# EDGAR Filing Document

**Accession Number:** 0002093364
**File Stem:** 0001193125-26-200854
**Filing Date:** 2026-5
**Character Count:** 989696
**Document Hash:** 8a8b7a08ba4c2219515461c9d78ea3e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-200854.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001193125-26-200854

**CONFORMED SUBMISSION TYPE**: N-2/A

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ardian Access Secondary Infrastructure Fund LLC
- **CENTRAL INDEX KEY:** 0002093364

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

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24134
- **FILM NUMBER:** 26931280

**BUSINESS ADDRESS:**
- **STREET 1:** 1370 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 2126418604

**MAIL ADDRESS:**
- **STREET 1:** 1370 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ardian Access Secondary Infrastructure Fund LLC
- **CENTRAL INDEX KEY:** 0002093364

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

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291240
- **FILM NUMBER:** 26931279

**BUSINESS ADDRESS:**
- **STREET 1:** 1370 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 2126418604

**MAIL ADDRESS:**
- **STREET 1:** 1370 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on May 1, 2026** 

**Securities Act File No. 333-291240** 

**1940 Act File No. 811-24134** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-2** 

**(Check appropriate box or boxes)**

**REGISTRATION STATEMENT** 

***UNDER***

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|:---|:---|
| ***THE SECURITIES ACT OF 1933*** |  |
| **Pre-Effective Amendment No. 1** | ☒ |
| **Post-Effective Amendment No.** | ☐ |

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**and** 

***UNDER***

***THE INVESTMENT COMPANY ACT OF 1940***

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| | |
|:---|:---|
| **Amendment No. 1** | ☒ |

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**ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC** 

**(Exact Name of Registrant as Specified in Charter)** 

**1370 Avenue of the Americas** 

**New York, NY 10019** 

**(Address of Principal Executive Offices)** 

**(212) 641-8604** 

**(Registrant's Telephone Number)** 

**Ardian Access Secondary Infrastructure Fund LLC** 

**c/o Michael Ferragamo** 

**1370 Avenue of the Americas** 

**New York, NY 10019** 

**(Name and Address of Agent for Service)** 

***Copies to:***

**Gregory C. Davis** 

**Ropes & Gray LLP** 

**Three Embarcadero Center** 

**San Francisco, CA 94111-4006** 

**(415) 315-6327** 

**Christopher Labosky** 

**Ropes & Gray LLP** 

**Prudential Tower** 

**800 Boylston Street** 

**Boston, MA US 02199-3600** 

**(617) 235-4562** 

**APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:** 

**AS SOON AS PRACTICABLE AFTER THE EFFECTIVE DATE OF THIS REGISTRATION STATEMENT.** 

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, check the following 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 the following box. ☒

If this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto, check the following 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 SEC pursuant to Rule 462(e) under the Securities Act, check the following 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, check the following box: ☐

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

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

*If appropriate, check the following box:* 

☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [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:

☐ 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:

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

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the 1940 Act).

☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the 1940 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ New Registrant (registered or regulated under the 1940 Act for less than 12 calendar months preceding this
filing).

**THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF THE SECURITIES ACT OF 1933, OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SECTION 8(A), MAY DETERMINE.** 

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**The information in this preliminary prospectus is not complete and may be changed. The Fund may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.** 

**SUBJECT TO COMPLETION, DATED MAY 1, 2026** 

**PROSPECTUS** 

**ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC** 

**[ ], 2026** 

**LIMITED LIABILITY COMPANY UNITS** 

**Class J Units** 

**Class I Units** 

**Class D Units** 

**Class X Units** 

Ardian Access Secondary Infrastructure Fund LLC (the "Fund") is a newly organized Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended, as a non-diversified, closed-end management investment company. Ardian US LLC (the "Adviser") serves as the Fund's investment adviser and is responsible for making investment decisions for the Fund's portfolio.

*Investment Objective and Strategies*. The Fund's investment objective is to generate attractive risk-adjusted returns. In pursuing its investment objective, the Fund intends to invest in a global portfolio of private infrastructure investments ("Infrastructure Assets") primarily through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Secondary Investments" – purchases of existing interests on the secondary market of
infrastructure investment funds managed by third-party managers ("Underlying Funds") that provide exposure to infrastructure operating companies ("Underlying Companies") as well as direct or indirect secondary market
acquisitions of portfolios of direct infrastructure investments held by such Underlying Funds or by other investors or vehicles formed to hold such investments. Such investments will include (i) the acquisition of broad portfolios of interests
in Underlying Funds from limited partners, (ii) investments involving partnering with a general partner ("GP") of an Underlying Fund across a range of transaction settings and structures, with the objective of gaining exposure to
one or more investments ("GP-Sourced Investments"), often structured as continuation funds, spin-outs, fund recapitalizations, stapled secondaries, and direct asset purchases and direct co-investments involving the purchase of specific assets by the Fund alongside leading sponsors, and (iii) primary investments in existing Underlying Funds that have committed and reserved at least 50% of their
assets to portfolio investments at the time of the Fund's commitment ("Substantially Invested Underlying Funds"). As part

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of its broader Secondary Investment strategy, the Fund's direct co-investments strategy seeks to create a multi-manager, multi-sector, geographically broad portfolio of minority stake infrastructure co-investments, mainly alongside leading sponsors in infrastructure transactions relating to Underlying Companies of any market capitalization in North America, Europe and on an opportunistic basis in other regions (mostly in the Asia-Pacific region). Although the Fund expects primarily to make direct co-investments in issuers in which the Fund and its affiliated funds will own a minority stake, the Fund has flexibility to make direct investments in issuers in which the Fund or its affiliated funds will own a controlling interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Primary Investments" – the Fund's strategy shall be complemented to a lesser extent by
primary infrastructure investments (i.e., primary commitments to Underlying Funds focused on infrastructure that are unrelated to Secondary Investments).

Through a combination of Secondary Investments, including GP-Sourced Investments, and Primary Investments, the Fund aims to invest in a broad set of managers, investment strategies (including market capitalization), vintage years, industry sectors, and geographies.

To manage the liquidity of its investment portfolio, the Fund invests a portion of its assets in a portfolio that may include cash; cash equivalents; funds, including money market funds or related instruments; short-term debt securities; other fixed income investments; and/or other investment companies. The use of such liquidity management investments will depend on the timing of transactions.

Over time, during normal market conditions, the Adviser intends to invest at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes) in Secondary Investments in Infrastructure Assets and up to 20% of net assets in liquid assets for the purposes of liquidity management. The Fund considers "Infrastructure Assets" to be assets that provide the services and structures essential to economies and societies. In calculating the value of its investments for purposes of its 80% policy, the Fund will include investments in money market funds, cash and cash equivalents, and U.S. Treasury securities with remaining maturities of one year or less that cover unfunded commitments to invest in Underlying Funds that the Fund reasonably expects to be called in the future.

There can be no assurance that the Fund will achieve its investment objective or that the Fund's investment strategies will be successful.

*Unlisted Closed-End Fund.* An investment in the Fund is subject to, among others, the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund has no operating history. The limited liability company interests of the Fund ("Units") will
not be listed on any securities exchange. There is not expected to be any secondary trading market in the Units. Accordingly, members of the Fund ("Members") should not expect to be able to sell their Units (other than through the
repurchase process) regardless of how the Fund performs. Thus, an investment in the Fund may not be suitable for investors who may need the money they invest in a specified timeframe.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Units are subject to substantial restrictions on transferability and resale and may not be transferred or resold
except as permitted under the terms and conditions of the limited liability company agreement of the Fund, as may be amended and/or restated (the "Limited Liability Company Agreement"). Liquidity will be provided by the Fund only through
repurchase offers, which may be made from time to time by the Fund as determined by the Fund's Board of Directors in its sole discretion. The Fund has no obligation to repurchase Units. Additionally, there can be no assurance as to when, or
if, a shareholder will be able to sell all of its shares. Any repurchase of Units from a Member which were held for less than two years (on a first-in, first-out basis)
will be subject to an "Early Repurchase Fee" equal to 5.00% of the net asset value of the repurchased Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The amount of distributions that the Fund may pay, if any, is uncertain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may pay distributions in significant part from sources that may not be available in the future and that
are unrelated to the Fund's performance, such as borrowings. Such amounts may constitute a return of capital and may reduce the amount of capital available to the Fund for investment. Any capital returned to Members through distributions will
be distributed after payment of fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Units are speculative and involve a high degree of risk, including the risks associated with leverage. See
"Types of Investments and Related Risks" beginning on page [43] of this prospectus.

***Investors should carefully consider the Fund's risks and investment objective, as an investment in the Fund may not be appropriate for all investors and is not designed to be a complete investment program. An investment in the Fund involves a high degree of risk. It is possible that investing in the Fund may result in a loss of some or all of the amount invested. Before making an investment decision, investors should (i) consider the suitability of this investment with respect to an investor's investment objective and individual situation and (ii) consider factors such as an investor's net worth, income, age, and risk tolerance. Investment should be avoided where an investor has a short-term investing horizon and/or cannot bear the loss of some or all of the investment.***

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per Class J<br>Unit** | **Per Class I<br>Unit** | **Per Class D<br>Unit** | **Per Class X<br>Unit** | **Total <sup>(1)</sup>** |
|  Public Offering Price | Current Net<br>Asset Value | Current Net<br>Asset Value | Current Net<br>Asset Value | Current Net<br>Asset Value | Up to<br>$1,500,000,000 |
|  Sales Load<sup>(1)</sup> |  |  |  |  |  |
|  Proceeds to the Fund<br> (Before Expenses)<sup>(1)(2)</sup> | Amount<br>Invested at<br>Current Net<br>Asset Value | Amount<br>Invested at<br>Current Net<br>Asset Value | Amount<br>Invested at<br>Current Net<br>Asset Value | Amount<br>Invested at<br>Current Net<br>Asset Value | Up to<br>$1,500,000,000 |

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(1) Generally, the minimum initial investment by an investor in the Fund is $25,000 with respect to Class J,
Class D, and Class X Units, and $1,000,000 with respect to Class I Units (each as defined herein), which minimum may be reduced for certain investors. Financial intermediaries may also impose their own investment minimums on certain
classes, which may be higher than the minimums stated in this Prospectus. No upfront sales load will be paid with respect to Class J Units, Class I Units, Class D Units, or Class X Units; however, if you buy Class J Units,
Class D Units, or Class X Units through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine. Financial
intermediaries will not charge such fees on Class I Units. Please consult your financial intermediary for additional information.

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(2) Assumes all amounts currently registered are sold in the continuous offering. The Adviser will also bear
certain ongoing offering costs associated with the Fund's continuous offering to the extent necessary to ensure that the Fund's expenses do not exceed certain specified levels. Pursuant to a fee waiver/expense deferral agreement between
the Fund and the Adviser, the Fund may be obligated to repay the Adviser for any such payments. See "Fund Expenses."

Foreside Fund Services, LLC (the "Distributor") acts as distributor for the Units and serves in that capacity on a best efforts basis, subject to various conditions. The principal business address of the Distributor is Three Canal Plaza, Suite 100, Portland, ME 04101.

**The date of this prospectus is [ ], 2026.** 

*No Prior History.* The Fund has no operating history, and the Units have no history of public trading.

*Securities Offered.* The Fund is offering through this prospectus four separate classes of Units designated as Class J ("Class J Units"), Class I ("Class I Units"), Class D ("Class D Units"), and Class X ("Class X Units"). The Fund operates in reliance on an exemptive order from the U.S. Securities and Exchange Commission ("SEC") that permits the Fund to offer multiple classes of Units. Each class of Units is subject to different fees and expenses. The Fund may offer additional classes of Units in the future.

No person who is admitted as a Member will have the right to require the Fund to redeem its Units. This prospectus is not an offer to sell Units and is not soliciting an offer to buy Units in any state or jurisdiction where such offer or sale is not permitted. Investments in the Fund may be made only by "Eligible Investors" as defined herein. See "Plan of Distribution—Eligible Investors."

The Fund is offering its Units on a continuous basis. The minimum initial investment by an investor in the Fund is $25,000 with respect to Class J, Class D, and Class X Units and $1,000,000 with respect to Class I Units, except for purchases made in connection with dividend reinvestments or as otherwise permitted by the Fund. The Fund reserves the right to reduce or waive the investment minimum for certain investors in its sole discretion. Financial intermediaries may also impose their own investment minimums on certain classes, which may be higher than the minimums stated in this Prospectus. See "Plan of Distribution—Purchase Terms." Units are being offered through the Distributor at an offering price equal to the Fund's then-current net asset value per Unit of the applicable class of Units, plus any applicable sales load.

The Units are subject to the terms and conditions of the Limited Liability Company Agreement.

*Structure*. The Fund does not currently intend to list its Units for trading on any securities exchange and does not expect any secondary market to develop for its Units. Members are not able to have their Units redeemed or otherwise sell their Units on a daily basis because the Fund is an unlisted closed-end fund. To provide some liquidity to Members, the Fund may conduct periodic repurchase offers for a portion of its outstanding Units, as described below. An investment in the Fund is suitable only for long-term investors who can bear the risks associated with the limited liquidity of the Units.

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*Eligible Investors*. Units are being sold only to investors that represent that they are "qualified clients" within the meaning of Rule 205-3 under the Advisers Act of 1940, as amended (the "Advisers Act"). A "qualified client" generally is a person who, or a company that, has (i) at least $1,400,000 under the management of Ardian (as defined below) or (ii) a net worth (together, in the case of a person, with assets held jointly with a spouse) of more than $2,700,000.

This prospectus provides the information that a prospective investor should know about the Fund before investing. Investors are advised to read this prospectus carefully and to retain it for future reference. Additional information about the Fund, including a statement of additional information about the Fund, dated as of the date hereof, has been filed with the SEC and is incorporated by reference in its entirety into this prospectus. The statement of additional information and the Fund's annual and semi-annual reports and other information filed with the SEC, when available, can be obtained upon request and without charge by writing to the Fund at Ardian Access Secondary Infrastructure Fund LLC, c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246, or by calling 833-601-2677. Investors may request the Fund's statement of additional information, annual and semi-annual reports and other information about the Fund, when available, or make Member inquiries by calling 833-601-2677.

In addition, the contact information provided above may be used to request additional information about the Fund and to make Member inquiries. The statement of additional information, other material incorporated by reference into this prospectus and other information about the Fund are also available on the SEC's website at http://www.sec.gov. The address of the SEC's website is provided solely for the information of prospective investors and is not intended to be an active link.

**You should not construe the contents of this prospectus as legal, tax or financial advice. You should consult with your own professional advisors as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund.** 

**Units are not deposits or obligations of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and Units are not insured by the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System or any other government agency.** 

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | **Page** |
|  [SUMMARY OF TERMS](#pro309175_1) | 1 |
|  [SUMMARY OF FEES AND EXPENSES](#pro309175_2) | 33 |
|  [FINANCIAL HIGHLIGHTS](#pro309175_3) | 35 |
|  [THE FUND](#pro309175_4) | 35 |
|  [THE ADVISER](#pro309175_5) | 36 |
|  [USE OF PROCEEDS](#pro309175_6) | 37 |
|  [INVESTMENT OBJECTIVE, OPPORTUNITIES AND STRATEGIES](#pro309175_7) | 37 |
|  [TYPES OF INVESTMENTS AND RELATED RISKS](#pro309175_8) | 43 |
|  [MANAGEMENT OF THE FUND](#pro309175_9) | 83 |
|  [FUND EXPENSES](#pro309175_10) | 86 |
|  [MANAGEMENT AND INCENTIVE FEES](#pro309175_11) | 91 |
|  [DETERMINATION OF NET ASSET VALUE](#pro309175_12) | 94 |
|  [CONFLICTS OF INTEREST](#pro309175_13) | 96 |
|  [DESCRIPTION OF UNITS](#pro309175_14) | 99 |
|  [REPURCHASES AND TRANSFERS OF UNITS](#pro309175_15) | 99 |
|  [SUMMARY OF THE LIMITED LIABILITY COMPANY AGREEMENT](#pro309175_16) | 102 |
|  [TAX ASPECTS](#pro309175_17) | 109 |
|  [ERISA CONSIDERATIONS](#pro309175_18) | 124 |
|  [PLAN OF DISTRIBUTION](#pro309175_19) | 124 |
|  [DISTRIBUTIONS](#pro309175_20) | 130 |
|  [FISCAL YEAR; REPORTS](#pro309175_21) | 131 |
|  [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL](#pro309175_22) | 132 |
|  [INQUIRIES](#pro309175_23) | 132 |

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**SUMMARY OF TERMS** 

The following is only a summary and does not contain all of the information that a prospective investor should consider before investing in Ardian Access Secondary Infrastructure Fund LLC (the "Fund"). Before investing in the Fund, a prospective investor should carefully read the more detailed information appearing elsewhere in this prospectus, including the section titled "Types of Investments and Related Risks" beginning on page [43], the statement of additional information of the Fund (the "SAI") and the Fund's limited liability company agreement, as may be amended from time to time (the "Limited Liability Company Agreement").

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| **THE FUND** | The Fund is a newly organized Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. The Fund was organized as a Delaware limited liability company on October 17, 2025.<br>The Fund is an appropriate investment only for those investors who can tolerate a high degree of risk and do not require a liquid investment.<br>The Fund expects to offer four separate classes of limited liability company interests ("Units") designated as Class J ("Class J Units"), Class I ("Class I Units"), Class D ("Class D Units"), and Class X ("Class X Units") to Eligible Investors (as defined herein). Each class of Units is subject to different fees and expenses. The Fund operates in reliance on an exemptive order from the U.S. Securities and Exchange Commission ("SEC") that permits the Fund to offer multiple classes of Units. The Fund may offer additional classes of Units in the future. See "The Fund." |
| **THE ADVISER** | Ardian US LLC, the Fund's investment adviser (the "Adviser"), is a limited liability company organized under the laws of the State of Delaware and is a subsidiary of Ardian Holding, an international firm based in Paris, France (the Adviser and its affiliates that operate as the "Ardian business" are herein referred to as "Ardian"). The Adviser is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Adviser is responsible for making investment decisions for the Fund's portfolio. See "Management of the Fund—The Adviser." |

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| **THE ADMINISTRATOR** | The Fund has retained Ultimus Fund Solutions, LLC (the "Administrator") to provide it with certain administrative services, including fund administration, fund accounting and transfer agency services. The Fund compensates the Administrator for these services and reimburses the Administrator for certain out-of-pocket expenses (the "Administration Fee"). The Administration Fee is paid to the Administrator out of the assets of the Fund and therefore decreases the net profits or increases the net losses of the Fund. See "Management of the Fund—Administration and Accounting Services." |
| **INVESTMENT**<br> **OBJECTIVE** | The Fund's investment objective is to generate attractive risk-adjusted returns. See "Investment Objective, Opportunities and Strategies—Investment Objective." |
| **PRINCIPAL**<br> **INVESTMENT**<br> **STRATEGIES** | In pursuing its investment objective, the Fund intends to invest in a global portfolio of private infrastructure investments ("Infrastructure Assets") primarily through Secondary Investments in interests of Underlying Funds focused in infrastructure, complemented to a lesser extent by Primary Investments (defined below). |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Over time, during normal market conditions, the Adviser intends to invest at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes) in Secondary Investments in Infrastructure Assets. For purposes of this policy, the Fund considers "Secondary Investments" to include, without limitation, (i) acquisitions of privately owned portfolios, consisting primarily of single- or multiple-limited partner commitments in unaffiliated private funds ("Underlying Funds") acquired from existing investors, (ii) investments involving partnering with a general partner across a range of transaction settings and structures, with the objective of gaining exposure to one or more investments ("GP-Sourced Investments"), and (iii) primary investments in existing Underlying Funds that have committed and reserved at least 50% of their assets to portfolio investments at the time of the Fund's commitment ("Substantially Invested Underlying Funds"). GP-Sourced Investments are expected to be structured as, among other things:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continuation funds, which are new private funds that acquire some or all of the assets of an existing fund, typically to allow the fund's general partner to continue managing those assets for a longer period, sometimes beyond the existing fund's original term;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Spin-outs, which are new private funds managed by an investment team that has moved from a prior fund sponsor;<br>|

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|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund recapitalizations, which involve restructuring of a private fund by replacing existing investors with new ones or otherwise altering the fund's capital structure;<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stapled secondaries, which are primary commitments made in connection with secondary purchases of private funds or portfolio companies; and<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct co-investments involving the purchase of specific assets by the Fund alongside leading sponsors.<br>|
| The Fund considers "Infrastructure Assets" to be assets that provide the services and structures essential to economies and societies. Examples of Infrastructure Assets include, but are not limited to:<br>**Digital Infrastructure:** Telecommunication networks and assets, fibre optic cables, and data centers;<br>**Utilities:** District heating systems, integrated utilities (distribution and transmission) of electricity and/or water treatment;<br>**Transport and Logistics:** Transportation services including roads, airports, and ports as well as intermodal transport facilities; |
| **Energy:** Energy generation, such as conventional renewable generation (hydroelectric, wind and solar power) as well as a newer class of energy transition themes including battery storage and intermittency solutions, and energy efficiency (building energy retrofits, smart grid technologies, energy management systems, and sustainable heating and cooling infrastructure); and<br>**Public and Social Infrastructure:** Facilities and networks supporting the people and community, such as health services and educational facilities. |
| In addition to the foregoing categories, Infrastructure Assets may include other tangible assets used in or that support the delivery of infrastructure services, such as aircraft, rail cars, ships, power plants, distribution networks, toll roads, and various types of machinery and equipment. |
| Potential targeted investments may cover the whole spectrum of infrastructure strategies with a brownfield focus. Brownfield investments are in existing, mature, cash-generative assets, requiring maintenance and operation. In the Adviser's view, these can offer yield from year one and are generally considered lower risk. |

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| In calculating the value of its investments for purposes of its 80% policy, the Fund will include investments in money market funds, cash and cash equivalents, and U.S. Treasury securities with remaining maturities of one year or less that cover unfunded commitments to invest in Underlying Funds that the Fund reasonably expects to be called in the future.<br>The Adviser may cause the Fund to invest alongside other funds, accounts or other capital managed or advised by the Adviser or its affiliates ("Ardian Funds"), provided that the Adviser will not cause the Fund to engage in certain negotiated investments alongside affiliates of the Fund unless (1) such investments are made pursuant to the "Co-Investment Exemptive Relief" (as defined below) or (2) such investments are not prohibited by Section 17(d) of the 1940 Act or interpretations thereof, as expressed in SEC no-action letters or other available guidance.<br>The Adviser and certain of its advisory affiliates have received exemptive relief from the SEC (the "Co-Investment Exemptive Relief") that permits the Fund to invest in privately placed investments (including Secondary Investments and/or Primary Investments) alongside other funds and accounts managed by the Adviser or certain affiliates of the Adviser. The Fund has no priority over any other Ardian Funds in respect of any investment opportunity. The Adviser will allocate any investment opportunities at its entire discretion in accordance with its applicable investment allocation policy. The availability of investment opportunities to the Fund will be subject to the investment allocation provisions contained in the constitutive documents of the other Ardian Funds. |
| <u>Secondary Investments</u> |
| The Fund's Secondary Investments strategy seeks to construct infrastructure investment portfolios through secondary purchases of Underlying Funds (including the related unfunded commitments) that provide exposure to Infrastructure Assets in an effort to maximize risk-adjusted returns. Sources of Secondary Investments are typically LPs that sell interests in Underlying Funds on the secondary market and GPs that organize liquidity for LPs through secondary sale processes and/or continuation vehicles. The Fund will predominately seek to acquire interests in Underlying Funds focused on infrastructure and other Infrastructure Assets and Underlying |

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| Companies (either directly or through special purpose vehicles ("SPVs")), in each case, that have favorable cash flow profiles and a predictable upside potential where Ardian has a high degree of coverage through its proprietary monitoring database. When purchasing a Secondary Investment, the Fund will agree to purchase an investor's existing limited partnership position in an Underlying Fund or SPV, typically at a discount to net asset value due to the illiquidity of the market for interests in Underlying Funds or SPVs, and take on existing obligations to fund future capital calls. In making secondary investments, the Adviser normally seeks to purchase interests offering emphasis on stable and predictable returns with: (i) conservatively valued Underlying Companies that benefit from strong operating performance; (ii) expected cash yield from Underlying Companies derived from ongoing operating income based on existing contracts; and (iii) a risk profile characterized by limited downside returns with a low risk of loss of capital. However, there can be no assurance that any or all Secondary Investments made by the Fund will be able to sustain these characteristics or exhibit this pattern of investment returns and risk, and the realization of later gains is dependent upon the performance of each Underlying Fund's or SPV's portfolio companies. The Fund will seek to invest across a variety of GPs, investment strategies, vintage years, industry sectors and geographies.<br>As part of the Fund's Secondary Investments strategy, the Fund may invest in SPVs organized by GPs of Underlying Funds to facilitate continuation fund transactions, fund recapitalizations, or direct co-investments in specific infrastructure assets. SPVs are typically created and managed by unaffiliated third-party GPs, and the Adviser does not expect to play a direct role in creating or structuring SPVs. The Fund generally expects to hold a minority ownership position in SPVs, although the Fund has flexibility to make investments in which the Fund or its affiliated funds will own a controlling interest. See "Investment Objective, Opportunities and Strategies— Investment Opportunities and Strategies" for additional information regarding the Fund's investments in SPVs. |
| As described above, the Fund's Secondary Investment strategy also includes (i) primary investments in Substantially Invested Underlying Funds and (ii) other GP-Sourced Investments, which typically will be structured as continuation funds, spin-outs, fund recapitalizations, stapled secondaries and direct co-investments involving the purchase of specific assets by the Fund alongside leading sponsors. |

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| The Fund will make global investments, with a strong focus on Infrastructure Assets in the European Economic Area, the United Kingdom and North America.<br>The Fund's Secondary Investments strategy focuses on large and complex transactions where competition is inherently limited, targeting high quality Infrastructure Assets with predictable risk/reward profile where Ardian has a high degree of coverage through its proprietary monitoring database. The network Ardian has built over the last 25 years provides the Adviser with access to a broad universe of sellers, while the scale and complexity of transactions create a marketplace where Ardian has relatively few competitors.<br>The Adviser will look for investments managed by established GPs with proven track records, experienced and stable teams, coupled with consistent strategy execution and a strong alignment of interests.<br>As part of its broader Secondary Investment strategy, the Fund's direct co-investments strategy seeks to create a multi-manager, multi-sector, geographically broad portfolio of minority stake infrastructure co-investments, mainly alongside leading sponsors in infrastructure transactions relating to Underlying Companies of any market capitalization in North America, Europe and on an opportunistic basis in other regions (mostly in the Asia-Pacific region).<br>The Adviser will rely on its strong relationships with a global network of general partners to source co-investments while utilizing its highly selective approach and in-depth due diligence to select companies that offer an attractive risk/return profile that aligns with the objectives of the Fund. |
| <u>Primary Investments</u> |
| The Fund may also invest in newly formed Underlying Funds raised by experienced managers that invest in Infrastructure Assets where the Underlying Companies are not known as of the time of the Fund's commitment (any such newly formed Underlying Funds or other investment deemed to be a primary partnership investment by the Adviser, a "Primary Investment"). Primary Investments are characterized by a gradual deployment of capital. The Adviser seeks to identify and select Primary Investments that it believes to be high quality and managed by experienced fund managers with the potential to generate superior rates of return. The Adviser expects that Primary |

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| Investments in the Fund are likely to enhance the Adviser's ability to source other investment opportunities for the Fund. For the avoidance of doubt, Primary Investments (other than investments in stapled secondaries or Substantially Invested Underlying Funds, as described above) are not counted as Secondary Investments for purposes of the Fund's 80% policy. During normal market conditions, Primary Investments, together with the Fund's Liquid Assets (as described below) and any other investments that do not constitute Secondary Investments in Infrastructure Assets, will not represent more than 20% of the Fund's net assets (plus the amount of any borrowings for investment purposes). |
| <u>Subsidiaries</u> |
| The Fund may invest up to 25% of its total assets directly or indirectly in one or more 100%-owned subsidiaries that elect to be treated as a corporation for U.S. federal income tax purposes (each, a "Corporate Subsidiary"). The Fund's investment in a Corporate Subsidiary permits the Fund to pursue its investment objective and strategies in a manner that is intended to allow the Fund to qualify as a regulated investment company (a "RIC"). The Fund may invest all or any portion of the rest of the Fund's assets in one or more 100%-owned subsidiaries organized as Delaware limited liability companies (or organized as other entity types) that are intended to be treated as disregarded entities for U.S. federal income tax purposes (the "Disregarded Entities" and together with any Corporate Subsidiary, each a "Subsidiary" and collectively the "Subsidiaries"). A "disregarded entity" is disregarded for U.S. federal income tax purposes as an entity separate from its owner (i.e., the Fund). The owner is treated as directly owning the assets of the disregarded entity and takes into account for U.S. federal income tax purposes the income, gains, deductions and losses related to those assets.<br>Each Subsidiary will have the same investment objective and strategies as the Fund and, like the Fund, will be managed by the Adviser. Except as otherwise provided, references to the Fund's investments also will refer to the Subsidiaries' investments for the convenience of the reader. |

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|  | <u>Liquidity Management</u> |
|  | To manage the liquidity of its investment portfolio, the Fund also invests a portion of its assets in a portfolio that may include cash; cash equivalents; funds, including money market funds or related instruments; short-term debt securities; other fixed income investments; and/or other investment companies ("Liquid Assets"). The Fund may invest in other liquid fixed income securities and other credit instruments from time to time. To enhance the Fund's liquidity, particularly in times of possible net outflows through the repurchase of Units by periodic repurchase offers to members of the Fund ("Members"), the Fund may sell certain of its assets. The Fund seeks to hold an amount of Liquid Assets and other liquid investments consistent with prudent liquidity management. During normal market conditions and following the initial period of the Fund's investment operations, which period may extend for a substantial amount of time, it is generally not expected that the Fund will hold more than 20% of its net assets in Liquid Assets for extended periods of time. For temporary defensive purposes, liquidity management, in connection with the Fund's initial period of investment operations or in connection with implementing changes in the asset allocation, the Fund may hold a substantially higher amount of Liquid Assets, including cash and cash equivalents and other liquid investments.<br>There can be no assurance that the Fund will achieve its investment objective or that the Fund's investment strategies will be successful. See "Investment Objective, Opportunities and Strategies —Investment Opportunities and Strategies." |
| **RISK FACTORS** | Investing in the Fund involves risks, including the risk that a Member may receive little or no return on their investment or that a Member may lose part or all of their investment. Before making an investment decision, a prospective Member should (i) consider the suitability of this investment with respect to the Member's investment objectives and personal situation and (ii) consider factors such as the Member's personal net worth, income, age, risk tolerance and liquidity needs.<br>Below is a summary of some of the principal risks of investing in the Fund. For a more complete discussion of the risks of investing in the Fund, see "Types of Investments and Related Risks." Members should consider carefully the following principal risks before investing in the Fund: |
|  | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Illiquidity of the Units.* Unlike many closed-end funds, the Units will not be listed on any securities exchange. Although the Adviser currently expects that, beginning after the Fund completes its first full year of operations, it will recommend to the Board that the Fund offer to repurchase Units from Members on a quarterly basis in<br>|

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an amount expected to be approximately 5% of the Fund's net asset value, no assurances can be given that the Fund will do so. Additionally, there is no guarantee that an investor will be able to sell all of the Units in a repurchase offer that the investor desires to sell. The Fund should therefore be considered to offer limited liquidity.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *No Operating History.* The Fund is a newly organized, non-diversified, closed-end investment company with no operating history. Therefore, its operating expenses may be significant and typically higher than expenses of similarly situated established funds.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Highly Competitive Market.* The activity of identifying, completing and realizing upon attractive investments is highly competitive and involves a high degree of uncertainty. The Fund will be competing for investments with other private equity investors having similar investment objectives. It is possible that competition for appropriate investment opportunities may increase, thus reducing the number of investment opportunities available to the Fund and adversely affecting the terms upon which investments can be made.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Potential for Limited Investment Opportunities.* There can be no assurance that the Fund will be able to identify, structure, complete and realize upon investments that satisfy its investment objective, or that it will be able to fully invest its offering proceeds.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Management Risk.* The Adviser cannot provide any assurance that it will be able to choose, make or realize investments in any particular investment, asset or portfolio. There can be no assurance that investments effected through the Fund will be able to generate returns or that the returns will be commensurate with the risks of investing in the type of transactions described herein.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Secondary Investments Risks.* The Fund may acquire Secondary Investments from existing investors in such Secondary Investments, but also in certain cases from the issuers of such interests or other third parties. In many cases, the economic, financial and other information available to and utilized by the Adviser in selecting and structuring Secondary Investments may be incomplete or unreliable. The Fund will also not have the opportunity to negotiate the terms of the Secondary Investments, including any special rights or privileges.<br>|

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Primary Investments Risks.* The Fund's interest in Primary Investments will consist primarily of capital commitments to, and investments in, private investment funds. Identifying, selecting and investing in Primary Investments involves a high level of risk and uncertainty. The underlying investments made by Primary Investments may involve highly speculative investment techniques, including extremely high leverage, highly concentrated portfolios, workouts and startups, control positions and illiquid investments.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Direct Co-Investments/Portfolio Companies Risks.* In addition to the risks described above, the portfolio companies in which the Fund invests, either directly through a SPV used for facilitating a co-investment ("Co-Investment Vehicle") or a secondary market acquisition or indirectly through an Underlying Fund, may involve a high degree of business and financial risk. Portfolio companies may be in early stages of development, may have operating losses or significant variations in operating results and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence. Portfolio companies may also include companies that are experiencing or are expected to experience financial difficulties, which may never be overcome. In addition, these companies may have weak financial conditions and may require substantial additional capital to support their operations, to finance expansion or to maintain their competitive positions.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund may be invested in a limited number of portfolio companies, which may subject the Fund to greater risk and volatility than if investments had been made in a larger number of portfolio companies. The Fund's 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. |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Underlying Fund Risks.* In addition to the risks described above, investments in Underlying Funds entail a variety of risks. Sponsors of Underlying Funds may invest such funds' assets in securities of non-U.S. issuers, including those in emerging markets, and the Fund's assets may be<br>|

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; invested in Underlying Funds 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. Sponsors of Underlying Funds are expected to focus on the infrastructure industry, which may subject the Underlying Fund, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of industries. A sponsor of an Underlying Fund may also focus on a particular country or geographic region, which may subject the Underlying Fund, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of geographic regions.<br>An Underlying Fund's assets may be invested in a limited number of securities or portfolio companies which may subject the Underlying Fund, and thus the Fund, to greater risk and volatility than if investments had been made in a larger number of securities. An Underlying Fund's investments, depending upon strategy, 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. In addition, unlike the Fund, which is regulated under the 1940 Act, Underlying Funds are generally expected to be private funds that are not limited by the 1940 Act in how they invest their assets, including limits on leverage and transactions with affiliates. As a result, investing in Underlying Funds may subject the Fund to heightened conflicts of interest risk and leverage risk than if the Fund made investments directly. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Members will bear two layers of fees and expenses: asset-based fees and expenses at the Fund level, and asset-based fees, carried interests, incentive allocations or fees and expenses at the Underlying Fund or Co-Investment Vehicle level. In addition, to the extent that the Fund invests in an Underlying Fund that is itself a "fund of funds," the Fund will bear a third layer of fees. |

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&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Investments in Infrastructure Assets.* Investments in infrastructure assets are subject to the risks of adverse local, national and international economic, regulatory, political, legal, demographic, environmental, and other developments affecting their industry. Infrastructure companies may be adversely affected by, among other things, high interest costs related to capital construction programs; difficulty in raising adequate capital on reasonable terms in periods of high inflation and unsettled capital markets; the financial condition of users and suppliers of infrastructure assets; inexperience with and potential losses resulting from the deregulation of a particular industry or sector; costs associated with compliance and changes in environmental and other regulations; regulation or intervention by various government authorities, including government regulation of rates charged to customers; the imposition of special tariffs and changes in tax laws; regulatory policies and accounting standards; technological developments and disruptions; environmental claims arising in respect of infrastructure acquired with undisclosed or unknown environmental problems or as to which inadequate reserves have been established; disruptive weather and environmental effects; service interruption and/or legal challenges due to environmental, operational or other accidents; force majeure acts, terrorist events, under-insured or uninsurable losses; the effect of economic slowdown; surplus capacity; increased competition; uninsured casualties; insurance costs; uncertainties concerning the availability of fuel at reasonable prices; and the effects of energy conservation policies and general changes in market sentiment towards infrastructure assets, among other factors. There is also the risk that corruption may negatively affect publicly-funded infrastructure projects, especially in developing and emerging markets, resulting in delays and cost overruns. Additional risks include, but are not limited to, the following: "Regulatory Risk", "Operating and Technical Risks", "Government Contract Risk", "Capital Expenditures", "Demand and User Risk", "Commodity Price Risk", "Lack of Liquidity of Infrastructure Assets", "Litigation Risk", "Project Finance", and "Follow-On Investments." (See Types of Investments and Related Risks – Investments in Infrastructure Assets.) Additionally, an Underlying Fund may invest in portfolio companies in one or more of the specific sectors noted below, exposing the Underlying Fund, and thereby the Fund, to risks associated with these sectors.<br>

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Risks of Investments in Certain Infrastructure Assets.* Underlying Funds in which the Fund invests may have exposure to assets such as aircrafts, rail cars, ships, power plants, distribution networks, toll roads, other infrastructure assets, and various types of machinery and equipment. To the extent the Fund has direct or indirect exposure to such assets, it may be subject to additional risks, including destruction, loss, terrorist attacks, industry-specific regulation (e.g., pollution control regulation), operating failures, and labor relations, that typically may not be present with respect to other investments. In addition, the regulation of such assets is extensive and variable, and the Fund's commitment to certain of such assets could be wholly illiquid for long periods of time.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Utilities and Energy Sectors*. The Fund's investments may include investments with a focus on the utilities and energy sectors, thereby exposing the Fund to risks associated with these sectors. 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. 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.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Transportation Sector*. The Fund's investments may include investments with a focus on the transportation sector, thereby exposing the Fund to risks associated with this sector. 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.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Real Estate Investments*. The Fund's investments may include investments with a focus on the real estate sector, thereby exposing the Fund to risks associated with this sector. In addition, infrastructure investments may be subject to the risks inherent in the ownership and<br>|

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; operation of assets or business which derive a substantial amount of their value from real estate and real estate-related interests. 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.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *"Cash Drag" Risk*. The Fund may maintain a sizeable cash position in anticipation of funding capital calls. The Fund will generally not contribute the full amount of its commitment to an Underlying Fund or a Co-Investment Vehicle at the time of its admission to the Underlying Fund or Co-Investment Vehicle. Instead, the Fund will be required to make incremental contributions pursuant to capital calls issued from time to time by the Underlying Funds or Co-Investment Vehicles. In addition, Underlying Funds or Co-Investment Vehicles may not call all the capital committed to them. The overall impact on performance due to holding a portion of the investment portfolio in cash or cash equivalents could be negative.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Valuation Risk.* The value of the Fund's investments will be difficult to ascertain, and the valuations determined in respect of investments in the Underlying Funds, Co-Investment Vehicles and other private asset investments will likely vary from the amounts the Fund would receive upon withdrawal from or disposition of its investments. Similarly, the valuations determined by the Fund are likely to differ, potentially substantially, from the valuations determined by other market participants for the same or similar investments. The Fund's investments<br>|

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in Underlying Funds will be priced in the absence of a readily available market and may be valued in significant part based on determinations of fair value provided by an investment's sponsor, which may prove to be inaccurate. Neither the Adviser nor the Board will be able to confirm independently the accuracy of such valuations (which are unaudited, except at year-end). With respect to the valuations of Underlying Funds and Co-Investment Vehicles, this risk is exacerbated to the extent that Underlying Funds and Co-Investment Vehicles generally provide valuations only on a quarterly basis, and such valuations may incorporate inputs that are up to several months old, whereas the Fund will provide valuations, and will issue Units, on a monthly basis. This means that the Underlying Fund and Co-Investment Vehicle information used by the Fund to issue and repurchase Units will typically be several months old when used by the Fund. Because of this, the Fund's net asset value for financial reporting purposes may differ from the net asset value used to process subscription and repurchase transactions as of the same date. See "Determination of Net Asset Value." To the extent that the Fund does not receive timely or accurate information from the Underlying Funds or Co-Investment Vehicles regarding their valuations, the Fund's ability to accurately calculate its net asset value may be further impaired. Additionally, any adjustments the Fund makes to valuations received from an Underlying Fund or a Co-Investment Vehicle to reflect timing differences or other factors may result in such investment's fair value differing from the value ultimately realized by the Fund. Given the Fund's secondary investing strategy, the Fund expects to purchase securities issued by Underlying Funds at prices that reflect a discount to the net asset value of such Underlying Funds. The Fund generally expects to value these securities based on the net asset value of the Underlying Fund. As a result, if the Fund were to sell these securities in the secondary market, it is likely that the Fund's proceeds from such a sale would be less than the value at which the Fund held the securities for purposes of calculating its net asset value. This would have a negative impact on returns. |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Fixed-Income Securities Risks*. Fixed income securities risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.<br>|

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| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cash and Cash Equivalents.* The Fund may maintain a sizeable cash position in anticipation of funding capital calls. As a result, the Fund generally will not contribute the full amount of its commitment to an Underlying Fund or a Co-Investment Vehicle at the time of its admission to the Underlying Fund or the Co-Investment Vehicle. Instead, the Fund will be required to make incremental contributions pursuant to capital calls issued from time to time by the Underlying Fund or the Co-Investment Vehicle. The overall impact on performance due to holding a portion of the investment portfolio in cash, cash equivalents and other fixed-income investments could be negative.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Market Disruption and Geopolitical Risk.* The Fund may be materially adversely affected by market, economic and political conditions globally and in the jurisdictions and sectors in which the Fund invests. The Fund is subject to the risk that war, including continuing conflicts in the Middle East involving Israel and Iran, and now including the United States among other nations, geopolitical tensions, such as a deterioration in the bilateral relationship between the U.S. and China or the conflict between Russia and Ukraine, terrorism, natural and environmental disasters, such as, for example, the spread of infectious illness or other public health issues, including widespread epidemics or pandemics such as the COVID-19 outbreak, systemic market dislocations and other geopolitical events may lead to increased short-term market volatility and have adverse long-term effects on world economies and markets generally, as well as adverse effects on issuers of securities and the value of the Fund's investments. The United States and other countries are periodically involved in disputes, negotiations or government action over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. Trade disputes and tariff may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Leverage; Borrowings Risk.* The Fund may borrow money, which magnifies the potential for gain or loss on amounts invested, subjects the Fund to certain covenants with which it must comply and may increase the risk of investing with the Fund.<br>|

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Legal Risk, Litigation and Regulatory Action.* The Adviser is part of a larger firm with multiple business lines active in several jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some of which are new and evolving. The Fund and the Adviser and its affiliates are subject to a number of risks, including changing laws and regulations, developing interpretations of such laws and regulations, and increased scrutiny by regulators and law enforcement authorities.<br>The Fund is a registered closed-end investment company and as such is subject to regulations and restrictions under the 1940 Act. |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Risks Relating to Fund's RIC Status.* To qualify and remain eligible for the special tax treatment accorded to RICs and their shareholders under the Internal Revenue Code of 1986, as amended (the "Code"), the Fund must meet certain source-of-income, asset diversification and annual distribution requirements, and failure to do so could result in the loss of RIC status. The Fund's ability to satisfy the foregoing tax requirements will generally depend in large part on the activities of, and information provided by, the Underlying Funds and Co-Investment Vehicles, which the Fund does not control. In addition, the Fund is generally required each December to make certain "excise tax" calculations based on income and gain information that must be obtained from the Underlying Funds and Co-Investment Vehicles. The risks of not receiving timely or accurate information from the Underlying Funds and Co-Investment Vehicles include failing to satisfy the RIC qualification tests and incurring excise tax on undistributed income and gain.<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 they can sustain a complete loss of their investment.<br>See "Types of Investments and Related Risks." |

