employees' participation in outside business activities can raise questions about their impartiality and ethical values.

In order to reduce the possibility of an actual, apparent or perceived conflict of interest, AMGF has adopted written policies and procedures relating to the giving and receiving of gifts. As a general matter, Employees may not accept gifts, gratuities, entertainment, special accommodations, or other things of material value that could influence the Employee's decision-making or suggest that they are beholden to any particular person or firm. Similarly, an Employee should not offer gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client or other person feel beholden to an Employee or the Firm.

**Gifts and Gratuities ("Gifts")** 

Neither AMGF nor any person associated with AMGF should, directly or indirectly, accept or give, pay or receive, or permit to be given or received anything of value (such items being considered a "gift" for these purposes) in excess of $100 per individual per year (except as indicated below) from or to any person or firm in relation to or in connection with any business arrangements between the person or firm and AMGF or its Employees. Gifts of cash or securities or gift cards that may be redeemed for cash are specifically prohibited, even if below the $100 threshold. Permissible gifts given or received by any Employee in relation to Firm business need to be approved by the Employee's supervisor and reported to Compliance and will be recorded on the Gift Log.

In determining the value of a gift given or received, the Firm uses the higher of the gift's cost or market value, exclusive of tax and delivery charges. When valuing tickets, the Firm uses the higher of the cost paid or face value of the ticket(s). If gifts are given to or received by multiple recipients, the names of individuals are to be recorded and assigned a value on a pro rata per recipient basis. Gifts given during the course of Business Entertainment are subject to the annual $100 limit per person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Items Generally Excluded from Definition of Gift</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Occasional meals, social gatherings or meetings held for business purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Occasional invitations to regular season or other ordinary course sporting events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Items that are promotional in nature (e.g., pens, umbrellas, shirts, golf balls) inscribed with AMGF's
name, logo or brand with a value of less than $100 and not part of a gifting program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Special Note Regarding Gift Baskets</u> 

While it may be customary to send gift baskets or other consumable food items, particularly during the holiday season, Employees are reminded that the value of the gift basket or other consumable gift sent should be considered in the $100 annual gift limit per person. Gift baskets also are subject to reporting requirements as described below.

For Internal Use Only - AMG Funds LLC 17

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Examples of Gifts Not Permitted</u> 

Gifts that may give the appearance of impropriety or a quid pro quo (i.e., gifts to or from vendors or service providers that are excessive in cost or frequency or that otherwise would be considered inappropriate) are not allowed. Examples include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transportation expenditures, such as airfare or rental car costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hotel or other lodging accommodation expenditures; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tickets to major sporting events where the face value of the tickets exceeds the de minimis value noted above
(*e.g.*, Super Bowl tickets).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Employee Reporting of Gifts</u> 

All Employees are required to report to Compliance gifts given or received. Compliance maintains a Gift Log not only to comply with FINRA rules for AMGDI-related activities, as applicable, but also to help ensure the Firm's gift practices do not give rise to potential conflicts of interest.

**<u>Note</u>:** AMGF Employees who also are registered representatives of AMGDI should refer to AMGDI's *Written Supervisory Procedures Manual* for all applicable policies.

**Business Entertainment** 

For entertainment to be considered a business expense rather than a gift, a representative of the firm providing the entertainment must personally host or be present at the event, and the event must not raise any issues of impropriety. Employees may not provide or accept extravagant, excessive, or overly frequent entertainment to or from a client, prospective client, or any person or entity that does or seeks to do business with or on behalf of AMGF. Employees may provide or accept a business entertainment event of reasonable value, such as dinner or a sporting event. Employees should seek prior approval from Compliance in circumstances where they are unsure about the value of the proposed entertainment.

**Outside Sponsor Requirements** 

In addition, certain sponsor firms may have similar or additional restrictions and guidelines that may apply to AMGF Employees as described in the Compliance Manual. Employees must ensure they adhere to the more stringent requirements and obtain any required approvals. Employees also should refer to the *Cash/Non-Cash Compensation Policies* available in Seismic or contact a member of Compliance.