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| **LEVERAGE** | The Fund may borrow money in connection with its investment activities — i.e., the Fund may utilize leverage. Specifically, the Fund may borrow money through a credit facility or other arrangements to achieve its investment objective. Subject to prevailing market conditions, the Fund may add financial leverage if, immediately after such borrowing, it would have asset coverage (as defined in the 1940 Act) of 300% or more (in the event leverage is obtained solely through debt) or 200% or more (in the event leverage is obtained solely through preferred units). For example, if the Fund has $100 in net assets, it may utilize leverage through obtaining debt of up to $50, resulting in $150 in total assets (or 300% asset coverage). The Fund may use leverage opportunistically and may choose to increase or decrease its leverage, or use different types or combinations of leveraging instruments, at any time based on the Fund's assessment of market conditions and the investment environment. There can be no assurance that the Fund will use leverage or that its leveraging strategy will be successful during any period in which it is employed.<br>Underlying Funds, Co-Investment Vehicles and individual portfolio companies may also utilize leverage in their investment activities. Borrowings by Underlying Funds, Co-Investment Vehicles and their portfolio companies are not subject to the Fund's previously described asset coverage requirement. Accordingly, the Fund's portfolio may be exposed to the risk of highly leveraged investment programs of certain Underlying Funds, Co-Investment Vehicles and portfolio companies. This leverage will increase the volatility of the value of the Fund's investments and, as a result, the Units, especially during times of a "credit crunch" and/or general market turmoil, such as that experienced during 2020.<br>See "Investment Objective, Opportunities and Strategies—Investment Opportunities and Strategies." |
| **BOARD OF DIRECTORS** | The Board of Directors of the Fund (the "Board"), including a majority of the members of the Board (each, a "Director") that are not "interested persons" (as defined in the 1940 Act) of the Fund or the Adviser (collectively, the "Independent Directors"), oversees and monitors the Fund's management and operations. See "Management of the Fund." |
| **MANAGEMENT FEES** | Pursuant to the investment management agreement by and between the Fund and the Adviser (the "Investment Management Agreement"), and in consideration of the advisory services provided by the Adviser to the Fund, the Adviser is entitled to a fee consisting of two components—a base management fee (the "Management Fee") and an incentive fee (the "Incentive Fee"). |

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| The Fund pays the Adviser a monthly Management Fee equal to 1.25% on an annualized basis of the Fund's net asset value (including, for the avoidance of doubt, assets held in a Subsidiary) as of the last day of the month. The Management Fee is paid to the Adviser out of the Fund's assets, and therefore decreases the net profits or increases the net losses of the Fund. For purposes of determining the Management Fee payable to the Adviser for any month, the net asset value is calculated after any subscriptions but prior to any repurchases occurring in that month. The Fund also may pay an Incentive Fee. See "Management and Incentive Fees." |
| The Adviser is obligated to pay expenses associated with providing the investment services stated in the Investment Management Agreement, including compensation of and office space for their officers and personnel connected with investment and economic research, trading and investment management of the Fund.<br>The Fund bears all expenses incurred in the business of the Fund, as well as any taxes thereon, other than those specifically required to be borne by the Adviser pursuant to the Investment Management Agreement. See "Fund Expenses." |
| The Adviser has entered into a Fee Waiver/Expense Deferral Agreement with the Fund, whereby the Adviser has contractually agreed for a period of one year from the date the Fund commences operations (a) to reduce the Management Fee payable to it to 0.00% and (b) to pay any operating expenses of the Fund, to the extent necessary to limit the operating expenses of the Fund, exclusive of (i) the Management Fee and Incentive Fee; (ii) distribution (12b-1) fees; (iii) acquired fund fees and expenses; (iv) expenses incurred directly or indirectly by the Fund as a result of expenses related to investing in, or incurred by, a portfolio fund or other permitted investment, including, without limitation, management fees, performance fees and/or incentive allocations and other fees and expenses; (v) transaction costs, including legal costs and brokerage and clearing costs and commissions, associated with the acquisition and disposition of any investments; (vi) interest payments on borrowed funds, if any; (vii) fees and expenses incurred in connection with any credit facilities; (viii) taxes; (ix) dividends on securities sold short, if any; and (x) extraordinary expenses (as determined in the sole discretion of the Adviser) not incurred in the ordinary course of the Fund's business (including, without limitation, litigation expenses) (collectively, the "Excluded Expenses") to the annual rate of 1.19% of the net assets attributable to each class of Units as of the end of each calendar month (the "Expense Cap"). |

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|  | Expenses borne by the Adviser or reimbursed to the Fund pursuant to the Fee Waiver/Expense Deferral Agreement are referred to below as "Deferred Fees and Expenses." With respect to each class of Units, the Fund agrees to repay the Adviser the Deferred Fees and Expenses. For the avoidance of doubt, the Deferred Fees and Expenses shall not include any Management Fees waived pursuant to the Fee Waiver/Expense Deferral Agreement. Deferred Fees and Expenses shall not be payable by the Fund 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. Such repayment shall be made monthly, but, with respect to each class of Units of the Fund, only if the operating expenses of such class of Units (exclusive of the Excluded Expenses), without regard to such repayment, are at an annual rate (as a percentage of the net assets attributable to such class of Units as of the end of each calendar month) that does not exceed the lesser of (i) the Expense Cap (exclusive of the Excluded Expenses) with respect to such class of Units, and (ii) any expense cap (exclusive of any excluded expenses) in effect with respect to such class of Units on the date of payment. Furthermore, the amount of Deferred Fees and Expenses paid by the Fund in any month with respect to a class of Units shall be limited so that the sum of (A) the amount of such payment and (B) the other operating expenses of the Fund with respect to such class of Units (exclusive of the Excluded Expenses) do not exceed the lesser of (I) the Expense Cap (exclusive of the Excluded Expenses) with respect to such class of Units, and (II) any expense cap (exclusive of any excluded expenses) in effect with respect to such class of Units on the date of payment. The Fee Waiver/Expense Deferral Agreement will continue in effect for a term of one year from the date the Fund commences operations, provided, however, that the Fund's obligation to repay Deferred Fees and Expenses, subject to the conditions described above, shall survive the expiration or termination of the agreement. The Adviser may not terminate the Fee Waiver/Expense Deferral Agreement during its one-year term. See "Fund Expenses—Fee Waiver/Expense Deferral Agreement." |
| **INCENTIVE FEE** | The Adviser shall be entitled to annual payments of an incentive fee ("Incentive Fee") equal to 12.5% of the Fund's Total Return, subject to a 5.0% annual Hurdle Amount with a 100% Catch-Up and a High Water Mark (each as defined below). The Incentive Fee will be measured and paid annually out of the assets of the Fund and will be accrued monthly (subject to pro-rating for partial periods). |

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| &nbsp;&nbsp;&nbsp;&nbsp; Specifically, the Adviser is entitled to an Incentive Fee in an amount equal to:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First, if the Fund's Total Return for the applicable period exceeds the sum of (i) the Hurdle Amount for that period and (ii) the Loss Carryforward Amount (any such excess, "Excess Profits"), 100% of such annual Excess Profits until the total amount of the Incentive Fee payable to the Adviser equals 12.5% of the sum of (x) the Hurdle Amount for that period and (y) any amount payable to the Adviser pursuant to this clause (this is commonly referred to as a "Catch-Up"); and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits.<br>|
| "Total Return" for the relevant period shall equal the sum of (i) all distributions accrued or paid (without duplication) on a Unit of the respective Class since the beginning of the then-current fiscal year (whether or not reinvested in additional Units) plus (ii) the change in the Fund's aggregate net asset value since the beginning of the then-current fiscal year and (iii) the value of any Units repurchased by the Fund since the beginning of the then-current fiscal year, in each case, before giving effect to (a) changes resulting solely from the proceeds of issuances of Units; and (b) any accrual of the Incentive Fee; minus (iv) the Management Fee and all expenses of the Fund to the extent not previously reflected in the net asset value of the Fund.<br>For the avoidance of doubt, the calculation of Total Return will (i) include any realized or unrealized appreciation or depreciation in the net asset value of Units issued during the then-current fiscal year, (ii) treat any withholding tax on distributions paid by or received by the Fund as part of the distributions accrued or paid on Units, and (iii) exclude the proceeds from the initial issuance of such Units. |
| "Hurdle Amount" for any period during the then-current fiscal year means that amount that results in a 5.0% annualized return on the net asset value of the Units outstanding at the beginning of the then-current fiscal year and all Units issued since the beginning of the then-current fiscal year calculated in accordance with recognized industry practices and taking into account: (i) the timing and amount of all distributions accrued or |

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| paid (without duplication) on all such Units minus all Fund expenses but excluding applicable expenses for Distribution and Servicing Fees; and (ii) all issuances of Units over the period. For the avoidance of doubt, the calculation of the Hurdle Amount for any period will exclude any Units repurchased during such period.<br>The net asset value of Units used in determining the Hurdle Amount will be calculated before giving effect to any accrual of the Incentive Fee and applicable expenses for Distribution and Servicing Fees. For the avoidance of doubt, the calculation of the Hurdle Amount for any period will exclude: any Units repurchased during such period, which Units will be subject to the Incentive Fee upon repurchase. Except as described in "Loss Carryforward Amount" below, any amount by which Total Return falls below the Hurdle Amount will not be carried forward to subsequent periods. |
| "Loss Carryforward Amount" shall initially equal zero and shall cumulatively increase by the absolute value of any negative Total Return for the relevant period and decrease by any positive Total Return for such period; provided, that the Loss Carryforward Amount shall at no time be less than zero and provided further that the calculation of the Loss Carryforward Amount will exclude the Total Return related to any Units repurchased during the relevant period, which Units will be subject to the Incentive Fee upon repurchase. The effect of the Loss Carryforward Amount is that the recoupment of past Total Return losses for the relevant period will offset the positive Total Return for such period for purposes of the calculation of the Incentive Fee. This is referred to as a "High Water Mark." |
| Promptly following the end of each fiscal year, the Fund shall pay the Adviser an Incentive Fee as described above; provided, however, the Adviser shall be entitled to receive such portion of the Incentive Fee that has been accrued for the relevant fiscal year prior to the end of such year in an amount sufficient to cover any tax liability of the Adviser with respect to such Incentive Fee. The Incentive Fee that the Adviser is entitled to receive at the end of each fiscal year will accrue monthly, with payment made annually (subject to more frequent tax-related payments described above), and shall be reduced by the cumulative amount of Incentive Fees paid during that year (if any). To the extent the Adviser receives incentive fees from a Subsidiary, the Adviser will not receive an incentive fee from the Fund in respect of any portion of the Fund's Total Return that is attributable to such Subsidiary. To the extent any portion |

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|  | of the accrued Incentive Fee was paid during a fiscal year but, at the end of such fiscal year, the Adviser is not entitled to any Incentive Fee in respect of such fiscal year, the Adviser shall promptly reimburse the Fund for such amount previously paid.<br>The Adviser will not be obligated to return any portion of the Incentive Fee paid by the Fund due to the subsequent performance of the Fund. |
| **DISTRIBUTIONS** | Because the Fund intends to qualify annually as a RIC under the Code, the Fund intends to distribute at least 90% of its annual net taxable income to its Members. Nevertheless, there can be no assurance that the Fund will pay distributions to Members at any particular rate. Each year, a statement on Internal Revenue Service ("IRS") Form 1099-DIV identifying the amount and character of the Fund's distributions will be mailed to Members.<br>[The Fund intends to distribute net investment income, if any, and net realized capital gains, if any, at least annually, and may make distributions quarterly, pursuant to a plan adopted by the Board and subject to restrictions under applicable law regarding the distribution of long-term capital gains more frequently than once every twelve months.]<br>The Fund's distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment. A return of capital to Members is a return of a portion of their original investment in the Fund, thereby reducing the tax basis of their investment. As a result from such reduction in tax basis, Members may be subject to tax in connection with the sale of Units, even if such Units are sold at a loss relative to the Member's original investment. See "Distributions."<br>The Board reserves the right to change the distribution policy from time to time. |
| **PURCHASES OF UNITS** | The Units are offered on a monthly basis. The Units are being offered through the distributor at an offering price equal to the then-current net asset value per Unit of the applicable class of Units, plus any applicable sales load. Please see "Plan of Distribution" on page [124] for purchase instructions and additional information. |

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| Generally, the minimum initial investment by an investor in the Fund is $25,000 with respect to Class J, Class D, and Class X Units, and $1,000,000 with respect to Class I Units (each as defined herein), which minimum may be reduced for certain investors. Financial intermediaries may also impose their own investment minimums on certain classes, which may be higher than the minimums stated in this Prospectus. No upfront sales load will be paid with respect to Class J Units, Class I Units, Class D Units, or Class X Units; however, if you buy Class J Units, Class D Units, or Class X Units through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine. Financial intermediaries will not charge such fees on Class I Units. Please consult your financial intermediary for additional information.<br>The minimum additional investment in the Fund by any investor is $10,000, except for additional purchases pursuant to dividend reinvestments. Investors subscribing through a given broker/dealer or registered investment adviser may have Units aggregated to meet these minimums, so long as aggregated initial investments are not less than $25,000 with respect to Class J, Class D, and Class X Units, and $1,000,000 with respect to Class I Units and incremental contributions are not less than $10,000. The Fund reserves the right to reduce or waive the investment minimum for certain investors in its sole discretion. See "Plan of Distribution— Purchase Terms." |
| Subscriptions are generally subject to the receipt of cleared funds on or prior to the acceptance date set by the Fund. An investor who misses the acceptance date will have the effectiveness of his, her or its investment in the Fund delayed until the following acceptance date. Following the Fund's commencement of operations, Units will generally be offered for purchase as of the first business day of each calendar month, except that Units may be offered more or less frequently as determined by the Board in its sole discretion. In connection with its initial commencement of operations, the Fund currently expects to accept purchases on one or more dates other than the first business day of a calendar month. |
| Pending any closing, funds received from prospective investors will be placed in an account with the Fund's transfer agent. On the date of any closing, the balance in the account with respect to each investor whose investment is accepted will be invested in the Fund on behalf of such investor. Prospective investors whose subscriptions to purchase Units are accepted by the Fund will become members by being admitted as Members. |

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|  | A prospective investor must submit a completed subscription agreement on or prior to the acceptance date set by the Fund. An existing Member generally may subscribe for additional Units by completing an additional subscription agreement by the acceptance date and funding such amount by the deadline. The Fund reserves the right to accept or reject, in its sole discretion, any request to purchase Units at any time. The Fund also reserves the right to suspend or terminate offerings of Units at any time. Unless otherwise required by applicable law, any amount received in advance of a purchase ultimately rejected by the Fund will be returned promptly to the prospective investor without the deduction of any fees or expenses.<br>Prospective 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. Prospective investors purchasing Units through financial intermediaries should acquaint themselves with their financial intermediary's procedures and should read this Prospectus in conjunction with any materials and information provided by their financial intermediary.<br>The Fund operates in reliance on an exemptive order from the SEC that permits the Fund to offer multiple classes of Units. Each class of Units is subject to different fees and expenses. The Fund may offer additional classes of Units in the future. |
| **ELIGIBLE INVESTORS** | Each investor will be required to certify that the Units are being acquired directly or indirectly for the account of a "qualified client" as defined in Rule 205-3 under the Advisers Act. A "qualified client" generally is a person who, or a company that, has (i) at least $1,400,000 under the management of Ardian or (ii) has a net worth (together, in the case of a person, with assets held jointly with a spouse) of more than $2,700,000. Members who are "qualified clients" are referred to in this prospectus as "Eligible Investors." Existing Members seeking to purchase additional Units will be required to qualify as "Eligible Investors" at the time of the additional purchase. |
|  | Each prospective investor in the Fund should obtain the advice of his, her or its own legal, accounting, tax and other advisers in reviewing documents pertaining to an investment in the Fund, including, but not limited to, this Prospectus, the SAI and the Limited Liability Company Agreement before deciding to invest in the Fund. See "Plan of Distribution—Eligible Investors." |

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| **PLAN OF DISTRIBUTION** | Foreside Fund Services, LLC (the "Distributor"), located at Three Canal Plaza, Suite 100, Portland, ME 04101, serves as the Fund's principal underwriter and acts as the distributor of the Units on a best efforts basis, subject to various conditions. The Units are offered for sale at net asset value plus any applicable sales load. The Distributor also may enter into broker-dealer selling agreements with other broker-dealers for the sale and distribution of the Units. The Distributor is not required to offer any specific number or dollar amount of the Units, but will use its best efforts to offer the Units. Units of the Fund will not be listed on any national securities exchange, and the Distributor will not act as a market maker in Units.<br>The Adviser, or its affiliates, in the Adviser's discretion and from its own resources, may pay additional compensation to financial intermediaries and their agents that have made arrangements with the Fund and are authorized to buy and sell Units of the Fund (collectively, "Financial Intermediaries") in connection with the sale of Units, may pay for services that are provided to clients of such Financial Intermediaries, or may pay the costs of systems used to service such clients (such arrangements collectively referred to as "Additional Compensation"). In return for the Additional Compensation, the Fund may receive certain marketing advantages, including access to a broker's or dealer's registered representatives, placement on a list of investment options offered by a broker or dealer, or the ability to assist in training and educating the broker's or dealer's registered representatives. The Additional Compensation may differ among brokers or dealers in amount or in the manner of calculation. Payments of Additional Compensation may be fixed dollar amounts or, based on the aggregate value of outstanding Units held by Members introduced by the broker or dealer, or determined in some other manner. The receipt of Additional Compensation by a selling broker or dealer may create potential conflicts of interest between an investor and its broker or dealer who is recommending the Fund over other potential investments. See "Plan of Distribution." |
| **ERISA PLANS AND OTHER TAX-EXEMPT ENTITIES** | Investors subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and other tax-exempt entities, including employee benefit plans, individual retirement accounts ("IRAs"), 401(k) plans and Keogh plans, may purchase Units. Because the Fund is registered as an investment company |

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|  | under the 1940 Act, the underlying assets of the Fund will not be considered to be "plan assets" of the ERISA plans investing in the Fund for purposes of ERISA's fiduciary responsibility and prohibited transaction rules. Thus, neither of the Fund nor the Adviser will be a fiduciary within the meaning of ERISA with respect to the assets of any ERISA plan that becomes a Member, solely as a result of the ERISA plan's investment in the Fund. See "ERISA Considerations." |
| **UNLISTED CLOSED-END FUND STRUCTURE; LIMITED LIQUIDITY** | The Fund has been organized as a continuously offered, non-diversified closed-end management investment company. Closed-end funds differ from open-end funds (commonly known as mutual funds) in that investors in closed-end funds do not have the right to redeem their Units on a daily basis. Unlike most closed-end funds, which typically list their Units on a securities exchange, the Fund does not currently intend to list the Units for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Units in the foreseeable future. Therefore, an investment in the Fund, unlike an investment in a typical closed-end fund, is not a liquid investment. |
|  | The Fund believes that a closed-end structure is most appropriate for the long-term nature of the Fund's strategy. The Fund's net asset value per Unit may be volatile. As the Units are not traded, investors will not be able to dispose of their investment in the Fund, except through repurchases conducted by the Fund or transfers as described herein, no matter how the Fund performs. Accordingly, you should consider that you may not have access to the funds you invest in the Fund for an indefinite period of time. See "Repurchases and Transfers of Units." |
| **CLASSES OF UNITS** | The Fund expects to offer four different classes of Units: Class J Units, Class I Units, Class D Units, and Class X Units. An investment in any class of Units of the Fund represents an investment in the same assets of the Fund. However, the purchase restrictions and ongoing fees and expenses for each class of Units are different. |
|  | The fees and expenses for the Fund are set forth in "Summary of Fees and Expenses." If you have hired an intermediary and are eligible to invest in more than one class of Units, the intermediary may help determine which class of Units is appropriate for you. When selecting a class of Units, you should consider which classes of Units are available to you, how much you intend to invest, how long you expect to own Units and the total costs and expenses associated with a particular class of Units. |

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|  | Each investor's financial considerations are different. You should speak with your intermediary to help you decide which class of Units is best for you. Not all Financial Intermediaries offer all classes of Units. If your Financial Intermediary offers more than one class of Units, you should carefully consider which class of Units to purchase.<br>The Fund operates in reliance on an exemptive order from the SEC that permits the Fund to offer multiple classes of Units. Each class of Units is subject to different fees and expenses. The Fund may offer additional classes of Units in the future.<br>See "Plan of Distribution—Class of Units Considerations." |
| **VALUATIONS** | The Fund will invest a significant portion of its assets in private investments that do not have readily ascertainable market prices. Portfolio securities and other assets for which market quotes are readily available are typically valued at the "bid" quotes provided by an approved independent pricing service. In circumstances where market quotes are not readily available, the Board has adopted methods for determining the fair value of such investments. Under the Fund's valuation procedures, valuations for Underlying Funds and Co-Investment Vehicles will be based in significant part on estimated valuations provided by the Underlying Fund and Co-Investment Vehicle sponsors. The valuations provided by the Underlying Fund and Co-Investment Vehicle sponsors will be reviewed by the Adviser. However, neither the Adviser nor the Board will be able to confirm independently the accuracy of such valuations (which are unaudited, except at the respective Underlying Fund's or Co-Investment Vehicle's year-end). Furthermore, the Underlying Funds and Co-Investment Vehicles will typically provide the Adviser with only estimated net asset values or other valuation information on a quarterly basis and the information provided by an Underlying Fund or a Co-Investment Vehicle will typically be as of a date that is several months old by the time the Fund strikes its net asset value, which is generally on a monthly basis. For this reason, the Fund may apply one or more adjustments to the valuations received from an Underlying Fund or Co-Investment Vehicle, which would include adjustments for cash flows received from or distributed to the Underlying Fund or Co-Investment Vehicle after the reference date of the most recently reported Underlying Fund or Co-Investment Vehicle net asset value, specifically, (i) adding the nominal amount of the |

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|  | investment related capital calls and (ii) deducting the nominal amount of investment related distributions from the net asset value as reported by the sponsor of the Underlying Fund or Co-Investment Vehicle. In addition to reflecting the Underlying Fund or Co-Investment Vehicle net asset value inclusive of cash flows since the reference date, the Adviser may also adjust for any changes in market prices for public securities held by the Underlying Fund or Co-Investment Vehicle and may also apply a market adjustment to reflect the estimated change in fair value of the Underlying Fund's or the Co-Investment Vehicle's non-public unrealized investments from the date of the last reported Underlying Fund or Co-Investment Vehicle net asset value to the date as of which the Fund is reporting its net asset value. There can be no assurance that these adjustments will improve the accuracy of these valuations.<br>Any data provided by an Underlying Fund or a Co-Investment Vehicle will be subject to revision through the end of each Underlying Fund's or Co-Investment Vehicle's respective annual audit. The Fund will use the latest information available from each Underlying Fund and Co-Investment Vehicle at the time of each subscription or redemption transaction, and in certain cases a change to an Underlying Fund's or a Co-Investment Vehicle's net asset value relating to prior periods as a result of an annual audit may differ materially from the information used in those prior period subscription or redemption transactions. In addition, due to differences in information available to the Fund on the applicable determination phase, the Fund's net asset value for financial reporting purposes may differ from the net asset value used to process subscription and repurchase transactions as of the same date. See "Determination of Net Asset Value." |
| **REPURCHASES AND TRANSFERS OF UNITS** | The Units have no history of public trading, nor is it intended that the Units will be listed on a public exchange at this time. No secondary market is expected to develop for the Units.<br>No Member has the right to require the Fund to redeem his, her or its Units. To provide a limited degree of liquidity to Members, the Fund may from time to time offer to repurchase Units pursuant to written tenders by Members. In determining whether the Fund should offer to repurchase Units from Members, the Board will consider the recommendation of the Adviser. The Adviser expects that, beginning after the Fund completes its first full year of operations, it will recommend to the Board (subject to its discretion) that the Fund offer to repurchase Units from Members on a quarterly basis in an amount expected to be approximately 5% of the Fund's net asset value. |

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| Except to the extent the Board otherwise determines, any repurchase of Units from a Member which were held for less than two years (on a first-in, first-out basis) will be subject to an "Early Repurchase Fee" equal to 5.00% of the net asset value of such repurchased Units. If an Early Repurchase Fee is charged to a Member, the amount of such fee will be retained by the Fund. An Early Repurchase Fee payable by a Member may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Member. To the extent the Fund determines to waive, impose scheduled variations of, or eliminate any early repurchase fee, it will do so in compliance with the requirements of Rule 22d-1 under the 1940 Act. |
| There is no minimum amount of Units that must be repurchased in any repurchase offer. The Fund has no obligation to repurchase Units at any time; any such repurchases will only 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 as to the timing of such an offer, as well as a variety of operational, business and economic factors. The Adviser expects that, beginning after the Fund completes its first full year of operations, repurchases will be offered at the Fund's net asset value per Unit as of March 31, June 30, September 30 and December 31, as applicable.<br>If a repurchase offer is oversubscribed by Members who tender Units, the Fund will repurchase a pro rata portion by value of the Units tendered by each Member, extend the repurchase offer or take any other action with respect to the repurchase offer permitted by applicable law. The Fund also has the right to repurchase (i) all of a Member's Units at any time if the aggregate value of such Member's Units is, at the time of such compulsory repurchase, less than the minimum initial investment applicable for such class of Units; and (ii) Units of Members if the Fund determines that the repurchase is in the best interest of the Fund or upon the occurrence of certain events specified in the Limited Liability Company Agreement, each in accordance with applicable federal securities laws, including the 1940 Act and the rules and regulations thereunder. |

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|  | When the Fund does make an offer to repurchase Units, a Member may not be able to liquidate all of their Units either in response to that repurchase offer, or over the course of several repurchase offers. If a repurchase offer is oversubscribed by Members, the Fund may repurchase only a pro rata portion by value of the Units tendered by each Member, extend the repurchase offer, or take any other action with respect to the repurchase offer permitted by applicable law. |
|  | The Fund's investments are generally subject to lengthy lock-up periods during which the Fund will not be able to dispose of such investments except through secondary transactions with third parties, which may occur at a significant discount to net asset value and which may not be available at any given time. There is no assurance that third parties will engage in such secondary transactions and the Fund may require and be unable to obtain the applicable consent to effect such transactions. The Fund may need to suspend or postpone repurchase offers if it is not able to dispose of its interests in portfolio investments in a timely manner. See "Repurchases and Transfers of Units." |
| **SUMMARY OF TAXATION** | The Fund intends to elect to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, the Fund generally will not be subject to corporate-level U.S. federal income taxes on any net ordinary income or capital gains that are currently distributed as dividends for U.S. federal income tax purposes to Members. To qualify for and maintain its treatment as a RIC for U.S. federal income tax purposes, the Fund is required to meet certain specified source-of-income and asset diversification requirements, and is required to distribute dividends for U.S. federal income tax purposes of an amount at least equal to 90% of the sum of its net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses each tax year to Members, as applicable.<br>The Fund is permitted to invest up to 25% of its total assets directly or indirectly in one or more Corporate Subsidiaries. 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 a Corporate Subsidiary is organized in the U.S., such 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 Fund's return on its investment in such Corporate Subsidiary. If a net loss is realized by such Corporate Subsidiary, such loss is not generally available to offset the income of the Fund.<br>See "Distributions" and "Tax Aspects." |

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|:---|:---|
| **FISCAL YEAR AND TAX YEAR** | The Fund's fiscal year for financial reporting purposes is the 12-month period ending on March 31. The Fund's taxable year is the 12-month period ending September 30 (or such other taxable year as may be required under the Code). See "Fiscal Year; Reports." |
| **TERM** | The Fund's term is perpetual unless the Fund is otherwise terminated under the terms of the Fund's organizational documents. |
| **REPORTS TO MEMBERS** | As soon as practicable after the end of each calendar year, a statement on Form 1099-DIV identifying the sources of the distributions paid by the Fund to Members for tax purposes will be furnished to Members subject to IRS reporting. In addition, the Fund will prepare and transmit to Members an unaudited semi-annual and an audited annual report within 60 days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act. See "Fiscal Year; Reports." |

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**SUMMARY OF FEES AND EXPENSES** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
| ***Member Transaction Expenses***<br> ***(fees paid directly from your investment)*** | ***Class J***<br>***Units*** | ***Class D***<br>***Units*** | ***Class I***<br>***Units*** | ***Class X***<br>***Units*** |
|  *Maximum Sales Load (as a percentage of purchase amount)(1)* |  |  |  |  |
|  *Maximum Early Repurchase Fee (as a percentage of repurchased amount)(2)* | 5.00% | 5.00% | 5.00% | 5.00% |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Estimated Annual Operating Expenses**<br> ***(as a percentage of net assets attributable to Units)*** | ***Class J***<br>***Units*** | ***Class D***<br>***Units*** | ***Class I***<br>***Units*** | ***Class X***<br>***Units*** |
|  Management Fee(3)(6) | 1.25% | 1.25% | 1.25% | 1.25% |
|  Incentive Fee(4) | 12.5% | 12.5% | 12.5% | 12.5% |
|  Interest Payments on Borrowed Funds(5) | 0.10% | 0.10% | 0.10% | 0.10% |
|  Other Expenses(6) | 1.19% | 1.19% | 1.19% | 1.19% |
|  Distribution (12b-1) Fees(7) | 0.50% | 0.25% |  | 0.85% |
|  Acquired Fund Fees and Expenses(8) | 0.86% | 0.86% | 0.86% | 0.86% |
|  Total Annual Expenses | 3.90% | 3.65% | 3.40% | 4.25% |
|  Fee Waiver and/or Expense Reimbursement(9) | (1.25)% | (1.25)% | (1.25)% | (1.25)% |
|  Total Annual Expenses (After Fee Waiver and/or Expense Reimbursement) | 2.65% | 2.40% | 2.15% | 3.00% |

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(1) No upfront sales load will be paid with respect to Class J Units, Class D Units, Class I Units,
or Class X Units; however, if you buy Class J Units, Class D Units, or Class X Units through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage
commissions, in such amount as they may determine. Financial intermediaries will not charge such fees on Class I Units. See "Plan of Distribution."

(2) A 5.00% early repurchase fee will be charged by the Fund with respect to any repurchase of Units from a Member
at any time prior to the day immediately preceding the two-year anniversary of the Member's purchase of the Units. Such repurchase fee will be retained by the Fund and will benefit the Fund's
remaining Members. Units tendered for repurchase will be treated as having been repurchased on a "first in, first out" basis. An early repurchase fee payable by a Member may be waived by the Fund, in circumstances where the Board
determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Member. To the extent the Fund determines to waive, impose scheduled variations of, or eliminate any early repurchase fee, it
will do so in compliance with the requirements of Rule 22d-1 under the 1940 Act. See "Repurchases and Transfers of Units."

(3) The Fund pays a monthly Management Fee equal to 1.25% on an annualized basis of the Fund's net asset
value (including, for the avoidance of doubt, assets held in a Subsidiary) as of the last day of the month. For purposes of determining the Management Fee payable to the Adviser for any month, the net asset value will be calculated after any
subscriptions but prior to repurchases for that month. The Adviser has contractually agreed for a period of one year from the date the Fund commences operations to reduce the Management Fee payable to it to 0.00%. Amounts waived pursuant to this
contractual agreement may not be recouped by the Adviser. *See* "Management Fees."

(4) The Adviser will charge an Incentive Fee equal to 12.5% of the Fund's Total Return, subject to a 5.0%
annual Hurdle Amount with a 100% Catch-Up and a High Water Mark (each as defined and described in further detail herein). Such Incentive Fee will be measured and paid annually out of the assets of the Fund and
will be accrued monthly (subject to pro-rating for partial periods). "Total Return" for the relevant period shall equal the sum of (i) all distributions accrued or paid (without duplication)
on a Unit of the respective Class since the beginning of the then-current fiscal year (whether or not reinvested in additional Units) plus (ii) the change in the Fund's aggregate net asset value since the beginning of the
then-current fiscal year and (iii) the value of any Units repurchased by the Fund since the beginning of the then-current fiscal year, in each case, before giving effect to (a) changes resulting solely from the proceeds of issuances of
Units; and (b) any accrual of the Incentive Fee; minus (iv) the Management Fee and all expenses of the Fund to the extent not previously reflected in the net asset value of the Fund. **Because the amount of the Incentive Fee is unknown and will depend on the Fund's Total Return in its first year of operations, the table presents the percentage rate of the Incentive Fee but does not incorporate that rate into the calculation of the Fund's Total Annual Expenses.** See
"Management and Incentive Fees."

(5) Interest Payments on Borrowed Funds are estimated for the Fund's initial fiscal year.

(6) Other expenses include, but are not limited to, accounting, custody, transfer agency, legal, valuation agent,
pricing vendor and auditing fees of the Fund, administrative fees, sub-transfer agency and investor servicing fees and expenses, initial organizational and offering costs, as well as fees payable to the
Independent Directors. The amount presented in the table estimates the amounts the Fund expects to pay during the first 12 months, assuming the Fund raises $400 million of proceeds during that time.

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(7) The Fund operates in reliance on an exemptive order from the SEC that permits the Fund to offer multiple
classes of Units. The Fund may charge distribution (12b-1) fees totalling up to 0.50% per year on Class J Units, 0.25% on Class D Units, and 0.85% on Class X Unit. See "Plan of
Distribution—Distribution and Service Plan."

(8) Members also indirectly bear a portion of the asset-based fees, performance or incentive fees or allocations
and other expenses incurred by the Fund as an investor in the Underlying Funds. Generally, asset-based fees payable in connection with Underlying Fund investments will range from 1% to 2% (annualized) of the commitment amount of the Fund's
investment, and performance or incentive fees or allocations are typically 20% of an Underlying Fund's net profits as carried interest allocation, although it is possible that such amounts may be exceeded for certain sponsors of Underlying
Funds. The "Acquired Fund Fees and Expenses" disclosed above, however, do not reflect any performance-based fees or allocations paid by the Underlying 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 Underlying Funds. The
amount presented in the table estimates the amounts the Fund expects to pay during the first 12 months, assuming the Fund raises $400 million of proceeds during that time.

(9) The Adviser has entered into a Fee Waiver/Expense Deferral Agreement with the Fund, whereby the Adviser has
contractually agreed for a period of one year from the date the Fund commences operations (a) to reduce the Management Fee payable to it to 0.00% and (b) to pay any operating expenses of the Fund, to the extent necessary to limit the
operating expenses of the Fund, exclusive of (i) the Management Fee and Incentive Fee; (ii) distribution (12b-1) fees; (iii) acquired fund fees and expenses; (iv) expenses incurred directly
or indirectly by the Fund as a result of expenses related to investing in, or incurred by, a portfolio fund or other permitted investment, including, without limitation, management fees, performance fees and/or incentive allocations and other fees
and expenses; (v) transaction costs, including legal costs and brokerage and clearing costs and commissions, associated with the acquisition and disposition of any investments; (vi) interest payments on borrowed funds, if any;
(vii) fees and expenses incurred in connection with any credit facilities; (viii) taxes; (ix) dividends on securities sold short, if any; and (x) extraordinary expenses (as determined in the sole discretion of the Adviser) not
incurred in the ordinary course of the Fund's business (including, without limitation, litigation expenses) (collectively, the "Excluded Expenses") to the annual rate of 1.19% of the net assets attributable to each class of Units
as of the end of each calendar month (the "Expense Cap").

Expenses borne by the Adviser or reimbursed to the Fund pursuant to the Fee Waiver/Expense Deferral Agreement are referred to below as "Deferred Fees and Expenses." With respect to each class of Units, the Fund agrees to repay the Adviser the Deferred Fees and Expenses. For the avoidance of doubt, the Deferred Fees and Expenses shall not include any Management Fees waived pursuant to the Fee Waiver/Expense Deferral Agreement. Deferred Fees and Expenses shall not be payable by the Fund 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. Such repayment shall be made monthly, but, with respect to each class of Units of the Fund, only if the operating expenses of such class of Units (exclusive of the Excluded Expenses), without regard to such repayment, are at an annual rate (as a percentage of the net assets attributable to such class of Units as of the end of each calendar month) that does not exceed the lesser of (i) the Expense Cap (exclusive of the Excluded Expenses) with respect to such class of Units, and (ii) any expense cap (exclusive of any excluded expenses) in effect with respect to such class of Units on the date of payment. Furthermore, the amount of Deferred Fees and Expenses paid by the Fund in any month with respect to a class of Units shall be limited so that the sum of (A) the amount of such payment and (B) the other operating expenses of the Fund with respect to such class of Units (exclusive of the Excluded Expenses) do not exceed the lesser of (I) the Expense Cap (exclusive of the Excluded Expenses) with respect to such class of Units, and (II) any expense cap (exclusive of any excluded expenses) in effect with respect to such class of Units on the date of payment. The Fee Waiver/Expense Deferral Agreement will continue in effect for a term of one year from the date of the Fund commences operations, provided, however, that the Fund's obligation to repay Deferred Fees and Expenses, subject to the conditions described above, shall survive the expiration or termination of the agreement. The Adviser may not terminate the Fee Waiver/Expense Deferral Agreement during its one-year term. See "Fund Expenses—Fee Waiver/Expense Deferral Agreement."

***Example:***

The following example demonstrates the projected dollar amount of total expenses that would be incurred over various periods with respect to a hypothetical investment in Units. In calculating the following expense amounts, the Fund has assumed its direct and indirect annual operating expenses would remain at the percentage levels set forth in the table above (except that the example incorporates the expense reimbursement arrangement for only the first year). The example assumes that the Fund will not realize any capital gains (computed net of all its realized capital losses and unrealized capital depreciation) in any of the indicated time periods. If the Fund achieves sufficient returns on its investments, including through the realization of capital gains, to trigger an Incentive Fee of a material amount, the Fund's expenses and returns to its investors would be higher.

An investor would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return:

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|:---|:---|:---|:---|:---|
|  | **1<br>Year** | **3<br>Years** | **5<br>Years** | **10<br>Years** |
|  You would pay the following expenses on a $1,000 Class J Units investment, assuming a 5.0% annual return: | $27 | $108 | $190 | $404 |
|  You would pay the following expenses on a $1,000 Class D Units investment, assuming a 5.0% annual return: | $24 | $100 | $178 | $383 |
|  You would pay the following expenses on a $1,000 Class I Units investment, assuming a 5.0% annual return: | $22 | $93 | $166 | $360 |
|  You would pay the following expenses on a $1,000 Class X Units investment, assuming a 5.0% annual return: | $30 | $118 | $206 | $434 |

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**The example and the expenses in the tables above should not be considered a representation of the Fund's future expenses, and actual expenses may be greater or less than those shown**. While the example assumes a 5.0% annual return, as required by the SEC, the Fund's performance will vary and may result in a return greater or less than 5.0%. The example assumes that the Loss Carryforward Amount is zero at start of the period. For a more complete description of the various fees and expenses borne directly and indirectly by the Fund, see "Fund Expenses" and "Management and Incentive Fees."

**FINANCIAL HIGHLIGHTS** 

The Fund will include financial highlights tables here intended to help you understand the Fund's financial performance in a subsequent filing after commencement of operations.

**THE FUND** 

The Fund is a newly organized non-diversified, closed-end management investment company that is registered under the 1940 Act. The Fund continuously offers its Units. The Fund was organized as a Delaware limited liability company on October 17, 2025, and has no operating history. The principal office of the Fund is located at 1370 Avenue of the Americas New York, NY 10019 and its telephone number is (212) 641-8604.

The Fund's investment objective is to generate attractive risk-adjusted returns. There can be no assurance that the Fund will achieve its investment objective.

In pursuing its investment objective, the Fund intends to invest in a global portfolio of Infrastructure Assets primarily through Secondary Investments, complemented to a lesser extent by Primary Investments. Over time, during normal market conditions, the Adviser intends to invest at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes) in Secondary Investments in Infrastructure Assets.

For purposes of this policy, the Fund considers "Secondary Investments" to include, without limitation, (i) acquisitions of Underlying Funds acquired from existing investors, (ii) primary investments in Substantially Invested Underlying Funds; and (iii) GP-Sourced Investments, which are expected to be structured as, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continuation funds, which are new private funds that acquire some or all of the assets of an existing fund,
typically to allow the fund's general partner to continue managing those assets for a longer period, sometimes beyond the existing fund's original term;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Spin-outs, which are new private funds managed by an investment team that has moved from a prior fund sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund recapitalizations, which involve restructuring of a private fund by replacing existing investors with new
ones or otherwise altering the fund's capital structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stapled secondaries, which are primary commitments made in connection with secondary purchases of private funds
or portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct co-investments involving the purchase of specific assets by the
Fund alongside leading sponsors.

The Fund considers "Infrastructure Assets" to be assets that provide the services and structures essential to economies and societies. In calculating the value of its investments for purposes of its 80% policy, the Fund will include investments in money market funds, cash and cash equivalents, and U.S. Treasury securities with remaining maturities of one year or less that cover unfunded commitments to invest in Underlying Funds that the Fund reasonably expects to be called in the future.

Through a combination of Secondary Investments, including GP-Sourced Investments, and Primary Investments, the Fund aims to invest in a broad set of managers, investment strategies (including market capitalization), vintage years, industry sectors, and geographies.

To manage the liquidity of its investment portfolio, the Fund may also invest a portion of its assets in a portfolio that includes Liquid Assets. For a further discussion of the Fund's principal investment strategies, see "Investment Objective, Opportunities and Strategies."

The Fund's investment adviser is Ardian US LLC. The Adviser is responsible for making investment decisions for the Fund's portfolio. See "The Adviser." Responsibility for monitoring and overseeing the Fund's investment program, management and operation is vested in the individuals who serve on the Board.

**THE ADVISER** 

**THE ADVISER** 

Ardian US LLC serves as the Fund's investment adviser. The Adviser is registered as an investment adviser with the SEC under the Advisers Act. The Adviser is a subsidiary of Ardian Holding and has been registered as an investment adviser with the SEC since 2004.

The Adviser serves as investment adviser to privately offered funds that are sponsored by Ardian and marketed primarily to institutional investors and high net worth individuals. The funds are closed end and generally have a term of 10-15 years. The Adviser specializes in providing investment advice to pooled investment vehicles. When managing pooled investment vehicles, the Adviser may be assisted by affiliated entities and certain of their advisory personnel but is generally responsible for the day-to-day management of the fund, the identification of investment opportunities for the fund and the acquisition, management, and disposition of fund investments. The Adviser also provides investment advice to other subsidiaries of Ardian domiciled outside the United States, in connection with their management of offshore funds and funds of funds, including research and assistance in identifying, evaluating, acquiring and monitoring private fund investments.

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As of December 31, 2025, the Adviser had approximately $2.8 billion of assets under management.

**ARDIAN** 

Ardian is a global investment firm with approximately $200 billion of assets under management as of December 31, 2025.

Ardian offers investors a diversified choice of funds covering the full range of private market asset classes, providing expertise in Primary Transactions, Secondary Transactions, Customized Solutions, Infrastructure, Private Credit, and Real Estate. Ardian has more than 1,080 employees in 19 offices, serving over 1,850 investors.