In addition to the requirements stated herein, registered representatives of AMGDI are required to also comply with the gifts and non-cash compensation policies maintained in AMGDI's *Written Supervisory Procedures Manual.* 

**Outside Business Activities** 

Outside business activities may give rise to potential conflicts of interest or the appearance of conflicts of interest or otherwise jeopardize the integrity or reputation of AMGF or any of its Affiliates. Prior to commencing with an outside business activity, an Employee must obtain approval from their supervisor and notify Compliance so that they may review the proposed activity for potential conflicts and document required approvals. An Employee who wishes to engage in an outside business activity must submit an Outside Business Activity Disclosure Form through the Personal Trading System or submit directly to the CCO to notify Compliance of the activity. Compliance will then obtain written approval from the Employee's supervisor before it will consider approving the activity. Additionally, once Compliance has approved, the submission must be approved by AMG's Human Resources Department.

For Internal Use Only - AMG Funds LLC 18

------

Whether a particular outside activity may be approved will depend on a variety of factors including the extent to which the proposed activity could violate any law or regulation, interfere with an Employee's responsibilities to AMGF, involve prolonged absences during business hours, or actually compete or give the appearance of competing with AMGF's interests.

As a general matter, service with charitable organizations generally is permitted, subject to considerations related to time required during work hours, use of proprietary information and disclosure of potential conflicts of interest. Employees who engage in outside activities are not acting in their capacity as Employees of AMGF and may not use AMGF's name in conjunction with their activity unless otherwise authorized by AMG's Human Resources Department and/or Compliance.

Because of the high potential for conflicts of interest and insider trading, Employees may not serve on the board of directors or as an officer of any private or publicly traded company unless the appointment has been approved by AMG's Human Resources Department and CCO. In each case, a determination will be made based on consideration of whether the service poses a conflict with the interests of AMGF's clients or business relationships.

**<u>Note</u>:** As described in AMGDI's *Written Supervisory Procedures Manual*, registered representatives of AMGDI must obtain written approval prior to commencing any outside business activity and promptly disclose any changes to any outside business activities so that AMGDI can update the registered representative's Form U-4 within the required timeframe. Generally, charitable activities are not included in this requirement unless the registered representative is compensated for such activity or serves as part of an investment committee.

**Political Campaign Contributions** 

Employees are prohibited from making gifts or contributions in the name of, or on behalf of, the Firm to any political committee, candidate or party. Contributions are broadly defined to include any form of money, purchase of tickets, use of corporate personnel or facilities, or payment for services. Employees are prohibited from making *any* political contributions for the purpose of obtaining or retaining advisory contracts with government entities.

Additionally, AMGF has implemented a separate Political Contribution or "Pay to Play" Policy that all Employees of the Firm must adhere to. This policy requires (among other duties) preclearance of political contributions to certain government entities that may have the ability to influence AMGF's business or the Firm's ability to solicit new business.

**Marketing and Sales Activities** 

Employees must ensure that all oral and written statements, including those made to clients, prospective clients, financial advisors, consultants, other intermediaries, or the media are professional, accurate, balanced, and not misleading in any way. Employees should use only pre-approved sales and marketing materials to describe AMGF, its Affiliates, or its products or services and are expected to adhere to the prescribed standards and Firm policies regarding all communications with the public. (See also AMGDI's Communication with the Public Supplement in the *Written Supervisory Procedures Manual*).

For Internal Use Only - AMG Funds LLC 19

------

**Reporting Potential Violations/Wrongdoing and Whistleblower Rules** 

All personnel are required to act honestly and ethically in support of the culture of integrity that we have all fostered within our Firm. Since every Employee is a valued member of the team which makes up our Firm, this broad requirement includes acting in what each individual believes to be the Firm's best interest, which includes reporting any concerns regarding any potential violations of any applicable law, rule or policy, or any other potential wrongdoing, by our Firm, any of our Employees, or any of our service providers. If our Firm's management is unaware of such activities, these potential violations may ultimately have an adverse effect on all of us as members of this Firm.