**USE OF PROCEEDS** 

The proceeds from the sale of Units of the Fund, not including the amount of any sales loads and the Fund's fees and expenses (including, without limitation, offering expenses), will be invested by the Fund in accordance with the Fund's investment objective and strategies as soon as practicable after receipt of such proceeds, consistent with market conditions and the availability of suitable investments. It is anticipated that proceeds from the sale of Units will be invested in or committed to appropriate investment opportunities within three months; however, changes in market conditions could result in the Fund's anticipated investment period extending as long as six months. Delays in investing the Fund's assets may occur (i) because of the time typically required to complete private equity transactions (which may be considerable), (ii) because certain Underlying Funds selected by the Adviser may provide infrequent opportunities to purchase their securities and/or (iii) because of the time required for sponsors of Underlying Funds to invest the amounts committed by the Fund.

Pending the investment of the proceeds pursuant to the Fund's investment objective and policies, the Fund may invest a portion of the proceeds of the offering, which may be a substantial portion, in short-term, high-quality debt securities, money market securities, cash or cash equivalents. In addition, the Fund may maintain a portion of the proceeds of the continuous offering in cash to meet operational needs. The Fund may not achieve its investment objective, or otherwise fully satisfy its investment policies, during such periods in which the Fund's assets are not able to be substantially invested in accordance with its investment strategies.

**INVESTMENT OBJECTIVE, OPPORTUNITIES AND STRATEGIES** 

**Investment Objective** 

The Fund's investment objective is to generate attractive risk-adjusted returns. There can be no assurance that the Fund will achieve its investment objective or that the Fund's investment strategies will be successful. The investment objective of the Fund is not a fundamental policy of the Fund and may be changed by the Board without the vote of a majority (as defined by the 1940 Act) of the Fund's outstanding Units.

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**Investment Opportunities and Strategies** 

The Fund intends to invest in a global portfolio of Infrastructure Assets primarily through Secondary Investments, including GP-Sourced Investments alongside leading sponsors, and Primary Investments. Over time, during normal market conditions, the Adviser intends to invest at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes) in Secondary Investments in Infrastructure Assets. Through a combination of Secondary Investments, including GP-Sourced Investments, and Primary Investments, the Fund aims to invest in a broad set of managers, investment strategies (including market capitalization), vintage years, industry sectors, and geographies.

The Fund considers "Infrastructure Assets" to be assets that provide the services and structures essential to economies and societies. In calculating the value of its investments for purposes of its 80% policy, the Fund will include investments in money market funds, cash and cash equivalents, and U.S. Treasury securities with remaining maturities of one year or less that cover unfunded commitments to invest in Underlying Funds that the Fund reasonably expects to be called in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Multi-Manager Portfolio**: The Fund will make Secondary Investments and Primary Investments in Underlying
Funds managed by a broad set of infrastructure managers. As part of its Secondary Investment strategy, the Fund will also make GP-Sourced Investments into Underlying Companies alongside a broad set of lead
managers. These managers will normally include managers of well-established infrastructure funds with attractive and proven track records that are well known to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Strategies**: The private asset portfolio will be principally exposed to Underlying Funds and
Underlying Companies executing infrastructure investment strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will seek to invest across the spectrum of transaction types including portfolios of limited partner
stakes, mature co-investments and direct stakes, team spin-offs, and GP-led transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may also selectively invest in attractive GP-led transactions
with the right characteristics as determined by the Adviser. Typically, these transactions would have a selection of good quality assets, managed by a top tier GP with a strong and longstanding track record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Vintage Year**: Represents the year in which an Underlying Fund begins its investment activity. Over time
and through Secondary Investments in mature infrastructure funds, the Fund will seek to acquire multiple portfolios of limited partnership interests to gain exposure to a broad set of vintage years providing exposure to investments completed across
differing economic cycles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Industry Sectors**: The Fund will seek to invest across various infrastructure industry sectors. The Adviser
typically favors investments into Underlying Funds and Underlying Companies operating in various sectors including, but not limited to, digital infrastructure, transport, utilities, renewable, midstream exploration and production, healthcare,
software and energy equipment and services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Geography**: The Fund will target to invest predominantly in the developed markets of North America, Europe
and on an opportunistic basis in other regions (mostly in the developed markets of the Asia-Pacific region). For purposes of this strategy, the Fund considers "developed markets" to include countries classified as developed markets by
one or more recognized market classification systems, such as those maintained by MSCI, FTSE Russell, or S&P Dow Jones Indices. In practice, the Fund expects that its investments will be concentrated primarily in markets within North America
(principally the United States and Canada), Western Europe (including the European Economic Area and the United Kingdom), and the developed markets of the Asia-Pacific region (principally Australia, Japan, New Zealand, and South Korea). In
general, the Adviser aims to avoid or otherwise limit the Fund's exposure to emerging and frontier economies.

The Adviser and certain of its advisory affiliates have received Co-Investment Exemptive Relief that permits the Fund to invest in privately placed investments alongside other funds and accounts managed by the Adviser or certain affiliates of the Adviser.

Ardian has adopted a Responsible Investment Policy (the "Responsible Investment Policy") that provides for the integration of certain environmental, social and governance ("ESG") factors in the investment process for the Fund. The Responsible Investment Policy contemplates a screening process to avoid investments in certain banned sectors (which comprise, as of the date of this Prospectus, tobacco, pornography, controversial weapons, thermal coal in certain circumstances and gambling), an ESG due diligence analysis in connection with each investment decision, periodic ESG reviews during the holding period of an investment and an ESG analysis upon exit. Ardian considers the following to be key priorities with respect to its ESG analysis: the climate transition, measurable impact and value creation, and the building of a fairer society. The Fund is permitted to make an investment in an issuer that scores poorly on Ardian's ESG criteria if the investment scores strongly on other non-ESG factors.

<u>Secondary Investments</u> 

The Fund's Secondary Investments strategy seeks to construct infrastructure investment portfolios through secondary purchases of Underlying Funds (including the related unfunded commitments) that provide exposure to Infrastructure Assets in an effort to maximize risk-adjusted returns. Sources of Secondary Investments are typically LPs that sell interests in Underlying Funds on the secondary market and GPs that organize liquidity for LPs through secondary sale processes and/or continuation vehicles. The Fund will predominately seek to acquire interests in Underlying Funds focused on infrastructure and other Infrastructure Assets and Underlying Companies (either directly or through special purpose vehicles ("SPV's")), in each case, that have favorable cash flow profiles and a predictable upside potential where Ardian has a high degree of coverage through its proprietary monitoring database. When purchasing a Secondary Investment, the Fund will agree to purchase an investor's existing limited partnership position in an Underlying Fund or SPV, typically at a discount to net asset value due to the illiquidity of the market for interests in Underlying Funds or SPVs, and take on existing obligations to fund future capital calls. In making secondary investments, the Adviser normally seeks to purchase interests offering emphasis on stable and predictable returns with: (i) conservatively valued Underlying Companies that benefit from strong operating performance; (ii) expected cash yield from Underlying Companies derived from ongoing operating income

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based on existing contracts; and (iii) a risk profile characterized by limited downside returns with a low risk of loss of capital. However, there can be no assurance that any or all Secondary Investments made by the Fund will be able to sustain these characteristics or exhibit this pattern of investment returns and risk, and the realization of later gains is dependent upon the performance of each Underlying Fund's or SPV's portfolio companies. The Fund will seek to invest across a variety of GPs, investment strategies, vintage years, industry sectors and geographies. As part of the Fund's Secondary Investments strategy, the Fund may invest in SPVs organized by general partners of Underlying Funds to facilitate continuation fund transactions, fund recapitalizations, or direct co-investments in specific infrastructure assets. SPVs in which the Fund expects to invest are typically created and managed by unaffiliated third-party GPs in connection with GP-led secondary transactions. The Adviser does not expect to play a direct role in creating or structuring SPVs managed by third-party GPs, and neither the Adviser nor its affiliates receive compensation or fees from such SPVs. SPVs source their investments from the existing portfolios of Underlying Funds, typically through GP-led processes in which the GP selects one or more assets from an existing fund to transfer into a new continuation vehicle or SPV. SPV securities are offered in privately negotiated transactions to qualified institutional investors and are not registered under the Securities Act. The Fund generally expects to hold a minority ownership position in SPVs, although the Fund has flexibility to make investments in which the Fund or its affiliated funds will own a controlling interest. Interests are sourced through the Adviser's global GP network. SPV arrangements vary, but typical investor obligations may include capital call obligations, indemnification obligations in favor of the GP, and informational and reporting rights. As described above, the Fund's Secondary Investment strategy also includes (i) primary investments in Substantially Invested Underlying Funds and (ii) other GP-Sourced Investments, which typically will be structured as continuation funds, spin-outs, fund recapitalizations, stapled secondaries and direct co-investments involving the purchase of specific assets by the Fund alongside leading sponsors.

The Fund will make global investments, with a strong focus on Infrastructure Assets in the European Economic Area, the United Kingdom and North America.

The Fund's Secondary Investments strategy focuses on large and complex transactions where competition is inherently limited, targeting high quality Infrastructure Assets with predictable risk/reward profile where Ardian has a high degree of coverage through its proprietary monitoring database. The network Ardian has built over the last 25 years provides the Adviser with access to a broad universe of sellers, while the scale and complexity of transactions create a marketplace where Ardian has relatively few competitors.

The Adviser will look for investments managed by established GPs with proven track records, experienced and stable teams, coupled with consistent strategy execution and a strong alignment of interests.

Over time, during normal market conditions, the Adviser intends to invest at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes) in Secondary Investments in Infrastructure Assets. For purposes of this policy, the Fund considers "Secondary Investments" to include, without limitation, (i) acquisitions of privately owned portfolios, consisting primarily of single- or multiple-limited partner commitments in unaffiliated private funds ("Underlying Funds") acquired from existing investors, (ii) investments involving

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partnering with a general partner across a range of transaction settings and structures, with the objective of gaining exposure to one or more investments ("GP-Sourced Investments"), and (iii) primary investments in existing Underlying Funds that have committed and reserved at least 50% of their assets to portfolio investments at the time of the Fund's commitment ("Substantially Invested Underlying Funds"). GP-Sourced Investments are expected to be structured as, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continuation funds, which are new private funds that acquire some or all of the assets of an existing fund,
typically to allow the fund's general partner to continue managing those assets for a longer period, sometimes beyond the existing fund's original term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Spin-outs, which are new private funds managed by an investment team that has moved from a prior fund sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund recapitalizations, which involve restructuring of a private fund by replacing existing investors with new
ones or otherwise altering the fund's capital structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stapled secondaries, which are primary commitments made in connection with secondary purchases of private funds
or portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct co-investments involving the purchase of specific assets by the
Fund alongside leading sponsors.

As part of its broader Secondary Investment strategy, the Fund's direct co-investments strategy seeks to create a multi-manager, multi-sector, geographically broad portfolio of minority stake infrastructure co-investments, mainly alongside leading sponsors in infrastructure transactions relating to Underlying Companies of any market capitalization in North America, Europe and on an opportunistic basis in other regions (mostly in the Asia-Pacific region).

The Adviser will rely on its strong relationships with a global network of general partners to source co-investments while utilizing its highly selective approach and in-depth due diligence to select companies that offer an attractive risk/return profile that aligns with the objectives of the Fund.

<u>Primary Investments</u> 

The Fund may also invest in newly formed Underlying Funds raised by experienced managers that invest in Infrastructure Assets where the Underlying Companies are not known as of the time of the Fund's commitment (any such newly formed Underlying Funds or other investment deemed to be a primary partnership investment by the Adviser, a "Primary Investment"). Primary Investments are characterized by a gradual deployment of capital. The Adviser seeks to identify and select Primary Investments that it believes to be high quality and managed by experienced fund managers with the potential to generate superior rates of return. The Adviser expects that Primary Investments in the Fund are likely to enhance the Adviser's ability to source other investment opportunities for the Fund.

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<u>Liquidity Management</u> 

To manage the liquidity of its investment portfolio, the Fund also invests a portion of its assets in a portfolio that may include cash; cash equivalents; funds, including money market funds or related instruments; short-term debt securities; other fixed income investments; and/or other investment companies. The Fund may invest in other liquid fixed income securities and other credit instruments from time to time. To enhance the Fund's liquidity, particularly in times of possible net outflows through the repurchase of Units by periodic repurchase offers to Members, the Fund may sell certain of its assets. The Fund seeks to hold an amount of Liquid Assets and other liquid investments consistent with prudent liquidity management. During normal market conditions and following the initial period of the Fund's investment operations, which period may extend for a substantial amount of time, it is generally not expected that the Fund will hold more than 20% of its net assets in Liquid Assets for extended periods of time. For temporary defensive purposes, liquidity management, in connection with the Fund's initial period of investment operations or in connection with implementing changes in the asset allocation, the Fund may hold a substantially higher amount of Liquid Assets, including cash and cash equivalents and other liquid investments.

The Fund may borrow money in connection with its investment activities — i.e., the Fund may utilize leverage. Specifically, the Fund may borrow money through a credit facility or other arrangements to manage timing issues in connection with the acquisition of its investments (e.g., to provide the Fund with temporary liquidity to acquire investments in Underlying Funds in advance of the Fund's receipt of redemption proceeds from another Underlying Fund).

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 the investment company incurs the indebtedness. This requirement means that the value of the investment company's total indebtedness may not exceed one third the value of its total assets (including the indebtedness). The 1940 Act also requires that dividends may not be declared if this asset coverage requirement is breached. The Fund's borrowings will at all times be subject to this asset coverage requirement.

Underlying Funds, Co-Investment Vehicles and individual portfolio companies may also utilize leverage in their investment activities. Borrowings by Underlying Funds, Co-Investment Vehicles and their portfolio companies are not subject to the Fund's previously described asset coverage requirement. Accordingly, the Fund's portfolio may be exposed to the risk of highly leveraged investment programs of certain Underlying Funds, Co-Investment Vehicles and portfolio companies. This leverage will increase the volatility of the value of the Fund's investments and, as a result, the Units, especially during times of a "credit crunch" and/or general market turmoil, such as that experienced during 2020.

The Fund may, from time to time in its sole discretion, take temporary or defensive positions in cash, cash equivalents, other short-term securities or money market funds to attempt to reduce volatility caused by adverse market, economic, or other conditions. Any such temporary or defensive positions could prevent the Fund from achieving its investment objective.

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**Subsidiaries** 

The Fund may pursue its investment program directly or indirectly through one or more Subsidiaries. Any Subsidiary will not be a registered investment company under the 1940 Act and will not be required to comply with the requirements of the 1940 Act applicable to registered investment companies. However, the Fund will comply with the provisions of Section 8 of the 1940 Act governing investment policies on an aggregate basis with any Subsidiary and with provisions of Section 18 of the 1940 Act governing capital structure and leverage on an aggregate basis with such Subsidiary. In addition, the Fund will apply the provisions relating to affiliated transactions and custody set forth in Section 17 of the 1940 Act and/or the rules thereunder to any Subsidiary.

**TYPES OF INVESTMENTS AND RELATED RISKS** 

*Investors should carefully consider the risk factors described below, before deciding on whether to make an investment in the Fund. The risks set out below are not the only risks the Fund faces (including risks the Fund may be exposed to through its investments in Underlying Funds and participation in co-investment opportunities). Additional risks and uncertainties not currently known to the Fund or that the Fund currently deems to be immaterial also may materially adversely affect the Fund's business, financial condition and/or operating results. If any of the following events occur, the Fund's business, financial condition and operations could be materially adversely affected. In such case, the net asset value of the Units could decline, and investors may lose all or part of their investment.* 

*The principal risks of investing in the Fund (in alphabetical order after the first sixteen risks) are:* 

***Investment Risk.*** 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 has a higher investment exposure to the securities of a single issuer or issuers in a single sector, the risk of any investment decision is increased.

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 Fund's investment objective will be achieved. The Fund's performance depends upon the Adviser's selection of investments, the allocation of offering proceeds thereto and the performance of the investments. As described in more detail below, the Fund's (and the Underlying Funds') investment activities involve the risks associated with private equity and other private investments generally. These 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, including tariff 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, geopolitical tensions, terrorism, cyberterrorism, major or prolonged power outages or network interruptions, earthquakes, hurricanes, floods, fires, epidemics or pandemics and other factors that are beyond the control of the Fund or the Underlying Funds. Although the Adviser will attempt to moderate these risks, no assurance can be given that (i) the Fund's investment programs, investment strategies and investment decisions will be successful; (ii) the Fund will achieve its return expectations; (iii) the Fund will achieve any return of capital invested; (iv) the Fund's investment activities will be successful; or (v) investors will not suffer losses from an investment in the Fund.

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***Competition for Investments; Availability of Investments*.** The activity of identifying, completing and realizing upon attractive investments is highly competitive and involves a high degree of uncertainty. The Fund will be competing for investments with other private equity investors having similar investment objectives. In recent years, an increasing number of private equity funds have been formed (and many such existing funds have grown substantially in size), and additional funds with similar investment objectives may be formed in the future. It is possible that competition for appropriate investment opportunities may increase, thus reducing the number of investment opportunities available to the Fund and adversely affecting the terms upon which investments can be made. Some of these competitors may have more relevant experience, greater financial resources, a greater willingness to take on risk and more personnel than the Adviser, the Fund and their affiliates. Further, the availability of investment opportunities is often limited by market conditions as well as the prevailing regulatory or political climate. Additionally, many of the Fund's competitors have greater experience operating under, or are not subject to, the regulatory restrictions that the 1940 Act imposes on it as a closed-end fund.

There can be no assurance that the Fund will be able to identify, structure, complete and realize upon investments that satisfy its investment objective, or that it will be able to invest fully its offering proceeds. Further, most sponsors of investments prioritize offering co-investment opportunities to their network of existing investors. As a result, if the Adviser's Primary Investments strategy were to contract such that its commitments to primary investment funds were reduced in scope or in value, the Fund's access to appropriate co-investment opportunities may decrease and the Fund may not be able to execute investments that satisfy the Fund's investment objective.

No assurance can be given that the returns on the Fund's investments will be commensurate with the risk of investment in its Units. Additionally, the Adviser may sell certain of the Fund's investments at different times than similar investments are sold by other investment vehicles advised by the Adviser, particularly if the Fund engages in significant repurchases of its Units or if the Fund is forced to repay any borrowings at an inopportune time, which could negatively impact the performance of the Fund.

***Secondary Investments Risks*.** The Fund may acquire Secondary Investments from existing investors in such Secondary Investments, but also in certain cases from the issuers of such interests or other third parties. In many cases, the economic, financial and other information available to and utilized by the Adviser in selecting and structuring Secondary Investments may have been prepared by the sponsor of the Secondary Investment, may be incomplete or unreliable, and/or may not be verifiable by the Adviser. The Fund will also not have the opportunity to negotiate the terms of the Secondary Investments, including any special rights or privileges. Valuation of Secondary Investments may be difficult since there will generally be no established market for such interests. Moreover, the purchase price of Secondary Investments will be subject to negotiation with the sellers of such interests and may, in certain cases, include the Fund's assumption of certain contingent liabilities. There is no assurance that the Fund will be able to purchase interests at attractive discounts to net asset value, or at all. The overall performance of the Fund may depend in part on the accuracy of the information available to the Adviser, the acquisition price paid by the Fund for the Secondary Investments and the structure of such acquisitions and the Fund's ultimate exposure to any assumed liabilities.

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

The purchase of a Secondary Investment may be structured in the form of a swap or other derivative transaction. Such arrangements may involve the Fund taking on greater risk with an expected greater return or reducing their risk with corresponding reduction in the rate of return. Such arrangements also subject the Fund to the risk that the counterparty will not meet its obligations (see "—Counterparty Risk" below). If structured as such, the tax consequences of an investment in the Fund may be different than otherwise described herein, including, for example, the amount, timing and character of distributions by the Fund.

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

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

***Primary Investments Risks*.** The Fund's interest in Primary Investments will consist primarily of capital commitments to, and investments in, private investment funds. Identifying, selecting and investing in Primary Investments involves a high level of risk and uncertainty. The underlying investments made by Primary Investments may involve highly speculative investment techniques, including extremely high leverage, highly concentrated portfolios, workouts and startups, control positions and illiquid investments. The Primary Investments generally will not have commenced operations and, accordingly, will have no operating history upon which the Fund may evaluate their likely performance. Historical performance of the managers of Primary Investments is not a guarantee or prediction of their future performance. Many non-U.S. investment advisers are not registered as investment advisers with the SEC, making it more difficult for the Adviser to scrutinize such investment advisers' credentials. The Fund will not have the opportunity to evaluate the relevant economic, financial and other information that will be used by the Primary Investments in their selection, structuring, monitoring and disposition of assets. In addition, the Fund generally will not have the right to participate in the day-to-day management, control or operations of Primary Investments, nor will they generally have the right to remove the sponsors of Primary Investments. Venture capital investments involve risks associated with investment in companies operating at a loss or with substantial variation in operating results from period to period, companies with the need for substantial additional capital to support expansion or to maintain a competitive position, or companies with significant financial leverage.

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***Co-investment Opportunities Risk.*** When the Fund invests alongside other investors in co-investment opportunities, 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 because 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 opportunities 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 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 that are inconsistent with those of the Fund, or may be in a position to take or block action in a manner contrary to the 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 opportunities, including incentive compensation arrangements, and the interests of such third parties may not be aligned with the interests of the Fund.

When the Fund makes investments in Underlying Companies in co-investment opportunities alongside GPs, the Fund will be highly dependent upon the capabilities of the GPs alongside which the investment is made. The Fund may indirectly make binding commitments to co-investment opportunities without an ability to participate in the management and control of, and with no or limited ability to transfer its interests in, the pertinent Underlying Company. In some cases, the Fund will be obligated to fund its entire investment in a co-investment opportunity up front, and in other cases the Fund will make commitments to fund investments from time to time as called by the GP of another Underlying Fund in a co-investment opportunity. Generally, neither the Adviser nor the Fund will have control over the timing of capital calls or distributions received from such co-investment opportunities, or over investment decisions made in such co-investment opportunities.

When the Fund participates in a co-investment opportunity, the Fund generally will not have control over the underlying portfolio company, and will not be able to direct the policies or management decisions of such portfolio company. There can be no assurance that appropriate minority shareholder rights will be available to the Fund or that such rights will provide sufficient protection to the Fund's interests. Thus, the returns to the Fund from any such investments will be more dependent upon the performance of the particular portfolio company and its management in that the Adviser, on behalf of the Fund, will not be able to direct the policies or management decisions of such portfolio company.

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***Portfolio Companies Risks*.** In addition to the risks described above, the portfolio companies in which the Fund invests, either through a Co-Investment Vehicle that provides exposure to the portfolio companies or through an Underlying Fund, may involve a high degree of business and financial risk. Portfolio companies may be in early stages of development, may have operating losses or significant variations in operating results and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence. Portfolio companies may also include companies that are experiencing or are expected to experience financial difficulties, which may never be overcome. In addition, they may have weak financial conditions and may require substantial additional capital to support their operations, to finance expansion or to maintain their competitive positions. To the extent a portfolio company in which the Fund has invested receives additional funding in subsequent financings and the Fund does not participate in such additional financing rounds, the interests of the Fund in such portfolio company would be diluted. Portfolio companies may face intense competition, including competition from companies with greater financial resources, more extensive development, manufacturing, marketing, and other capabilities and a larger number of qualified managerial and technical personnel.

The Fund may be invested in a limited number of portfolio companies, which may subject the Fund to greater risk and volatility than if investments had been made in a larger number of portfolio companies. The Fund's 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.

Many of the portfolio companies may be highly leveraged, which may impair their ability to finance their future operations and capital needs and may result in restrictive financial and operating covenants. As a result, such companies' flexibility to respond to changing business and economic conditions and to business opportunities may be limited. In addition, in the event that such companies do not perform as anticipated or incur unanticipated liabilities, high leverage will magnify the adverse effect on the value of the companies' equity and could result in substantial diminution in, or the total loss of, equity investments in such companies.

Portfolio companies may not maintain internal management accounts or adopt financial budgeting, internal audit or internal control procedures to standards normally expected of public companies in the United States. Accordingly, information supplied to the Fund may be incomplete, inaccurate and/or significantly delayed. The Fund 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.

***Investments in Infrastructure Assets*.** 

*General*. Investments in infrastructure assets are subject to the risks of adverse local, national and international economic, regulatory, political, legal, demographic, environmental, and other developments affecting their industry. Infrastructure companies may be adversely affected by, among other things, high interest costs related to capital construction programs; difficulty in raising adequate capital on reasonable terms in periods of high inflation and unsettled capital

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markets; the financial condition of users and suppliers of infrastructure assets; inexperience with and potential losses resulting from the deregulation of a particular industry or sector; costs associated with compliance and changes in environmental and other regulations; regulation or intervention by various government authorities, including government regulation of rates charged to customers; the imposition of special tariffs and changes in tax laws; regulatory policies and accounting standards; technological developments and disruptions; environmental claims arising in respect of infrastructure acquired with undisclosed or unknown environmental problems or as to which inadequate reserves have been established; disruptive weather and environmental effects; service interruption and/or legal challenges due to environmental, operational or other accidents; force majeure acts, terrorist events, under-insured or uninsurable losses; the effect of economic slowdown; surplus capacity; increased competition; uninsured casualties; insurance costs; uncertainties concerning the availability of fuel at reasonable prices; and the effects of energy conservation policies and general changes in market sentiment towards infrastructure assets, among other factors. There is also the risk that corruption may negatively affect publicly-funded infrastructure projects, especially in developing and emerging markets, resulting in delays and cost overruns. Additionally, an Underlying Fund may invest in portfolio companies in the specific sectors, exposing the Underlying Fund, and thereby the Fund, to risks associated with these sectors. Additional risks include, but are not limited to, the following:

*Regulatory Risks*. Government authorities at all levels are actively involved in the promulgation and enforcement of regulations relating to matters affecting the ownership, use and operation of infrastructure assets. The institution and enforcement of such regulations could have the effect of increasing the expenses, and lowering the income or rate of return, as well as adversely affecting the value, of the Fund.

Many of the infrastructure investments may be subject to varying degrees of statutory and regulatory requirements, including those imposed by zoning, environmental, safety, labor and other regulatory or political authorities. Such investments may require numerous regulatory approvals, licenses and permits to commence and continue their operations. Failure to obtain or a delay in obtaining relevant permits or approvals could hinder construction or operation and could result in fines or additional costs for an infrastructure company or loss of such rights to operate the affected business, or both, which in each case could have a material adverse effect on the investments. Where an infrastructure company's ability to operate a business is subject to a concession or lease from the government, the concession or lease may restrict its ability to operate the business in a way that maximizes cash flows and profitability. The impact of these requirements on an infrastructure company, and therefore on the Fund, may be complicated by the fact that such infrastructure company may operate in multiple jurisdictions.

Adoption of new laws or regulations, or changes in interpretations of existing ones, or any of the other regulatory risks mentioned above could have a material adverse effect on an investment and on the Fund's ability to meet its investment objectives.

*Operating and Technical Risks*. Infrastructure investments may be subject to operating and technical risks, including risk of mechanical breakdown, failure to perform according to design specifications, labor and other work interruptions, and other unanticipated events that adversely affect operations. There can be no assurance that any or all such risk can be mitigated. An operating failure may lead to loss of a license, concession or contract on which an investment may depend.

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The long-term profitability of an infrastructure project, once constructed, is partly dependent upon efficient operation and maintenance of the assets. Inefficient operations and maintenance and, in certain infrastructure sectors, latent defects in infrastructure assets may adversely affect the financial returns of the Fund.

*Government Contract Risk.* To the extent that the Fund gains exposure to infrastructure assets that are governed by concession agreements with governmental authorities (i.e., agreements between a government, whether at the national, state, local, district or other level, and a private company in which the company is granted rights to operate, maintain, or develop specific assets for an agreed-upon period in exchange for fees), there is a risk that these authorities may not be able to or may choose not to honor their obligations under such agreement, especially over the long term.

Government leases or concessions may also contain clauses more favorable to the government counterparty than would a typical commercial contract. For instance, a lease or concession may enable the government to terminate the lease or concession in certain circumstances without requiring it to pay adequate compensation. In addition, government counterparties also may have the discretion to change or increase regulation of an issuer's or infrastructure fund's operations, or implement laws or regulations affecting such issuer's or infrastructure fund's operations, separate from any contractual rights they may have. Governments have considerable discretion in implementing regulations that could impact infrastructure assets, and because infrastructure companies provide, in many cases, basic, everyday services, and face limited competition, governments may be influenced by political considerations and may make decisions that adversely affect the infrastructure investments.

*Capital Expenditures*. There is a risk that unforeseen factors may require capital expenditures in excess of forecasts and a risk that new or additional regulatory requirements, safety requirements or issues related to asset quality and integrity may result in the need for additional capital expenditure for refurbishment, reinforcement or replacement of infrastructure assets.

*Demand and User Risk*. The revenue generated by infrastructure and infrastructure-related assets may be impacted by the demand of users or the number of users for the products or services provided by such assets (for example, traffic volume on a toll road). Demand for infrastructure assets may also be subject to seasonal variations. Any reduction in demand and/or the number of users may negatively impact the financial condition of an infrastructure company.

*Commodity Price Risk*: The operation and cash flows of infrastructure assets may depend, in some cases to a significant extent, upon prevailing market prices for energy commodities. Historically, the markets for oil, gas, coal and power have been volatile. This volatility is likely to continue in the future and be beyond the control of an infrastructure company or the Fund.

*Lack of Liquidity of Infrastructure Assets.* Although infrastructure assets may generate some current income, they are expected to be generally illiquid. In addition, public sentiment and political pressures may affect the ability of the Fund to sell one or more of its infrastructure investments.

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*Litigation Risk*. Infrastructure assets are often governed by a complex series of legal documents and contracts. As a result, the risks of a dispute over interpretation or enforceability of the documentation and consequent costs and delays may be higher for infrastructure companies than for companies in other industries. In addition, an infrastructure company may be subject to claims by third parties (either public or private), including environmental claims, legal action arising out of acquisitions or dispositions, workers' compensation claims and third-party losses related to disruption of the provision of infrastructure services. Further, it is not uncommon for infrastructure assets to be exposed to legal action from special interest groups seeking to impede particular infrastructure projects to which they are opposed. If any of the infrastructure assets underlying the Fund's investments become involved in material or protracted litigation, the litigation expenses and the liability threatened or imposed could have a material adverse effect on the infrastructure company or the infrastructure asset.

*Project Finance*. Some infrastructure investments may be structured on a project finance basis. A project finance structure entails the assumption of "project risk" by equity investors, usually without recourse to a project sponsor. Such risk can include many, if not all, of the risks discussed in this "Types of Investments and Related Risk Factors" section. Some investments may relate to projects and facilities at an early stage of development. These projects involve additional uncertainties, including the possibility that the projects may not be completed, operating licenses may not be obtained, and permanent financing may be unavailable.

*Follow-On Investments*. An infrastructure investor may be called upon to provide additional funding for an infrastructure investment or have the opportunity to increase such an investment. There can be no assurance that an infrastructure investment in which the Fund invests will wish to make follow-on investments or that it will have sufficient funds to do so. Other investors in infrastructure investments in which the Fund has a direct or indirect interest may decline to fund their pro rata share of any such follow-on investments. Any decision by an infrastructure investment not to make a follow-on investment or its inability to make a follow-on investment may have a substantial negative impact on such an infrastructure investment in need of further investment or may diminish the infrastructure investment's ability to influence the investment's future development.

***Risks of Investments in Certain Infrastructure Assets*.** Underlying Funds in which the Fund invests may have exposure to assets such as aircrafts, rail cars, ships, power plants, distribution networks, toll roads, other infrastructure assets, and various types of machinery and equipment. To the extent the Fund has direct or indirect exposure to such assets, it may be subject to additional risks, including destruction, loss, terrorist attacks, industry-specific regulation (e.g., pollution control regulation), operating failures, and labor relations, that typically may not be present with respect to other investments. In addition, the regulation of such assets is extensive and variable, and the Fund's commitment to certain of such assets could be wholly illiquid for long periods of time.

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Investments in such assets may be made by means of debt or equity instruments, and/or through the use of trusts and special purpose corporations in which various types of assets may be securitized in pass-through structures. These types of asset-backed securities present certain risks that are not presented by other types of investments. For example, these types of securities may not have the benefit of the same security interest in the related collateral as other types of investments. There is a possibility that recoveries on repossessed collateral may not, in some cases, be available to support payments on these securities. The value of an asset-backed security is affected by changes in the market's perception of the asset backing the security and the creditworthiness of the originator of the assets or the financial institution providing any credit enhancement, as well as by the expiration or removal of any credit enhancement.

***Utilities and Energy Sectors.*** The Fund's investments may include investments with a focus on the utilities and energy sectors, thereby exposing the Fund to risks associated with these sectors. 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. 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.

***Transportation Sector.*** The Fund's investments may include investments with a focus on the transportation sector, thereby exposing the Fund to risks associated with this sector. 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.

***Real Estate Investments.*** The Fund's investments may include investments with a focus on the real estate sector, thereby exposing the Fund to risks associated with this sector. In addition, infrastructure investments may be subject to the risks inherent in the ownership and operation of assets or business which derive a substantial amount of their value from real estate and real estate-related interests. 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.

Real estate funds are subject to risks associated with the ownership of real estate, including terrorist attacks, war or other acts that destroy real property (in addition to market risks, such as the events described above). 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 fund could be unfavorably affected by the poor performance of a single investment or

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investment type. These companies are also sensitive to factors such as changes in 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.

***"Cash Drag" Risk*.** The Fund may maintain a sizeable cash position in anticipation of funding capital calls. The Fund will generally not contribute the full amount of its commitment to an Underlying Fund or a Co-Investment Vehicle at the time of its admission to the Underlying Fund or Co-Investment Vehicle. Instead, the Fund will be required to make incremental contributions pursuant to capital calls issued from time to time by the Underlying Funds or Co-Investment Vehicles. In addition, Underlying Funds or Co-Investment Vehicles may not call all the capital committed to them. The overall impact on performance due to holding a portion of the investment portfolio in cash or cash equivalents could be negative.

***"Over-Commitment" Risk.*** The Fund may maintain a sizeable cash position in anticipation of funding capital calls. The Fund will be required to make incremental contributions pursuant to capital calls issued from time to time by Underlying Funds. The overall impact on performance due to holding a portion of the investment portfolio in cash or cash equivalents could be negative.

In order to help ensure that a greater amount of the Fund's capital is invested, the Fund expects to pursue an "over-commitment" strategy whereby it commits more than its available capital. However, pursuing such a strategy presents risks to the Fund, including the risk that the Fund is unable to fund capital contributions when due, pay for repurchases of Units tendered by Members or meet expenses generally. If the Fund defaults on its commitment to an Underlying Fund or fails to satisfy capital calls to an Underlying Fund in a timely manner then, generally, it will be subject to significant penalties, possibly including the complete forfeiture of the Fund's investment in the Underlying Fund. Any failure (or potential failure) by the Fund to make timely capital contributions in respect of its commitments may also (i) impair the ability of the Fund to pursue its investment program, (ii) force the Fund to borrow through a credit facility or other arrangements (which would impose interest and other costs on the Fund), or (iii) otherwise impair the value of the Fund's investments (including the devaluation of the Fund).

***Illiquidity of Fund Investments*.** Contractual limitations will typically restrict the Fund's ability to transfer certain investments without the consent of the applicable managers of those entities. The securities or other financial instruments or obligations of investments and/or portfolio companies may, at any given time, be very thinly traded, have no public market, or be restricted as to their transferability under the laws of the applicable jurisdiction. Illiquidity may also result from market conditions that may be unfavorable for sales of securities of particular issuers or issuers in particular industries. In some cases, an Underlying Fund may also be prohibited by contract from selling securities of portfolio companies or other assets for a period of time or otherwise be restricted from disposing of such securities or other assets. In other cases, the underlying investments of an Underlying Fund may require a substantial amount of time to liquidate. Consequently, there is a significant risk that Underlying Funds and portfolio

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companies will be unable to realize their respective investment objectives by sale or other disposition of their securities or other assets at attractive prices, or will otherwise be unable to complete any exit strategy. These risks can be further increased by changes in the financial condition or business prospects of the Underlying Funds or portfolio companies, changes in national or international economic conditions, and changes in laws, regulations, fiscal policies or political conditions of countries in which Underlying Funds or portfolio companies are located or in which they conduct their business.

***Risk of Loss; Illiquidity of the Units*.** The Fund is intended for long-term investment by Members who can accept the risks associated with making highly speculative, primarily illiquid investments in privately negotiated transactions. The possibility of partial or total loss of investment of the Fund exists, and prospective investors should not invest unless they can readily bear the consequences of such loss. Illiquidity will result from the absence of an established market for Fund investments, as well as from legal or contractual restrictions on the resale of Fund investments by the Fund or on the resale of portfolio companies by Underlying Funds. For example, there may be little or no near-term cash flow distributed by the Underlying Funds. Since the amount and timing of the Fund's cash distributions to Members are dependent in part upon the cash flow that the Fund receives from the Underlying Funds, the Fund will likely distribute little or no cash in the near term. Even if the Fund's investments prove successful, they are unlikely to produce a realized return to Members for a period of years.

Furthermore, the transferability of Units is subject to certain restrictions as described in the "Repurchases and Transfers of Units" section of this prospectus. Units will not be listed on an exchange, and no market in them is expected to develop. Investors will not have the right to redeem their Units. Although the Adviser currently expects that, beginning after the Fund completes its first full year of operations, it will recommend to the Board that the Fund offer to repurchase Units from Members on a quarterly basis in an amount expected to be approximately 5% of the Fund's net asset value, no assurances can be given that the Fund will do so. Consequently, Units should only be acquired by investors able to commit their funds for an indefinite period of time.

***Fixed-Income Securities Risks.*** Fixed-income securities in which the Fund may invest are generally subject to the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Interest Rate Risk</u>. The market value of bonds and other fixed-income securities changes in response to
interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Recently, there have been inflationary price
movements, which have caused the fixed income securities markets to experience heightened levels of interest rate, volatility and liquidity risk. The risks associated with rising interest rates are heightened under current market conditions given
that the U.S. Federal Reserve has raised interest rates from historically low levels and may continue to do so. Fiscal, economic, monetary or other government policies or measures have in the past, and may in the future, cause or exacerbate risks
associated with interest rates, including changes in interest rates. The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in
the market price of the Fund's investments will not affect interest income

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derived from instruments already owned by the Fund but will be reflected in the Fund's net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by the Adviser. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may invest in variable and floating rate debt instruments, which generally are less sensitive to
interest rate changes than longer duration fixed rate instruments, but may decline in value in response to rising interest rates if, for example, the rates at which they pay interest do not rise as much, or as quickly, as market interest rates in
general. Conversely, variable and floating rate instruments generally will not increase in value if interest rates decline. To the extent the Fund holds variable or floating rate instruments, a decrease in market interest rates will adversely affect
the income received from such securities, which may adversely affect the net asset value of the Units.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For U.S. federal income tax purposes, the Fund is required to recognize taxable income (such as deferred interest
that is accrued as original issue discount ("OID")) in some circumstances in which the Fund does not receive a corresponding payment in cash and to make distributions with respect to such income to maintain its qualification as a RIC.
Under such circumstances, the Fund may have difficulty meeting the annual distribution requirement necessary to maintain its qualification as a RIC. As a result, the Fund may have to sell some of its investments at times and/or at prices that the
Adviser would not consider advantageous, raise additional debt or equity capital, or forgo new investment opportunities. If the Fund is not able to obtain cash from other sources, the Fund may fail to qualify as a RIC and thus become subject to
corporate-level income tax.

***Adviser's Incentive Fee Risk.*** Any Incentive Fee payable by the Fund that relates to an increase in value of Fund investments may be computed and paid on gain or income that is unrealized. If a Fund investment decreases in value, it is possible that the unrealized gain previously included in the calculation of the Incentive Fee will never become realized. The Adviser is not obligated to reimburse the Fund for any part of the Incentive Fee it received that was based on unrealized gain never realized as a result of a sale or other disposition of a Fund investment at a lower valuation in the future, and such circumstances would result in the Fund paying an Incentive Fee on income or gain the Fund never received. If the Fund has insufficient cash in a given quarter to cover its Incentive Fee obligation, the Fund may sell some of its investments, raise additional debt or equity capital, or reduce new investments to meet its payment obligations.

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

***Allocation Risk; Limitations of Co-Investment Exemptive Relief.*** The Adviser and its affiliates have established prior separate accounts, funds and other pooled investment vehicles and intend to establish subsequent funds and other pooled investment vehicles and advise future separate accounts (collectively, the "Related Investment Accounts"). Certain Related Investment Accounts may have investment objectives and/or utilize investment strategies that are similar or comparable to those of the Fund. As a result, certain investments may be appropriate for the Fund and also for other Related Investment Accounts.

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Decisions as to the allocation of investment opportunities among the Fund and other Related Investment Accounts present numerous inherent conflicts of interest, particularly where an investment opportunity has limited availability. In order to address these conflicts of interest, the Adviser adopted allocation policies and procedures that were designed to require that all investment allocation decisions made by the investment team are being made fairly and equitably among Related Investment Accounts over time.

Subject to applicable law, the Adviser will allocate opportunities among the Fund and the Related Investment Accounts in its sole discretion. The Adviser will determine such allocations among its Related Investment Accounts in its sole discretion in accordance with their respective guidelines and based on such factors and considerations as it deems appropriate. Subject to the foregoing and the paragraph below, available capacity with respect to each investment opportunity generally will be allocated among the various Related Investment Accounts for which the investment has been approved pro rata.

The Adviser and certain of its advisory affiliates have received exemptive relief from the SEC (the "Co-Investment Exemptive Relief") that permits the Fund to invest in privately placed investments (including Secondary Investments and/or Primary Investments) alongside other funds and accounts managed by the Adviser or certain affiliates of the Adviser. However, the Co-Investment Exemptive Relief contains certain conditions that may limit or restrict the Fund's ability to participate in a portfolio investment, including, without limitation, in the event that the available capacity with respect to a portfolio investment is less than the aggregate recommended allocations to the Fund and the Other Managed Funds (as defined below). In these and other situations, the Fund may participate in such investment to a lesser extent or, under certain circumstances, may not participate in such investment. Additionally, third parties may not prioritize an allocation to the Fund when faced with a more established pool of capital also competing for allocation. Ultimately, an inability to receive the desired allocation to certain private asset investments could represent a risk to the Fund's ability to achieve the desired investment returns.

***Anti-Takeover Risk.*** The Limited Liability Company Agreement and bylaws, as well as certain statutory and regulatory requirements, contain certain provisions that may have the effect of discouraging a third party from attempting to acquire it. Such provisions could limit the ability of Members to sell their Units by discouraging a third party from seeking to obtain control of the Fund. See "Summary of the Limited Liability Company Agreement."

***"Best-Efforts" Offering Risk.*** This offering is being made on a best efforts basis, whereby the Distributor is only required to use its best efforts to sell the Units and has no firm commitment or obligation to purchase any of the Units. To the extent that less than the maximum offering amount is subscribed for, the opportunity for the allocation of the Fund's investments among various issuers and industries may be decreased, and the returns achieved on those investments may be reduced as a result of allocating all of the Fund's expenses over a smaller capital base.

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***Cash, Cash Equivalents, Investment Grade Bonds and Money Market Instruments.*** The Fund may invest, including for defensive purposes, some or all of its respective assets in Liquid Assets, or hold cash or cash equivalents in such amounts as the Adviser deems appropriate under the circumstances. In addition, the Fund may invest in these instruments pending allocation of its offering proceeds, and the Fund will retain cash or cash equivalents in sufficient amounts to satisfy capital calls. 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.

In addition, the Fund and the Underlying Funds may maintain substantially all of their respective cash and cash equivalents in accounts with major U.S. and multi-national financial institutions, and their respective deposits at certain of these institutions may exceed insured limits, where applicable. Volatility in the banking system may impact the viability of such banking and financial services institutions. In the event of failure of any of the financial institutions where the Fund or an Underlying Fund maintains its respective cash and cash equivalents, there can be no assurance that the Fund or such Underlying Fund would be able to access uninsured funds in a timely manner or at all. Any inability to access, or delay in accessing, these funds could adversely affect the business and financial position of the Fund and the Underlying Fund. See also "—Market Disruption and Geopolitical Risk" below.

***Confidential or Material, Non-Public Information*.** Certain Adviser personnel may acquire confidential or material, non-public information or be restricted from initiating transactions in certain securities. The Adviser will not be free to act upon any such information. Due to these restrictions, the Adviser may not be able to initiate an investment for the Fund that it otherwise might have initiated and may not be able to sell an investment that it otherwise might have sold. Conversely, the Fund may not have access to material non-public information in the Adviser's possession that might be relevant to an investment decision, and the Adviser may make or sell an investment that, if such information had been known to it, it may not have made or sold. In addition, collaboration between the Adviser's personnel and Ardian personnel is subject to limitations. From time to time, when otherwise permitted under applicable law and its investment restrictions, the Fund may hold interests in one or more Ardian funds. Any such investment will be made on arm's length terms, subject in any case to the information barrier between the firms and the confidentiality restrictions arising from particular fund or vehicle agreements.

***Conflicts; Other Funds*.** The Adviser and its affiliates will be permitted to market, organize, sponsor, act as general partner or as the primary source for transactions for other pooled investment vehicles and other accounts, which may be offered on a public or private placement basis, and to engage in other investment and business activities. Some of these funds and accounts will have investment strategies that overlap with the investment strategies of the Fund. Such activities may raise conflicts of interest for which the resolution may not be currently determinable.

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***Control Position Risk*.** Although the Fund intends to focus on non-control investments, the Fund may participate in investment opportunities in which the Fund or other vehicles managed by the Adviser or any of its affiliates acquire control (as defined under the 1940 Act) or exercise influence over management and the strategic direction of a company. The exercise of control over a portfolio company imposes additional risks of liability for environmental damage, product defects, failure to supervise management and other types of liability in which the limited liability characteristic of business operations generally may be ignored. The exercise of control over a portfolio company could expose the assets of the Fund to claims by such investment, its security holders and its creditors. While the Adviser intends to operate the Fund in a way that will minimize exposure to these risks, the possibility of successful claims cannot be precluded. If these liabilities were to arise, the Fund might suffer a significant loss.

To the extent that the Fund owns a controlling stake in, or is deemed to be an affiliate of, a particular company, the 1940 Act may limit the Fund's ability to make follow-on investments in the company and the Fund may be subject to certain additional bankruptcy or securities law risks and restrictions that could affect the liquidity of the Fund's interest, the Fund's potential liability and the Fund's ability to liquidate its interest without materially and adversely impacting the price thereof. Further, to the extent that affiliates of the Fund or Ardian are subject to such restrictions, the Fund, by virtue of its affiliation with such entities, may be similarly restricted, regardless of whether the Fund stands to benefit from such affiliate's ownership.

***Counterparty Risk*.** The Fund is exposed to the risk that third parties that may owe the Fund or its portfolio companies money, securities or other assets will not perform their obligations. These parties include trading counterparties, clearing agents, exchanges, clearing houses, custodians, prime brokers, administrators and other financial intermediaries. These parties may default on their obligations to the Fund or its portfolio companies, due to bankruptcy, lack of liquidity, operational failure or other reasons. This risk may arise, for example, from entering into swap or other derivative contracts under which counterparties have long-term obligations to make payments to portfolio companies, or executing securities, futures, currency or commodity trades that fail to settle at the required time due to non-delivery by the counterparty or systems failure by clearing agents, exchanges, clearing houses or other financial intermediaries. If a counterparty becomes bankrupt, or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. Material exposure to a single or small group of counterparties increases the Fund's counterparty risk.

***Derivative Instruments*.** Some or all of the Underlying Funds and (subject to applicable law) the Fund may use options, swaps, futures contracts, forward agreements and other derivatives contracts. Transactions in derivative instruments present risks arising from the use of leverage (which increases the magnitude of losses), volatility, counterparty risk, correlation risk, difficulties in valuation, and illiquidity. Use of derivative instruments for hedging or speculative purposes by the Fund or the Underlying Funds could present significant risks, including the risk of losses in excess of the amounts invested.

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Rule 18f-4 under the 1940 Act (the "Derivatives Rule") regulates the Fund's use of derivatives and certain other transactions that create future payment and/or delivery obligations by the Fund. The Derivatives Rule prescribes specific value-at-risk limits for certain derivatives users and requires certain derivatives users to adopt and implement a derivatives risk management program (including the appointment of a derivatives risk manager and the implementation of certain testing requirements), and prescribes reporting requirements in respect of derivatives. Subject to certain conditions, if a fund qualifies as a "limited derivatives user," as defined in the Derivatives Rule, it is not subject to the full requirements of the Derivatives Rule. In connection with the adoption of the Derivatives Rule, the SEC rescinded certain of its prior guidance regarding asset segregation and coverage requirements in respect of derivatives transactions and related instruments. With respect to reverse repurchase agreements or other similar financing transactions in particular, the Derivatives Rule permits a fund to enter into such transactions if the fund either (i) complies with the asset coverage requirements of Section 18 of the 1940 Act, and combines the aggregate amount of indebtedness associated with all reverse repurchase agreements and similar financing with the aggregate amount of any other senior securities representing indebtedness when calculating the relevant asset coverage ratio, or (ii) treats all reverse repurchase agreements and similar financing transactions as derivatives transactions for all purposes under the Derivatives Rule.

Additional or other new regulations or guidance issued by the SEC or the U.S. Commodity Futures Trading Commission ("CFTC") or their staffs could, among other things, restrict the Fund's ability to engage in leveraging and derivatives transactions, and the Fund may be unable to execute its investment strategy as a result.

***Distressed Debt*.** The Fund may invest in certain Underlying Funds that invest in, or may invest Co-Investment Vehicles in, securities of financially troubled companies or companies involved in work-outs, liquidations, reorganizations, recapitalizations, bankruptcies and similar transactions and securities of highly leveraged companies. While these investments may offer the potential for high returns, they also bring with them correspondingly greater risks when compared to other investments. Such investments involve companies that are experiencing or are expected to experience financial difficulties, which may never be overcome. Such investments could, in certain circumstances, subject the Fund or the Underlying Funds to certain additional potential liabilities. In addition, such strategies may cause different Underlying Funds and GPs to be in conflict, such as when they hold positions of different levels of a distressed issuer's capital structure.

***Distribution In-Kind*.** The Fund may distribute to the holder of Units that are repurchased a promissory note entitling such holder to the payment of cash in satisfaction of such repurchase. 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 Fund may receive securities from an Underlying Fund that are illiquid or difficult to value. In such circumstances, the Adviser would seek to dispose of these securities in a manner that is in the best interests of the Fund, which may include a distribution in-kind to the Members. In the event that the Fund makes such a distribution of securities, Members will bear any risks of the distributed securities and may be required to pay a brokerage commission or other costs in order to dispose of such securities.

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***Distribution Payment Risk.*** The Fund cannot assure investors that the Fund will achieve investment results that will allow the Fund to make a specified level of cash distributions or year-to-year increases in cash distributions. All distributions will be paid at the discretion of the Board and may depend on the Fund's earnings, the Fund's net investment income, the Fund's financial condition, maintenance of the Fund's RIC status, compliance with applicable regulations and such other factors as the Board may deem relevant from time to time.

In the event that the Fund encounters delays in locating suitable investment opportunities, all or a substantial portion of the Fund's distributions may constitute a return of capital to Members. To the extent that the Fund pays distributions that constitute a return of capital for U.S. federal income tax purposes, it will lower an investor's tax basis in his or her Units. A return of capital generally is a return of an investor's investment, rather than a return of earnings or gains derived from the Fund's investment activities, and generally results in a reduction of the tax basis in the Units. As a result from such reduction in tax basis, Members may be subject to tax in connection with the sale of Units, even if such Units are sold at a loss relative to the Member's original investment.

***Due Diligence Risk*.** The Adviser seeks to conduct reasonable and appropriate analysis and due diligence in connection with investment opportunities. Due diligence may entail evaluation of important and complex business, financial, tax, accounting, environmental and legal issues. Outside consultants, legal advisors, accountants, investment banks and other third parties may be involved in the due diligence process to varying degrees depending on the type of investment, the costs of which will be borne by the Fund. Such involvement of third-party advisors or consultants may present a number of risks primarily relating to the Adviser's reduced control of the functions that are outsourced. In addition, if the Adviser is unable to timely engage third-party providers, its ability to evaluate and acquire more complex targets could be adversely affected.

When conducting due diligence and making an assessment regarding an investment opportunity, the Adviser relies on available resources, including information provided by the investment advisers of Underlying Funds and, in some circumstances, third-party investigations. The Adviser's due diligence process may not reveal all facts that may be relevant in connection with an investment made by the Fund. In some cases, only limited information is available about an Underlying Fund or a portfolio company in which the Adviser is considering an investment. There can be no assurance that the due diligence investigations undertaken by the Adviser will reveal or highlight all relevant facts (including fraud) that may be necessary or helpful in evaluating a particular investment opportunity, or that the Adviser's due diligence will result in an investment being successful. In the event of fraud by any Underlying Fund or portfolio company or any of its managers or affiliates, the Fund may suffer a partial or total loss of capital invested in that Fund investment. There can be no assurances that any such losses will be offset by gains (if any) realized on the Fund's other investments. An additional concern is the possibility of material misrepresentation or omission on the part of the Fund investment or the seller. Such inaccuracy or incompleteness may adversely affect the value of that investment. The Fund will rely upon the accuracy and completeness of representations made by Underlying Funds or portfolio companies and/or their current or former owners in the due diligence process to the extent reasonable when it makes its investments, but cannot guarantee such accuracy or completeness. Under certain circumstances, payments to the Fund may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance or a preferential payment.

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***Electronic Communications and Cybersecurity Risk*.** While the Adviser employs various measures to address cybersecurity-related issues, the Adviser, the Fund and their respective service providers may nevertheless be subject to operational and information security risks resulting from cybersecurity incidents. A cybersecurity incident refers to both intentional and unintentional events that may cause the Adviser, the Fund or their respective service providers to lose or compromise confidential information, suffer data corruption or lose operational capacity. Cybersecurity incidents include stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other operational disruptions. Cybersecurity incidents may adversely impact the Fund and its Members. There is no guarantee that the Adviser, the Fund and/or their respective service providers will be successful in protecting against cybersecurity incidents.

The failure to protect against cybersecurity incidents could cause significant interruptions in the Adviser's and/or the Fund's operations and result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to investors (and the beneficial owners of investors) in the Fund. Such a failure or unauthorized disclosure of data could harm the Adviser's reputation, subject the Adviser and/or the Fund to legal claims, increased costs, financial losses, data privacy breaches (including under the European General Data Protection Regulation), regulatory intervention and otherwise affect their business and financial performance. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. In addition, the Adviser and/or the Fund may incur substantial costs related to forensic analysis of the origin and scope of a cybersecurity breach, increased and upgraded cybersecurity, identity theft, unauthorized use of proprietary information, adverse investor reaction or litigation.

While the Fund and the Adviser have established business continuity plans in the event of, and risk management systems to prevent, such cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber security plans and systems put in place by service providers to the Fund and the sponsors of investments in which the Fund invests. As a result, the Fund or its Members could be negatively impacted.

***Emerging Markets*.** While the Adviser aims to avoid or otherwise limit the exposure to emerging and frontier economies, the Fund may nevertheless hold investments located in emerging industrialized or less developed countries. In addition, Underlying Funds may invest such funds' assets in securities of non-U.S. issuers, including those in emerging markets. 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.

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"Frontier" countries generally have smaller economies or less developed capital markets than traditional emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier countries. The economies of frontier countries are less correlated to global economic cycles than those of their more developed counterparts and their markets have low trading volumes and the potential for extreme price volatility and illiquidity. This volatility may be further heightened by the actions of a few major investors. These factors make investing in frontier countries significantly riskier than in other countries and any one of them could cause the net asset value of the Units to decline.

Governments of many frontier countries in which the Fund may invest may exercise substantial influence over many aspects of the private sector. In some cases, the governments of such frontier countries may own or control certain companies. Accordingly, government actions could have a significant effect on economic conditions in a frontier country and on market conditions, prices and yields of securities in the Fund's portfolio. Moreover, the economies of frontier countries may be heavily dependent upon international trade and, accordingly, have been and may continue to be, adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been and may continue to be adversely affected by economic conditions in the countries with which they trade.

Other heightened risks associated with emerging markets investments include without limitation less publicly available financial and other information regarding issuers and potential difficulties in enforcing contractual obligations. It can be more difficult for investors to bring litigation or enforce judgments against issuers in emerging markets or for U.S. regulators to bring enforcement actions, or obtain information needed to pursue or enforce such judgments, against such issuers. Investors of emerging market issuers, such as the Fund, often have limited rights and few practical remedies in emerging markets. In addition, the systems and procedures for trading and settlement of securities in emerging markets are less developed and less transparent and transactions may take longer to settle and may adversely impact the Fund's liquidity and performance.

***Eurozone Risk.*** Concerns about credit risk (including, but not limited to, that of sovereigns) related to various European markets continue to exist. Certain highly indebted advanced economies in the Eurozone continue to pose some concern, though some have reduced debt levels since the height of the so-called Eurozone crisis. For example, large sovereign debts and/or fiscal deficits of a number of European countries continue to raise concerns regarding the financial condition of financial institutions, insurers and other corporates: (i) located in these countries; (ii) that have direct or indirect exposure to these countries; and/or (iii) whose banks, counterparties, custodians, customers, service providers, sources of funding and/or suppliers have direct or indirect exposure to these countries. The default, or a significant decline in the credit rating, of one or more sovereigns or financial institutions could cause severe stress in the financial system generally and could adversely affect the markets in which an Underlying Fund or a portfolio company operates and the businesses and economic condition and prospects of the such Underlying Fund's or portfolio company's counterparties, suppliers, investments, creditors, or service providers, directly or indirectly, in ways which it is difficult to predict. In addition, due

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to large sovereign deficits and/or fiscal deficits, some European countries may be dependent on assistance from other European governments and institutions or multilateral agencies and offices. Assistance may be dependent on a country's implementation of reforms or reaching a certain level of performance. Failure to reach those objectives or an insufficient level of assistance could result in a deep economic downturn, which could significantly affect the value of the Portfolio Investments in European markets.

There also remains a risk that default of certain participating member states of the European Union ("EU") may lead to the collapse of, or change in, the Eurozone as it is constituted today, that certain member states of the EU may cease to use the Euro as their national currency or that one or more member states may seek to withdraw from EU membership or, in more extreme circumstances, the possible dissolution of the Eurozone entirely. Moreover, financial and economic developments in one EU member state may affect economic and financial conditions among other EU member states.

The effect of these conditions or market perceptions could have material adverse effects on the Fund's ability to make investments. See "—Risks relating to United Kingdom's Exit from the European Union."

<u>Potential Break-Up of Eurozone</u>. In the recent past, the stability of certain European financial markets deteriorated and speculation as to the possibility of additional defaults by sovereign states in Europe in respect of their obligations increased. Given current market conditions of relatively weak growth in many EU member states (which are expected to continue in the near to medium term), there is a risk that default of certain participating member states of the EU may lead to the break-up of the Eurozone as it is constituted today or that certain member states of the EU may cease to use the Euro as their national currency. This could have an adverse effect on the Fund, the performance of its investments and its ability to fulfill its investment objective. Moreover, this could have a detrimental effect on the performance of Underlying Funds and portfolio companies both in those countries that may experience a default on liabilities and in other countries within the EU. A potential primary effect would be an immediate reduction of liquidity for particular investments in the affected countries, thereby potentially impairing the value of such investments.

***Expedited Transactions*.** Investment analyses and decisions by the Adviser may frequently be required to be undertaken on an expedited basis to take advantage of investment opportunities. In such cases, the information available to the Adviser at the time of an investment decision may be limited and the Adviser may not have access to detailed information regarding the investment opportunity, in each case, to an extent that may not otherwise be the case had the Adviser been afforded more time to evaluate the investment opportunity. Therefore, no assurance can be given that the Adviser will have knowledge of all circumstances that may adversely affect an investment.

***Financial Market Fluctuations and Deteriorating Current Market Conditions.*** The success of the Fund's activities will be affected by general economic and market conditions, such as interest rates, availability of credit, credit defaults, inflation rates, including the advent of significant inflation, recession, economic uncertainty, changes in laws (including laws relating to taxation of the Fund's investments), trade barriers, currency exchange controls, and national and

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international political, environmental and socioeconomic circumstances (including Russia's invasion of Ukraine and other conflicts, geopolitical tensions, terrorist acts or security operations and actual or threatened epidemics or pandemics, such as COVID-19). Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate, volatility and liquidity risk. The risks associated with rising interest rates are heightened under current market conditions given that central banks, such as the U.S. Federal Reserve, have raised interest rates from historically low levels and may continue to do so. Fiscal, economic, monetary or other government policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. There is a risk that increased interest rates may cause the economy to enter a recession. Any such recession would likely negatively impact the Fund's portfolio. Instability in the securities markets will also likely increase the risks inherent in the Fund's investments. There can be no assurance that such economic and market conditions will be favorable in respect of both the investment and disposition activities of the Fund.

Global financial markets in recent years have experienced periods of unprecedented turmoil and continue to experience substantial volatility, disruption, liquidity shortages and to some extent financial instability. Global financial markets have recently experienced considerable declines in the valuations of equity and debt securities and periodic acute contraction in the availability of credit. Volatile financial markets can expose the Fund to greater market and liquidity risk.

The Fund's investment strategy and the availability of opportunities satisfying the Fund's investment objective relies in part on the continuation of certain trends and conditions observed in the financial markets and in some cases the improvement of such conditions. Trends and historical events do not imply, forecast or predict future events and, in any event, past performance is not necessarily indicative of future results. There can be no assurance that the assumptions made or the beliefs and expectations currently held by the Adviser will prove correct, and actual events and circumstances may vary significantly.

Prospective investors should note that performance and other numerical information provided by the Adviser, including, without limitation, market data, have not been updated through the date hereof. For example, the Adviser believes that certain market data and information is likely to have recently changed from that included herein, but is not yet available.

***Focused Investment Risk.*** While the Adviser generally seeks to build a Secondary Investments portfolio with exposures across different GPs, vintage years, companies, geographies and industries, depending on the availability of attractive investment opportunities, the Fund's portfolio may at times be more focused than the portfolios of funds investing in a broader range of industries and geographies and could experience significant volatility, especially during times when the Fund may have greater exposure to particular metrics that may be exposed to or experiencing unfavorable market conditions. Separately, an Underlying Fund may concentrate its investments in specific geographic regions. This focus may subject the Underlying Fund, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of geographic regions.

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***Follow-On Investment Risk*.** The Fund's and/or an Underlying Fund's direct and indirect investments in Underlying Companies may require follow-on investments. The Fund and/or an Underlying Fund may be required to provide follow-on funding for its portfolio companies or have the opportunity to make additional investments in such portfolio companies. There can be no assurance that the Fund or an Underlying Fund will have sufficient funds to make any such additional investments or that it will be permitted by the 1940 Act to make such additional investments. Any decision by the Fund or an Underlying Fund not to make follow-on investments or its inability to make them may have a negative impact on a portfolio company in need of such an investment, which could, in turn, have a negative effect on the Fund's returns. To the extent the Fund does not participate in a follow-on investment (which may be due to a number of factors, including not having sufficient uncommitted capital reserves to make the investment or restrictions under the 1940 Act), then the Fund's interest in the portfolio company may be diluted or subordinated to the new capital being invested (which may include capital from other clients or investment vehicles managed by the Adviser and/or its affiliates).

***Hedging*.** The Fund and the Underlying Funds and portfolio companies in which the Fund invests may employ hedging techniques designed to reduce the risks of adverse movements, including in interest rates, securities prices and currency exchange rates. While such transactions may reduce certain risks, such transactions themselves may entail certain other risks. Thus, while the Fund may benefit from the use of these hedging mechanisms, unanticipated changes, including in interest rates, securities prices, or currency exchange rates may result in a poorer overall performance for the Fund than if it or the Underlying Funds and portfolio companies in which the Fund invests had not entered into such hedging transactions.

***Inability to Vote*.** To the extent that the Fund owns less than 5% of the voting securities of an Underlying Fund or portfolio company, it may be able to avoid that any such Underlying Fund or portfolio company is deemed an "affiliated person" of the Fund for purposes of the 1940 Act (which designation could, among other things, potentially impose limits on transactions with the Underlying Funds, both by the Fund and other clients of the Adviser). To limit its voting interest in certain Underlying Funds and portfolio companies, the Fund may enter into contractual arrangements under which the Fund irrevocably waives its rights (if any) to vote its interests in an Underlying Fund or portfolio company. The Fund will not receive any consideration in return for entering into a voting waiver arrangement. These voting waiver arrangements may increase the ability of the Fund and other clients of the Adviser to invest in certain Underlying Funds and portfolio companies. However, to the extent the Fund contractually forgoes the right to vote the securities of an Underlying Fund or portfolio company, the Fund will not be able to vote on matters that require the approval of such Underlying Fund's or portfolio company's investors, and will not be able to vote on matters that may be adverse to the Fund's interests, which may consequently adversely affect the Fund and its investors.

There are, however, other statutory tests of affiliation (such as on the basis of control) and, therefore, the prohibitions of the 1940 Act with respect to affiliated transactions could apply in certain situations where the Fund owns less than 5% of the voting securities of an Underlying Fund. If the Fund is considered to be affiliated with an Underlying Fund, transactions between the Fund and such Underlying Fund may, among other things, potentially be subject to the prohibitions of Section 17 of the 1940 Act notwithstanding that the Fund has entered into a voting waiver arrangement.

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***Inadequate Network of Broker-Dealer Risk*.** The success of the Fund's continuous public offering, and correspondingly the Fund's ability to implement its investment objective and strategies, depends upon the ability of the Adviser to establish a network of selected broker-dealers to sell the Units. If the Adviser fails to perform, the Fund may not be able to raise adequate proceeds through the Fund's continuous public offering to implement the Fund's investment objective and strategies. If the Fund is unsuccessful in implementing its investment objective and strategies, an investor could lose all or a part of his or her investment in the Fund.

***Indemnification of Fund Investments, Directors and Others.*** The Fund will agree to indemnify certain of its 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 funds. If the Fund were required to make payments (or return distributions) in respect of any such indemnity, the Fund could be materially adversely affected. Indemnification of sellers of secondaries may be required as a condition to purchasing such securities.

***Industry or Sector Concentration.*** 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. An Underlying Fund may concentrate its investments in specific industry sectors (e.g., energy, utilities, financial services, healthcare, consumer products, industrials and technology), which means each may invest more than 25% of its assets in a specific industry sector. Accordingly, the Fund's investment portfolio may at times be more focused with respect to managers, geographies, industries and individual companies. This focus may subject the Underlying Fund, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of industries. The Fund will consider the then-existing concentration of Underlying Funds, to the extent they are known to the Fund, when making investments.

***Inflation/Deflation Risk.*** Inflation risk is the risk that the value of assets or income from the Fund's investments will be worth less in the future as inflation decreases the value of payments at future dates. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund's investments may not keep pace with inflation, which may result in losses to Members. Recently, there have been inflationary price movements. As inflation increases, the real value of the Fund's common Units and distributions on those Units can decline. In addition, during any periods of rising inflation, interest rates on any borrowings by the Fund would likely increase, which would tend to further reduce returns to the holders of common Units. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund's portfolio and the value of the Units. In addition, rising interest rates due to inflation will increase the interest paid by the Fund under the Credit Facility, which will decrease Fund returns.

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***Investment Controls.*** Investment in securities of companies in certain of the countries in which the Fund may invest is restricted or controlled to varying degrees. These restrictions or controls may at times limit or preclude foreign investment above certain ownership levels or in certain sectors of the country's economy and increase the costs and expenses of the Fund. While regulation of foreign investment has liberalized in recent years throughout much of the world, there can be no assurance that more restrictive regulations will not be adopted in the future. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales by foreign investors and foreign currency. The Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital interests and dividends paid on securities held by the Fund, and income on such securities or gains from the disposition of such securities may be subject to withholding taxes imposed by certain countries where the Fund invests or in other jurisdictions.

***Investment Dilution Risk.*** The Fund's investors do not have preemptive rights to any Units the Fund may issue in the future. The Limited Liability Company Agreement authorizes it to issue an unlimited number of Units. The Board may make certain amendments to the Limited Liability Company Agreement. After an investor purchases Units, the Fund may sell additional Units in the future or issue equity interests in private offerings. To the extent the Fund issues additional equity interests after an investor purchases its Units, such investor's percentage ownership interest in the Fund will be diluted.

***Legal Risk, Litigation and Regulatory Action*.** The Adviser is part of a larger firm with multiple business lines active in several jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some of which are new and evolving. The Fund and the Adviser and its affiliates are subject to a number of unusual risks, including changing laws and regulations, developing interpretations of such laws and regulations, and increased scrutiny by regulators and law enforcement authorities. These risks and their potential consequences are often difficult or impossible to predict, avoid or mitigate in advance, and might make some investments unavailable to the Fund. The effect on the Fund, the Adviser or any affiliate of any such legal risk, litigation or regulatory action could be substantial and adverse. In addition, any litigation may consume substantial amounts of the Adviser's time and attention, and that time and the devotion of resources to litigation may, at times, be disproportionate to the amounts at stake in the litigation.

Financial institution practices are also subject to greater scrutiny and criticism generally. In the case of transactions between financial institutions and the general public, there may be a greater tendency toward strict interpretation of terms and legal rights in favor of the consuming public, particularly where there is a real or perceived disparity in risk allocation and/or where consumers are perceived as not having had an opportunity to exercise informed consent to the transaction. In the event of conflicting interests between retail investors holding common shares of a closed-end investment company such as the Fund and a large financial institution, a court may similarly seek to strictly interpret terms and legal rights in favor of retail investors.

The Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on the Fund and its ability to achieve its investment objective.

<u>1940 Act Regulations</u>. The Fund is a registered closed-end management investment company and as such is subject to regulations and restrictions under the 1940 Act.

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***Leverage; Borrowings*.** To the extent the Fund borrows money or otherwise leverages its investments, the favorable and unfavorable effects of price movements in Fund investments will be magnified. The Fund's willingness to use leverage, and the extent to which leverage is used at any time, will depend on many factors, including the Adviser's assessment of the yield curve environment, interest rate trends, market conditions and other factors. Leverage is also a risk for Underlying Funds and portfolio companies. Certain of the Underlying Funds and the portfolio companies may have significant borrowings and/or other leverage. An investment with substantial leverage may be at risk of increases in interest rates and therefore increases in interest expenses. In the event any investment cannot generate adequate cash flow to meet debt service, the Fund may suffer a partial or total loss of capital invested in the investment. The use of leverage will also magnify the volatility of changes in the value of investments. Any gain in the value of assets in excess of the cost of the amount borrowed to acquire such assets would cause the borrower's net asset value to increase more than if the assets had been bought without utilizing leverage. Conversely, any decline in the value of its assets to below the cost of the borrowing utilized to fund their purchase would cause the net asset value to decline more than would be the case if debt had not been used to purchase such assets. While the use of leverage may increase a borrower's returns, it will also increase its exposure to risk.

The Fund may from time-to-time borrow funds or enter into other financing arrangements for various reasons, to pay operating expenses, including, without limitation, the Investment Management Fee and Incentive Fee, to purchase portfolio securities, to fund repurchase of Units, or for other portfolio management purposes. The Fund may be required to maintain minimum average balances in connection with borrowings or to pay a commitment or other fee to maintain a line of credit. Either of these requirements would increase the cost of borrowing over the stated interest rate. In addition, a lender may terminate or not renew any credit facility. If the Fund is unable to access additional credit, it may be forced to sell investments at inopportune times, which may further depress returns. Subject to prevailing market conditions, the Fund may add financial leverage if, immediately after such borrowing, it would have asset coverage (as defined in the 1940 Act) of 300% or more (in the event leverage is obtained solely through debt) or 200% or more (in the event leverage is obtained solely through preferred units). For example, if the Fund has $100 in net assets, it may utilize leverage through obtaining debt of up to $50, resulting in $150 in total assets (or 300% asset coverage). The Fund may use leverage opportunistically and may choose to increase or decrease its leverage, or use different types or combinations of leveraging instruments, at any time based on the Fund's assessment of market conditions and the investment environment.

***Market Disruption and Geopolitical Risk*.** The Fund is subject to the risk that war, including continuing conflicts in the Middle East involving Israel and Iran, and now including the United States among other nations, geopolitical tensions, such as a deterioration in the bilateral relationship between the U.S. and China or the conflict between Russia and Ukraine, terrorism, and other geopolitical events may lead to increased short-term market volatility and have adverse long-term effects on world economies and markets generally, as well as adverse effects on issuers of securities and the value of the Fund's investments. The risk of such events has meaningfully increased in recent periods due to the diminishing importance of the rules based international order and heightened international tensions stemming from rivalry among the world's dominate economic and military powers. Likewise, natural and environmental disasters, such as, for example, earthquakes, fires, floods, hurricanes, tsunamis and weather-related

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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 outbreak, and systemic market dislocations can be highly disruptive to economies and markets. Those events as well as other changes in world 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 Fund's investments. At such times, the Fund's exposure to a number of other risks described elsewhere in this section can increase.

The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally.

Events leading to limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund's investments. For example, in response to the rapidly declining financial condition of regional banks Silicon Valley Bank ("SVB") and Signature Bank ("Signature"), the California Department of Financial Protection and Innovation (the "CDFPI") and the New York State Department of Financial Services (the "NYSDFS") closed SVB and Signature on March 10, 2023 and March 12, 2023, respectively, and the Federal Deposit Insurance Corporation ("FDIC") was appointed as receiver for SVB and Signature. Although the U.S. Department of the Treasury, the Federal Reserve and the FDIC have taken measures to stabilize the financial system, uncertainty and liquidity concerns in the broader financial services industry remain. Additionally, should there be additional systemic pressure on the financial system and capital markets, there can be no assurances of the response of any government or regulator, and any response may not be as favorable to industry participants as the measures currently being pursued. In addition, highly publicized issues related to the U.S. and global capital markets in the past have led to significant and widespread investor concerns over the integrity of the capital markets. The situation related to SVB, Signature and other regional banks could in the future lead to further rules and regulations for public companies, banks, financial institutions and other participants in the U.S. and global capital markets, and complying with the requirements of any such rules or regulations may be burdensome. Even if not adopted, evaluating and responding to any such proposed rules or regulations could result in increased costs and require significant attention from the Adviser.

Investments may be affected by force majeure events (i.e., events beyond the control of the party claiming that the event has occurred, including, without limitation, acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, war, terrorism and labor strikes). Some force majeure events may adversely affect the ability of a party (including a portfolio company or a counterparty to the Fund or a portfolio company) to perform its obligations until it is able to remedy the force majeure event. In addition, the cost to a portfolio company or the Fund of repairing or replacing damaged assets resulting from such force majeure event could be considerable. Certain force majeure events (such as war or an outbreak of an infectious disease) could have a broader negative impact on the

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world economy and international business activity generally, or in any of the countries in which the Fund may invest specifically. Additionally, a major governmental intervention into an industry, including the nationalization of an industry or the assertion of control over one or more portfolio companies or its assets, could result in a loss to the Fund, including if its investment in such portfolio company is canceled, unwound or acquired (which could be without what the Fund considers to be adequate compensation). Any of the foregoing may therefore adversely affect the performance of the Fund and its investments.

Certain losses of a catastrophic nature, such as wars, earthquakes, typhoons, hurricanes, terrorist attacks, floods, pandemics, epidemics or other similar events, may be either uninsurable or, insurable at such high rates that to maintain such coverage would cause an adverse impact on the related investments. In general, losses related to terrorism are becoming harder and more expensive to insure against. Some insurers are excluding terrorism coverage from their all-risk policies. In some cases, the insurers are offering significantly limited coverage against terrorist acts for additional premiums, which can greatly increase the total costs of casualty insurance for a property, if decided to be obtained. As a result, all Fund investments may not be insured against terrorism or certain other risks. If a major uninsured loss occurs, the Fund could lose both invested capital in and anticipated profits from the affected investments.

Any of the foregoing market disruption events 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. Such impacts, which may vary across asset classes, may adversely affect the performance of the Fund and its investments.

***Minority Investor Risk*.** An Underlying Fund's or the Fund's minority direct or indirect investments in Underlying Companies will subject the Underlying Fund or the Fund to actions taken by the holders of a majority in interest of such companies that may not be aligned with the Fund's goals. An Underlying Fund or the Fund may make minority equity investments in portfolio companies where the Underlying Fund or the Fund likely will not be able to control or influence such entities. In such cases, the Underlying Fund or the Fund will be reliant on the existing management and boards of directors of such companies, which may include representatives of other investors with whom the Underlying Fund or the Fund is not affiliated and whose interests may at times conflict with the Fund's interests. The Underlying Fund and/or the Fund could therefore be adversely affected by actions taken by management or any holders of a majority in interest of the portfolio companies in which they invest.

***Multiple Levels of Expense*.** Members will pay the fees and expenses of the Fund and will indirectly bear any fees, expenses and carried interest (if any) of the Fund's investments. In addition, to the extent that the Fund invests in a fund that is itself a "fund of funds," the Fund will bear a third layer of fees. This will result in greater expense to Members than if such fees, expenses and carried interest (if any) were not charged by the Fund and its investments, as applicable.

Furthermore, the determination of whether the sponsor of an Underlying Fund is entitled to carried interest distributions is made on a fund-by-fund basis and not in the aggregate. Therefore, carried interest in respect of one Underlying Fund is calculated and distributed without regard to

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the fees or performance (including negative performance) of any other Underlying Fund in which the Fund has an interest. Therefore, it is possible that the Fund, as an LP of Underlying Funds, would be required to bear carried interest in respect of one or more Underlying Funds even if the performance of the Fund's investments in Underlying Funds in the aggregate (and therefore the performance of the Fund) is negative.

***Newly Formed Entities; No Operating History.*** The Fund is newly formed and has no operating history upon which potential investors can evaluate its likely performance. There will be no minimum amount of offering proceeds necessary to establish the Fund. In the event that the Fund is not successful in procuring additional offering proceeds, it may have an adverse effect on the Fund. Additionally, the start-up costs for a new fund may be significant and, therefore, a new fund's expenses are typically higher than the expenses of similarly situated established funds.

The historical results of Fund investments managed by the Adviser and its affiliates, or of investments managed by the sponsors of the Underlying Funds, are not guarantees or predictions of the results that the Fund will achieve. Accordingly, investors should draw no conclusions from the performance of Fund investments and should not expect to achieve similar results. The Fund is also subject to all of the business risks and uncertainties associated with any new fund, including the risk that it will not achieve its investment objective and that the value of an interest in the Fund could decline substantially.

***Non-Controlling Interest*.** The Fund generally will not have the right to participate in the day-to-day management, control or operations of the Underlying Funds or portfolio companies, nor will it have the right to remove the managers thereof. Additionally, the Fund also will not necessarily have the opportunity to evaluate the relevant economic, financial and other information which the Underlying Funds utilize in selecting, structuring, monitoring and disposing of their portfolio companies or that portfolio companies utilize in executing their business strategies. The success of the Fund will be substantially dependent upon the capabilities and performance of the managers of the Underlying Funds and portfolio companies, which may include representatives of other financial investors with whom the Fund is not affiliated and whose interests may conflict with the interests of the Fund.

Furthermore, the investment decisions of the Underlying Funds are made by their respective investment managers independently of each other so that, at any particular time, one Underlying Fund may be purchasing an interest in a portfolio company that at the same time is being sold by another Underlying Fund. Transactions of this sort could result in Underlying Funds directly or indirectly incurring certain transaction costs without accomplishing any net (or accomplishing only a limited) positive investment result. While investing with multiple investment managers may create the appearance of a well-diversified portfolio, the Underlying Funds may cooperate on investments or otherwise own the same assets, and independent decisions of various investment managers may result in an increase, rather than decrease, in the aggregate risk associated with the Fund's portfolio.

***Non-Diversification.*** Because the Fund is a "non-diversified" investment company for purposes of the 1940 Act, its net asset value may be subject to greater volatility. The Fund may be more susceptible to an adverse event affecting a portfolio investment than a diversified portfolio and a decline in the value of that instrument would cause the Fund's overall value to decline to a greater degree.

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***Non-U.S. and Non-European Union Investments; Exchange Rate Risk*.** The Fund may invest a portion of its assets in Underlying Funds and portfolio companies organized and/or headquartered outside the U.S. and the EU. Securities issued by companies located outside of the U.S. and the EU, including those held by funds in which the Fund invests, involve certain factors not typically associated with investing in securities issued by companies located in the U.S. and the EU, including risks relating to (i) currency exchange matters, including fluctuations in the rate of exchange between the U.S. dollar, the euro and the various other non-U.S. and non-euro currencies in which non-U.S. and non-EU investments are denominated, and costs associated with conversion of investment principal and income from one currency into another; (ii) differences between the U.S., EU and non-U.S., and non-EU securities markets, including potential price volatility in and relative liquidity of some non-U.S. and non-EU securities markets; (iii) the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements, and less government supervision and regulation; (iv) certain economic and political risks, including potential exchange control regulations and restrictions on non-U.S. and non-EU investment and repatriation of capital, the risks of political, economic or social instability and the possibility of expropriation or confiscatory taxation; and (v) the possible imposition of non-U.S. and non-EU taxes on income and gains recognized with respect to such securities. Such factors may adversely affect the value of the Fund's non-U.S. and non-EU investments and hence the overall value of a Member's investment in the Fund.

In addition to the risks of investing in Underlying Funds and portfolio companies organized and/or headquartered outside the U.S. and the EU and the risks of investing in emerging markets (see "—Emerging Markets" above), the developing market Asia-Pacific countries are subject to certain additional or specific risks. In many of these markets, there is a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Many of these markets also may be affected by developments with respect to more established markets in the region such as in Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are fewer in number and less well capitalized than brokers in the United States. In addition, many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political and social instability than is the case in the United States and Western European countries.

***OFAC and FCPA Considerations*.** Economic sanction laws in the U.S. and other jurisdictions may prohibit the Adviser and its personnel from transacting with or in certain countries and with certain individuals and companies. The U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") enforces U.S. economic and trade sanctions, which prohibit, among other things, transactions with and the provision of services to certain non-U.S. countries, territories, entities and individuals. Certain programs administered by OFAC also flatly prohibit dealing with certain individuals or entities. The lists of OFAC prohibited countries, territories, persons and entities, including the List of Specially Designated Nationals and Blocked Persons, as such list may be amended from time to time, can be found on the OFAC website at http://www.treas.gov/ofac. In addition, certain programs administered by OFAC prohibit dealing with individuals or entities in certain countries regardless of whether such individuals or entities appear on the lists maintained by OFAC. These types of sanctions may significantly restrict the Fund's investment activities in certain emerging market countries. In addition, new names may be added to current OFAC lists, or new sanctions imposed by executive order, on short notice, which could result in the Fund selling investments at disadvantageous times.

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In addition, the Adviser and its personnel are committed to complying with the U.S. Foreign Corrupt Practices Act ("FCPA") and other anti-corruption laws, anti-bribery laws and regulations, as well as anti-boycott regulations, to which they are subject. As a result, the Fund may be adversely affected because of its unwillingness to participate in transactions that violate such laws or regulations. In recent years, the U.S. Department of Justice and SEC have devoted greater resources to enforcement of the FCPA. In particular, U.S. regulators recently have been focused on private equity firms and their compliance with the FCPA. While the Adviser has implemented policies and procedures designed to procure compliance with the FCPA, such policies and procedures may not be effective to prevent all possible violations. Any determination that the Adviser violated the FCPA or other applicable anti-corruption or anti-bribery laws could subject the Adviser to, among other things, civil and criminal penalties, material fines, profit disgorgement, injunctions, securities litigation and a general loss of investor confidence, any one of which could adversely affect the Adviser's business prospects or financial position, as well as the Fund's ability to achieve its investment objective or conduct its operations.

***Opinions and Forward-Looking Statements May Not Be Correct.*** This prospectus and the Fund's marketing materials may contain many opinions and forward-looking statements about the direction and future performance of the private equity market and private equity secondaries and co-investment markets, the relative merits of various investment strategies and investment firms, and the capabilities and competitive strength of the Adviser. These statements include predictions, statements of belief and expectation, and may include the use of qualitative terms such as "best-of-class," "superior" and "top-tier." Investors should understand that such statements represent the current views of the Adviser or other third party sources, that other market participants might have differing views, and that the actual events, including the actual future performance of the private equity market and private equity secondaries and co-investment markets and the Fund could differ sharply from the opinions and forward-looking statements contained in the Fund's offering documents. Any such departures could materially affect the performance of the Fund. In addition, the Adviser has not independently verified any of the information provided by third party sources and cannot ensure its accuracy. For all of the reasons set above and others, prospective investors are cautioned not to place undue reliance on opinions, statements, and performance.

***Placement Risk.*** It is expected that many investors will invest in the Fund through Financial Intermediaries. When a limited number of Financial Intermediaries represents a large percentage of investors, actions recommended by the Financial Intermediaries 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 Financial Intermediary may vote as a block, if so recommended by the Financial Intermediary.

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***Private Asset Investments.*** 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 asset 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.

***Projections*.** The Fund will from time to time rely upon projections, forecasts or estimates developed by the Fund or an Underlying Fund or a portfolio company in which the Fund is invested or is considering making an investment, concerning such Underlying Fund's or portfolio company's future performance and cash flow. Projections, forecasts and estimates are forward-looking statements and are based upon certain assumptions. Actual events are difficult to predict and beyond the Fund's control. Actual events may differ from those assumed. Some important factors that could cause actual results to differ materially from those in any forward-looking statements include changes in interest rates and domestic and foreign business, market, financial or legal conditions, among others. Accordingly, there can be no assurance that estimated returns or projections can be realized or that actual returns or results for the Fund or its investments will not be materially lower than those estimated or targeted therein.

***Recourse to Assets of the Fund*.** The assets of the Fund, including its investments and any capital held thereunder, may be 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 limited to any particular asset. Accordingly, a Member may find its interest in the Fund's assets adversely affected by a liability arising out of a single investment, even if such Member did not participate in such investment.

***Registration under the U.S. Commodity Exchange Act.*** The Adviser is exempt from the obligations of a registered commodity pool operator ("CPO") with respect to the Fund because the Adviser has claimed the relief provided to fund-of-funds operators pursuant to CFTC No-Action Letter 12-38. Therefore, the Adviser is not subject to registration or regulation as a pool operator under the Commodity Exchange Act with respect to the Fund. For the Adviser to remain eligible for the relief, the Fund will be limited in its ability to gain exposure to certain financial instruments, including futures and options on futures and certain swaps ("commodity interests"). In the event that the Fund's direct or indirect exposure to commodity interests does not comply with the requirements of CFTC No-Action Letter 12-38, the Adviser may be required to register as a CPO with the CFTC with respect to the Fund. The Adviser's registration with the CFTC as a CPO with respect to the Fund, or any change in the Fund's operations necessary to maintain the Adviser's ability to rely upon relief from registration as such, could adversely affect the Fund's ability to implement its investment program, conduct its operations and/or achieve its objective and subject the Fund to certain additional costs, expenses and administrative burdens, adversely affecting that Fund's total return. Because the Adviser intends to manage the Fund in such a way as to maintain its ability to rely upon relief from registration with the CFTC, the Fund may be unable to participate in certain investment opportunities.