Accordingly, every Employee of our Firm is required to report any potential violations of any applicable law, rule or policy, or other potential wrongdoing, including "apparent" or "suspected" violations, promptly to either the CCO, AMGF, Senior Counsel, AMGF, or General Counsel and Secretary, AMG. In addition, any supervisor who receives a report of a potential violation or wrongdoing must immediately inform the CCO. If the CCO is involved in the potential violation or wrongdoing, the Employee may report the matter to any member of Capital Formation Management, Human Resources, Senior Counsel, AMGF, or General Counsel and Secretary, AMG. Please also see "Whistleblower Rules" below for additional information on Whistleblower Rules.

"Violations" should be interpreted broadly, and may include, but are not limited to, such items as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• noncompliance with laws, rules, and regulations applicable to the business of our Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fraud or illegal acts involving any aspect of the Firm's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• material misstatements in regulatory filings, internal books and records, clients' records, or reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• activity that is harmful to clients, including any fund shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deviations from required internal controls, policies and procedures that safeguard clients and the Firm.

All such reports will be taken seriously, investigated promptly and appropriately, and treated confidentially to the extent permitted by law.

**Communication Channels** 

Any concerns or questions of officers or Employees regarding any violations of company policy, or any other complaints or concerns of conduct inconsistent with this Code or any similar written policy of AMGF which an officer or Employee does not feel comfortable addressing to a member of AMG Capital Formation Management as described above should be directed to AMGF as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In a confidential memorandum marked "Private and Confidential" addressed to the attention of General
Counsel and Secretary at Affiliated Managers Group, Inc., 600 Hale Street, Prides Crossing, MA 01965, which memorandum identifies the subject of the complaint and the practices of this code or other conduct inconsistent with this Code or any similar
written policy of AMGF, providing as much detail as possible; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By phoning the Employee report line (the "Employee Reporting Line") during regular business hours at
(844) 319-9344. During this phone call, the complaining party should identify the subject of their complaint and the practices that are alleged to constitute a violation of this code or other conduct
inconsistent with this Code or any similar written policy of AMGF, providing as much detail as possible.

For Internal Use Only - AMG Funds LLC 20

------

If an officer or Employee does not feel comfortable submitting a complaint in accordance with the above procedures or does not believe that a previously submitted complaint was adequately addressed, the officer or Employee may contact Human Resources directly by mail at the address set forth above in a confidential memorandum marked "Private and Confidential". Please also see "Whistleblower Rules" below for additional information on Whistleblower Rules.

Every officer and Employee are required to report suspected violations of this Code, as well as any violation or suspected violation of any applicable law, rule or regulation governing AMGF in accordance with this Code.

No person shall use the reporting channels in bad faith or in a false or frivolous manner.

**Whistleblower Rules** 

Nothing in this Code or in any other agreements you may have with AMGF is intended to or shall preclude or impede you from cooperating with any governmental or regulatory entity or agency in any investigation, or from communicating any suspected wrongdoing or violation of law to any such entity or agency, including, but not limited to, reporting pursuant to the "whistleblower rules" promulgated by the Securities and Exchange Commission (Securities Exchange Act Rules 21F-1, et seq.).

**Investigation and Sanctions** 

The CCO, Human Resources and General Counsel and Secretary, AMG shall promptly investigate potential violations. During the course of the investigation, the CCO, Human Resources, or General Counsel and Secretary, AMG will be in contact with the reporting Employee, if the Employee makes their identity known, to inform the Employee of the status of the investigation. In addition, the reporting Employee may check with the investigator on the status at any time.

Following the Firm's investigation, Employees who are deemed to have committed any violations or other wrongdoing may be subject to disciplinary action including, but not limited to: (i) having the Employee's employment responsibilities reviewed and changed, including demotion; (ii) oral or written reprimand; (iii) forfeit of any trading profits or other compensation or monetary benefits; (iv) suspension of personal trading privileges; (v) suspension of employment; and/or (vi) termination. Violations of the Code or these procedures may also result in criminal prosecution or civil action.

**Retaliation** 

Retaliation of any type against an individual who reports a suspected violation or assists in the investigation of such conduct (even if the conduct is not found to be a violation) is strictly prohibited and constitutes a separate violation of the Code and these procedures. Furthermore, nothing in this Code or in any other agreements you may have with the Firm is intended to prohibit any protected communication with any governmental agency or similar entity.

**Guidance** 

All Employees are encouraged (and have the responsibility) to ask questions and seek guidance from the CCO (or his designee) or Executive Management with respect to any action or transaction that may constitute a violation and to refrain from any action or transaction which might lead to the appearance of a violation. The CCO (or his designee) will also provide periodic training to the Firm's Employees regarding the requirements of these policies and procedures.

For Internal Use Only - AMG Funds LLC 21

------

**Ethics Training Requirements** 

The CFTC has issued guidelines that permit registrants such as the Firm to develop their own standards and such ethics training as they deem appropriate. The CFTC has released a Statement of Acceptable Practices that provides guidance as to the maintenance of proper ethics training procedures that would serve as a "safe harbor." The CCO will monitor compliance with these requirements and will make arrangements sufficient to permit all registered Associated Persons ("AP") of the Firm to remain in compliance.

The Firm is committed to operating with high ethical standards and is dedicated to meeting the requirements of the Statement of Acceptable Practices as issued by the CFTC. The Firm will treat all current and potential customers in a just and equitable manner and believes that professional ethics training programs are essential to the Firm's business. The Firm believes that in order to be successful and provide our customers with the best possible service, our Employees must receive the proper training to stay abreast of new regulations and current events.

In order to establish a corporate culture of high ethical standards, the Firm's APs will be required to complete ethics training on an initial and bi-annual basis. Ethics training will be provided as part of the Firm's annual compliance training, which will be conducted as part of the Firm's firm-wide training program or by an on-line training program.

The ethics training program will address the following topics, as they pertain to the Firm:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. An explanation of the applicable laws and regulations and rules of self-regulatory organizations or contract
markets and registered derivatives transaction execution facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The registrant's obligation to the public to observe just and equitable principles of trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. How to act honestly and fairly and with due skill, care and diligence in the best interest of customers and the
integrity of the markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. How to establish effective supervisory systems and internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Obtaining and assessing the financial situation and investment experience of customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Disclosure of material information to customers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Avoidance, proper disclosure and handling of conflicts of interest.

In accordance with NFA and CFTC requirements, the Firm will maintain records of its ethics training on file for 5 years. Every year the training program will be reviewed, and this plan will be modified as needed to ensure high ethical standards at the Firm, as well as compliance with the requirements of the Commodity Exchange Act.

For Internal Use Only - AMG Funds LLC 22

------

**EXHIBITS** 

For Internal Use Only - AMG Funds LLC 23

------

**Exhibit A - Definitions** 

**Affiliate** 

For purposes of this Code, "Affiliate" generally means any firm under common control of Affiliated Managers Group, Inc.

**Affiliated Managers Group, Inc.** 

Affiliated Managers Group, Inc. ("AMG") is AMGF's parent and a publicly traded company. AMG holds equity investments in independent investment management firms (its "Affiliates"). AMGF is a wholly owned subsidiary and serves as the U.S. Wealth platform of AMG.

**Automatic Investment Plan** 

A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

**Beneficial Ownership** 

An Employee is considered to have Beneficial Ownership in any transaction in which an Employee has the opportunity to directly or indirectly profit or share in the profits from the securities transacted. For purposes of the Code, you are presumed to have "Beneficial Ownership" in securities or accounts held by Immediate Family sharing your household.