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***Regulatory Approvals*.** The Fund may invest in Underlying Funds (or portfolio companies), and such Underlying Funds may invest in portfolio companies, in each case, believed to have obtained all material U.S. federal, state, local or non-U.S. approvals required as of the date thereof to acquire and operate their facilities. In addition, the Fund may be required to obtain the consent or approval of applicable regulatory authorities in order to acquire or hold certain ownership positions in certain investments. An investment could be materially and adversely affected as a result of statutory or regulatory changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent requirements on such investment. Moreover, additional regulatory approvals, including without limitation, renewals, extensions, transfers, assignments, reissuances or similar actions, may become applicable in the future due to a change in laws and regulations, a change in the companies' customers or for other reasons. There can be no assurance that an Underlying Fund or a portfolio company will be able to (i) obtain all required regulatory approvals that it does not currently have or that it may be required to have in the future; (ii) obtain any necessary modifications to existing regulatory approvals; or (iii) maintain required regulatory approvals. Delay in obtaining or failure to obtain and maintain in full force and effect any regulatory approvals, or amendments thereto, or delay or failure to satisfy any regulatory conditions or other applicable requirements could prevent operation of a facility or sales to or from third parties or could result in additional costs to a portfolio company.

Regulatory changes in a jurisdiction where an Underlying Fund or a portfolio company investment is located may make the continued operation of such investment infeasible or economically disadvantageous and any expenditures made to date by such investment may be wholly or partially written off. The locations of the Fund's investments may also be subject to government exercise of eminent domain power or similar events. Any of these changes could significantly increase the regulatory-related compliance and other expenses incurred by the Fund's investments and could significantly reduce or entirely eliminate any potential revenues generated by one or more of such investments, which could materially and adversely affect returns to the Fund.

***Regulatory Changes Impacting Private Equity Funds.*** Legal, tax and regulatory changes could occur that may adversely affect or impact the Fund at any time. The legal, tax and regulatory environment for private equity funds is evolving, and changes in the regulation and market perception of such funds, including changes to existing laws and regulations and increased criticism of the private equity and alternative asset industry by regulators and politicians and market commentators, may materially adversely affect the ability of Underlying Funds to pursue their investment strategies. In recent years, market disruptions and the dramatic increase in capital allocated to alternative investment strategies have led to increased governmental, regulatory and self-regulatory scrutiny of the private equity and alternative investment fund industry in general, and certain legislation proposing greater regulation of the private equity and alternative investment fund management industry periodically is being and may in the future be considered or acted upon by governmental or self-regulatory bodies of both U.S. and in non-U.S. jurisdictions. It is impossible to predict what, if any, changes might be made in the future to the regulations affecting: private equity funds generally; the Underlying Funds; the GPs; the markets in which they operate and invest; and/or the counterparties with which they do business. It is also impossible to predict what the effect of any such legislative or regulatory changes might be. Any regulatory changes that adversely affect an Underlying Fund's ability to implement its investment strategies could have a material adverse impact on the Underlying Fund's performance, and thus on the Fund's performance.

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***Reliance on Adviser.*** An investor must rely upon the ability of the Adviser to identify and make investments consistent with the Fund's investment objective and policies. The Fund may be unable to find a sufficient number of attractive opportunities to invest its offering proceeds or meet its investment objective. Further, there can be no assurance that what is perceived by the Adviser as an attractive investment opportunity will not, in fact, result in substantial losses due to one or more of a wide variety of factors.

The success of the Fund's private asset investments will depend in substantial part on the diligence, skill, expertise and business contacts of, and the information and deal flow generated by, the investment professionals of the Adviser. There can be no assurance that the Adviser's professionals will continue to be associated with each entity during the life of the Fund. The ability of the Fund to achieve its investment objective depends on the continued service of these individuals, who are not obligated to remain employed with the Adviser or its affiliates. The market for experienced private asset investment professionals is highly competitive. If the Adviser fails to adequately compensate their investment professionals, in light of such market conditions, one or more of such individuals could cease to work for them. The loss of one or more of the Adviser's key individuals could have a material adverse effect on the Fund's ability to achieve its investment objective. Should one or more of these individuals cease to participate in the management of the Fund, its performance could be adversely affected.

If, due to extraordinary market conditions or other reasons, the Fund and/or other investments managed by the Adviser or its affiliates were to incur substantial losses, the revenues of the Adviser and its affiliates may decline substantially. Such losses may hamper the Adviser's and its affiliates' ability to (i) retain employees and (ii) provide the same level of service to the Fund as they have in the past.

The Adviser will have exclusive responsibility for the Fund's activities and, other than as may be set forth in the Fund's governing documents or other agreements, Members will lack discretion to make investment decisions or any other decisions concerning the management of the Fund.

***Reporting Requirements.*** Investors who beneficially own Units that constitute more than 5% or 10% of a Class of the 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.

***Repurchase Offers Risk.*** Repurchase offers are generally funded from available cash or sales of portfolio securities. However, the repurchase of Units by the Fund decreases the assets of the Fund and, therefore, may have the effect of increasing the Fund's expense ratio. Repurchase offers and the need to fund repurchase obligations may also affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. Moreover, diminution in the

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size of the Fund through repurchases may result in untimely sales of portfolio securities, and may limit the ability of the Fund to participate in new investment opportunities. If the Fund uses leverage, repurchases of Units may compound the adverse effects of leverage in a declining market. In addition, if the Fund borrows money to finance repurchases, interest on that borrowing will negatively affect Members who do not tender their Units by increasing Fund expenses and reducing any net investment income. Certain Members may from time to time own or control a significant percentage of the Units. Repurchase requests by these Members of these Units of the Fund may cause repurchases to be oversubscribed, with the result that Members may only be able to have a portion of their Units repurchased in connection with any repurchase offer. If a repurchase offer is oversubscribed and the Fund determines not to repurchase additional Units beyond the repurchase offer amount, or if Members tender an amount of Units greater than that which the Fund is entitled to purchase, the Fund will repurchase the Units tendered on a pro rata basis, and Members will have to wait until the next repurchase offer to make another repurchase request. Members will be subject to the risk of net asset value fluctuations during that period. Thus, there is also a risk that some Members, in anticipation of proration, may tender more Units than they wish to have repurchased in a particular quarterly period, thereby increasing the likelihood that proration will occur. The net asset value of Units tendered in a repurchase offer may fluctuate between the date a Member submits a repurchase request and the repurchase request deadline, and to the extent there is any delay between the repurchase request deadline and the repurchase pricing date. The net asset value on the repurchase request deadline or the repurchase pricing date may be higher or lower than on the date a Member submits a repurchase request. There can be no assurance that the Fund will conduct repurchase offers in any particular period, and Members may be unable to tender Units for repurchase for an indefinite period of time.

***Responsible Investing Risk.*** Ardian's Responsible Investment Policy contemplates a screening process to avoid investments in certain banned sectors, an ESG due diligence analysis in connection with each investment decision, periodic ESG reviews during the holding period of an investment and an ESG analysis upon exit. The Fund will be managed in accordance with this policy, which could cause the Fund to fail to pursue certain beneficial investment opportunities or to realize lower returns on investment opportunities it does pursue. This may have a negative effect on Fund returns.

***Risk of Misconduct of Adviser Personnel or Third-Party Service Providers*.** Misconduct by Adviser personnel or by third-party service providers could cause significant losses to the Fund. Such misconduct could include, among other things, binding the Fund to transactions that exceed authorized limits or present unacceptable risks and other unauthorized activities or concealing unsuccessful Fund investments (which, in either case, may result in unknown and unmanaged risks or losses), or otherwise charging (or seeking to charge) inappropriate expenses to the Fund or the Adviser. In addition, Adviser personnel and third-party service providers may improperly use or disclose confidential information, which could result in litigation or serious financial harm, including limiting the Fund's business prospects or future activities. Furthermore, because of the Adviser's diverse businesses and the regulatory regimes under which they operate, misdeeds by an advisory entity (or its personnel) may result in foreclosing the Fund's ability to conduct its activities in the manner otherwise intended. It is not always possible to deter misconduct by personnel or service providers, and the precautions that the Adviser takes to detect and prevent this activity may not be effective in all cases.

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***Risks Relating to Fund's Registered Investment Company Status.*** As a result of applicable restrictions under the 1940 Act, the Fund may be unable to take advantage of favorable investment opportunities or may incur 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 and applicable tax rules. This could cause the Fund to underperform funds that pursue similar investment strategies but are not registered under the 1940 Act.

***Risks Relating to Fund's Regulated Investment Company Status.*** Although the Fund intends to elect to be treated as a RIC under Subchapter M of the Code, no assurance can be given that the Fund will be able to qualify for and maintain RIC status. If the Fund qualifies as a RIC under the Code, the Fund generally will not be subject to corporate-level federal income taxes on its income and capital gains that are timely distributed (or deemed distributed) as dividends for U.S. federal income tax purposes to its Members. To qualify as a RIC under the Code and to be relieved of federal taxes on income and gains distributed as dividends for U.S. federal income tax purposes to the Members, the Fund must, among other things, meet certain source-of-income, asset diversification and distribution requirements. The distribution requirement for a RIC is satisfied if the Fund distributes dividends each tax year for U.S. federal income tax purposes of an amount generally at least equal to 90% of the sum of its net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to the Members.

If the Fund were to fail to satisfy the RIC requirements, absent a cure, it would lose its status as a RIC under the Code. Such loss of RIC status could affect the amount, timing and character of the Fund's distributions and would cause all of 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 Units.

***Risks Relating to Investment in and Disposition of Portfolio Companies*.** In connection with an investment in a portfolio company, the Fund or an Underlying Fund may assume, or acquire a portfolio company subject to, contingent liabilities. These liabilities may be material and may include liabilities associated with pending litigation, regulatory investigations, environmental actions, or payment of indebtedness among other things. To the extent these liabilities are realized, they may materially adversely affect the value of a portfolio company. In addition, if the Fund or an Underlying Fund has assumed or guaranteed these liabilities, the obligation would be payable from the assets of the Fund or Underlying Fund.

In connection with the disposition of an investment in a portfolio company, the Fund or an Underlying Fund may be required to make representations about the business and financial affairs of such portfolio company typical of those made in connection with the sale of any business. The Fund may also be required to indemnify the purchasers of such investment in such portfolio company to the extent that any such representations or warranties turn out to be inaccurate or misleading. These arrangements may result in liabilities for the Fund directly or indirectly through the Underlying Fund, depending upon recontribution obligations owed to the Underlying Fund.

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***Risks Related to Russia's Invasion of Ukraine.*** Russia's invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict have increased volatility and uncertainty in the financial markets and adversely affected regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to its invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that the Fund has exposure to Russian investments or investments in countries affected by the invasion, the Fund's ability to price, buy, sell, receive or deliver such investments may be impaired. The Fund may determine that certain affected securities have zero value. In addition, any exposure that the Fund may have to counterparties in Russia or in countries affected by the invasion could negatively impact the Fund's portfolio. The extent and duration of Russia's military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict, but could continue to result in significant market disruptions, including in the oil and natural gas markets, and may continue to negatively affect global supply chains (including global food supplies), inflation and global growth. These and any related events could significantly impact the Fund's performance and the value of an investment in the Fund, even beyond any direct exposure the Fund may have to Russian issuers or issuers in other countries directly affected by the invasion.

***Risks relating to United Kingdom's Exit from the European Union.*** On June 23, 2016, the UK held a referendum to decide on its membership in the EU. The resulting vote was to leave the EU. The UK subsequently withdrew from the EU on January 31, 2020. The negotiation of the UK's continuing relationship with the EU is likely to take a number of years. On December 24, 2020, the UK and the EU announced their agreement on a Trade and Cooperation Agreement (the "TCA"). The UK parliament passed the legislation to approve the treaty on 30 December 2020. After completion of the formal EU procedure, the TCA entered into force on May 1, 2021. The TCA was provisionally applied from January 1, 2021 and therefore a temporary period of "no deal" following the transition period was avoided. The conclusion of the TCA provides a structure for EU-UK cooperation in the future. It does not necessarily create a permanent set of rules, but is a basis for an evolving relationship, with scope for increasing divergence or closer cooperation which may vary between different areas. The TCA mainly covers trade in goods and services, with provisions on intellectual property, energy, transparency, regulatory practices, public procurement and a level playing field. It also includes sections on aviation, digital trade, road transport, social security and visas, fisheries, and law enforcement and judicial cooperation on criminal matters. It is accompanied by a number of ancillary Joint Declarations, including on financial services, tax, state aid and subsidies, transport and data protection. One such Joint Declaration sets out the intention of the EU and the UK to agree a memorandum of understanding on cooperation on financial services to help preserve financial stability, market integrity and the protection of investors and consumers.

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Until the terms stemming from the TCA (and Joint Declarations) are clearer, it is not possible to determine the full impact that the UK's departure from the EU and/or any related matters may have on the Fund or the Interests, including, in each case, the market value or the liquidity thereof in the secondary market, or on the other parties to any relevant fund-related agreements.

This introduces significant uncertainty in the business, legal and political environment and risks ("Brexit Risks") including short and long-term market volatility and currency volatility, macroeconomic risk to the UK and European economies, impetus for the break-up of the UK and related political and economic stresses, impetus for further disintegration of the EU and related political stresses (including those related to sentiment against cross-border capital movements), legal uncertainty regarding achievement of compliance with applicable financial and commercial laws and regulations in view of the expected steps to be taken pursuant to or in contemplation of Article 50 of the Treaty on European Union and negotiations undertaken under Article 218 of the Treaty on the Functioning of the European Union, and the unavailability of timely information as to expected legal, tax and other regimes.

During this period of uncertainty, there may be significant volatility and disruption in: (i) the global financial markets generally, which result in a reduction of the availability of capital and debt; and (ii) the currency markets as the value of Sterling fluctuates against other currencies. Such events may, in turn, contribute to worsening economic conditions, not only in the UK and Europe, but also in the rest of the world.

The uncertainty surrounding the UK's relationship with the EU and its withdrawal as a member state of the EU may adversely impact the Fund and its investments (in particular those that relate to companies or assets based in, doing business in, or having services or other significant relationships in or with, the UK).

There can be no assurance that the Brexit Risks will not alter significantly the attractiveness of an investment in the Fund, including as a result of the potential for capital losses, delays, legal and regulatory risk and general uncertainty.

***Sourcing of Investments*.** The Fund expects to source a substantial volume of its investment opportunities through various Ardian platforms, personnel and other relationships. To the extent these sourcing channels do not present the Fund with a sufficient volume of investment opportunities, or the opportunities presented are not suitable for investment by the Fund, the Fund's performance may be materially adversely affected.

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

***Time and Attention of Personnel*.** Personnel of the Adviser and its affiliates will devote such time to the activities of the Fund as they determine to be necessary to properly conduct the business affairs of the Fund. However, some personnel will also work on other projects, including the investment activities of other funds and accounts that include reviewing

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investments brought to the Adviser by investors in other Ardian funds and accounts, currently or in the future. Such other activity may be significant and involve a significant amount of such personnel's time and attention. Conflicts may arise in the allocation of management and personnel resources as among the Fund's and the Adviser's various activities. In the event that any of such personnel ceases to be actively involved with the Fund, Members will be relying on the ability of the Adviser to identify and retain other investment professionals to conduct the Fund's business.

***Valuation of Private Asset Investments.*** There is no established market for private equity partnership interests or for the privately-held portfolio companies of private equity sponsors, and there may not be any comparable companies for which public market valuations exist. As a result, the valuation of Fund investments will be difficult, may be based on imperfect information and is subject to inherent uncertainties, and the resulting values may differ from values that would have been determined had a ready market existed for such investments, from values placed on such investments by other investors and from prices at which such investments may ultimately be realized. Furthermore, no assurances can be given regarding the valuation methodology or the sufficiency of systems utilized by the Fund, the accuracy of the valuations provided by Fund investments, that the investments will comply with their own internal policies or procedures for keeping records or making valuations, or that an investment's policies and procedures and systems will not change without notice to the Fund. The uncertainty of valuations could limit the ability of Members to gauge the Fund's ongoing performance. Additionally, the Adviser may face a conflict of interest in valuing the Fund's investments, as the net asset value of the Fund will affect the Adviser's compensation.

***Valuation Risk.*** The value of the Fund's investments will be difficult to ascertain, and the valuations determined in respect of investments in the Underlying Funds, Co-Investment Vehicles and other private asset investments will likely vary from the amounts the Fund would receive upon withdrawal from or disposition of its investments. Similarly, the valuations determined by the Fund are likely to differ, potentially substantially, from the valuations determined by other market participants for the same or similar investments. The valuation of the Fund's interest in Underlying Funds and Co-Investment Vehicles is determined based in significant part upon valuations provided by the sponsors of the Underlying Funds and Co-Investment Vehicles, which valuations may not be audited. Furthermore, the securities in which Underlying Funds and Co-Investment Vehicles invest will not have a readily ascertainable market price and will be valued by the sponsors of the Underlying Funds and Co-Investment Vehicles. These sponsors are subject to conflicts of interest as the value of their securities may affect the sponsor's compensation or ability to raise new funds.

The valuations reported by the sponsors of Underlying Funds and Co-Investment Vehicles will be subject to later adjustment or revision. For example, fiscal year-end net asset value calculations of the Underlying Funds or the Co-Investment Vehicles may be revised as a result of audits by their independent auditors. Other adjustments may occur from time to time. Additionally, the Fund may apply one or more adjustments to the valuations received from an Underlying Fund or a Co-Investment Vehicle, which would include an adjustment for any changes in market prices for public securities held by the Underlying Fund or Co-Investment Vehicle and a market adjustment to reflect the estimated change in fair value of the Underlying Fund's or Co-Investment Vehicle's non-public unrealized investments from the date of the last

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reported Underlying Fund or Co-Investment Vehicle net asset value to the date as of which the Fund is reporting its net asset value. The application of these adjustments may result in a decrease or increase to the cash adjusted, last reported, Underlying Fund or Co-Investment Vehicle net asset value, depending on the facts and circumstances. Furthermore, because such adjustments or revisions relate to information available only at the time of the adjustment or revision, the adjustment or revision will not affect the amount of the repurchase proceeds of the Fund received by Members who had their Units repurchased, or the purchase price of Units purchased, prior to such adjustments. As a result, to the extent that such subsequently adjusted valuations from the sponsors of Underlying Funds or Co-Investment Vehicles or revisions to the net asset value of an Underlying Fund or a Co-Investment Vehicle decrease the Fund's net asset value, the outstanding Units may be adversely affected by prior repurchases to the benefit of Members who had their Units repurchased at a net asset value higher than the adjusted amount. Conversely, any increases in the net asset value resulting from such subsequently adjusted valuations may be entirely for the benefit of the outstanding Units and to the detriment of Members who previously had their Units repurchased at a net asset value lower than the adjusted amount. The same principles apply to the purchase of Units.

Valuations of private investments such as the Underlying Funds and Co-Investment Vehicles are to a large extent subjective and will likely differ from the amounts ultimately realized, potentially by significant amounts. For Underlying Funds and Co-Investment Vehicles, the Adviser cannot provide assurances that the sponsor of an Underlying Fund or a Co-Investment Vehicle will adhere to its own policies and procedures for making valuations or that the Underlying Fund's or and Co-Investment Vehicle's policies and procedures will not change without notice to the Fund. Additionally, valuations provided by sponsors could be false due to fraudulent activity or misevaluation, and the Fund may not uncover errors for a significant amount of time, if ever. Even if the Adviser elects to cause the Fund to sell its interests in an Underlying Fund or a Co-Investment Vehicle, the Fund may be unable to sell such interests quickly, if at all, and could therefore be obligated to continue to hold such interests for an extended period of time. In such a case, the sponsor's valuations of such interests could remain subject to such fraud or error, and the Fund may determine to discount the value of the interests or value them at zero.

***Value of Units.*** The value of Units may be significantly affected by numerous factors, some of which are beyond the Fund's control and may not be directly related to the Fund's operating performance. These factors include changes in regulatory policies or tax guidelines, changes in earnings or variations in operating results, changes in the value of the Fund investments, changes in accounting guidelines governing valuation of the Fund investments, any shortfall in revenue or net income or any increase in losses from levels expected by investors, departure of the Adviser or certain of its respective key personnel, and general economic trends and other external factors.

**Limits of Risk Disclosure** 

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

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

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

**MANAGEMENT OF THE FUND** 

**Board of Directors** 

The Board has overall responsibility for the management and supervision of the business operations of the Fund on behalf of the Members. A majority of Directors of the Board are persons who are not "interested persons," as defined in Section 2(a)(19) of the 1940 Act (the "Independent Directors"). To the extent permitted by the 1940 Act and other applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, any committee of the Board, service providers or the Adviser. See "Board of Directors and Officers" in the Fund's SAI for the identities of the Directors and executive officers of the Fund, brief biographical information regarding each of them, and other information regarding the election and membership of the Board.

**The Adviser** 

Pursuant to the terms of the Investment Management Agreement, Ardian US LLC, an investment adviser registered under the Advisers Act, serves as the Fund's investment adviser. The Adviser's principal address is 1370 Avenue of the Americas New York, NY 10019.

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

In rendering investment advisory services to the Fund, the Adviser expects to use portfolio management, research and other resources of foreign (non-U.S.) affiliates of the Adviser through a "participating affiliate" arrangement, as that term is used in no-action guidance issued by the staff of the SEC. This guidance allows U.S. registered investment advisers to use portfolio management or research resources of non-registered advisory affiliates, subject to the regulatory supervision of the registered investment adviser.

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**Investment Personnel** 

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

*Mark Benedetti.* Mr. Benedetti joined Ardian in 2006 and serves as Chairman of the Executive Committee and Operations Committee, Co-Head of Secondaries & Primaries, Co-Head of Ardian US and member of the Ardian Secondary Fund Management Committee. Mr. Benedetti also oversees Co-Investment, North America Fund, Human Resources, Internal Audit and Employees Investment activities. Before joining Ardian in 2006, Mr. Benedetti worked at KPMG Corporate Finance where he focused on mergers, acquisitions and capital raising in the firm's Advisor group. Prior to that, he was part of KPMG's Assurance group. Mr. Benedetti is based in New York and has served as a portfolio manager of the Fund since its inception in [ ] 2026.

*Vladimir Colas*. Mr. Colas joined Ardian in 2003. He serves as Vice-Chairman of the Executive Committee and Operations Committee, Co-Head of Secondaries & Primaries, Co-Head of Ardian US and member of the Ardian Secondary Fund Management Committee. Mr. Colas also oversees Co-Investment, North America Fund, Compliance & Risk, Global Business Continuity Plan and Legal Structuring (Primaries and Secondaries, Private Credit, ACS) activities. Prior to joining Ardian, Mr. Colas worked for a French startup active in the entertainment sector. Mr. Colas is based in New York and has served as a portfolio manager of the Fund since its inception in [ ] 2026.

*Daryl Li*. Mr. Li joined Ardian in 2010. Mr. Li is responsible for coordinating the primary activities for Ardian secondaries and primaries. He serves as Co-Head of US Secondaries & Primaries and is involved in the strategic planning on primary allocations in close collaboration with the fund of funds team. He is also active in the sourcing and execution of secondary and co-investment deal flow. Prior to joining Ardian, Mr. Li was an analyst with Wachovia Securities, first with the Real Estate Investment Banking division and then its Special Situations Group. Mr. Li is based in New York and has served as a portfolio manager of the Fund since its inception in [ ] 2026.

*Alexandre Motte*. Mr. Motte joined Ardian in 2007. Prior to joining Ardian, Mr. Motte worked for eight years at Boston Consulting Group, where he was a Principal, focusing on healthcare and consumer goods. He also worked as a mergers and acquisitions analyst for two years at the Banque Nationale de Paris in New York. Mr. Motte is based in Paris and has served as a portfolio manager of the Fund since its inception in [ ] 2026.

*Marie-Victoire Rozé*. Ms. Rozé joined Ardian in 2005. She serves as Deputy Co-Head of Secondaries & Primaries and is primarily engaged in the origination and evaluation of secondary purchases of secondaries and primaries' investments, and the origination of co-investments. Prior to joining Ardian, Ms. Rozé completed internships in Paris and New York, including at JP Morgan (Investment Banking) M&A, Keolis, Merrill Lynch (private banking) and Nike communications. Ms. Rozé is based in Paris and has served as a portfolio manager of the Fund since its inception in [ ] 2026.

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*Jan Philipp Schmitz*. Mr. Schmitz joined Ardian in 2005. Mr. Schmitz serves as Chairman of the Sales Committee, member of the Executive Committee, Head of Ardian Germany and Asia, Head of Investor Relations, Deputy Co-Head of Secondaries & Primaries. Mr. Philipp Schmitz also oversees Customized Solutions and Private Wealth Solutions activities. Prior to joining Ardian, Mr. Schmitz worked at Ernst & Young and Arthur Andersen, working for private equity clients in transaction advisory services. Mr. Schmitz has served as a portfolio manager of the Fund since its inception in [ ] 2026.

*Wilfred Small*. Mr. Small joined Ardian in 2011 and is a Senior Managing Director and member of the Ardian Secondary Fund Management Committee. He serves as Co-Head of US Secondaries & Primaries and is primarily engaged in the origination and evaluation of investments in North America, where he plays a leading role in developing Ardian's secondaries and primaries business. Mr. Small is based in New York and has served as a portfolio manager of the Fund since its inception in [ ] 2026.

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

**Control Persons and Principal Holders of Securities** 

A control person generally is a person who beneficially owns more than 25% of the voting securities of a company or has the power to exercise control over the management or policies of such company. As of the date of this Prospectus, the Fund had not commenced investment operations, and the only Units were owned by the Adviser.

Other than as set forth above, as of the date of this prospectus, [the Fund does not know of any persons who own of record or beneficially 5% or more of any class of the Units as of that date].

**Indemnification** 

The Investment Management Agreement provides that, 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 or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Adviser, its members and its respective officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any of them are entitled to indemnification from the Fund for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising out of or otherwise based upon the performance of any of the Adviser's duties or obligations under the Investment Management Agreement or otherwise as an investment adviser of the Fund.

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**Administration and Accounting Services** 

The Fund has entered into a Master Services Agreement with Ultimus Fund Solutions, LLC under which the Administrator performs certain administration and accounting services for the Fund, including, among other things: customary fund accounting services, including computing the Fund's net asset values and maintaining books, records and other documents relating to the Fund's financial and portfolio transactions, and customary fund administration services, including assisting the Fund with regulatory filings, tax compliance and other oversight activities. In consideration for these services, the Fund pays the Administrator fees based on the average monthly net asset value of the Fund, subject to a minimum annual fee, as well as certain other fixed, per-account or transactional fees and fees for additional optional services. The Administration Fee is paid to the Administrator out of the assets of the Fund and therefore decreases the net profits or increases the net losses of the Fund.

The Administrator's principal office is at 4221 North 203rd Street, Suite 100 Elkhorn, NE 68022.

**Custodian, Transfer Agent, Distribution Paying Agent and Registrar** 

JPMorgan Chase Bank, N.A. ("JPMorgan" or the "Custodian"), which has its principal office at 383 Madison Ave., New York NY 10017, serves as custodian for the Fund. JPMorgan also serves as portfolio administrator to the Fund pursuant to a separate Portfolio Administration Agreement. JPMorgan's principal office is 4 Chase Metrotech Center, Brooklyn, NY 11245.

ACA Foreside, which has its principal office at Three Canal Plaza, Suite 100, Portland, ME 04101, serves as the Fund's transfer agent, distribution paying agent and registrar.

**FUND EXPENSES** 

The Fund shall bear all expenses incurred in the business of the Fund, as well as any taxes thereon, other than those specifically required to be borne by the Adviser pursuant to the Investment Management Agreement. Expenses to be borne by the 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;&nbsp;&nbsp;&nbsp;&nbsp;(a) all expenses related to its investment program, including, but not limited to: (i) expenses borne through the Fund's investments in the Underlying Funds and Co-Investment Vehicles, including, without limitation, any fees and expenses charged by the Underlying Fund and Co-Investment Vehicle managers among which the Fund deploys some or all of its assets (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 Fund's investments in Underlying Funds and Co-Investment Vehicles (whether or not consummated), and enforcing the Fund's rights in respect of such investments; (iii) transfer taxes and premiums; (iv) all taxes withheld, including but not limited to 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); (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; (vii) out-of-pocket expenses incurred by the Adviser or any of its personnel for travel, meals, accommodations, or lodging in relation to the Fund and its investments (including, but not limited to, any

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travel in connection with any such person's role as a member of any committee of an Underlying Fund); (viii) all expenses incurred by the Adviser or any of its personnel relating to events, entertainment, or industry conferences in relation to the Fund and its activities, investments or prospective investments; (ix) all costs and expenses associated with creating, forming, developing, structuring, operating and winding-up direct or indirect administrative and other investment structures (including, for the avoidance doubt, any intermediate vehicles or wholly-owned subsidiaries of the Fund) formed for, or utilized by, the Fund to conduct any aspect of the Fund's investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all expenses of computing the Fund's net asset value, including any equipment or services obtained for the purpose of valuing the 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;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Management Fee and Incentive Fee paid by the Fund to the Adviser in consideration of the advisory and other services provided by the Adviser to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any distribution and/or service fees to be paid pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act and any sub-transfer agency, sub-accounting or other investor servicing fees or expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all costs and expenses (including costs and expenses associated with the organization and initial registration of the Fund) associated with the operation and registration of the 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;&nbsp;&nbsp;&nbsp;&nbsp;(f) Distributor costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) fees and expenses of the Directors not also serving in an executive officer capacity for the Fund or the Adviser and the fees and expenses of independent counsel thereto, and all costs and expenses of holding any meetings of the Board or Members that are regularly scheduled, permitted, or required to be held under the terms of the Limited Liability Company Agreement, the 1940 Act, or other applicable law, including any costs or expenses for travel, meals, accommodations, or lodging incurred by any meeting attendees in connection with such meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the compensation of the Fund's Chief Compliance Officer and any costs associated with the monitoring, testing and revision of the Fund's compliance policies and procedures required by Rule 38a-1 under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) 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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) all recordkeeping, custody, transfer agency, registration and similar fees and expenses incurred by the Fund and all brokerage and finders' fees and commissions and discounts incurred by the Fund in connection with the Fund's operations, activities, investments or business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) costs incurred in connection with tax filings, tax reporting or other investor reporting and preparing, printing and distributing reports and other communications, including repurchase offer correspondence or similar materials, to Members and potential investors, including information technology costs related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) all charges for equipment or services used for communications between the Fund and any custodian, administrator, transfer agent or other agent engaged by the Fund and any charges, expenses or fees, including subscription or licensing fees, for software, electronic solutions or online platforms or services used by the Fund or its service providers in connection with Fund operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) fees of custodians, other service providers to the 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) all taxes, 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 on its income or assets or in connection with its business or operations, including relating to compliance with any law, and compliance with any Fund-related agreements and agreements with investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any actual or potential audit, enquiry, 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, including the amount of any judgments, settlement, remediation, fines, interest, late interest and/or penalties paid in connection therewith and including advancement of any such amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) 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) and other extraordinary expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) indemnification or contribution obligations under the 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) costs incurred in connection with holding and/or soliciting proxies for a meeting of investors of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) expenses associated with the performance of any anti-money laundering and/or 'know-your-customer' checks reasonably required in connection with the evaluation and screening of an actual or potential transaction, and/or the admission of a prospective Member into the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) expenses associated with any transfer of Units from a Member to any prospective Member, the admission of a substitute Member, or the permitted withdrawal or resignation of a Member, including but not limited to, any valuation, tax or legal expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) expenses associated with drafting, filing or transmitting any amendments, restatements, waivers, consents, approvals, or other modifications to agreements, organizational documents, offering documents, or other documents of the Fund or any of its intermediate vehicles or Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) expenses associated with terminating, extending, winding up, liquidating, and/or dissolving the Fund or any of its intermediate vehicles or Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) all other expenses incurred by the Fund in connection with the operation and administration of the Fund's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) such other types of expenses as may be approved from time to time by the Board.

From time to time, the Fund may engage service providers that are affiliated with the Adviser or in which the Adviser has an interest. Fees charged by such providers will be separate from, and will be in addition to, any Management Fees to be paid by the Fund to the Adviser.

The Adviser will bear all of its own operating and overhead expenses attributable to its duties hereunder (such as salaries, bonuses, rent, office and administrative expenses, depreciation and amortization, and auditing expenses).

The Adviser may be entitled to receive certain fees in connection with the purchase, monitoring or disposition of Fund investments or as a result of unconsummated transactions, including, for example, termination related, monitoring, directors' organizational, set-up, advisory, investment banking, syndication and other similar fees. Any such fees earned in respect of the Fund's investments shall be for the benefit of the Fund.

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Expenses to be borne by the Fund or a specific class of Units will reduce the actual returns realized by Members on their investment in the Fund (and may, in certain circumstances, reduce the amount of capital available to be deployed by the Fund in investments). Fund expenses include recurring and regular items, as well as extraordinary expenses for which it may be hard to budget or forecast. As a result, the amount of Fund expenses ultimately incurred or incurred at any one time may exceed amounts expected or budgeted by the Fund.

The Adviser will make judgments with respect to allocation of expenses in its good faith discretion, notwithstanding its interest in the outcome, and may make corrective allocations after the fact should it determine that such corrections are necessary or advisable. Notwithstanding the foregoing, the portion of an expense allocated to the Fund for a particular item or service may not reflect the relative benefit derived by the Fund from that item or service in any particular instance.

Except as otherwise described in this prospectus, the Adviser will be reimbursed by the Fund, as applicable, for any of the above expenses that they pay on behalf of the Fund.

The Fund will bear its organizational and initial offering costs in connection with this offering. The Fund's initial offering costs, whether borne by the Adviser or the Fund, are being capitalized and amortized over the 12-month period beginning when the Fund commences operations. All organizational and offering costs of the Fund paid by the Adviser shall be subject to recoupment by the Adviser, subject to the terms of the Fee Waiver/Expense Deferral Agreement.

**Fee Waiver/Expense Deferral Agreement** 

The Adviser has entered into a Fee Waiver/Expense Deferral Agreement with the Fund, whereby the Adviser has contractually agreed for a period of one year from the date the Fund commences operations (a) to reduce the Management Fee payable to it to 0.00% and (b) to pay any operating expenses of the Fund, to the extent necessary to limit the operating expenses of the Fund, exclusive of (i) the Management Fee and Incentive Fee; (ii) distribution (12b-1) fees; (iii) acquired fund fees and expenses; (iv) expenses incurred directly or indirectly by the Fund as a result of expenses related to investing in, or incurred by, a portfolio fund or other permitted investment, including, without limitation, management fees, performance fees and/or incentive allocations and other fees and expenses; (v) transaction costs, including legal costs and brokerage and clearing costs and commissions, associated with the acquisition and disposition of any investments; (vi) interest payments on borrowed funds, if any; (vii) fees and expenses incurred in connection with any credit facilities; (viii) taxes; (ix) dividends on securities sold short, if any; and (x) extraordinary expenses (as determined in the sole discretion of the Adviser) not incurred in the ordinary course of the Fund's business (including, without limitation, litigation expenses) (collectively, the "Excluded Expenses") to the annual rate of 1.19% of the net assets attributable to each class of Units as of the end of each calendar month (the "Expense Cap").

Expenses borne by the Adviser or reimbursed to the Fund pursuant to the Fee Waiver/Expense Deferral Agreement are referred to below as "Deferred Fees and Expenses." With respect to each class of Units, the Fund agrees to repay the Adviser the Deferred Fees and Expenses. For the avoidance of doubt, the Deferred Fees and Expenses shall not include any Management Fees waived pursuant to the Fee Waiver/Expense Deferral Agreement. Deferred Fees and Expenses

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shall not be payable by the Fund 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. Such repayment shall be made monthly, but, with respect to each class of Units of the Fund, only if the operating expenses of such class of Units (exclusive of the Excluded Expenses), without regard to such repayment, are at an annual rate (as a percentage of the net assets attributable to such class of Units as of the end of each calendar month) that does not exceed the lesser of (i) the Expense Cap (exclusive of the Excluded Expenses) with respect to such class of Units, and (ii) any expense cap (exclusive of any excluded expenses) in effect with respect to such class of Units on the date of payment. Furthermore, the amount of Deferred Fees and Expenses paid by the Fund in any month with respect to a class of Units shall be limited so that the sum of (A) the amount of such payment and (B) the other operating expenses of the Fund with respect to such class of Units (exclusive of the Excluded Expenses) do not exceed the lesser of (I) the Expense Cap (exclusive of the Excluded Expenses) with respect to such class of Units, and (II) any expense cap (exclusive of any excluded expenses) in effect with respect to such class of Units on the date of payment.

The Fee Waiver/Expense Deferral Agreement will continue in effect for a term of one year from the date the Fund commences operations, provided, however, that the Fund's obligation to repay Deferred Fees and Expenses, subject to the conditions described above, shall survive the expiration or termination of the agreement. The Adviser may not terminate the Fee Waiver/Expense Deferral Agreement during its one-year term.

The expiration or termination of the Fee Waiver/Expense Deferral Agreement shall not affect the obligation (including the amount of the obligation) of the Fund to repay amounts of Deferred Fees and Expenses with respect to periods prior to the date of such expiration or termination.

The Fund's fees and expenses will decrease the net profits or increase the net losses of the Fund.

**MANAGEMENT AND INCENTIVE FEES** 

Pursuant to the Investment Management Agreement, and in consideration of the advisory services provided by the Adviser to the Fund, the Adviser is entitled to a fee consisting of two components – a base management fee (the "Management Fee") and an incentive fee (the "Incentive Fee")

**Management Fee** 

Pursuant to the Investment Management Agreement, the Fund (and, for the avoidance of doubt, not any Subsidiary) pays the Adviser a monthly Management Fee equal to 1.25% on an annualized basis of the Fund's net asset value (including, for the avoidance of doubt, assets held in a Subsidiary) as of the last day of the month. "Net asset value" means the total value of all assets of the Fund (including, for the avoidance of doubt, assets held in a Subsidiary), less an amount equal to all accrued debts, liabilities and obligations of the Fund (including those of any Subsidiary); provided that, for purposes of determining the Management Fee payable to the Adviser for any month, the net asset value is calculated after any subscriptions but prior to any repurchases occurring in that month. The Management Fee will be computed as of the last day of each month, and will be due and payable in arrears within 30 days after the end of the month. To the extent the Adviser receives advisory fees from a Subsidiary, the Adviser will not receive an advisory fee from the Fund in respect of the assets of the Fund that are invested in such Subsidiary.

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The Adviser has contractually agreed for a period of one year from the date the Fund commences operations to reduce the Management Fee payable to it to 0.00%. Amounts waived pursuant to this contractual agreement may not be recouped by the Adviser. See "Fund Expenses — Fee Waiver/Expense Deferral Agreement."

**Incentive Fee** 

The Adviser shall be entitled to annual payments of an incentive fee ("Incentive Fee") equal to 12.5% of the Fund's Total Return, subject to a 5.0% annual Hurdle Amount with a 100% Catch-Up and a High Water Mark (each as defined below). The Incentive Fee will be measured and paid annually out of the assets of the Fund and will be accrued monthly (subject to pro-rating for partial periods).

Specifically, the Adviser is entitled to an Incentive Fee in an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First, if the Fund's Total Return for the applicable period exceeds the sum of (i) the Hurdle Amount
for that period and (ii) the Loss Carryforward Amount (any such excess, "Excess Profits"), 100% of such Excess Profits until the total amount of the Incentive Fee payable to the Adviser equals 12.5% of the sum of (x) the Hurdle
Amount for that period and (y) any amount payable to the Adviser pursuant to this clause (this is commonly referred to as a "Catch-Up"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits.

"Total Return" for the relevant period shall equal the sum of (i) all distributions accrued or paid (without duplication) on a Unit of the respective Class since the beginning of the then-current fiscal year (whether or not reinvested in additional Units) plus (ii) the change in the Fund's aggregate net asset value since the beginning of the then-current fiscal year and (iii) the value of any Units repurchased by the Fund since the beginning of the then-current fiscal year, in each case, before giving effect to (a) changes resulting solely from the proceeds of issuances of Units; and (b) any accrual of the Incentive Fee; minus (iv) the Management Fee and all expenses of the Fund to the extent not previously reflected in the net asset value of the Fund.

For the avoidance of doubt, the calculation of Total Return will (i) include any realized or unrealized appreciation or depreciation in the net asset value of Units issued during the then-current fiscal year, (ii) treat any withholding tax on distributions paid by or received by the Fund as part of the distributions accrued or paid on Units, and (iii) exclude the proceeds from the initial issuance of such Units.

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"Hurdle Amount" for any period during the then-current fiscal year means that amount that results in a 5.0% annualized return on the net asset value of the Units outstanding at the beginning of the then-current fiscal year and all Units issued since the beginning of the then-current fiscal year calculated in accordance with recognized industry practices and taking into account: (i) the timing and amount of all distributions accrued or paid (without duplication) on all such Units minus all Fund expenses but excluding applicable expenses for Distribution and Servicing Fees; and (ii) all issuances of Units over the period. For the avoidance of doubt, the calculation of the Hurdle Amount for any period will exclude any Units repurchased during such period.

The net asset value of Units used in determining the Hurdle Amount will be calculated before giving effect to any accrual of the Incentive Fee and applicable expenses for Distribution and Servicing Fees. For the avoidance of doubt, the calculation of the Hurdle Amount for any period will exclude: any Units repurchased during such period, which Units will be subject to the Incentive Fee upon repurchase. Except as described in "Loss Carryforward Amount" below, any amount by which Total Return falls below the Hurdle Amount will not be carried forward to subsequent periods.

"Loss Carryforward Amount" shall initially equal zero and shall cumulatively increase by the absolute value of any negative Total Return for the relevant period and decrease by any positive Total Return for such period; provided, that the Loss Carryforward Amount shall at no time be less than zero and provided further that the calculation of the Loss Carryforward Amount will exclude the Total Return related to any Units repurchased during the relevant period, which Units will be subject to the Incentive Fee upon repurchase. The effect of the Loss Carryforward Amount is that the recoupment of past Total Return losses for the relevant period will offset the positive Total Return for such period for purposes of the calculation of the Incentive Fee. This is referred to as a "High Water Mark."

Promptly following the end of each fiscal year, the Fund shall pay the Adviser an Incentive Fee as described above; provided, however, the Adviser shall be entitled to receive such portion of the Incentive Fee that has been accrued for the relevant fiscal year prior to the end of such year in an amount sufficient to cover any tax liability of the Adviser with respect to such Incentive Fee. The Incentive Fee that the Adviser is entitled to receive at the end of each fiscal year will accrue monthly, with payment made annually (subject to more frequent tax-related payments described above), and shall be reduced by the cumulative amount of Incentive Fees paid during that year (if any). To the extent the Adviser receives incentive fees from a Subsidiary, the Adviser will not receive an incentive fee from the Fund in respect of any portion of the Fund's Total Return that is attributable to such Subsidiary. To the extent any portion of the accrued Incentive Fee was paid during a fiscal year but, at the end of such fiscal year, the Adviser is not entitled to any Incentive Fee in respect of such fiscal year, the Adviser shall promptly reimburse the Fund for such amount previously paid.

The Adviser will not be obligated to return any portion of the Incentive Fee paid by the Fund due to the subsequent performance of the Fund.

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**Approval of the Investment Management Agreement** 

Board approval of the Investment Management Agreement was made in accordance with, and on the basis of an evaluation satisfactory to the Board, as required by Section 15(c) of the 1940 Act and the applicable rules and regulations thereunder, including consideration of, among other factors, (i) the nature, quality and extent of the services to be provided by the Adviser under the Investment Management Agreement; (ii) comparative information with respect to advisory fees and other expenses paid by other comparable investment companies; and (iii) information about the services to be performed by the Adviser and the personnel of the Adviser providing such services under the Investment Management Agreement. A discussion regarding the basis for the Board's approval of the Investment Management Agreement will be available in the Fund's first annual or semiannual report to Members.

**DETERMINATION OF NET ASSET VALUE** 

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

The sum of the Class J Units' net asset value, Class I Units' net asset value, Class D Units' net asset value, and Class X Units' net asset value equals the total value of the net assets of the Fund. The Class J Unit net asset value, the Class I Unit net asset value, the Class D Unit net asset value, and the Class X Unit net asset value will be calculated separately based on the fees and expenses applicable to each class. Because of differing class fees and expenses and different starting net asset value per Unit, the per Unit net asset value of the classes will vary over time.

The Board has approved valuation procedures for the Fund. The Adviser will oversee the valuation of the Fund's investments pursuant to the Fund's valuation procedures. The valuation of the Fund's investments is performed in accordance with Financial Accounting Standards Board's Accounting Standards Codification 820 — *Fair Value Measurements and Disclosures*. The valuation procedures are set forth in more detail below.

The Adviser values securities/instruments traded in active markets on the measurement date by multiplying the closing price of such traded securities/instruments by the quantity of Units or amount of the instrument held. The Adviser values liquid securities/instruments that are not traded in an active market using "bid" quotes from an approved independent pricing service. The Fund and the Adviser may also use independent pricing services to assist in calculating the value of the Fund's securities. The Adviser, as valuation designee, may rely on or incorporate information from third-party valuation agents (other than the underlying fund managers) in determining the Fund's NAV. For example, the Adviser may from time to time engage one or more third-party valuation agents to assist in reviewing or providing valuations of certain Fund investments, as the Adviser deems appropriate. Any such third-party valuations would be reviewed and approved by the Adviser as part of its valuation process, subject to the oversight of the Board of Trustees.

The Fund expects that it will hold a significant proportion of its assets in private investments, such as Underlying Funds, that do not have readily ascertainable market prices. The valuation procedures provide that the Fund will value its investments in Underlying Funds at fair value.

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The fair value of Underlying Funds as of each Determination Date ordinarily will be based primarily on the net asset value provided by the relevant sponsor of an Underlying Fund as of or prior to the relevant Determination Date. Such values will be adjusted for any other relevant information available to the Fund at the time the Fund values its portfolio, including capital activity and material events occurring between the reference dates of the applicable sponsor's valuations and the relevant Determination Date.

Although the valuations provided by the Underlying Fund sponsors will be reviewed by the Adviser, neither the Board nor the Adviser will be able to confirm independently the accuracy of valuations provided by the sponsors of Underlying Funds (which are unaudited, except at the respective Underlying Fund's year end). Furthermore, the Underlying Funds will typically provide the Adviser with only estimated net asset values or other valuation information on a quarterly basis and the information provided by an Underlying Fund will typically be as of a date that is several months old by the time the Fund strikes its net asset value on a Determination Date. For this reason, the Fund typically expects to apply one or more adjustments to the valuations received from an Underlying Fund, which would include adjustments for cash flows received from or distributed to the Underlying Fund sponsor after the reference date of the most recently reported Underlying Fund net asset value, specifically, (i) adding the nominal amount of investment related capital calls and (ii) deducting the nominal amount of investment related distributions from the net asset value as reported by the sponsor of the Underlying Fund. In addition to reflecting the sponsor Underlying Fund net asset value inclusive of cash flows since the reference date, the Adviser may also adjust for any changes in market prices for public securities held by the Underlying Fund and may also apply a potential market adjustment to reflect the estimated change in fair value of the Underlying Fund's non-public unrealized investments from the date of the last reported Underlying Fund net asset value to the date as of which the Fund is reporting its net asset value. There can be no assurance that these adjustments will improve the accuracy of these valuations.

Any data provided by an Underlying Fund will be subject to revision through the end of each Underlying Fund's annual audit. The Fund will use the latest information available from each Underlying Fund at the time of each subscription or redemption transaction and in certain cases a change to an Underlying Fund's net asset value relating to prior periods as a result of an annual audit may differ materially from the information used in those prior period subscription or redemption transactions. Because of this, the Fund's net asset value for financial reporting purposes may differ from the net asset value used to process subscription and repurchase transactions as of the same date.

In addition to the above, sponsors of Underlying Funds may adopt a variety of valuation bases and provide differing levels of information concerning Underlying Funds, 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. Due to the inherent uncertainty in determining the fair value of investments for which market values are not readily available, the fair value of these investments may fluctuate from period to period. In addition, such fair value may differ materially from the values that may have been used had a ready market existed for such investments and may significantly differ from the value ultimately realized by the Fund.

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With respect to any portion of the Fund's assets that are invested in one or more open-end management investment companies registered under the 1940 Act, such as money market funds, the Fund bases its valuations upon the net asset values of those open-end management investment companies. The prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

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

**CONFLICTS OF INTEREST** 

The Fund's executive officers and Directors, and personnel of the Adviser, serve or may serve as officers, trustees/directors or principals of entities that operate in the same or a related line of business as the Fund or of other Adviser- or Ardian-advised funds ("Other Managed Funds"). As a result, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of the Fund or its Members. Moreover, notwithstanding the difference in principal investment objectives between the Fund and the Other Managed Funds, such other funds, including potential new pooled investment vehicles or managed accounts not yet established (whether managed or sponsored by affiliates or the Adviser), have, and may from time to time have, overlapping investment objectives with the Fund and, accordingly, invest in, whether principally or secondarily, asset classes similar to those targeted by the Fund. To the extent the Other Managed Funds have overlapping investment objectives, the scope of opportunities otherwise available to the Fund may be adversely affected and/or reduced. Additionally, personnel of the Adviser and its management may face conflicts in their time management and commitments as well as in the allocation of investment opportunities to Other Managed Funds.

The results of the Fund's investment activities may differ significantly from the results achieved by the Other Managed Funds. It is possible that one or more of such funds will achieve investment results that are substantially more or less favorable than the results achieved by the Fund. Moreover, it is possible that the Fund will sustain losses during periods in which one or more affiliates achieve significant profits on their trading for proprietary or other accounts. The opposite result is also possible. The investment activities of one or more Adviser affiliates for their proprietary accounts and accounts under their management may also limit the investment opportunities for the Fund in certain markets.

From time to time, the Fund and the Other Managed Funds may make investments at different levels of an issuer's capital structure or otherwise in different classes of an issuer's securities. Such investments may inherently give rise to conflicts of interest or perceived conflicts of interest between or among the various classes of securities that may be held by such entities.

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The Adviser, its affiliates and its clients may pursue or enforce rights with respect to an issuer in which the Fund has invested, and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the Fund's investments may be negatively impacted by the activities of the Adviser and its affiliates or its clients, and transactions for the Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the case. In addition, the Fund may invest in a continuation vehicle, fund recapitalization, or similar transaction in which the Fund acquires assets from, or interests in, entities in which Other Managed Funds hold an interest, so that the proceeds from the investment by the Fund are indirectly paid to the Other Managed Funds. Where the Other Managed Funds hold interests in the same Underlying Funds, the Adviser may be on both sides of such a transaction, causing the Fund to participate as a buyer while investors in the Other Managed Funds sell their interests and receive liquidity. Because certain of the Other Managed Funds may pay the Adviser or its affiliates different performance-based compensation, the Adviser may have a financial incentive to cause the Fund to participate in such transactions in order to facilitate liquidity for investors in those Other Managed Funds.

The Adviser may enter into transactions and invest in securities, instruments and currencies on behalf of the Fund in which customers of its affiliates, to the extent permitted by applicable law, serve as the counterparty, principal or issuer. In such cases, such party's interests in the transaction could be adverse to the interests of the Fund, and such party may have no incentive to assure that the Fund obtains the best possible prices or terms in connection with the transaction. In addition, the purchase, holding and sale of such investments by the Fund may enhance the profitability of the Adviser or its affiliates. One or more affiliates may also create, write or issue derivatives for their customers, the underlying securities, currencies or instruments of which may be those in which the Fund invests or which may be based on the performance of the Fund. The Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other distribution by one or more Adviser affiliates and may also enter into transactions with other clients of an affiliate where such other clients have interests adverse to those of the Fund.

The Fund will be required to establish business relationships with its counterparties based on the Fund's own credit standing. Neither the Adviser nor any of its affiliates will have any obligation to allow its credit to be used in connection with the Fund's establishment of its business relationships, nor is it expected that the Fund's counterparties will rely on the credit of the Adviser or its affiliates in evaluating the Fund's creditworthiness.

The Adviser is paid a fee based on a percentage of the Fund's net assets, as well as a performance-based fee. Certain of the Other Managed Funds pay the Adviser or its affiliates different performance-based compensation, which could create an incentive for the Adviser or its affiliates to favor such investment fund or account over the Fund.

By reason of the various activities of the Adviser and its affiliates, the Adviser and such affiliates may acquire confidential or material non-public information or otherwise be restricted from purchasing certain potential Fund investments that otherwise might have been purchased or be restricted from selling certain Fund investments that might otherwise have been sold at the time.

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The Adviser has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy voting decisions made on behalf of advisory clients, including the Fund, and to help ensure that such decisions are made in accordance with its fiduciary obligations to clients. Nevertheless, notwithstanding such proxy voting policies and procedures, actual proxy voting decisions may have the effect of favoring the interests of other clients, provided that the Adviser believes such voting decisions to be in accordance with their fiduciary obligations.

To the extent permitted by applicable law and as may be approved by the Board from time to time, the Fund may engage third-party service providers that are affiliated with an Adviser (e.g., by virtue of an economic interest).

***Allocation of Investment Opportunities Among Client Funds.*** In connection with its investment activities, the Adviser may encounter situations in which it must determine how to allocate investment opportunities among various client funds and other vehicles and/or persons. The Adviser makes allocation determinations consistent with its client funds' organizational documents and in accordance with any relevant written policies and procedures. The client funds are generally subject to investment allocation requirements, which are typically set forth in the respective client fund's organizational documents.

The Adviser may determine that the Fund should invest on a side-by-side basis with one or more Other Managed Funds. In certain circumstances, negotiated co-investments may be made only in accordance with the terms of a co-investment exemptive order. The Adviser and certain of its advisory affiliates have received the Co-Investment Exemptive Relief that permits the Fund to invest in privately placed investments (including Secondary Investments and/or Primary Investments) alongside other funds and accounts managed by the Adviser or certain affiliates of the Adviser. However, the Co-Investment Exemptive Relief contains certain conditions that may limit or restrict the Fund's ability to participate in a portfolio investment, including, without limitation, in the event that the available capacity with respect to a portfolio investment is less than the aggregate recommended allocations to the Fund and the Other Managed Funds. In such cases, the Fund may participate in such investment to a lesser extent or, under certain circumstances, may not participate in such investment.

***Expense Allocation.*** From time to time, the Adviser will be required to decide whether certain fees, costs and expenses should be borne by the Adviser as the manager/adviser, a fund, a portfolio company, co-investors and/or a third party (each, an "Allocable Party") and if so, how such fees costs and expenses should be allocated among the relevant Allocable Parties. Certain fees, costs and expenses may be the obligation of one particular Allocable Party and may be borne by such Allocable Party, or fees, costs and expenses may be allocated among multiple Allocable Parties. The Adviser allocates fees, costs and expenses in accordance with each respective managed fund's organizational documents. To the extent not addressed in the organizational documents of a fund, the Adviser will make allocation determinations among Allocable Parties in a fair and reasonable manner using its good faith judgment, notwithstanding its interest (if any) in the allocation (which such methodologies may include pro rata allocation based on the respective capital commitments of the Fund or the Other Managed Funds, as applicable, pro rata allocation based on the respective investment (or anticipated investment) of an Allocable Party in an investment, relative benefit received by an Allocable Party, or such other equitable method as determined by the Adviser in its sole discretion). Notwithstanding the foregoing, the portion of an expense allocated to the Fund for a particular service may not reflect

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the relative benefit derived by the Fund from that service in any particular instance and the Fund may bear more or less of a particular expense based on the methodology used.

**DESCRIPTION OF UNITS** 

The Fund is authorized to offer four separate classes of Units designated as Class J Units, Class I Units, Class D Units, and Class X Units. While the Fund presently plans to offer four classes of Units, from time to time, the Board may create and offer additional classes of Units, or may vary the characteristics of the Class J Units, Class I Units, Class D Units, and Class X Units described herein, including without limitation, in the following respects: (1) the amount of fees permitted by a distribution and/or service plan or member servicing plan as to such class; (2) voting rights with respect to a distribution and/or service plan as to such class; (3) different Class designations; (4) the impact of any class expenses directly attributable to a particular class of Units; (5) differences in any dividends and net asset values resulting from differences in fees under a distribution and/or service plan or in class expenses; or (6) any conversion features, as permitted under the 1940 Act. All Units of a class have equal rights to the payment of dividends and other distributions and the distribution of assets upon liquidation. Units are, when issued, fully paid and non-assessable by the Fund and have no pre-emptive, appraisal, exchange or conversion rights or rights to cumulative voting.

The Fund has received an exemptive order from the SEC that permits the Fund to offer multiple classes of Units.

As of the date of this prospectus, the following number of Units of the Fund was authorized for registration and outstanding:

---

| | | | |
|:---|:---|:---|:---|
| **(1)** | **(2)** | **(3)** | **(4)** |
| **Title of Class** | **Amount<br>Authorized** | **Amount Held<br>by the Fund<br>for its Account** | **Amount Outstanding<br>Exclusive of Amount<br>Shown Under (3)** |
|  Units of Beneficial Interest | [Unlimited] | [$0] | $[100,000] |

---

**REPURCHASES AND TRANSFERS OF UNITS** 

**No Right of Redemption** 

**The Fund is not a liquid investment.** No Member or other person holding Units acquired from a Member has the right to require the Fund to repurchase any Units. No public market for Units exists, and none is expected to develop in the future. Consequently, Members may not be able to liquidate their investment other than as a result of repurchases of Units conducted by the Fund or transfers as described herein.

**Repurchases of Units** 

Beginning one year following the date the Fund commences operations, and at the discretion of the Board, the Adviser intends to commence a quarterly Unit repurchase program where the total amount of aggregate repurchases of Units will be up to 5% of the Fund's net asset value per quarter pursuant to the procedures described below under "Unit Repurchase Procedures."

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**Unit Repurchase Procedures** 

The Fund may from time to time offer to repurchase Units pursuant to written tenders by Members. The Adviser currently expects that, after the Fund completes its first full year of operations, it will recommend to the Board (subject to the Board's discretion) that the Fund offer to repurchase Units from Members on a quarterly basis in an amount expected to be approximately 5% of the Fund's net asset value. Except to the extent the Board otherwise determines, any repurchase of Units from a Member which were held for less than two years (on a first-in, first-out basis) will be subject to an "Early Repurchase Fee" equal to 5.00% of the net asset value of such repurchased Units. If an Early Repurchase Fee is charged to a Member, the amount of such fee will be retained by the Fund. An Early Repurchase Fee payable by a Member may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Member. To the extent the Fund determines to waive, impose scheduled variations of, or eliminate any Early Repurchase Fee, it will do so in compliance with the requirements of Rule 22d-1 under the 1940 Act as if the Early Repurchase Fee were a contingent deferred sales load and as if the Fund were an open-end investment company and the Fund's waiver of, scheduled variation in, or elimination of, any such Early Repurchase Fee will apply uniformly to all members of the Fund regardless of class.

There is no minimum amount of Units that must be repurchased in any repurchase offer. In determining whether the Fund should offer to repurchase Units from Members, the Board will consider the recommendation of the Adviser. The Adviser expects that, generally, it will recommend to the Board that the Fund offer to repurchase Units from Members quarterly, with such repurchases to be offered at the Fund's net asset value per Unit as of the last calendar day of the applicable quarter (i.e., March 31, June 30, September 30 and December 31) (the "Valuation Date").

Repurchases will be effective after receipt and acceptance by the Fund of eligible written tenders of Units from Members by the applicable repurchase offer deadline. Except for the Early Repurchase Fee described above, the Fund does not impose any charges in connection with repurchases of Units. 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. See "Types of Investments and Related Risks—Distribution In-Kind."

There will be a substantial period of time between the date as of which Members must submit a request to have their Units repurchased and the date they can expect to receive payment for their Units from the Fund.

The Fund's investments in Underlying Funds are subject to lengthy lock-up periods where the Fund will not be able to dispose of such investments except through secondary transactions with third parties, which may occur at a significant discount to net asset value and which may not be available at any given time. There is no assurance that third parties will engage in such secondary transactions and the Fund may require and be unable to obtain the Underlying Fund's consent to effect such transactions. The Fund may need to suspend or postpone repurchase offers if it is not able to dispose of its interests in Underlying Funds in a timely manner.

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Payment for repurchased Units may require the Fund to liquidate portfolio holdings earlier than the Adviser would otherwise have caused these holdings to be liquidated, potentially resulting in losses, 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.

In the event that the Adviser or any of its affiliates holds Units in the capacity of a Member, the Units may be tendered for repurchase in connection with any repurchase offer made by the Fund. Members who require minimum annual distributions from a retirement account through which they hold Units should consider the Fund's schedule for repurchase offers and submit repurchase requests accordingly.

When the Fund does make an offer to repurchase Units, a Member may not be able to liquidate all of their Units either in response to that repurchase offer, or over the course of several repurchase offers. If a repurchase offer is oversubscribed by Members, the Fund may repurchase only a pro rata portion by value of the Units tendered by each Member, extend the repurchase offer, or take any other action with respect to the repurchase offer permitted by applicable law. If any Units that a Member wishes to tender to the Fund are not repurchased because of proration, the Member will have to wait until the next repurchase offer and resubmit a new repurchase request, which repurchase request will not be given any priority over other Members' requests. There can be no assurance as to when, or if, a shareholder will be able to sell all of its shares. Accordingly, investors should understand that they may not be able to recover the full amount of their investment prior to a liquidation of the Fund or other significant liquidity event.

**Mandatory redemption by the Fund** 

In accordance with the terms and conditions of the Limited Liability Company Agreement, the Fund may cause a mandatory redemption of all or some of the Units of a Member, or any person acquiring Units from or through a Member, at net asset value in accordance with the Limited Liability Company Agreement and Section 23 of the 1940 Act and Rule 23c-2 thereunder.

**Transfers of Units** 

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

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Notice to the Fund of any proposed transfer must include evidence satisfactory to the Board that the proposed transferee, at the time of transfer, meets any requirements imposed by the Fund with respect to investor eligibility and suitability. See "Plan of Distribution—Eligible Investors." Notice of a proposed transfer of Units must also be accompanied by a properly completed subscription document in respect of the proposed transferee. In connection with any request to transfer Units, the Fund may require the Member requesting the transfer to obtain, at the Member's expense, an opinion of counsel selected by the Fund as to such matters as the Fund may reasonably request. The Board generally will not consent to a transfer of Units by a Member (i) unless such transfer is to a single transferee, or (ii) if, after the transfer of the Units, each of the transferee and transferor own less than, in the case of Class J, Class D or Class X Units, $25,000 worth of Units, or, in the case of Class I Units, $1,000,000 worth of Units. Each transferring Member and transferee may be charged reasonable expenses, including, but not limited to, attorneys' and accountants' fees, incurred by the Fund in connection with the transfer.

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

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

**SUMMARY OF THE LIMITED LIABILITY COMPANY AGREEMENT** 

An investor in the Fund will be a Member of the Fund and his or her rights in the Fund will be established and governed by the Limited Liability Company Agreement (which incorporates by reference the Fund's By-Laws). A prospective investor and his or her advisors should carefully review the Limited Liability Company Agreement as each Member will agree to be bound by its terms and conditions. The following is a summary description of additional items and of select provisions of the Limited Liability Company Agreement that may not be described elsewhere in this Prospectus. The description of such items and provisions is not definitive and reference should be made to the complete text of the Limited Liability Company Agreement on file with the SEC for the full text of these provisions. Notwithstanding anything to the contrary, nothing in the Limited Liability Company Agreement modifying, restricting or eliminating the duties or liabilities of Directors, officers, member of any advisory board, or any investment adviser, depositor or principal underwriter of the Fund by waiver provisions in the Limited Liability Company Agreement shall apply to, or in any way limit, the duties (including state law fiduciary duties of loyalty and care) or liabilities of such persons with respect to matters arising under the federal securities laws.

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**Board Management of the Fund** 

The Directors 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. Members 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 Member 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 to the fullest extent permitted by law, absent the consent in writing of all parties, the sole and exclusive forum for any action or proceeding asserting a cause of action arising under the federal securities laws that is brought in the name of any Member, whether individually, representatively or derivatively on behalf of the Fund, against the Fund, the Fund's investment adviser, or the Directors, officers or other agent of the Fund shall be the federal courts sitting within Delaware. In addition, 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, (ii) any action asserting a claim of breach of a fiduciary duty owed by any Director, officer or other employee of the Fund to the Fund or the Members, (iii) any action asserting a claim arising pursuant to any provision of the Delaware Limited Liability Company Act, the Limited Liability Company Agreement or By-Laws, (iv) any action to interpret, apply, enforce or determine the validity of the Limited Liability Company Agreement or By-Laws or any agreement contemplated by any provision of the 1940 Act, Limited Liability Company 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, or, if the Court of Chancery of the State of Delaware does not have jurisdiction, the Superior Court of the State of Delaware. Any person purchasing or otherwise acquiring or holding any Units of the Fund will, to the fullest extent permitted by law, 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 cause of action described above (a "Covered Action"); and (iii) deemed to have irrevocably waived any and all right to trial by jury in any Covered Action.

The Fund's By-Laws further provide that if any Covered Action is filed in a court other than the forums referenced above (a "Foreign Action") in the name of any Member, such Member shall be deemed to have consented to (i) the personal jurisdiction of the forums referenced above in connection with any action brought in any such courts to enforce the above paragraph (an "Enforcement Action") and (ii) having service of process made upon such Member in any such Enforcement Action by service upon such Member's counsel in the Foreign Action as agent for such Member. Furthermore, except to the extent prohibited by any provision of the Delaware Limited Liability Company Act or the Limited Liability Company Agreement, if any Member shall initiate or assert a Foreign Action without the written consent of the Fund, then each such Member shall be obligated jointly and severally to reimburse the Fund and any officer or Director of the Fund made a party to such proceeding for all fees, costs and expenses of every kind and description (including, but not limited to, all reasonable attorneys' fees and other litigation expenses) that the parties may incur in connection with any successful motion to dismiss, stay or transfer such Foreign Action based upon non-compliance with Section 7.1 of the Fund's By-Laws.

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This forum selection provision may limit a Member'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 Member, or give rise to any contractual or other rights in any individual Member, group of Members 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 Members.** Section 8.6(c) of the Limited Liability Company Agreement provides that, except with respect to claims arising under the federal securities laws, no Member may bring a derivative action on behalf of the Fund (that is, generally, a claim purporting to be brought on behalf of the Fund or involving any alleged harm to the Fund), unless the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Member or Members must make a pre-suit demand upon the Directors to
bring the subject action unless an effort to cause the Directors to bring such an action is not likely to succeed. For purposes of this requirement, a demand on the Directors shall only be deemed not likely to succeed and therefore excused if a
majority of the Board, or a majority of any committee established to consider the merits of such action, is not composed of Independent Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Unless a demand is not required under paragraph (1) above, Members eligible to bring such derivative
action under the Delaware Limited Liability Company Act (the "Delaware Act") who hold at least 10% of the outstanding Units, or 10% of the outstanding Units of the class to which such action relates, shall join in the request for the
Directors to commence such action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Unless a demand is not required under paragraph (1) above, the Directors must be afforded a reasonable
amount of time to consider such Member request and to investigate the basis of such claim. The Directors shall be entitled to retain counsel or other advisers in considering the merits of the request and shall require an undertaking by the Members
making such request to reimburse the Fund for the expense of any such advisers in the event that the Directors determine not to bring such action. The Board may designate a committee of one Director to consider a Member demand if necessary to create
a committee with a majority of Independent Directors. In its sole discretion, the Board may submit the matter to a vote of Members of the Fund or any class of Units, as appropriate. Any decision by the Directors 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) If demand is not required under paragraph (1) above, only Members eligible to bring such derivative action
under the Delaware Act who hold at least 10% of the outstanding Units, or 10% of the outstanding Units of the class to which such action relates, may bring a derivative action on behalf of the Fund.

Section 8.6(d) of the Limited Liability Company Agreement provides that, except with respect to claims arising under the federal securities laws, to the fullest extent permitted by law, no Member 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 the Limited Liability Company Agreement, 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. To the fullest extent permitted by law, 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. To the fullest extent permitted by law, 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.

**Liability of Members** 

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

**Exculpation** 

Section 3.5(a) of the Limited Liability Company Agreement provides that, to the fullest extent permitted by law, the Directors (including for this purpose their executors, heirs, assigns, successors, or other legal representatives), officers of the Fund, the Adviser, including any officer, director, member, partner, principal, employee or agent of the Adviser and each of their affiliates, and the executors, heirs, assigns, successors or other legal representatives of each of the foregoing, and any person who controls or is under common control, or otherwise is affiliated, with the Adviser and their executors, heirs, assigns, successors, or other legal representatives, shall not be liable to the Fund or to any of the Members for any loss or damage

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occasioned by any act or omission in the performance of such person's services under the Limited Liability Company Agreement, for the avoidance of doubt, including, but not limited to, such person's service on the board of directors or advisory committee, or any similar body, of an entity in which the Fund invests, 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.

Section 3.5(b) of the Limited Liability Company Agreement also provides that, to the fullest extent permitted by law, a Member not in breach of any obligation hereunder or under any agreement pursuant to which the Member subscribed for a Unit, shall not be liable to the Fund, any other Member or any other person bound by the Limited Liability Company Agreement unless required by applicable law or otherwise provided in the Agreement.

***Indemnification.***

Section 3.6(a) of the Limited Liability Company Agreement provides that, to the fullest extent permitted by law, the Fund shall, subject Sections 3.6(b) and Sections 3.6(c) of the Limited Liability Company Agreement, indemnify each Director (including for this purpose their executors, heirs, assigns, successors, or other legal representatives), each officer of the Fund, the Adviser, each officer, director, member, partner, principal, employee or agent of the Adviser, and each of their respective affiliates, and the executors, heirs, assigns, successors or other legal representatives of each of the foregoing, and any person who controls or is under common control, or otherwise is affiliated, with the Adviser and their executors, heirs, assigns, successors, or other legal representatives (each, an "indemnitee") 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 any officer, director, member, partner, principal, employee or agent of the Adviser or any of their respective affiliates, or the past or present performance of services to the Fund by such indemnitee (for the avoidance of doubt, including, but not limited to, such indemnitee's service on the board of directors or advisory committee, or any similar body, of a entity in which the Fund invests) 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 duties.

Section 3.6(a) of the Limited Liability Company Agreement further provides that the rights of indemnification provided thereunder generally shall not be construed so as to provide for indemnification of an indemnitee for any liability to the extent (but only to the extent) that such indemnification would be in violation of applicable law.

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Section 3.6(b) of the Limited Liability Company Agreement generally provides that, to the fullest extent permitted by law, expenses may be paid from time to time by the Fund in advance of the final disposition of any such action upon receipt of an undertaking by or on behalf of the indemnitee in question to repay to the Fund amounts so paid if it shall ultimately be determined that indemnification of such expenses is not authorized under the Limited Liability Company Agreement. Section 3.6(b) also generally requires either that an indemnitee provide security for such undertaking or the Fund be otherwise insured, unless the Directors or independent legal counsel determine that there is reason to believe such indemnitee ultimately will be entitled to indemnification.

Section 3.6(c) of the Limited Liability Company Agreement generally provides that, as to the disposition of any action without an adjudication or a decision on the merits 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 duties, indemnification shall be provided 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.

Section 3.6(d) of the Limited Liability Company Agreement provides that any indemnification or advancement of expenses shall not prevent the recovery from any indemnitee of any such amount if such indemnitee subsequently shall be determined in a non-appealable 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 duties hereunder.

Section 3.6(e) of the Limited Liability Company Agreement generally provides that an indemnitee may not satisfy any right of indemnification or advancement of expenses except out of the assets of the Fund, and no Member nor the Adviser 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 of the Limited Liability Company Agreement.

**Amendment of the Limited Liability Company Agreement** 

Subject to certain limitations set forth in the Limited Liability Company Agreement, the Limited Liability Company Agreement provides that it 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 Members by such vote as is required by the 1940 Act.

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**Power of Attorney** 

By purchasing an interest in the Fund, each Member will appoint the Adviser and each of the Directors (acting severally) 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 Limited Liability Company 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 liquidating trustee of the Fund's assets.

The power-of-attorney granted in the Limited Liability Company Agreement is a special power-of-attorney coupled with an interest in favor of the Adviser, each of the Directors and any liquidating trustee and as such is irrevocable and continues in effect until all of such Members' 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 Members not to continue the business of the Fund at a meeting called by the Adviser
when no Director remains or if one or more 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 Adviser to dissolve the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the entry of a decree of judicial dissolution of the Fund under Section 18-802 of the Delaware Act.

Upon the occurrence of any event of dissolution, the Board, acting directly, except that if the Board is unable to perform this function, a liquidating trustee elected by Members holding a majority of the total number of Units of all Members, 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 Members, including actual or anticipated liquidation expenses, (2) next to satisfy debts or liabilities owing to the Members 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 Members; and (4) finally to the Members proportionately in accordance with their investment in the Fund. The Board or liquidating trustee may distribute ratably in kind any assets of the Fund, provided such assets are valued pursuant to provisions of the Limited Liability Company Agreement.

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**TAX ASPECTS** 

The following is a summary of certain U.S. federal income tax considerations relevant to the acquisition, holding and disposition of Units. This discussion offers only a brief outline of the U.S. federal income tax consequences of investing in the Fund and is based upon present provisions of the Code, the regulations promulgated thereunder, and judicial and administrative ruling authorities, all of which are subject to change, which change may be retroactive. The discussion is limited to persons who hold their Units as capital assets (generally, property held for investment) for U.S. federal income tax purposes. This summary does not address all of the U.S. federal income tax consequences that may be relevant to a particular Member or to Members who may be subject to special treatment under U.S. federal income tax laws, such as U.S. financial institutions, insurance companies, broker-dealers, traders in securities that have made an election for U.S. federal income tax purposes to mark-to-market their securities holdings, tax-exempt organizations, partnerships, Members who are not "United States Persons" (as defined in the Code), Members liable for the alternative minimum tax, persons holding Units through partnerships or other pass-through entities, or persons that have a functional currency (as defined in Section 985 of the Code) other than the U.S. dollar. No ruling has been or will be obtained from the IRS regarding any matter relating to the Fund or the Units. No assurance can be given that the IRS would not assert a position contrary to any of the tax aspects described below. The discussion set forth herein does not constitute tax advice. Prospective investors and Members are urged to consult their own tax advisors as to the U.S. federal income tax consequences of the acquisition, holding and disposition of Units of the Fund, as well as the effects of state, local and non-U.S. tax laws.

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 THE FUND, AS WELL AS THOSE INDIRECTLY ATTRIBUTABLE TO THE FUND AS A RESULT OF THE FUND'S INVESTMENT IN ANY UNDERLYING FUND (OR OTHER ENTITY) 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).

**Qualification as a Regulated Investment Company; Tax Treatment** 

The Fund intends to qualify and elect, and is expected to maintain its qualification to be treated as a RIC under the Code. If the Fund so qualifies and distributes (or is deemed to have distributed) each taxable year to Members dividends for U.S. federal income tax purposes of an amount at least equal to the sum of 90% of its investment company taxable income (which includes, among other items, dividends, interest and net short-term capital gains in excess of net long-term capital losses, but determined without regard to the deduction for dividends paid) plus 90% of any net tax-exempt income for the Fund's taxable year, the Fund will not be subject to U.S. federal corporate income taxes on any amounts it distributes as dividends for U.S. federal income tax purposes, including distributions (if any) derived from the Fund's net capital gain (i.e., the excess of the net long-term capital gains over net short-term capital losses) to Members. The Fund intends to distribute to its Members, at least annually, substantially all of its investment company taxable income, net tax-exempt income, and net capital gains.

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In addition, amounts not distributed on a timely basis in accordance with a separate calendar year distribution requirement are subject to a nondeductible 4% excise tax. To prevent imposition of the excise tax, the Fund generally must be considered to have distributed dividends for U.S. federal income tax purposes in respect of each calendar year an amount at least equal to the sum of (1) 98% of its ordinary income (not taking into account any capital gains or losses), determined on a calendar year basis, (2) 98.2% of its capital gain net income, determined under prescribed rules for this purpose (which is generally determined on the basis of the one-year period ending on October 31<sup>st</sup> of such calendar year, and adjusted for certain ordinary losses), and (3) any ordinary income and capital gain net income from previous years that was not distributed during those years and on which the Fund incurred no U.S. federal income tax. 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 generally are treated as arising on January 1 of the following calendar year. Also, for purposes of the excise tax, 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. The Fund may make distributions sufficient to avoid imposition of the excise tax, although there can be no assurance that it will be able to do so. In determining the amounts that are required to be distributed to avoid imposition of the excise tax, the Fund may be required to rely on information obtained from the Underlying Funds. If the information provided by the Underlying Funds is not timely or accurate, the Fund may incur excise tax on undistributed income and gain. In addition, under certain circumstances, the Fund may decide that it is in its best interest to retain a portion of its income or capital gain rather than distribute such amount as a dividend for U.S. federal income tax purposes and, accordingly, cause the Fund to be subject to the excise tax.

In order to qualify as a RIC, the Fund must, among other things: (a) derive in each taxable year (the "gross income test") at least 90% of its gross income from (i) 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 (including but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stocks, securities or currencies, and (ii) net income from interests in "qualified publicly traded partnerships" (as defined in the Code) (all such income items, "qualifying gross income"); and (b) diversify its holdings (the "asset diversification test") so that, at the end of each quarter of the taxable year, (i) at least 50% of the value of the Fund's 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 the Fund's total assets and not greater than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of its total assets is invested in the securities (other than U.S. Government securities or the securities of other RICs) of a single issuer, two or more issuers that the Fund controls and that are engaged in the same, similar or related trades or businesses or one or more "qualified publicly traded partnerships" (as defined in the Code).

For the purpose of determining whether the Fund satisfies the gross income test, the character of the Fund's distributive share of items of income, gain and loss derived through any Underlying Funds that are properly treated as partnerships for U.S. federal income tax purposes (other than certain publicly traded partnerships) generally will be determined as if the Fund realized such tax items in the same manner as realized by those Underlying Funds. Similarly, for the purpose of the asset diversification test, the Fund, in appropriate circumstances, will "look through" to the assets held by the Fund and such Underlying Funds.

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For purposes of the asset diversification test 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 IRS with respect to issuer identification for a particular type of investment may adversely affect the Fund's ability to meet the asset diversification test.

A RIC that fails the gross income test for a taxable year shall nevertheless be considered to have satisfied the test for such taxable year if (i) the RIC satisfies certain procedural requirements, and (ii) the RIC's failure to satisfy the gross income test is due to reasonable cause and not due to willful neglect. However, in such case, a tax is imposed on the RIC for the taxable year in which, absent the application of the above cure provision, it would have failed the gross income test equal to the amount by which the RIC's non-qualifying gross income exceeds one-ninth of the RIC's qualifying gross income, each as determined for purposes of applying the gross income test for such taxable year.

Additionally, a RIC that fails the asset diversification test as of the end of a quarter of a taxable year shall nevertheless be considered to have satisfied the test as of the end of such quarter in the following circumstances. If the RIC's failure to satisfy the asset diversification test at the end of the quarter is due to the ownership of assets the total value of which does not exceed the lesser of (i) 1% of the total value of the RIC's assets at the end of such quarter and (ii) $10,000,000 (a "de minimis failure"), the RIC shall be considered to have satisfied the asset diversification test as of the end of such quarter if, within six months of the last day of the quarter in which the RIC identifies that it failed the asset diversification test (or such other prescribed time period), the RIC either disposes of assets in order to satisfy the asset diversification test, or otherwise satisfies the asset diversification test.

In the case of a failure to satisfy the asset diversification test at the end of a quarter of a taxable year under circumstances that do not constitute a de minimis failure, a RIC shall nevertheless be considered to have satisfied the asset diversification test as of the end of such quarter if (i) the RIC satisfies certain procedural requirements; (ii) the RIC's failure to satisfy the asset diversification test is due to reasonable cause and not due to willful neglect; and (iii) within six months of the last day of the quarter in which the RIC identifies that it failed the asset diversification test (or such other prescribed time period), the RIC either disposes of the assets that caused the asset diversification failure in order to satisfy the asset diversification test, or otherwise satisfies the asset diversification test. However, in such case, a tax is imposed on the RIC, at the highest stated corporate income tax rate, on the net income generated by the assets that caused the RIC to fail the asset diversification test during the period for which the asset diversification test was not met. In all events, however, such tax will not be less than $50,000.

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If before the end of any taxable quarter of its taxable year, the Fund believes that it may fail the asset diversification test, the Fund may seek to take certain actions to avert such a failure. However, the action typically taken by RICs to avert such a failure (e.g., the disposition of assets causing the asset diversification discrepancy) may be difficult for the Fund to pursue because of the limited liquidity of the interests in the Underlying Funds. While the Code generally affords the Fund a 30-day period after the end of the relevant quarter in which to cure a diversification failure by disposing of non-diversified assets, the constraints on the Fund's ability to do so may limit utilization of this statutory 30-day cure period and, possibly, the extended cure period provided by the Code as discussed above.

If the Fund does not qualify as a RIC, it will be treated for tax purposes as an ordinary corporation. In that case, all of its taxable income would be subject to U.S. federal income tax at regular corporate rates without any deduction for distributions made to Members. In addition, all distributions (including distributions of net capital gain) made to Members generally would be characterized as dividend income to the extent of the Fund's current and accumulated earnings and profits.

The Fund is permitted to invest up to 25% of its total assets directly or indirectly in one or more Corporate Subsidiaries. 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 a Corporate Subsidiary is organized in the U.S., such 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 Fund's return on its investment in such Corporate Subsidiary. If a net loss is realized by such Corporate Subsidiary, such loss is not generally available to offset the income of the Fund. The Fund may also make investments through one or more Disregarded Entities. A "disregarded entity" is disregarded for U.S. federal income tax purposes as an entity separate from its owner (i.e., the Fund). The owner is treated as directly owning the assets of the disregarded entity and takes into account for U.S. federal income tax purposes the income, gains, deductions and losses related to those assets.

The Fund currently intends to conduct its investment activities through two 100%-owned subsidiaries, both of which are structured as Delaware limited liability companies. One subsidiary is treated as a disregarded entity for U.S. federal income tax purposes (the "DRE") and the other is treated as a corporation for U.S. federal income tax purposes (the "Blocker"). The Blocker is expected to hold investments that generate income that is not qualifying gross income within the meaning of the Code, while the DRE is expected to hold substantially all of the Fund's other investments. The Fund may discontinue the use of any subsidiary at any time or organize additional 100%-owned subsidiaries to implement its investment strategy or to manage its tax exposure.

**Distributions** 

The Fund intends to make distributions necessary to maintain its ability to be subject to tax as a RIC under the Code and to avoid the imposition of corporate-level federal income tax. As such, the Fund intends to declare and pay distributions from its net investment income and distribute net realized capital gains, if any, at least annually, and in a manner consistent with the provisions of the 1940 Act. After the end of each calendar year, Members will be provided information regarding the amount and character of distributions actually and deemed received from the Fund during the calendar year.

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Members normally will be subject to U.S. federal income taxes, and any state and/or local income taxes, on any distributions that they receive from the Fund. Distributions from net investment income and net short-term capital gain generally will be characterized as ordinary income (which generally cannot be offset with capital losses from other sources) and, to the extent attributable to dividends from U.S. corporations, may be eligible for a dividends-received deduction for Members that are corporations. Further, to the extent the dividends are attributable to dividends from U.S. corporations and certain foreign corporations, such dividends may, in certain cases, be eligible for treatment as "qualified dividend income," which is generally subject to tax at rates equivalent to long-term capital gain tax rates, by Members that are individuals. Distributions from net capital gain (typically referred to as a "capital gain dividend") will be characterized as long-term capital gain, regardless of how long Units have been held by the Member, and will not be eligible for the dividends-received deduction or treatment as "qualified dividend income." Distributions by the Fund that are or are considered to be in excess of the Fund's current and accumulated earnings and profits for the relevant period will be treated as a tax-free return of capital to the extent of (and in reduction of) a Member's tax basis in its Units and any such amount in excess of such tax basis will be treated as gain from the sale of Units, as discussed below. Similarly, as discussed below at "Income from Repurchases and Transfers of Units," if a repurchase of a Member's Units does not qualify for sale or exchange treatment, the Member may, in connection with such repurchase, be treated as having received, in whole or in part, a taxable dividend, a tax-free return of capital or taxable capital gain, depending on (i) whether the Fund has sufficient earnings and profits to support a dividend and (ii) the Member's tax basis in the relevant Units repurchased. In such case, the tax basis in the Units repurchased by the Fund, to the extent remaining after any dividend and return of capital distribution with respect to those Units, will be transferred to any remaining Units held by the Member.

The tax treatment of the Fund's distributions from net investment income and capital gains generally will be the same whether the Member takes such distributions in cash or reinvests them to buy additional Units.

The Fund may elect to retain its net capital gain or a portion thereof for investment and be subject to tax at corporate rates on the amount retained. In such case, the Fund may report the retained amount as undistributed capital gains to its Members, who will be treated as if each Member received a distribution of his or her pro rata share of such gain, with the result that each Member will (i) be required to report his or her pro rata share of such gain on his or her tax return as long-term capital gain, (ii) receive a refundable tax credit for his or her pro rata share of tax paid by the Fund on the gain, and (iii) increase the tax basis for his or her Units by an amount equal to the deemed distribution less the tax credit.

An additional 3.8% tax will be imposed in respect of the net investment income of certain individuals and on the undistributed net investment income of certain estates and trusts to the extent such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts. For these purposes, "net investment income" will generally include, among other things, dividends (including dividends paid with respect to the Units to the extent paid out of the Fund's current or accumulated earnings and profits as determined under U.S. federal income tax principles) and net gain attributable to the disposition of property not held in a trade or business (which could include net gain from the sale, exchange or other taxable disposition of Units), but will be reduced by any deductions properly allocable to such income or net gain. Members are advised to consult their own tax advisors regarding the additional taxation of net investment income.

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For U.S. federal income tax purposes, dividends declared by the Fund in October, November or December to Members of record on a specified date in such a month and paid during January of the following calendar year are taxable to such Members as if paid on December 31 of the calendar year declared.

**Income from Repurchases and Transfers of Units** 

A repurchase or transfer of Units by the Fund generally will be treated as a taxable transaction for U.S. federal income tax purposes, either as a "sale or exchange," or, under certain circumstances, as a "dividend." In general, the transaction should be treated as a sale or exchange of the Units if the receipt of cash results in a meaningful reduction in the Member's proportionate interest in the Fund or results in a "complete redemption" of the Member's Units, in each case applying certain constructive ownership rules in the Code. Alternatively, if a Member does not tender all of his or her Units, such repurchase may not be treated as a sale or exchange for U.S. federal income tax purposes, and the gross amount of such repurchase may constitute a dividend to the Member to the extent of such Member's pro rata share of the Fund's current and accumulated earnings and profits.

If the repurchase or transfer of a Member's Units qualifies for sale or exchange treatment, the Member will recognize gain or loss equal to the difference between the amount received in exchange for the repurchased or transferred Units and the adjusted tax basis of those Units. Such gain or loss will be capital gain or loss if the repurchased or transferred Units were held by the Member as capital assets, and generally will be treated as long-term capital gain or loss if the repurchased or transferred Units were held by the Member for more than one year, or as short-term capital gain or loss if the repurchased or transferred Units were held by the Member for one year or less.