**Client** 

Any corporate, advisory, investment company, individual or other account managed by and as to which investment advice is given by AMGF.

**Code** 

"Code" refers to AMGF's Code of Ethics, unless otherwise noted.

**Compliance** 

Compliance refers to AMGF's Legal and Compliance team.

**Conflict of Interest** 

A term used to describe the situation in which a person, contrary to the obligation and absolute duty to act for the benefit of clients, exploits the relationship for personal benefit.

**Designated Brokers** 

Employees must maintain Reportable Accounts with select broker-dealers known as "Designated Brokers" unless granted an exception by the CCO.

**Employee** 

Any officer of AMGF or any person currently employed by AMGF on a full-time or part-time basis.

For Internal Use Only - AMG Funds LLC A-1

------

**Exchange-Traded Fund** 

An Exchange-Traded Fund ("ETF") is a security traded on a stock exchange that typically invests in the securities of companies that are included in a selected market index. There are also ETFs known as single-stock ETFs, which combine individual securities with leverage and are not permissible under the Code. Open-end ETFs are Reportable Securities but generally do <u>not</u> require pre-clearance. Closed-end ETFs are Reportable Securities <u>and</u> subject to pre-clearance. Employees can refer to financial websites such as CEF Connect at http://www.cefconnect.com/Default.aspx or Yahoo! Finance at http://finance.yahoo.com/ to determine whether an ETF is open-end or closed-end or can contact Compliance for assistance.

**Fiduciary** 

A "fiduciary" generally refers to an individual or entity with the legal authority and duty to make decisions regarding financial matters on behalf of the other party. Fiduciaries are required to act prudently and solely in the interest of a beneficiary or plan. For example, in instances where AMGF has investment discretion, AMGF is acting as a fiduciary.

**Immediate Family** 

For purposes of the Code, "Immediate Family" means any child, stepchild, foster child, grandchild, parent, stepparent, grandparent, spouse, domestic or civil partner, significant other, brother, sister, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law sharing the same household (including adoptive relationships) as well as any related or unrelated individual whose investments are controlled by the Employee or any individual to whose financial support an Employee materially contributes. Trustee or custodial accounts in which the Employee has a financial interest, and other accounts or over which an Employee has investment discretion, also are considered "Immediate Family" accounts.

**Initial Public Offering** 

An Initial Public Offering ("IPO") is an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934.

**Limited Offering** 

A Limited Offering, sometimes referred to as a "private placement", reflects a security offering that is exempt from registration under the Securities Act of 1933, pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933.

**Reportable Account** 

A Reportable Account is any account held by an Employee or their Immediate Family at a broker, dealer or bank that holds or may hold a Reportable Security or Reportable Fund.

**Reportable Fund** 

A Reportable Fund is any fund for which AMGF serves as investment adviser as defined in section 2(a)(20) of the Investment Company Act of 1940 or any fund whose investment adviser or principal underwriter controls AMGF, is controlled by AMGF, or is under common control with AMGF. Compliance maintains the current list of Reportable Funds.

**Reportable Security** 

A Reportable Security means a security as defined in Section 202(a)(18) of the Investment Advisers Act of 1940 ("Advisers Act"), except that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Direct obligations of the Government of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt
instruments, including repurchase agreements;

For Internal Use Only - AMG Funds LLC A-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Shares issued by money market funds (including AMG Funds money market funds (if applicable)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Shares issued by open-end funds other than Reportable Funds; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Reportable Funds.