Notwithstanding the foregoing, any loss realized upon the repurchase or transfer of Units held by a Member 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 Member with respect to such Units. In addition, any capital loss realized by a Member will be disallowed to the extent the Units repurchased or transferred by the Fund are replaced (including through reinvestment of dividends) either with Units or substantially identical securities within a period of 61 days beginning 30 days before and ending 30 days after the repurchase or transfer of the Units. If disallowed, the loss will be reflected in an upward adjustment to the basis of the Units acquired. The deductibility of capital losses may be subject to statutory limitations.

If the repurchase or transfer of a Member's Units does not qualify for sale or exchange treatment, the Member may be treated as having received, in whole or in part, a taxable dividend, a tax-free return of capital or taxable capital gain, depending on (i) whether the Fund has sufficient earnings and profits to support a dividend and (ii) the Member's tax basis in the relevant Units. The tax basis in the Units repurchased or transferred by the Fund, to the extent remaining after any dividend and return of capital distribution with respect to those Units, will be transferred to any remaining Units held by the Member.

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The Fund generally will be required to report to the IRS and each Member the cost basis and holding period for each respective Member's Units repurchased or transferred by the Fund. The Fund has elected the average cost method as the default cost basis method for purposes of this requirement. If a Member wishes to accept the average cost method as its default cost basis calculation method in respect of Units in its account, the Member does not need to take any additional action. If, however, a Member wishes to affirmatively elect an alternative cost basis calculation method in respect of its Units, the Member must contact the Fund's administrator to obtain and complete a cost basis election form. The cost basis method applicable to a particular Unit repurchase or transfer may not be changed after the valuation date established by the Fund in respect of that repurchase or transfer. Members should consult their tax advisors regarding their cost basis reporting options and to obtain more information about how the cost basis reporting rules apply to them.

A sale of Units, other than in the context of a repurchase or transfer of Units by the Fund, generally will have the same tax consequences as described above in respect of a Unit repurchase that qualifies for "sale or exchange" treatment.

If a Member recognizes a loss with respect to Units in excess of certain prescribed thresholds (generally, $2 million or more for an individual Member or $10 million or more for a corporate Member), the Member must file with the IRS a disclosure statement on an IRS Form 8886. Direct investors of portfolio securities are in many cases excepted from this reporting requirement, but, under current guidance, equity owners of RICs are not excepted. The fact that a loss is reportable as just described does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Members should consult their tax advisors to determine the applicability of this reporting requirement in light of their particular circumstances.

**Fund Investments** 

It is intended that the Fund will invest a portion of its assets in Underlying Funds, some of which may be classified as partnerships for U.S. federal income tax purposes. An entity that is properly classified as a partnership (and not an association or publicly traded partnership taxable as a corporation) generally is not subject to an entity-level U.S. federal income tax. Instead, each partner of the partnership is required to take into account its distributive share of the partnership's net capital gain or loss, net short-term capital gain or loss, and its other items of ordinary income or loss (including all items of income, gain, loss and deduction 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. Each such item will have the same character to a partner, and will generally have the same source (either United States or foreign), as though the partner realized the item directly. Partners of a partnership must report these items regardless of the extent to which, or whether, the partnership or the partners receive cash distributions for such taxable year. Accordingly, the Fund may be required to recognize items of taxable income and gain prior to the time that any corresponding cash distributions are made to or by the Fund and certain Underlying Funds (including in circumstances where investments by the Underlying Funds, such as investments in debt instruments with original issue discount, generate income prior to a corresponding receipt of cash). In such case, the Fund may have to dispose of interests in Underlying Funds that it would otherwise have continued to hold, or devise other methods of cure, to meet its distribution requirements and qualify as a RIC.

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Some of the income that the Fund may earn directly or through an Underlying Fund, such as income recognized from an equity investment in an operating partnership, may not satisfy the gross income test. To manage the risk that such income might jeopardize the Fund's tax status as a RIC resulting from a failure to satisfy the gross income test, one or more Corporate Subsidiaries may be employed to earn such income and (if applicable) hold the related investment. Such Corporate Subsidiaries generally will be required to incur entity-level income taxes on their earnings, which ultimately will reduce the return to Members.

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, AS WELL AS THOSE INDIRECTLY ATTRIBUTABLE TO THE FUND AS A RESULT OF THE FUND'S INVESTMENT IN ANY UNDERLYING FUND (OR OTHER ENTITY) 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).

Ordinarily, gains and losses realized from portfolio transactions will be characterized as capital gains and losses. However, because the functional currency of the Fund for U.S. federal income tax purposes is the U.S. dollar, a portion of the gain or loss realized from the disposition of foreign currencies (including foreign currency denominated bank deposits) and non-U.S. dollar denominated securities (including debt instruments, certain futures or forward contracts and options, and similar financial instruments), to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, is generally characterized as ordinary income or loss under Section 988 of the Code. Section 988 of the Code similarly provides that gains or losses attributable to fluctuations in exchange rates that occur between the time the Fund accrues interest or other receivables or accrues expenses or other liabilities denominated in a foreign currency and the time such receivables are collected or the time that the liabilities are paid would be generally characterized as ordinary income or loss. In addition, all or a portion of any gains realized from the sale or other disposition of certain market discount bonds will be characterized as ordinary income. Finally, all or a portion of any gain realized from engaging in "conversion transactions" (as defined in the Code to generally include certain transactions designed to convert ordinary income into capital gain) may be characterized as ordinary income.

**Debt Obligations Purchased at a Discount** 

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) that are acquired by the Fund will be treated as debt obligations that are issued originally at a discount. Generally, the amount of the OID is treated as interest income and is included in the Fund's income (and required to be distributed by the Fund) 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 securities will give rise to income which is required to be distributed and is taxable even though the Fund receives no interest payment in cash on the obligation during the year.

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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 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. If the Fund makes the election referred to in the preceding sentence, then 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 elects.

Some debt obligations with a fixed maturity date of one year or less from the date of issuance that are acquired by the Fund 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 obligation. 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 securities or other debt securities 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 investments, 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 Members at ordinary income tax rates) and, in the event the Fund realizes net capital gains from such transactions, Members may receive a larger capital gain dividend 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.

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**Hedging and Derivative Transactions** 

Gain or loss, if any, realized from certain financial futures or forward contracts and options transactions ("Section 1256 Contracts") generally is treated as 60% long-term capital gain or loss and 40% short-term capital gain or loss. Gain or loss will arise upon exercise or lapse of Section 1256 Contracts. In addition, any Section 1256 Contracts remaining unexercised at the end of the Fund's taxable year are treated as sold for their then fair market value, resulting in the recognition of gain or loss characterized in the manner described above.

The Fund may acquire certain foreign currency forward contracts, enter into certain foreign currency futures contracts, acquire put and call options on foreign currencies, or acquire or enter into similar foreign currency-related financial instruments. Generally, foreign currency regulated futures contracts and option contracts that qualify as Section 1256 Contracts will not be subject to ordinary income or loss treatment under Section 988 of the Code. However, if the Fund acquires or enters into any foreign currency futures contracts or options contracts that are not Section 1256 Contracts, or any foreign currency forward contracts or similar foreign currency-related financial instruments, any gain or loss realized by the Fund with respect to such contract or financial instruments generally will be characterized as ordinary gain or loss unless the contract or financial instrument in question is a capital asset in the hands of the Fund and is not part of a straddle transaction (as described below), and an election is made by the Fund (before the close of the day the transaction is entered into) to characterize the gain or loss attributable to such contract or financial instrument as capital gain or loss.

Offsetting positions held by the Fund, or the Underlying Funds, involving certain financial futures or forward contracts or options transactions with respect to actively traded personal property may be considered, for tax purposes, to constitute "straddles." In addition, investments by the Fund in particular combinations of Underlying Funds may also be treated as a "straddle." To the extent the straddle rules apply to positions established by the Fund, or the Underlying Funds, losses realized by the Fund may be deferred to the extent of unrealized gain in the offsetting positions. Further, short-term capital loss on straddle positions may be recharacterized as long-term capital loss, and long-term capital gains on straddle positions may be treated as short-term capital gains or ordinary income. Certain of the straddle positions held by the Fund, or the Underlying Funds, may constitute "mixed straddles." One or more elections may be made in respect of the U.S. federal income tax treatment of "mixed straddles," resulting in different tax consequences. In certain circumstances, the provisions governing the tax treatment of straddles override or modify certain of the provisions discussed above.

If the Fund, or possibly an Underlying Fund, either (1) holds an appreciated financial position with respect to stock, certain debt obligations or partnership interests ("appreciated financial position"), and then enters into a short sale, futures, forward, or offsetting notional principal contract (collectively, a "Contract") with respect to the same or substantially identical property, or (2) holds an appreciated financial position that is a Contract and then acquires property that is the same as, or substantially identical to, the underlying property, the Fund generally will be taxed as if the appreciated financial position were sold at its fair market value on the date the Fund, or such Underlying Fund, enters into the financial position or acquires the property, respectively. The foregoing will not apply, however, to any transaction during any taxable year that otherwise would be treated as a constructive sale if the transaction is closed within 30 days

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after the end of that year and the appreciated financial position is held unhedged for 60 days after that closing (i.e., at no time during that 60-day period is the risk of loss relating to the appreciated financial position reduced by reason of certain specified transactions with respect to substantially identical or related property, such as by reason of an option to sell, being contractually obligated to sell, making a short sale, or granting an option to buy substantially identical stock or securities).

If the Fund, or possibly an Underlying Fund, enters into certain derivatives (including forward contracts, long positions under notional principal contracts, and related puts and calls) with respect to equity interests in certain pass-thru entities (including other RICs, real estate investment trusts, partnerships, real estate mortgage investment conduits and certain trusts and foreign corporations), long-term capital gain with respect to the derivative may be recharacterized as ordinary income to the extent it exceeds the long-term capital gain that would have been realized had the interest in the pass-thru entity been held directly during the term of the derivative contract. Any gain recharacterized as ordinary income will be treated as accruing at a constant rate over the term of the derivative contract and may be subject to an interest charge. The U.S. Treasury Department (the "Treasury") and the IRS have the authority to issue regulations expanding the application of these rules to derivatives with respect to debt instruments and/or stock in corporations that are not pass-thru entities.

**Passive Foreign Investment Companies and Controlled Foreign Corporations** 

The Fund may directly or indirectly hold equity interests in non-U.S. Underlying Funds and/or non-U.S. portfolio companies that may be treated as "passive foreign investment companies" (each, a "PFIC") under the Code. A PFIC is generally defined as a non-U.S. entity which is classified as a corporation for U.S. federal income tax purposes, and which earns at least 75% of its annual gross income from passive sources (such as interest, dividends, rents, royalties or capital gain) or which holds at least 50% of its total assets in assets producing such passive income. The Fund may be subject to U.S. federal income tax, at ordinary income rates, on a portion of any "excess distribution" or gain from the disposition of such interests even if such income is distributed as a taxable dividend by the Fund to its Members. Additional charges in the nature of interest may be imposed on the Fund in respect of deferred taxes arising from such distributions or gains. If an election is made to treat the PFIC as a "qualified electing fund" under the Code (a "QEF"), then the Fund would be required, in lieu of the foregoing requirements, to include in its income each taxable year a portion of the QEF's ordinary earnings and net capital gain (at ordinary income and capital gains rates, respectively), even if not distributed to the Fund. If the QEF incurs losses for a taxable year, these losses will not pass through to the Fund and, accordingly, cannot offset other income and/or gains of the Fund. The QEF election may not be able to be made with respect to many PFICs because of certain requirements that the PFICs themselves would have to satisfy. Alternatively, in certain cases, an election can be made to mark-to-market the Units of a PFIC held by the Fund at the end of the Fund's taxable year (as well as on certain other dates prescribed in the Code). In this case, the Fund would recognize as ordinary income its share of any increase in the value of such PFIC Units, and as ordinary loss its share of any decrease in such value, to the extent such loss did not exceed its share of prior increases in income derived from such PFIC Units. Under either election, the Fund might be required to recognize income in excess of its distributions from PFICs and its proceeds from dispositions of PFIC stock during the applicable taxable year and such income would

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nevertheless be subject to the distribution requirement and would be taken into account under prescribed timing rules for purposes of the 4% excise tax (described above). Dividends paid by PFICs will not be treated as "qualified dividend income." In certain cases, the 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 party within the chain of ownership that is legally permitted to make the QEF or mark-to-market election will do so.

If the Fund holds greater than 10% of the interests treated as equity for U.S. federal income tax purposes in a foreign entity classified as a corporation for U.S. federal income tax purposes and considered a controlled foreign corporation ("CFC") under the Code, the Fund may be treated as receiving a deemed distribution (i.e., characterized as ordinary income) each taxable year from such foreign corporation in an amount equal to its pro rata share of such entity's "subpart F income" for such taxable year (including both ordinary earnings and capital gains), whether or not the entity makes an actual distribution during such taxable year. The Fund would be required to include the amount of a deemed distribution from a CFC when computing its investment company taxable income as well as in determining whether the Fund satisfies the distribution requirements applicable to RICs, even to the extent the amount of the Fund's income deemed recognized from the CFC exceeds the amount of any actual distributions from the CFC and the proceeds from any sales or other dispositions of CFC stock during the Fund's taxable year. In general, a foreign entity classified as a corporation for U.S. federal income tax purposes will be considered a CFC if greater than 50% of the Units of the corporation, measured by reference to combined voting power or value, is owned (directly, indirectly or by attribution) by U.S. Members. A "U.S. Member," for this purpose, is any U.S. person that possesses (actually or constructively) 10% or more of the combined value or voting power of all classes of Units of a foreign entity classified as a corporation for U.S. federal income tax purposes.

Under Treasury Regulations, income inclusion by the Fund with respect to an investment in a CFC or PFIC with respect to which the Fund has made a QEF election would generally constitute qualifying income under the gross income test for purposes of determining the Fund's ability to be subject to tax as a RIC only to the extent the CFC or the PFIC makes distributions of that income to the Fund or if the Fund's income inclusion is derived with respect to the Fund's business of investing in stocks or securities. As such, the Fund may be restricted in its ability to make QEF elections with respect to the Fund's holdings in Underlying Funds and other issuers that could be treated as PFICs or implement certain restrictions with respect to any Underlying Funds or other issuers that could be treated as CFCs in order to limit the Fund's tax liability or maximize the Fund's after-tax return from these investments.

**State and Local Taxes** 

In addition to the U.S. federal income tax consequences summarized above, Members and prospective investors should consider the potential state and local tax consequences associated with an investment in the Fund. The Fund may become subject to income and other taxes in states and localities based on the Fund's investments in entities that conduct business in those jurisdictions. Members will generally be taxable in their state of residence with respect to their income or gains earned and distributed by the Fund as dividends for U.S. federal income tax purposes.

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**Foreign Taxes** 

The Fund's investment in non-U.S. stocks or securities may be subject to withholding and other taxes imposed by countries outside the United States. In that case, the Fund's yield on those stocks or securities would be decreased. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. If more than 50% of the Fund's assets at year-end consists of the stock or securities of foreign corporations, the Fund may elect to permit its Members to claim a credit or deduction on their income tax returns for their pro rata portion of qualified taxes paid or deemed paid by the Fund to foreign countries in respect of foreign stock or securities the Fund has held for at least the minimum period specified in the Code. In such a case, Members will include in gross income from foreign sources their pro rata Units of such taxes. The Fund does not expect to meet the requirements to make the election described above in respect of the treatment of foreign taxes.

**Information Reporting and Backup Withholding** 

Information returns generally will be filed with the IRS in connection with distributions made by the Fund to Members unless Members establish they are exempt from such information reporting (e.g., by properly establishing that they are classified as corporations for U.S. federal tax purposes). Additionally, the Fund may be required to withhold, for U.S. federal income taxes, a portion of all taxable dividends and repurchase proceeds payable to Members who fail to provide the Fund with their correct taxpayer identification numbers ("TINs"), generally on an IRS Form W-9, or who otherwise fail to make required certifications, or if the Fund or the Member has been notified by the IRS that such Member is subject to backup withholding. Certain Members specified in the Code and the Treasury regulations promulgated thereunder are exempt from backup withholding, but may be required to demonstrate their exempt status. Backup withholding is not an additional tax. Any amounts withheld will be allowed as a refund or a credit against the Member's U.S. federal income tax liability if the appropriate information is provided to the IRS.

**U.S. Federally Tax-Exempt Members** 

Under current law, the Fund serves to "block" (that is, prevent the attribution to Members of) unrelated business taxable income ("UBTI") from being realized by its U.S. federally tax-exempt Members (including, among others, individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities). Notwithstanding the foregoing, a U.S. federally tax-exempt Member could realize UBTI by virtue of its investment in Units of the Fund if the U.S. federally tax-exempt Member has engaged in a borrowing or other similar transaction to acquire its Units. A U.S. federally tax-exempt Member may also recognize UBTI if the Fund were to recognize "excess inclusion income" derived from direct or indirect investments in residual interests in real estate mortgage investment conduits or taxable mortgage pools. If a charitable remainder annuity trust or a charitable remainder unitrust (each as defined in Section 664 of the Code) has UBTI for a taxable year, a 100% excise tax on the UBTI is imposed on the trust.

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The foregoing discussion does not address all of the U.S. federal income tax consequences that may be applicable to a tax-exempt Member as a result of an investment in the Fund. For example, certain tax-exempt private universities should be aware that they are subject to a 1.4% excise tax on their "net investment income" that is not otherwise taxed as UBTI, including income from interest, dividends and capital gains. Tax-exempt investors should consult with their tax advisors regarding an investment in the Fund.

**Foreign Members** 

U.S. taxation of a Member who, as to the United States, is a nonresident alien individual, a foreign trust or estate, or a foreign corporation (each, a "Foreign Member") as defined in the Code, depends on whether the income of the Fund is "effectively connected" with a U.S. trade or business carried on by the Foreign Member.

*Income Not Effectively Connected.* If the income from the Fund is not "effectively connected" with a U.S. trade or business carried on by the Foreign Member, distributions of investment company taxable income will generally be subject to a U.S. tax of 30% (or lower treaty rate, except in the case of any "excess inclusion income" allocated to the Foreign Member), which tax is generally withheld from such distributions. Capital gain dividends and any amounts retained by the Fund which are properly reported by the Fund as undistributed capital gains will not be subject to U.S. tax at the rate of 30% (or lower treaty rate), unless the Foreign Member is a nonresident alien individual and is physically present in the United States for more than 182 days during the taxable year and meets certain other requirements. In order to qualify for any reduction or exemption from U.S. withholding tax, a Foreign Member must comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8ECI, IRS Form W-8IMY or IRS Form W-8EXP, or an acceptable substitute or successor form). However, this 30% tax on capital gains of nonresident alien individuals who are physically present in the United States for more than the 182 day period only applies in exceptional cases because any individual present in the United States for more than 182 days during the taxable year is generally treated as a resident for U.S. income tax purposes; in that case, he or she would be subject to U.S. income tax on his or her worldwide income at the graduated rates applicable to U.S. citizens, rather than the 30% tax.

Any capital gain that a Foreign Member realizes upon a repurchase of Units or otherwise upon a sale or exchange of Units will ordinarily be exempt from U.S. tax unless, in the case of a Foreign Member that is a nonresident alien individual, the gain is U.S. source income and such Foreign Member is physically present in the United States for more than 182 days during the taxable year and meets certain other requirements.

*Income Effectively Connected.* If the income from the Fund is "effectively connected" with a U.S. trade or business carried on by a Foreign Member, then distributions of investment company taxable income and capital gain dividends, any amounts retained by the Fund which are reported by the Fund as undistributed capital gains, and any gains realized upon the sale or exchange of Units of the Fund will be subject to U.S. income tax at the graduated rates applicable to U.S. citizens, residents and domestic corporations. Corporate Foreign Members may also be subject to the branch profits tax imposed by the Code. If a Foreign Member 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 Member in the United States.

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In the case of a Foreign Member, the Fund may be required to withhold U.S. federal income tax from distributions and repurchase proceeds that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate), unless the Foreign Member certifies his foreign status under penalties of perjury or otherwise establishes an exemption in the manner discussed above.

The tax consequences to a Foreign Member entitled to claim the benefits of an applicable tax treaty may differ from those described herein. Foreign Members are advised to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund.

**Foreign Account Tax Compliance Act** 

The Fund is required under the Foreign Account Tax Compliance Act ("FATCA") provisions of the Code to withhold U.S. tax (at a 30% rate) on payments of amounts treated as dividends for U.S. federal income tax purposes made to certain non-U.S. entities (including financial intermediaries) that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the Treasury of U.S.-owned foreign investment accounts unless various U.S. information reporting and diligence requirements (that are in addition to and significantly more onerous than, the requirement to deliver an applicable U.S. nonresident withholding tax certification form (e.g., IRS Form W-8BEN)) and certain other requirements have been satisfied. The information required to be reported includes the identity and taxpayer identification number of each account holder and transaction activity within the holder's account. Persons located in jurisdictions that have entered into an intergovernmental agreement with the U.S. to implement FATCA may be subject to different rules. Members may be requested to provide additional information to the Fund to enable the Fund to determine whether withholding is required.

**Other Taxation** 

The foregoing represents a summary of the general tax rules and considerations affecting Members and the Fund's operations, and neither purports to be a complete analysis of all relevant tax rules and considerations, nor does it purport to be a complete listing of all potential tax risks inherent in making an investment in the Fund. A Member may be subject to other taxes, including but not limited to, other state, local, and foreign taxes, estate and inheritance taxes, or intangible property taxes, which may be imposed by various jurisdictions. The Fund also may be subject to additional state, local, or foreign taxes that could reduce the amounts distributable to Members. It is the responsibility of each Member to file all appropriate tax returns that may be required. Fund Members should consult their own tax advisors regarding the state, local and foreign tax consequences of an investment in Units and the particular tax consequences to them of an investment in the Fund. In addition to the particular matters set forth in this section, tax-exempt entities should carefully review those sections of this prospectus and the SAI regarding liquidity and other financial matters to ascertain whether the investment objective of the Fund is consistent with their overall investment plans.

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**ERISA CONSIDERATIONS** 

Employee benefit plans and other plans subject to ERISA or the Code, including corporate savings and 401(k) plans, IRAs and Keogh Plans (each, an "ERISA Plan") may purchase Units. ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to an ERISA Plan, including prudence, diversification, prohibited transactions and other standards. 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" of any ERISA Plan investing in the Fund for purposes of the fiduciary responsibility and prohibited transaction rules under Title I of ERISA or Section 4975 of the Code. Thus, none of the Fund or the Adviser will be a fiduciary within the meaning of ERISA or Section 4975 of the Code with respect to the assets of any ERISA Plan that becomes a Member, solely as a result of the ERISA Plan's investment in the Fund.

The provisions of ERISA are subject to extensive and continuing administrative and judicial interpretation and review. The discussion of ERISA contained herein is, of necessity, general and may be affected by future publication of regulations and rulings. Potential investors should consult their legal advisers regarding the consequences under ERISA of an investment in the Fund through an ERISA Plan.

**PLAN OF DISTRIBUTION** 

Foreside Fund Services, LLC, located at Three Canal Plaza, Suite 100, Portland, ME 04101, serves as the Fund's principal underwriter and acts as the distributor of the Units on a best efforts basis, subject to various conditions, pursuant to a Distribution Agreement (the "Distribution Agreement") between the Fund and the Distributor. The Distributor is compensated for its services to the Fund pursuant to the Distribution Agreement. In addition, the Adviser or its affiliates will make other payments to the Distributor to compensate it for its efforts in distributing Fund Units. The Units are offered for sale at net asset value plus any applicable sales load. The Distributor also may enter into agreements with Financial Intermediaries for the sale and servicing of the Units. In reliance on Rule 415 of the Securities Act, the Fund intends to offer its Units, on a continual basis, through the Distributor. The Distributor is not required to offer any specific number or dollar amount of the Units, but will use its best efforts to offer the Units. Units of the Fund will not be listed on any national securities exchange and the Distributor will not act as a market marker in Units.

The Adviser or its affiliates, in the Adviser's discretion and from its own resources, may pay Additional Compensation to Financial Intermediaries in connection with the sale of Units, may pay for services that are provided to clients of such Financial Intermediaries, or may pay the costs of systems used to service such clients. In return for the Additional Compensation, the Fund may receive certain marketing advantages, including access to a Financial Intermediary's registered representatives, placement on a list of investment options offered by a Financial Intermediary, or the ability to assist in training and educating a Financial Intermediary. The Additional Compensation may differ among Financial Intermediaries in amount or in the manner of calculation: payments of Additional Compensation may be fixed dollar amounts, or based on the aggregate value of outstanding Units held by Members introduced by the Financial Intermediary, or determined in some other manner. The receipt of Additional Compensation by a

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selling Financial Intermediary may create potential conflicts of interest between an investor and its Financial Intermediary who is recommending the Fund over other potential investments.

The Distribution Agreement also provides that the Fund will indemnify the Distributor and its trustees or directors, officers, employees or other agents against certain liabilities. The indemnification will not apply to actions of the Distributor, its trustees or directors, officers, employees or other agents in cases of their willful misfeasance, bad faith, or gross negligence in the performance of their duties.

**Purchase Terms** 

The following section provides basic information about how to purchase Units, which will be continuously offered through the Distributor. Prospective 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. Prospective investors purchasing Units of the Fund through financial intermediaries should acquaint themselves with their financial intermediary's procedures and should read this Prospectus in conjunction with any materials and information provided by their financial intermediary.

The minimum initial investment in the Fund by any investor is $25,000 with respect to Class J, Class D Units, or Class X, and $1,000,000 with respect to Class I Units. The minimum additional investment in the Fund by any investor is $10,000, except for additional purchases pursuant to dividend reinvestments. Investors subscribing through a broker/dealer or registered investment adviser may have Units aggregated to meet these minimums, so long as aggregated initial investments are not less than $25,000 with respect to Class J, Class D Units, and Class X, and $1,000,000 with respect to Class I Units and incremental contributions are not less than $10,000. Financial intermediaries may also impose their own investment minimums on certain classes, which may be higher than the minimums stated in this Prospectus.

The Fund reserves the right, in its sole discretion, to waive the investment minimums described above for (i) current Directors and officers of the Fund and (ii) officers and employees of the Adviser and its affiliates. In addition, the minimum initial investment may be waived by the Board for certain investors based on its consideration of the investor's overall relationship with the Adviser or selling agent, including consideration of the aggregate value of all accounts of clients of a selling agent investing in the Fund for purposes of satisfying the minimum initial investment. The Fund may repurchase all of the Units held by a Member if the Member's account balance in the Fund, as a result of repurchase or transfer requests by the Member, is less than $25,000. The purchase price of the Units is based on the net asset value as of the date such Units are purchased.

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In addition, the Fund may, in the discretion of the Adviser, 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. At the discretion of the Adviser, the Fund may also aggregate the accounts of clients of certain registered investment advisers and other financial intermediaries across classes of Units for purposes of determining satisfaction of minimum investment amounts for a specific class of Units. The aggregation of accounts of clients of registered investment advisers and other financial intermediaries for purposes of determining satisfaction of minimum investment amounts for the Fund or for a specific class of Units may be based on consideration of various factors, including the registered investment adviser or other financial intermediary's overall relationship with the Adviser, the type of distribution channels offered by the intermediary and such other factors as the Adviser may consider relevant at the time.

Following the Fund's commencement of operations, Units will generally be offered for purchase as of the first business day of each calendar month, except that Units may be offered more or less frequently as determined by the Board in its sole discretion. In connection with its initial commencement of operations, the Fund currently expects to accept purchases on one or more dates other than the first business day of a calendar month.

For purposes of this Prospectus, a "Business Day" means any day other than a Saturday, Sunday or any other day on which banks in New York, New York are required by law to be closed. Subscriptions are generally subject to the receipt of cleared funds on or prior to the acceptance date set by the Fund. An investor who misses the acceptance date will have the acceptance of its investment in the Fund delayed until the following month. Except as otherwise permitted by the Board, initial and subsequent purchases of Units will be payable in United States dollars.

Each initial or subsequent purchase of Units will be payable in one installment which will generally be due 3 business days prior to the date of the proposed acceptance of the purchase set by the Fund, with the acceptance date expected to be the first business day of the following calendar month.

A prospective investor is required to review, complete, and execute a subscription document. The subscription document is designed to provide the Fund with important information about the prospective investor. A prospective investor must submit a completed subscription document at least 5 business days before the acceptance date. The Fund reserves the right to accept or reject, in its sole discretion, any request to purchase Units at any time. The Fund also reserves the right to suspend or terminate offerings of Units at any time. Unless otherwise required by applicable law, any amount received in advance of a purchase ultimately rejected by the Fund will be returned promptly to the prospective investor without the deduction of any fees or expenses. Although the Fund may, in its sole discretion, elect to accept a subscription prior to receipt of cleared funds, a prospective investor will not become a Member until cleared funds have been received. In the event that cleared funds and/or a properly completed subscription document are not received from a prospective investor prior to the cut-off dates pertaining to a particular offering, the Fund may hold the relevant funds and subscription document for processing in the next offering.

Pending any closing, funds received from prospective investors will be placed in an account with the Fund's transfer agent. On the date of any closing, the balance in the account with respect to each investor whose investment is accepted will be invested in the Fund on behalf of such investor. Any interest earned with respect to such account will be paid to the Fund and allocated pro rata among Members.

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Prospective investors whose subscriptions to purchase Units are accepted by the Fund will become Members by being admitted as Members. An existing Member generally may subscribe for additional Units by completing an additional subscription agreement by the acceptance date and funding such amount by the deadline.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. When a Member opens an account, the Fund will ask for the Member's name, address, date of birth and other information that will allow the Fund to identify the Member. If the Fund is unable to verify the Member's identity, the Fund reserves the right to restrict additional transactions and/or liquidate such Member's account at the next calculated net asset value after such Member's account is closed (less any applicable sales/account charges and/or tax penalties) or take any other action required by law. The Fund has implemented an anti-money laundering compliance program, which includes designation of an anti-money laundering compliance officer.

The foregoing purchase terms are subject to change in the Fund's discretion.

**Eligible Investors** 

Each investor in the Fund will be required to certify to the Fund that the Units are being acquired for the account of a "qualified client" as defined in Rule 205-3 under the Advisers Act. A "qualified client" is a person who, or a company that, has (i) at least $1,400,000 under the management of Ardian or (ii) a net worth (together, in the case of a person, with assets held jointly with a spouse) of more than $2,700,000. Existing Members who subscribe for additional Units will be required to qualify as Eligible Investors at the time of each additional purchase. Qualifications that must be met in becoming a Member are set out in the application form that must be completed by each prospective investor.

**Class of Units Considerations** 

When selecting a class of Units, you should consider the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• which classes of Units are available to you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how much you intend to invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how long you expect to own the Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• total costs and expenses associated with a particular class of Units.

Each investor's financial considerations are different. You should speak with your Financial Intermediary to help you decide which class of Units is best for you. Not all Financial Intermediaries offer all classes of Units. If your Financial Intermediary offers more than one class of Units, you should carefully consider which class of Units to purchase.

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**Class J Units and Class X** 

Class J Units and Class X Units are sold at the prevailing net asset value per Class J Units or Class X Units. If you buy Class J Units through certain Financial Intermediaries, they may charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine. Investors should consult with their Financial Intermediaries about any additional fees or charge they might impose. Class J Units are subject to a Distribution and Servicing Fee at an annual rate of 0.50% of the net assets of the Fund attributable to Class J Units. Class X Units are subject to a Distribution and Servicing Fee at an annual rate of 0.85% of the net assets of the Fund attributable to Class X Units.

Eligibility to receive a Distribution and Servicing Fee is conditioned on a broker providing the following ongoing services with respect to the Class J Units and Class X Units: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with repurchase requests of Units. If the applicable broker is not eligible to receive a Distribution and Servicing Fee due to failure to provide these services, the Distribution and Servicing Fees that the broker would have otherwise been eligible to receive will be waived. The Distribution and Servicing Fees are ongoing fees that are not paid at the time of purchase.

Class J Units and Class X Units are available to any eligible investor through brokerage and transactional-based accounts.

**Class D Units** 

Class D Units are sold at the prevailing net asset value per Class D Unit. If you buy Class D Units through certain Financial Intermediaries, they may charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine. Investors should consult with their Financial Intermediaries about any additional fees or charge they might impose. Class D Units are subject to a Distribution and Servicing Fee at an annual rate of 0.25% of the net assets of the Fund attributable to Class D Units.

Eligibility to receive a Distribution and Servicing Fee is conditioned on a broker providing the following ongoing services with respect to the Class D Units: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with repurchase requests of Units. If the applicable broker is not eligible to receive a Distribution and Servicing Fee due to failure to provide these services, the Distribution and Servicing Fees that the broker would have otherwise been eligible to receive will be waived. The Distribution and Servicing Fees are ongoing fees that are not paid at the time of purchase.

Class D Units are generally available for purchase only (i) through fee-based programs, also known as wrap accounts, that provide access to Class D Units, (ii) through participating broker dealers that have alternative fee arrangements with their clients to provide access to Class D Units, (iii) through investment advisers that are registered under the Investment Advisers Act of 1940 or applicable state law and (iv) through bank trust departments or any other organization or person authorized to act in a fiduciary capacity for its clients or customers.

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**Class I Units** 

Class I Units are sold at the prevailing net asset value per Class I Unit. Financial Intermediaries may not charge you transaction-based fees when you buy Class I Units. Class I Units are not subject to a Distribution and Servicing Fee.

Class I Units are available for purchase only (i) through fee-based programs, also known as wrap accounts, that provide access to Class I Units, (ii) by institutional accounts as defined by FINRA Rule 4512(c), (iii) through bank-sponsored collective trusts and bank-sponsored common trusts, (iv) by retirement plans (including a trustee or custodian under any deferred compensation or pension or profit sharing plan or payroll deduction IRA established for the benefit of the employees of any company), foundations or endowments, (v) through certain Financial Intermediaries that are not otherwise registered with or as a broker dealer and that direct clients to trade with a broker dealer that offers Class I Units, (vi) through investment advisers registered under the Investment Advisers Act of 1940 or applicable state law, (vii) by the Fund's officers and Trustees and their immediate family members, as well as officers and employees of Ardian and its affiliates and their immediate family members, (viii) by participating broker dealers and their affiliates, including their officers, directors, employees, and registered representatives, as well as the immediate family members of such persons, as defined by FINRA Rule 5130, and (ix) through bank trust departments or any other organization or person authorized to act as a fiduciary for its clients or customers. Before making your investment decision, please consult with your investment adviser regarding your account type and the classes of Units of the Fund you may be eligible to purchase.

If you are eligible to purchase all four classes of Units, then you should consider that Class I Units have no Distribution (12b-1) Fees. Such expenses are applicable to Class J, Class D, and Class X Units and will reduce the net asset value or distributions of those Class J, Class D or Class X Units. If you are eligible to purchase Class J, Class D, and Class X Units but not Class I Units, then you should consider that Class D Units have lower annual Distribution (12b-1) Fees. Investors should also inquire with their broker dealer or financial representative about what additional fees may be charged with respect to the class of Units under consideration or with respect to the type of account in which the Units will be held.

**Distribution and Service Plan** 

The Fund has adopted a Distribution and Service Plan for its Class J Units, Class D Units, and Class X Units to pay to the Distributor a Distribution (12b-1) Fee to compensate financial industry professionals for distribution-related expenses, if applicable, and providing ongoing services in respect of Members who own such Units. These activities include marketing and other activities primarily intended to result in the sale of Class J Units, Class D Units, and Class X Units, and activities related to administration and servicing of Class J Units, Class D Units, or Class X Units accounts (including sub-accounting and other administrative services, as well as Member liaison services such as responding to inquiries from Members and providing Members with information about their investments in the Fund). The Distribution and Service Plan operates in a manner consistent with Rule 12b-1 under the 1940 Act, which regulates the manner in which an open-end investment company may directly or indirectly bear the expenses of distributing its Units. Although the Fund is not an open-end investment company, it has undertaken to comply with the terms of Rule 12b-1, as required by its exemptive relief, permitting the Fund to, among other things, issue multiple classes of Units.

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Under the Distribution and Service Plan, Class J Units, Class D Units, and Class X Units are authorized to pay a Distribution (12b-1) Fee to the Distributor up to at an annual rate of 0.50%, 0.25%, and 0.85%, respectively, based on the aggregate net assets of the Fund attributable to such class. If a Financial Intermediary is not eligible to accept payment of the pro rata portion of the Distribution (12b-1) Fee, the Distributor is not entitled to retain such fees and it shall return any such monies collected to the Fund. The Distribution (12b-1) Fee is paid out of the relevant class's assets and decreases the net profits or increases the net losses of the Fund solely with respect to such class. Because the Distribution (12b-1) Fee is paid out of the Fund's assets on an on-going basis, over time these fees will increase the cost of a Member's investment and may cost the Member more than paying other types of sales charges, if applicable. Up to 0.25% per annum of the Distribution and Servicing Fee may qualify as a "service fee" under FINRA rules and therefore will not be limited by FINRA rules which limit distribution fees as a percentage of total new gross sales. "Service fees" are defined for purposes of FINRA rules to mean fees paid for providing Member services or the maintenance of Member accounts. FINRA rules limit service fees to 0.25% of a fund's average annual net assets. A portion of the Distribution (12b-1) Fee may also be used to pay for sub-transfer agency, sub-accounting and certain other administrative services that are not required to be paid pursuant to a "service fee" under FINRA rules. The remainder is for distribution support and related services.

Class I Units are not subject to any Distribution (12b-1) Fee and do not bear any expenses associated therewith.

**Sub-Transfer Agency and Investor Services Agreement and Plan** 

The Fund has entered into a Sub-Transfer Agency and Investor Services Agreement (the "Sub-TA Agreement") with the Adviser, under which the Fund, with respect to each class, has agreed to compensate Financial Intermediaries for investor services and/or reimburse the Adviser for any payments it makes in connection with compensating Financial Intermediaries for investor services. Payments by the Fund pursuant to the Sub-TA Agreement are limited to such amounts as are set forth in a plan (the "Sub-TA Plan"). The Sub-TA Plan limits the amounts payable by the Fund under the Sub-TA Agreement, with respect to each class, to an annual rate of 0.25% based on the aggregate net assets of the Fund attributable to such class. Although the Sub-TA Plan has been adopted in accordance with the requirements applicable to a plan adopted pursuant to Rule 12b-1 under the 1940 Act, payments made under the Sub-TA Plan are for services that are not primarily intended to result in the sale of Fund shares.

**DISTRIBUTIONS** 

[The Fund intends to distribute net investment income, if any, and net realized capital gains, if any, at least annually, and may make distributions quarterly, pursuant to a plan adopted by the Board and subject to restrictions under applicable law regarding the distribution of long-term capital gains more frequently than once every twelve months.] Payments will vary in amount, depending on investment income received and expenses of operation. It is likely that many of the Underlying Funds in whose securities the Fund invests will not pay any dividends, and this, together with the Fund's expenses, means that there can be no assurance the Fund will have substantial income or pay dividends. The Fund is not a suitable investment for any investor who requires regular dividend income.

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It is anticipated that substantially all of any taxable net capital gain realized on investments will be paid to Members at least annually. The net asset value of each Unit that you own will be reduced by the amount of the distributions or dividends that you receive from that Unit.

To the extent that any portion of the Fund's distributions are considered a return of capital to Members, such portion would not be considered dividends for U.S. federal income tax purposes, and would represent a return of the amounts that such Members invested. Although such return of capital distributions are not currently taxable to Members, such distributions will have the effect of lowering a Member's tax basis in such Units, and could result in a higher tax liability when the Units are sold, even if they have not increased in value, or in fact, have lost value.

Each year, a statement on Form 1099-DIV identifying the sources of the distributions (i.e., paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which is a nontaxable distribution) will be furnished to Members subject to IRS reporting. To the extent that the Fund pays distributions that constitute a return of capital for U.S. federal income tax purposes, it will lower an investor's tax basis in his or her Units. A return of capital generally is a return of an investor's investment rather than a return of earnings or gains derived from the Fund's investment activities. There can be no assurance that the Fund will be able to pay distributions at a specific rate or at all.

As discussed in the "Tax Aspects" section, to qualify for and maintain RIC tax treatment, the Fund is required to distribute on a timely basis with respect to each tax year dividends for U.S. federal income tax purposes of an amount at least equal to the sum of 90% of "investment company taxable income" and net tax-exempt interest income, determined without regard to any deduction for dividends paid, for such tax year. To avoid certain excise taxes imposed on RICs, the Fund is required to distribute in respect of each calendar year dividends of an amount at least equal to the sum of (1) 98% of ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of capital gain net income (adjusted for certain ordinary losses) generally for the one-year period ending on October 31 of the calendar year and (3) any ordinary income and capital gain net income for previous calendar years that were not distributed during such calendar years and on which the Fund paid no U.S. federal income tax.

**Dividend Reinvestment** 

Unless a Member is ineligible or otherwise elects, all distributions of dividends (including capital gain dividends) 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 agreement or by contacting the Administrator at P.O. Box 46707, Cincinnati, OH 45246 or by calling 513-587-3400.

**FISCAL YEAR; REPORTS** 

The Fund's fiscal year for financial reporting purposes is the 12-month period ending on March 31. The Fund's taxable year is the 12-month period ending September 30 (or such other taxable year as may be required under the Code). As soon as practicable after the end of each calendar

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year, a statement on Form 1099-DIV identifying the sources of the distributions paid by the Fund to Members for tax purposes will be furnished to Members subject to IRS reporting. In addition, the Fund will prepare and transmit to Members an unaudited semi-annual and an audited annual report within 60 days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL** 

The Board has selected [ ] as independent registered public accountants for the Fund.

Ropes & Gray LLP, Three Embarcadero Center, San Francisco, CA US 94111-4006, serves as counsel to the Fund.

**INQUIRIES** 

Inquiries concerning the Fund and the Units should be directed to the Fund at Ardian Access Secondary Infrastructure Fund LLC, c/o Ultimus Fund Solutions, LLC, 4221 North 203rd Street, Suite 100 Elkhorn, NE 68022.

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Investors should rely only on the information contained in this prospectus. No dealer, salesperson or other individual has been authorized to give any information or to make any representations that are not contained in this prospectus. If any such information or statements are given or made, investors should not rely upon such information or representations. This prospectus does not constitute an offer to sell any securities other than those to which this prospectus relates, or an offer to sell to, or a solicitation of an offer to buy from, any person in any jurisdiction where such an offer or solicitation would be unlawful. This prospectus speaks as of the date set forth below. Investors should not assume that the delivery of this prospectus or that any sale made pursuant to this prospectus implies that the information contained in this prospectus will remain fully accurate and correct as of any time subsequent to the date of this prospectus.

**ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC** 

**LIMITED LIABILITY COMPANY UNITS** 

**Class J Units** 

**Class I Units** 

**Class D Units** 

**Class X Units** 

**PROSPECTUS** 

**[ ], 2026** 

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**The information in this Statement of Additional Information is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. The Statement of Additional Information is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.** 

**SUBJECT TO COMPLETION, DATED MAY 1, 2026** 

**STATEMENT OF ADDITIONAL INFORMATION** 

**ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC** 

**LIMITED LIABILITY COMPANY UNITS** 

**Class J Units** 

**Class I Units** 

**Class D Units** 

**Class X Units** 

**[ ], 2026** 

**1370 Avenue of the Americas** 

**New York, NY 10019** 

**(212) 641-8604** 

Ardian Access Secondary Infrastructure Fund LLC (the "Fund") is a non-diversified, closed-end management investment company with no operating history.