**Security** 

Section 202(a)(18) of the Advisers Act defines a "security" as any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

For Internal Use Only - AMG Funds LLC A-3

------

**Exhibit B - Initial and Annual Holdings Certification Form** 

**AMG FUNDS LLC** 

**Initial and Annual Holdings Report Certification** 

---

| |
|:---|
|  **Hire Date** *(Initial Certification Only):* |
| **Year Ending:** |
| **Holdings as of:** |

---

I certify that I have received, read, understand, and agree to abide by AMGF's *Code of Ethics*. I recognize that the Policies and Procedures described herein apply to me and agree to comply in all respects. I certify that I have reported all brokerage accounts and statements required to be reported under the *Code*. I also understand that AMGF will take appropriate disciplinary actions against me for violating such Policies as well as in the event of any other legal violations. Furthermore, I understand that any violation of the *Code of Ethics* may lead to serious sanctions, including dismissal from AMGF.

***Please check the appropriate box. If applicable, please attach your statements. It may be appropriate to check both the First and Second boxes if you hold accounts or securities where Compliance does not receive a regular account statement (e.g., limited offerings, IPOs, or a former 401(k) account).***

**As of month, /year-end date:** 

&nbsp;&nbsp;&nbsp;&nbsp;☐ **I owned Reportable Securities\*. Copies of all my statements are already submitted to Compliance.** 

&nbsp;&nbsp;&nbsp;&nbsp;☐ **I owned Reportable Securities\*. I have attached the statement(s) for the period ending _______ [date].** 

&nbsp;&nbsp;&nbsp;&nbsp;☐ **I did not own any Reportable Securities\*.** 

\* *See AMGF's Code of Ethics for the definition of 'security' and 'Reportable Security'.*

**As of ________________________, the following reflects any brokers, dealers or banks at which I held <u>any securities</u> for my direct or indirect benefit.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Print Name** |  |
| **Signature** | **Date** |

---

For Internal Use Only - AMG Funds LLC B-1

------

**Exhibit C – Special Request Form – Personal Securities Transaction Approval** 

**EMPLOYEE NAME: __________________________________________________** 

**DATE OF REQUEST: _________________________________________________** 

☐ **Request Due to Special Circumstances** *(e.g., estate liquidation, home purchase, or financial hardship)* 

☐ **Request for Approval of Initial Public Offering**<sup>1</sup> **or Limited Offering**<sup>2</sup> 

☐ **Request Due to Technical Difficulty with Personal Trading & Certification System** 

**TYPE OF SECURITY** 

---

| | | |
|:---|:---|:---|
|  ☐ Stock | ☐ Option | ☐ Closed-End ETF |
|  ☐ Bond | ☐ Closed-End Fund | ☐ Other:______________ |

---

**TRANSACTION DETAIL** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Security Name | |
| &nbsp;&nbsp;&nbsp;&nbsp; CUSIP/Ticker | |
| &nbsp;&nbsp;&nbsp;&nbsp; Number of Shares/Par Value | |
| &nbsp;&nbsp;&nbsp;&nbsp; Broker, Dealer or Bank Name | |
| &nbsp;&nbsp;&nbsp;&nbsp; Account Name | |
| &nbsp;&nbsp;&nbsp;&nbsp; Account Number | |
| &nbsp;&nbsp;&nbsp;&nbsp; Transaction Requested | ☐ Buy ☐ Sell |

---

**REASON FOR REQUEST** 

**APPROVAL *(Granted only for date approved)*** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance Approval |
| &nbsp;&nbsp;&nbsp;&nbsp; Date Approved |

---

<sup>1</sup> ***Initial public offering*** *means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934.* 

<sup>2</sup> ***Limited offering*** *means securities offering that is exempt from registration under the Securities Act of 1933, pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933.* 

For Internal Use Only - AMG Funds LLC C-1

------

**Exhibit D – Personal Securities Pre-Clearance/Reporting Requirements** 

**You Must Pre-Clear *and* Report the Following Transactions:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• American Depository Receipts (ADRs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonds (including Corporate Bonds and Government Agency Bonds, but Excluding Direct Obligations of the U.S.
Government)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed-End Funds/Closed-End ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Convertible Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interests in Oil or Gas Partnerships

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limited Offerings<sup>3</sup>, Limited Partnership Interests, or
Limited Liability Company Interests (including those pertaining to hedge funds or private equity funds)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options and Futures (Including options on ETFs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preferred Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights or Warrants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single Stock ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single Stock Futures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock grants/options on company securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stocks

**You Must Report (but Not Pre-Clear) the Following Transactions:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate Actions (splits, tender offers, mergers, stock dividends, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts of Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open-End Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Municipal Bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock Purchase Plan Acquisitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable Funds

**You Do Not Need to Pre-Clear or Report the Following Transactions:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonds that are Direct Obligations of the U.S. Government

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Automatic Investment Plans (e.g., Employee Stock Ownership (ESOP) Plan or Dividend Reinvestment Plan)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' Acceptances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bank Certificates of Deposit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial Paper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High Quality Short-Term Debt Instruments (including repurchase agreements)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money Market Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open-End Mutual Funds other than Reportable Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unit Investment Trusts (UITs) invested in one or more open-end funds
(other than Reportable Funds)

***The preceding may not include all securities types and is subject to change.***

<sup>3</sup> ***Limited offering*** *means a security offering that is exempt from registration under the Securities Act of 1933, pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933.* 

For Internal Use Only - AMG Funds LLC D-1

## Ex-99.(T)

<u>POWER OF ATTORNEY</u> 

Effective as of January 28, 2026, each of the persons whose name appears below hereby severally constitutes and appoints each of Keitha L. Kinne, Thomas Disbrow and Mark J. Duggan and each of them singly, with full powers of substitution and resubstitution, his or her true and lawful attorney, with full power to sign for him or her, and in his or her name and in the capacities indicated below with respect to AMG Pantheon Fund, LLC (the "Feeder Fund"), AMG Pantheon Master Fund, LLC (the "Master Fund"), AMG Pantheon Credit Solutions Fund (the "Credit Solutions Fund") and AMG Pantheon Infrastructure Fund, LLC (together with the Feeder Fund and the Master Fund, the "Funds" and each a "Fund"), any one or more Registration Statements of each Fund on Form N-2 in connection with the registration of the Fund under the Securities Act of 1933, as amended (the "1933 Act") and the Investment Company Act of 1940, as amended (the "1940 Act"), including specifically (but without limiting the generality of the foregoing) all amendments to any such Registration Statement, any and all supplements, or other instruments in connection therewith, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission and the securities regulators of the appropriate states and territories, and generally to do all such things in his or her name and on his or her behalf in connection therewith as said attorney deems necessary or appropriate to comply with the 1933 Act and the 1940 Act and all related requirements of the Securities and Exchange Commission and of the appropriate state and territorial regulators, granting unto said attorney full power and authority to do and perform each and every act and thing requisite or necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney or his or her substitute lawfully could do or cause to be done by virtue hereof.

---

| | | |
|:---|:---|:---|
| Name | Capacity | Date |
| /s/ Jill R. Cuniff<br> Jill R. Cuniff | Director/Trustee | January 28, 2026 |
| /s/ Kurt A. Keilhacker<br> Kurt A. Keilhacker | Director/Trustee | January 28, 2026 |
| /s/ Peter W. MacEwen<br> Peter W. MacEwen | Director/Trustee | January 28, 2026 |
| /s/ Eric Rakowski<br> Eric Rakowski | Director/Trustee | January 28, 2026 |
| /s/ Victoria L. Sassine<br> Victoria L. Sassine | Director/Trustee | January 28, 2026 |
| /s/ Garret W. Weston<br> Garret W. Weston | Director/Trustee | January 28, 2026 |

---

------

---

| | | |
|:---|:---|:---|
|  /s/ Keitha L. Kinne<br> Keitha L. Kinne | President, Chief Executive Officer, Principal Executive Officer and Chief Operating Officer | January 28, 2026 |
|  /s/ Thomas Disbrow<br> Thomas Disbrow | Treasurer, Principal Financial Officer and Principal Accounting Officer | January 28, 2026 |

---