This Statement of Additional Information ("SAI") is not a prospectus. This SAI relates to and should be read in conjunction with the Fund's prospectus (the "Prospectus") dated [ ], 2026, as it may be amended or supplemented from time to time. A copy of the Prospectus and annual or semi-annual reports for the Fund may be obtained, when available, without charge by contacting the Fund at the telephone number or address set forth above. You may also obtain a copy of the Prospectus on the website of the Securities and Exchange Commission (the "SEC") at http://www.sec.gov.

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

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

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**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
| [ADDITIONAL INFORMATION ON INVESTMENT TECHNIQUES OF THE FUND AND RELATED RISKS](#sai309175_1) | 1 |
| [BOARD OF DIRECTORS AND OFFICERS](#sai309175_2) | 21 |
| [CODES OF ETHICS](#sai309175_3) | 28 |
| [INVESTMENT MANAGEMENT AND OTHER SERVICES](#sai309175_4) | 28 |
| [PORTFOLIO TRANSACTIONS AND BROKERAGE ALLOCATION](#sai309175_5) | 34 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL](#sai309175_6) | 35 |
| [CUSTODIAN](#sai309175_7) | 35 |
| [ORGANIZATION AND MANAGEMENT OF WHOLLY-OWNED SUBSIDIARIES](#sai309175_8) | 35 |
| [PROXY VOTING POLICIES AND PROCEDURES](#sai309175_9) | 37 |
| [CONTROL PERSONS AND PRINCIPAL MEMBERS](#sai309175_10) | 37 |
| [FINANCIAL STATEMENTS](#sai309175_11) | 38 |
| [ADDITIONAL INFORMATION](#sai309175_12) | 38 |
| [APPENDIX A – PROXY VOTING POLICIES AND PROCEDURES](#sai309175_13) | A-1 |

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**ADDITIONAL INFORMATION ON INVESTMENT TECHNIQUES OF THE FUND AND RELATED RISKS** 

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

As discussed in the Prospectus, the Fund's investment objective is to generate attractive risk-adjusted returns. The investment objective of the Fund is not a fundamental policy of the Fund and may be changed by the Board without the vote of a majority (as defined by the 1940 Act) of the outstanding Units.

**Fundamental Policies** 

The Fund's fundamental policies, which are listed below, may only be changed by the affirmative vote of a majority of the outstanding voting securities of the Fund. As defined by the 1940 Act, the vote of a "majority of the outstanding voting securities of the Fund" means the vote, at an annual or special meeting of the Members, duly called, (i) of 67% or more of the Units represented at such meeting, if the holders of more than 50% of the outstanding Units are present in person or represented by proxy or (ii) of more than 50% of the outstanding Units, whichever is less. Within the limits of the fundamental policies of the Fund, the management of the Fund has reserved freedom of action.

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.

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&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 the prospectus or this SAI 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, Underlying Funds are not considered part of any industry or group of industries.

The Fund's investment policies and restrictions apply only to investments made by the Fund directly (or any account consisting solely of the Fund's assets) and do not apply to the activities and the transactions of the Underlying Funds.

***Explanatory Note:*** With respect to paragraphs (1) and (2) above, as of the date of this SAI, the 1940 Act currently requires a registered investment company to satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time the investment company incurs the indebtedness. This requirement means that the value of the investment company's total indebtedness may not exceed one third the value of its total assets (including the indebtedness). The 1940 Act also currently requires that dividends may not be declared if this asset coverage requirement is breached. The Fund's borrowings will be subject to this asset coverage requirement. With respect to paragraph (3) above, the 1940 Act and regulatory interpretations thereunder currently limit the percentage of the Fund's securities that may be loaned to one-third of the value of its total assets. With respect to paragraph (7) above, "concentration," under the 1940 Act and regulatory interpretations thereunder, is generally interpreted to mean investing more than 25% of total assets in an industry or group of industries.

The descriptions included in this explanatory note are intended only to provide additional information about certain requirements under the 1940 Act, or the rules and regulations thereunder, as interpreted by the SEC or its staff from time to time, as of the date of this SAI, and such descriptions do not constitute, nor form any part of, any fundamental policy of the Fund. Should such requirements change in the future, the Fund may update this explanatory note accordingly, and such update shall not constitute a change in any fundamental policy of the Fund.

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**Non-Fundamental Policies** 

Over time, during normal market conditions, the Adviser intends to invest at least 80% of the Fund's net assets (plus the amount of any borrowings for investment purposes) in Secondary Investments in Infrastructure Assets. This policy is not fundamental and may be changed by the Board upon 60 days' prior written notice to Members. The Fund's 80% policy is applied at the time of investment; later percentage changes caused by a change in the value of the Fund's assets, including as a result in the change in the value of the Fund's investments or due to the issuance or redemption of Units, will not require the Fund to dispose of an investment.

**Additional Information about the Fund's Investment Program** 

The following provides additional information about various types of investments and investment techniques that may be employed by the Fund (including through special purpose vehicles) or by Underlying Funds in which the Fund invests, or that the Fund may be exposed to through its participation in Co-Investment Opportunities. There is no limit on the types of investments the Underlying Funds may make and certain Underlying Funds may use such investments or techniques extensively. Similarly, there are few limits on the types of investments the Fund may make. You should assume that if an investment or investment technique may be made or engaged in directly by the Fund, it may also be made or engaged in by an Underlying Fund. Accordingly, the descriptions in this section cannot be comprehensive and generally apply to the Fund and the Underlying Funds. Any decision to invest in the Fund should take into account (i) the possibility that the Underlying Funds may make virtually any kind of investment, (ii) that the Fund has similarly broad latitude in the kinds of investments it may make (subject to the fundamental policies described above), and (iii) that all such investments will be subject to related risks, which can be substantial.

**Real Estate Investments** 

The Fund may be exposed to real estate through investments by the Fund and by Underlying Funds in operating businesses with substantial real estate holdings or exposure. Investments in real estate are subject to a number of risks, including losses from casualty, condemnation or natural disasters, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, environmental regulations and other governmental action, regulatory limitations on rents, property taxes, and operating expenses.

**Equity Securities** 

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

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

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

*Convertible Securities.* Convertible securities are bonds, debentures, notes, preferred stock, or other securities that may be converted into or exchanged for a specified amount of common equity of the same or different issuer within a specified period of time at a specified price or based on a specified formula. In many cases, a convertible security entitles the holder to receive interest or a dividend that is generally paid or accrued until the convertible security matures or is redeemed, converted or exchanged. Convertible securities have unique investment characteristics in that they generally (i) have higher yields (i.e., rates of interest or dividends) than common stocks, but lower yields than comparable non-convertible securities, (ii) are less subject to fluctuation in value than the underlying common stock into which they are convertible due to their fixed-income characteristics and (iii) provide the potential for capital appreciation if the market price of the underlying common stock increases. The Fund's and/or the Underlying Funds' investments in convertible securities are expected to primarily be in private convertible securities, but may be in public convertible securities. The value of a convertible security is primarily a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (determined by reference to the security's anticipated worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value typically declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors may also increase or decrease the convertible security's value. If the conversion value is low relative to the investment value, the convertible security is valued principally by reference to its investment value. To the extent the value of the underlying common stock approaches or exceeds the conversion value, the convertible security will be valued increasingly by reference to its conversion value. Generally, the conversion value decreases as the convertible security approaches maturity. Where no market exists for a convertible security and/or the underlying common stock, such investments may be difficult to value. A public convertible security generally will sell at a premium over its conversion value to the extent investors place value on the right to acquire the underlying common stock while holding a fixed-income security.

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

**Derivative Instruments** 

Although the Fund does not expect to use financial instruments known as derivatives in pursuing its principal investment strategy, Underlying Funds may use such financial instruments. A derivative is generally defined as an instrument whose value is derived from, or based upon, some underlying index, reference rate (such as interest rates or currency exchange rates), security, commodity or other asset. Transactions in derivative instruments present risks arising from the use of leverage (which increases the magnitude of losses), volatility, counterparty risk, correlation risk, difficulties in valuation, and illiquidity. Use of derivative instruments for hedging or speculative purposes by Underlying Fund managers could present significant risks, including the risk of losses in excess of the amounts invested. The Underlying Fund's ability to avoid risk through investment or trading in derivatives will depend on the ability to anticipate changes in the underlying assets, reference rates or indices. The derivatives markets are subject to various risks related to existing as well as new and evolving regulations both within and outside the United States. Such regulations include mandatory clearing, margin, and reporting requirements impacting derivatives market participants, including the Underlying Funds. Other regulations may affect the Underlying Funds' 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, the European Union, the United Kingdom and various other jurisdictions. Such regimes provide government authorities with broad authority to conduct a resolution of a financial institution that is in danger of default. With respect to counterparties who are subject to such proceedings in the European Union and the United Kingdom, the liabilities of such counterparties to the Fund could be reduced, eliminated or converted to equity (sometimes referred to as a "bail in").

Since 2021, the SEC has proposed and, in some cases, finalized several new rules related to derivatives. For example, the SEC has proposed new rules requiring the reporting and public disclosure of certain positions in security-based swaps, including credit default swaps, equity total return swaps and related positions. The SEC has also finalized new rules restricting activities that could be considered to be manipulative in connection with security-based swaps. These and other proposed new rules, whether assessed on an individual or collective basis, could fundamentally change the current regulatory framework for relevant markets and market participants, including having a material impact on activities of advisers and their funds. While it is currently difficult to predict the full impact of these new rules, these rules could make it more difficult for the Underlying Funds to execute certain investment strategies and may have a material adverse effect on the Fund's performance. Regulation of the derivatives markets may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. Certain risks associated with derivatives are described under "Types of Investments and Related Risks—Derivative Instruments" and "Hedging" in the Prospectus.

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*Options and Futures* 

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

An Underlying Fund may purchase call and put options on specific securities or currencies and may write and sell covered or uncovered call and put options for hedging purposes and non-hedging purposes to pursue its investment objective. A put option gives the purchaser of the option the right to sell, and obligates the writer to buy, the underlying asset at a stated exercise price at any time prior to the expiration of the option (in the case of an "American-style" option) or at a specific time and date (in the case of a "European-style" option). A call option gives the purchaser of the option the right to buy, and obligates the writer to sell, the underlying asset at a stated exercise price at any time prior to the expiration of the option (in the case of an "American-style" option) or at a specific time and date (in the case of a "European-style" option).

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

A covered put option is a put option with respect to which the seller has a short position in the underlying asset. The seller of a covered put option assumes the risk of an increase in the market price of the underlying asset above the sales price (in establishing the short position) of the underlying asset plus the premium received and gives up the opportunity for gain on the underlying asset below the exercise price of the option. If the seller of the put option owns a put option covering an equivalent number of shares with an exercise price equal to or greater than the exercise price of the put written, the position is "fully hedged" if the option owned expires at the same time or later than the option written. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying asset below the exercise price of the option.

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

An Underlying Fund may enter into stock futures contracts, interest rate futures contracts, and currency futures contracts in U.S. domestic markets or on exchanges located outside the United States. Foreign markets may offer advantages such as trading opportunities or arbitrage possibilities not available in the United States. Foreign markets, however, may have greater risk potential than domestic markets. For example, some foreign exchanges are principal markets so that no common clearing facility exists, and an investor may look only to the broker for performance of the contract. Transactions on foreign exchanges may include both commodities that are traded on domestic exchanges and those that are not. Unlike trading on domestic commodity exchanges, trading on foreign commodity exchanges is not regulated by the U.S. Commodity Futures Trading Commission (the "CFTC"). Therefore, the CFTC does not have the power to compel enforcement of the rules of the foreign exchange or the laws of the foreign country.

Moreover, such laws or regulations will vary depending on the foreign country in which the transaction occurs. For these reasons, the Underlying Funds may not be afforded certain of the protections that apply to domestic transactions, including the right to use domestic alternative dispute resolution procedures. In particular, funds received from customers to margin foreign futures transactions may not be provided the same protections as funds received to margin futures transactions on domestic exchanges. In addition, the price of any foreign futures or option contract and, therefore, the potential profit and loss resulting from that contract, may be affected by any fluctuation in the foreign exchange rate between the time the order is placed and the foreign futures contract is liquidated or the foreign option contract is liquidated or exercised.

Trading in futures involves risk of loss to the Underlying Fund that could materially adversely affect the net asset value of the Fund. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. If an Underlying Fund is unable to close out a position, it would be exposed to possible loss on the position during the interval of inability to close, and would continue to be required to meet margin requirements until the position is closed. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day by regulations referred to as "daily price fluctuation limits" or "daily limits." Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the trading day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting the Underlying Fund to substantial losses, which may result in losses to the Fund.

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In addition, the CFTC, certain foreign regulators and various exchanges have established (and continue to evaluate and revise) speculative position limits, referred to as "position limits", on the maximum net long or net short positions that any person or entity may hold or control in certain particular futures or options contracts. Additionally, 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. Thus, even if the Fund or an Underlying Fund does not intend to exceed applicable position limits, it is possible that positions of different clients managed by the Adviser and its affiliates or by the Underlying Fund's investment adviser and its affiliates may be aggregated for this purpose. It is possible that the trading decisions of the Adviser or of the investment advisers of the Underlying Funds may have to be modified and that positions held by the Fund or the Underlying Funds may have to be liquidated in order to avoid exceeding such limits. The modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the profitability of the Fund. A violation of position limits could also lead to regulatory action materially adverse to the Fund's investment strategy. The Fund may also be affected by other regimes, including those of the European Union and United Kingdom, and trading venues that impose position limits on commodity derivative contracts.

Successful use of futures by an Underlying Fund depends on its ability to correctly predict movements in the direction of the relevant market, and, to the extent the transaction is entered into for hedging purposes, to ascertain the appropriate correlation between the transaction being hedged and the price movements of the futures contract. The low margin deposits normally required in futures trading permit an extremely high degree of leverage, which can result in substantial gains or losses due to relatively small price movements or other factors.

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

Underlying Funds are also subject to the risk of the failure of any of the exchanges on which their positions trade or of their clearinghouses. Certain derivatives transactions, including futures, options on futures, and certain swaps, are required to be (or are capable of being) centrally cleared. A party to a cleared derivatives transaction is subject to the credit risk of the clearinghouse and the clearing member through which it holds its cleared position. Credit risk of market participants with respect to derivatives that are centrally cleared is concentrated in relatively few clearinghouses and clearing members. It is not clear how an insolvency proceeding of a clearinghouse would be conducted and what impact an insolvency of a clearinghouse would have on the financial system. In the event of the insolvency of a clearinghouse, an Underlying Fund might experience a loss of funds deposited through its clearing member as margin with the clearinghouse, a loss of unrealized profits on its open positions, and the loss of funds owed to it as realized profits on closed positions.

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Such an insolvency might also cause a substantial delay before the Underlying Fund could obtain the return of funds owed to it by a clearing member who was a member of such clearinghouse. 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 member from its customers with respect to cleared derivatives are generally held by the clearing member on a commingled basis in an omnibus account by account class, and the clearing member may invest those funds in certain instruments permitted under applicable regulations. Therefore, the Underlying Fund might not be fully protected in the event of the bankruptcy of the Underlying Fund's clearing member because the Underlying 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. The clearing member is required to transfer to the clearinghouse the amount of margin required by the clearinghouse for cleared derivatives, which amounts are generally held in an omnibus account at the clearinghouse for all customers of the clearing member. Clearinghouses (and in many cases clearing members) have broad rights to increase margin requirements for existing transactions or to terminate those transactions at any time. In addition, if a clearing member does not comply with the applicable regulations or its agreement with the Underlying Fund, or in the event of fraud or misappropriation of customer assets by a clearing member, the Underlying 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.

*Call and Put Options on Securities Indexes* 

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

*Yield Curve Options* 

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

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*Rights and Warrants* 

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

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

**Spot Transactions, FX Forwards and Hedging Transactions** 

Forward foreign exchange transactions ("FX forwards") are over-the-counter contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a specified price and on a specified future date. Spot foreign exchange transactions are similar but are settled in the current, or "spot", market. The Fund and/or an Underlying Fund may enter into foreign exchange transactions for purposes of hedging either a specific transaction or a portfolio position. FX forwards involve substantial currency risk, credit risk and liquidity risk. The Fund and/or an Underlying Fund may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example, purchasing a currency needed to settle a security transaction or selling a currency in which the Fund or the Underlying Fund, as applicable, has received or anticipates receiving a dividend or distribution. The Fund and/or an Underlying Fund may enter into a foreign exchange transaction for purposes of hedging a portfolio position by selling forward a currency in which a portfolio position of the Fund or the Underlying Fund, as applicable, is denominated or by purchasing a currency in which the Fund anticipates acquiring a portfolio position in the near future. The Fund and/or an Underlying Fund may also hedge a currency by entering into a transaction in a currency instrument denominated in a currency other than the currency being hedged (a "cross-hedge"). The Fund or the Underlying Fund, as applicable, will only enter into a

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cross-hedge if the Adviser believes that (i) there is a demonstrably high correlation between the currency in which the cross-hedge is denominated and the currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar hedging transaction by means of the currency being hedged.

The Fund and/or an Underlying Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on the value of existing or anticipated holdings of portfolio securities. Proxy hedging is often used when the currency to which the Fund or the Underlying Fund is exposed is difficult to hedge, or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies in which some or all of the Fund's or Underlying Fund's, as applicable, securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency transactions can result in losses to the Fund or the Underlying Fund, as applicable, if the currency being hedged fluctuates in value to a degree or in a direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies may not be present, including during the particular time that the Fund or Underlying Fund is engaging in proxy hedging.

The Fund and/or an Underlying Fund may also cross-hedge currencies by entering into forward contracts to sell one or more currencies that are expected to decline in value relative to other currencies to which the Fund or Underlying Fund has or in which the Fund or Underlying Fund expects to have portfolio exposure. For example, the Fund may hold both Canadian government bonds and Japanese government bonds, and the Adviser may believe that Canadian dollars will deteriorate against Japanese yen. The Fund would sell Canadian dollars to reduce its exposure to that currency and buy Japanese yen. This strategy would be a hedge against a decline in the value of Canadian dollars, although it would expose the Fund to declines in the value of the Japanese yen relative to the U.S. dollar.

Successful use of forward and spot foreign exchange transactions depends on the Adviser's (or GP's, with respect to an Underlying Fund) ability to analyze and predict currency values. FX forwards may substantially change the Fund's or Underlying Fund's exposure to changes in currency exchange rates and could result in losses to the Fund or Underlying Fund if currencies do not perform as the Adviser or GP anticipates.

Some of the forward non-U.S. currency contracts entered into by the Fund and/or an Underlying Fund are classified as non-deliverable forwards ("NDFs"). NDFs are cash-settled, short-term forward contracts that may be thinly traded or are denominated in non-convertible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The settlement date is the date by which the payment of the difference is due to the party receiving payment. NDFs are commonly quoted for time periods of one month up to two years and are normally quoted and settled in U.S. dollars. They are often used to gain exposure to and/or hedge exposure to foreign currencies that are not internationally traded.

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**Swaps** 

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

In a cleared transaction, performance of the transaction will be effected by a central clearinghouse rather than by the bank or broker that is the Underlying Fund's original counterparty to the transaction. Swaps that are centrally cleared will be subject to the creditworthiness of the futures commission merchant and clearing organizations involved in the transaction. See "Derivative Transactions—Options and Futures" above for further information on cleared transactions. In respect of cleared swaps, regulations promulgated by the CFTC require that the clearing member notify the clearinghouse of the initial margin provided by the clearing member to the clearinghouse that is attributable to each customer. However, if the clearing member does not accurately report the Underlying Fund's initial margin, the Underlying Fund is subject to the risk that a clearinghouse will use the assets attributable to it in the clearinghouse's omnibus account to satisfy payment obligations a defaulting customer of the clearing member has to the clearinghouse.

*Interest Rate, Mortgage and Credit Swaps* 

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

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*Equity Index Swaps* 

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

*Currency Swaps* 

An Underlying Fund may enter into currency swaps for both hedging and non-hedging purposes. Currency swaps involve the exchange of rights to make or receive payments in specified foreign currencies. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for another designated currency. Therefore, the entire principal value of a currency swap is subject to the counterparty risk, i.e., the risk that the other party to the swap will default on its contractual delivery obligations. The use of currency swaps is a highly specialized activity that involves special investment techniques and risks. Incorrect forecasts of market values and currency exchange rates can materially adversely affect the Underlying Fund's performance. If there is a default by the other party to such a transaction, the Underlying Fund will have contractual remedies pursuant to the agreements related to the transaction, but there is no guarantee that the Underlying Fund will succeed in enforcing contractual remedies.

*Swaptions* 

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

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

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**Limited Partnership Interests** 

Private equity funds, often organized as limited partnerships, are the most common vehicles for making private equity investments. When making Secondary Investments in such private equity Underlying Funds, the Fund will typically agree to purchase an investor's existing limited partnership interest in an Underlying Fund, typically at a discount to net asset value, and take on existing obligations to fund future capital calls. Securities issued by private partnerships tend to be more illiquid, and highly speculative. Limited partnership and/or other interests or positions in Underlying Funds have not been and will not be registered under the Securities Act or any other securities laws in any jurisdiction.

**Securities of other Investment Companies** 

The Fund may invest, subject to applicable regulatory limits, in the securities of other investment companies, including open-end management companies, closed-end management companies (including business development companies ("BDCs")) and unit investment trusts. The Fund also may invest in ETFs, as described in additional detail under "ETFs and Other Exchange-Traded Investment Vehicles" below. Under the 1940 Act, subject to the Fund's own more restrictive limitations, if any, the Fund's investment in securities issued by other investment companies, subject to certain exceptions, currently is limited to: (1) 3% of the total voting stock of any one investment company; (2) 5% of the Fund's total assets with respect to any one investment company; and (3) 10% of the Fund's total assets in the aggregate (such limits do not apply to investments in money market funds). Exemptions in the 1940 Act or the rules thereunder may allow the Fund to invest in another investment company in excess of these limits. In particular, Rule 12d1-4 under the 1940 Act allows the Fund to acquire the securities of another investment company, including ETFs, in excess of the above limitations, subject to certain limitations and conditions on the Fund and the Adviser, including limits on control and voting of acquired funds' shares, evaluations and findings by the Adviser and limits on most three-tier fund structures.

When investing in the securities of other investment companies, the Fund will be indirectly exposed to all the risks of such investment companies' portfolio securities. In addition, as a shareholder in an investment company, the Fund would indirectly bear its pro rata share of that investment company's advisory fees and other operating expenses. Fees and expenses incurred indirectly by the Fund as a result of its investment in shares of one or more other investment companies generally are referred to as "acquired fund fees and expenses" and may appear as a separate line item in the Fund's prospectus fee table. For certain investment companies, such as BDCs, these expenses may be significant. In addition, the shares of closed-end management companies may involve the payment of substantial premiums above, while the sale of such securities may be made at substantial discounts from, the value of such issuer's portfolio securities. Historically, shares of closed-end funds, including BDCs, have frequently traded at a discount to their net asset value, which discounts have, on occasion, been substantial and lasted for sustained periods of time.

An investment in a money market fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Company or any other government agency. Certain money market funds seek to preserve the value of their shares at $1.00 per share, although there can be no assurance that they will do so, and it is possible to lose money by investing in such a money market fund. A major or unexpected increase in interest rates or a decline in the credit quality of an issuer or entity providing credit support, an inactive trading market for money market instruments, or adverse market, economic, industry, political, regulatory, geopolitical, and other conditions could cause the share price of such a money market fund to fall below $1.00. It is possible that such a

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money market fund will issue and redeem shares at $1.00 per share at times when the fair value of the money market fund's portfolio per share is more or less than $1.00. Other money market funds price and transact at a "floating" NAV that will fluctuate along with changes in the market-based value of fund assets. Shares sold utilizing a floating NAV may be worth more or less than their original purchase price.

**ETFs and Other Exchange-Traded Investment Vehicles** 

The Fund may invest, subject to applicable regulatory limits, in the securities of ETFs and other pooled investment vehicles that are traded on an exchange and that hold a portfolio of securities or other financial instruments (collectively, "exchange-traded investment vehicles"). When investing in the securities of exchange-traded investment vehicles, the Fund will be indirectly exposed to all the risks of the portfolio securities or other financial instruments they hold. The performance of an exchange-traded investment vehicle will be reduced by transaction and other expenses, including fees paid by the exchange-traded investment vehicle to service providers. ETFs are investment companies that are registered as open-end management companies or unit investment trusts. The limits that apply to the Fund's investment in securities of other investment companies generally apply also to the Fund's investment in securities of ETFs.

Shares of exchange-traded investment vehicles are listed and traded in the secondary market. Many exchange-traded investment vehicles are passively managed and seek to provide returns that track the price and yield performance of a particular index or otherwise provide exposure to an asset class (e.g., currencies or commodities). Although such exchange-traded investment vehicles may invest in other instruments, they largely hold the securities (e.g., common stocks) of the relevant index or financial instruments that provide exposure to the relevant asset class. The share price of an exchange-traded investment vehicle may not track its specified market index, if any, and may trade below its net asset value. An active secondary market in the shares of an exchange-traded investment vehicle may not develop or be maintained and may be halted or interrupted due to actions by its listing exchange, unusual market conditions, or other reasons. There can be no assurance that the shares of an exchange-traded investment vehicle will continue to be listed on an active exchange.

**Publicly Traded Equity Securities Risk** 

Stock markets are volatile, and the prices of equity securities fluctuate based on changes in a company's financial condition and overall market and economic conditions. Although common stocks have historically generated higher average total returns than fixed-income securities over the long-term, common stocks also have experienced significantly more volatility in those returns and, in certain periods, have significantly underperformed relative to fixed-income securities. Common stocks of companies that operate in certain sectors or industries tend to experience greater volatility than companies that operate in other sectors or industries or the broader equity markets. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held directly or indirectly by the Fund. A common stock may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. The value of a particular common stock held directly or indirectly by the Fund may decline for a number of other reasons which

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directly relate to the issuer, such as management performance, financial leverage, the issuer's historical and prospective earnings, the value of its assets and reduced demand for its goods and services. Also, the prices of common stocks are sensitive to general movements in the stock market and a drop in the stock market may depress the price of common stocks to which the Fund has exposure. Common stock prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Common equity securities in which the Fund may directly or indirectly invest are structurally subordinated to preferred stock, bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and are therefore inherently more risky than preferred stock or debt instruments of such issuers.

**Other Publicly Listed Securities** 

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

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

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

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

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

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

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**Special Purpose Acquisition Companies** 

The Fund may invest in stock, warrants or other securities of SPACs or similar special purpose entities that pool funds to seek potential acquisition opportunities. Unless and until an acquisition is completed, a SPAC or similar entity generally maintains assets (less a portion retained to cover expenses) in a trust account comprised of U.S. Government securities, money market instruments, and cash. If an acquisition is not completed within a pre-established period of time, the invested funds are returned to the entity's shareholders.

Because SPACs and similar entities are essentially blank-check companies without an operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. SPACs may allow shareholders to redeem their pro rata investment immediately after the SPAC announces a proposed acquisition, which may prevent the entity's management from completing the transaction. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, SPACs may trade in the over-the-counter market and, accordingly, may be considered illiquid and/or be subject to restrictions on resale.

**Private Investments in Public Equity** 

The Fund may invest in securities issued in private investments in public equity transactions, commonly referred to as "PIPEs." A PIPE investment involves the sale of equity securities, or securities convertible into equity securities, in a private placement transaction by an issuer that already has outstanding, publicly traded equity securities of the same class.

Shares acquired in PIPEs are commonly sold at a discount to the current market value per share of the issuer's publicly traded securities. Securities acquired in PIPEs generally are not registered with the SEC until after a certain period of time from the date the private sale is completed, which may be months and perhaps longer. PIPEs may contain provisions that require the issuer to pay penalties to the holder if the securities are not registered within a specified period. Until the public registration process is completed, securities acquired in PIPEs are restricted and, like investments in other types of restricted securities, may be illiquid. Any number of factors may prevent or delay a proposed registration. Prior to or in the absence of registration, it may be possible for securities acquired in PIPEs to be resold in transactions exempt from registration under the Securities Act. There is no guarantee, however, that an active trading market for such securities will exist at the time of disposition, and the lack of such a market could hurt the market value of the Fund's investments. Even if the securities acquired in PIPEs become registered, or the Fund is able to sell the securities through an exempt transaction, the Fund may not be able to sell all the securities it holds on short notice and the sale could impact the market price of the securities.

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Structured Solutions

The Fund also may gain exposure to Underlying Funds involving Secondary Investments structured as a preferred equity investment ("Structured Solutions"). Structured Solutions, which are self-originated transactions between the Fund and an Underlying Fund's general partner, in which the Fund will invest cash into an existing Underlying Fund in exchange for newly-issued interests in the Underlying Fund (i.e., the "preferred equity"). Structured Solutions are intended to provide for strong risk-adjusted return with meaningful downside protection.

**Distressed Securities** 

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

**Consortium or Offsetting Investments** 

The Underlying Fund managers may work with other Underlying Fund managers to invest collectively in the same underlying company, which could result in increased concentration risk where multiple Underlying Funds in the Fund's portfolio each invest in a particular underlying company. In addition, Underlying Funds may hold economically offsetting positions including, for example, where Underlying Funds have independently taken opposing positions (e.g., long and short) in an investment or due to hedging by Underlying Fund managers. To the extent that the Underlying Fund managers do, in fact, hold such offsetting positions, the Fund's portfolio, considered as a whole, may not achieve any gain or loss despite incurring fees and expenses in connection with such positions. In addition, Underlying Fund managers are compensated based on the performance of their portfolios. Accordingly, there often may be times when a particular Underlying Fund manager may receive incentive compensation in respect of its portfolio for a period even though the Fund's NAV may have decreased during such period. Furthermore, it is possible that from time to time, various Underlying Fund managers selected by the Adviser may be competing with each other for investments in one or more markets.

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**Zero Coupon and Paid-In-Kind ("PIK") Bonds** 

The Fund may invest in zero coupon or PIK bonds. Because investors in zero coupon or PIK bonds receive no cash prior to the maturity or cash payment date applicable thereto, an investment in such securities generally has a greater potential for complete loss of principal and/or return than an investment in debt securities that make periodic interest payments. Such investments are more vulnerable to the creditworthiness of the issuer and any other parties upon which performance relies.

**Repurchase Agreements** 

The Fund may invest in repurchase agreements. A repurchase agreement is a contractual agreement whereby the seller of securities agrees to repurchase the same security at a specified price on a future date agreed upon by the parties. The agreed-upon repurchase price determines the yield during the Fund's holding period. Repurchase agreements are economically similar to loans collateralized by the underlying security that is the subject of the repurchase contract. The Fund will only enter into repurchase agreements with registered securities dealers or domestic banks that, in the opinion of the Adviser, present minimal credit risk. The risk to the Fund is limited to the ability of the issuer to pay the agreed-upon repurchase price on the delivery date; however, although the value of the underlying collateral at the time the transaction is entered into always equals or exceeds the agreed-upon repurchase price, if the value of the collateral declines there is a risk of loss of both principal and interest. In the event of default, the collateral may be sold but the Fund might incur a loss if the value of the collateral declines and might incur disposition costs or experience delays in connection with liquidating the collateral. In addition, if bankruptcy proceedings are commenced with respect to the seller of the security, realization upon the collateral by the Fund may be delayed or limited. In addition, due to recent regulatory requirements imposed on repurchase agreements, the Fund's ability to exercise contractual termination and cross-default rights may be limited, delayed or extinguished in the event of a counterparty's (or its affiliate's) insolvency. The Adviser will monitor the value of the collateral at the time the transaction is entered into and at all times subsequent during the term of the repurchase agreement in an effort to determine that such value always equals or exceeds the agreed-upon repurchase price. In the event the value of the collateral declines below the repurchase price, the Adviser will demand additional collateral from the issuer to increase the value of the collateral to at least that of the repurchase price, including interest.

The SEC recently finalized rules that will require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared. Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may adversely affect the Fund's performance.

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**Reverse Repurchase Agreements** 

The Fund may enter into reverse repurchase agreements with respect to its portfolio investments subject to its investment restrictions and applicable law. Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement by the Fund to repurchase the securities at an agreed upon price, date and interest payment. The use by the Fund of reverse repurchase agreements involves many of the same risks of leverage since the proceeds derived from such reverse repurchase agreements may be invested in additional securities. Reverse repurchase agreements involve the risk that the market value of the securities acquired in connection with the reverse repurchase agreement may decline below the price of the securities the Fund has sold but is obligated to repurchase. Also, reverse repurchase agreements involve the risk that the market value of the securities retained in lieu of sale by the Fund in connection with the reverse repurchase agreement may decline in price.

If the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund's obligation to repurchase the securities, and the Fund's use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision. Also, the Fund would bear the risk of loss to the extent that the proceeds of the reverse repurchase agreement are less than the value of the securities subject to such agreement. In addition, due to recent regulatory requirements imposed on reverse repurchase agreements, the Fund's ability to exercise contractual termination and cross-default rights may be limited, delayed or extinguished in the event of a counterparty's (or its affiliate's) insolvency.

The SEC recently finalized rules that will require certain transactions involving U.S. Treasuries, including reverse repurchase agreements, to be centrally cleared. Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may adversely affect the Fund's performance.

**Restricted Securities and Rule 144A Securities** 

The Fund may invest in "restricted securities," which generally are securities that may be resold to the public only pursuant to an effective registration statement under the Securities Act or an exemption from registration. Regulation S under the Securities Act is an exemption from registration that permits, under certain circumstances, the resale of restricted securities in offshore transactions, subject to certain conditions, and Rule 144A under the Securities Act of 1933, as amended ("Securities Act"), is an exemption that permits the resale of certain restricted securities to qualified institutional buyers. Since its adoption by the SEC in 1990, Rule 144A has facilitated trading of restricted securities among qualified institutional investors. To the extent restricted securities held by the Fund qualify under Rule 144A and an institutional market develops for those securities, the Fund expects that it will be able to dispose of the securities without registering the resale of such securities under the Securities Act. However, to the extent that a robust market for such 144A securities does not develop, or a market develops but experiences periods of illiquidity, investments in Rule 144A securities could increase the level of the Fund's illiquidity.

Where an exemption from registration under the Securities Act is unavailable, or where an institutional market is limited, the Fund may, in certain circumstances, be permitted to require the issuer of restricted securities held by the Fund to file a registration statement to register the resale of such securities under the Securities Act. In such case, the Fund will typically be obligated to pay all or part of the registration expenses, and a considerable period may elapse between the decision to sell and the time the Fund may be permitted to resell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, or the value of the security were to decline, the Fund might obtain a less favorable price than prevailed when it decided to sell. Restricted securities for which no market exists are priced by a method that the Adviser believes accurately reflects fair value.

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**Portfolio Turnover** 

Purchases and sales of portfolio investments may be made as considered advisable by the Adviser in the best interests of the Members. The Fund's portfolio turnover rate may vary from year-to-year, as well as within a year. The Fund's distributions of any profits or gains realized from portfolio transactions generally are taxable to Members as ordinary income. In addition, higher portfolio turnover rates can result in corresponding increases in portfolio transaction costs for the Fund.

For reporting purposes, the Fund's portfolio turnover rate is calculated by dividing the lesser of purchases or sales of portfolio investments for the fiscal year by the monthly average of the value of the portfolio investments owned by the Fund during the fiscal year. In determining such portfolio turnover, all investments whose maturities at the time of acquisition were one year or less are excluded. A 100% portfolio turnover rate would occur, for example, if all of the investments in the Fund's investment portfolio (other than short-term money market securities) were replaced once during the fiscal year. Portfolio turnover will not be a limiting factor should the Adviser deem it advisable to purchase or sell investments.

**New Products** 

The financial markets continue to evolve and financial products continue to be developed. The Fund reserves the right to invest in new financial products as they are developed or become more widely accepted. As with any new financial product, these products will entail risks, including risks to which the Fund currently is not subject.

**BOARD OF DIRECTORS AND OFFICERS** 

The Fund has a Board comprised of five Directors, three of whom are not "interested persons" (as defined in the 1940 Act) of the Fund. The Board is generally responsible for the management and oversight of the business and affairs of the Fund. The Directors formulate the general policies of the Fund, approve contracts, and authorize Fund officers to carry out the decisions of the Board. As investment adviser to the Fund, the Adviser may be considered part of the management of the Fund. The Directors and executive officers of the Fund are listed below together with information on their positions with the Fund, address, and year of birth, as well as their principal occupations during at least the past five years and their other current principal business affiliations. Date ranges refer to time with the indicated institution, and the person may have previously had positions different from the position(s) listed. Each of the Fund's executive officers is an "interested person" of the Fund (as defined in the 1940 Act) as a result of his or her position(s) set forth below.

The Chairperson presides at Board meetings and may call a Board or committee meeting when he or she deems it necessary. The Chairperson participates in the preparation of Board meeting agendas and may generally facilitate communications among the Directors, and between the Directors and the Fund's management, officers, and independent legal counsel, between meetings. The Chairperson may also perform such other functions as may be requested by the Board from time to time. The Board has established the two standing committees described below, and may form working groups or ad hoc committees as needed.

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The Board believes this leadership structure is appropriate because it allows the Board to exercise informed and independent judgment, and allocates areas of responsibility among committees or working groups of Directors and the full Board in a manner that enhances effective oversight. The Board also believes that having a majority of Independent Directors is appropriate and in the best interest of the Members. The term "independent" Director refers to a Director who is not an "interested person" of the Fund as defined in section 2(a)(19) of the 1940 Act. The Board also believes that having interested persons serve as Directors brings both corporate and financial viewpoints of the Adviser that are significant elements in its decision-making process.

Mr. Ferragamo currently serves as the Chairperson of the Board and is an "interested person" of the Fund and the Adviser as defined in Section 2(a)(19) of the 1940 Act. The Directors have determined that having an interested chair is appropriate due to the Chairperson's greater knowledge of, and involvement in, the operations of the Adviser, his personal and professional stake in the quality and continuity of the services provided to the Fund, and his ability to efficiently mobilize the Adviser's resources at the Board's behest and on its behalf, among other reasons. Mr. Garbin currently serves as the Lead Independent Director. The Lead Independent Director's responsibilities include presiding at meetings of the Independent Directors; approving agendas and schedules of such meetings of the Board; facilitating communication with Independent Directors and the Board, management, service providers and committee chairs; and serving as the main contact for the Independent Directors.

The Board reviews its leadership structure at least annually and may make changes to it at any time, including in response to changes in the characteristics or circumstances of the Fund.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| NAME AND<br>YEAR OF<br>BIRTH<sup>(1)</sup>, <sup>(2)</sup> | POSITION(S) WITH THE<br>FUND | LENGTH OF<br>SERVICE | PRINCIPAL OCCUPATION(S)<br>DURING PAST 5 YEARS | PORTFOLIOS<br>IN FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR | OTHER DIRECTORSHIPS HELD BY<br>DIRECTOR |
|  **INTERESTED DIRECTORS** | **INTERESTED DIRECTORS** | **INTERESTED DIRECTORS** | **INTERESTED DIRECTORS** | **INTERESTED DIRECTORS** | **INTERESTED DIRECTORS** |
| Michael Ferragamo (1968) | Director; Chair<br> of the Board | Since Inception | Head of Global Compliance and Risk for Ardian, member of Ardian Executive Committee | [2] | Ardian Access LLC (since 2025) |
| Wilfred Small (1988) | Director; President; Portfolio Manager | Since Inception | Senior Managing Director, Ardian | [2] | Ardian Access LLC (since 2025) |
|  **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** |
| Jason Cipriani (1973) | Director; Chair of the Nominating and Governance Committee | Since Inception | Managing Partner for Corrum Capital Management LLC (2013 – present) | [2] | Ardian Access LLC (since 2025) |
| Mark Garbin (1951) | Director; Lead Independent Director | Since Inception | Management Principal for Coherent Capital Management LLC (2008 – present) | [2] | Ardian Access LLC (since 2025); Two Roads Shared Trust (since 2012); Northern Lights Fund Trust (since 2013); Northern Lights Variable Trust (since 2013); Forethought Variable Insurance Trust (since 2013); iDirect Private Markets Fund (since 2014); Carlyle Tactical Private Credit Fund (since March 2018); and Carlyle Credit Income Fund (since September 2023) |
| Richard Goglia (1951) | Director; Chair of<br> the Audit Committee | Since Inception | Independent Director and Chair of the Audit Committee for Natixis/Loomis Sayles mutual funds (2016 – present) | [2] | Ardian Access LLC (since 2025); Loomis Sayles Funds I (since 2015); Loomis Sayles Funds II (since 2015); Natixis Funds Trust I (since 2015) |

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1 Each Director serves an indefinite term, until his or her successor is elected.

2 The business address for each Director is 1370 Avenue of the Americas, New York, NY 10019.

In addition to Mr. Small, who serves as President of the Fund, other officers of the Fund are shown below:

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|:---|:---|:---|:---|
| **NAME AND YEAR OF**<br> **BIRTH<sup>(1)</sup>** | **POSITION(S) WITH<br>THE**<br> **FUND** | **LENGTH OF**<br> **SERVICE** | **PRINCIPAL OCCUPATION(S) DURING PAST**<br> **5 YEARS** |
| Edward Hickes (1987) | Chief Compliance Officer | Since Inception | CCO for Ardian US LLC (since 2023); Compliance Officer and Deputy CCO for Ardian US LLC (2017 – 2023) |
| Aymeric Lepeu (1975) | Treasurer | Since Inception | CFO / COO / Executive Board Member Ardian US LLC (2007 – present); CFO / Executive Board Member for Ardian Canada Inc (2022 – present); CFO / Executive Board Member for Ardian Chile S.P.A. (2012 – present); Officer for Ardian Canada Inc. (since 2025) |
| Alfred Miranda (1986) | Vice President | Since Inception | Managing Director for Ardian US LLC (since 2018) |
| Côme Tauveron (1988) | Secretary | Since Inception | Ardian Canada / Legal Counsel / Managing Lawyer (2026); Senior Lawyer for Ardian France (2021 – 2025); Legal Counsel for PROPARCO (Private Equity) (2018 – 2021) |

---

1 The business address for each officer is 1370 Avenue of the Americas, New York, New York 10019.

Each Director of the Fund serves until the next meeting of Members called for the purpose of electing Directors and until the election and qualification of his or her successor or until he or she dies, resigns, or is removed. An interested Director of the Fund shall no longer serve as a Director if or when they are no longer an employee of an affiliate of Ardian US LLC.

The Chairperson is elected to hold such office until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she retires, dies, resigns, is removed, or becomes disqualified.

The President, Treasurer, and Secretary and such other officers as the Directors may in their discretion from time to time elect shall hold such office until their respective successors shall have been chosen and qualified.

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##### [**Table of Contents**](#toc)
Each officer and the Chairperson shall hold office at the pleasure of the Directors.

**Additional Information About the Directors** 

In addition to the information set forth above, the following specific experience, qualifications, attributes, and skills apply to each Director. Each Director was appointed to serve on the Board based on his or her overall experience and the Board did not identify any specific qualification as all-important or controlling. The information in this section should not be understood to mean that any of the Directors is an "expert" within the meaning of the federal securities laws.

***Jason Cipriani.*** Mr. Cipriani is Co-Managing Partner of Corrum Capital Management LLC and is a voting member of the firm's Investment Committee. Prior to founding Corrum Capital, Mr. Cipriani was at Bank of America with responsibility for the company's alternative investments portfolio. Mr. Cipriani previously held other roles within Bank of America's Global Corporate and Investment Bank. Prior to joining Bank of America, he held various corporate finance positions at Paramount/VIACOM, Time Warner Cable and PL Industries.

***Michael Ferragamo.*** Mr. Ferragamo serves as the head of Global Compliance and Risk for Ardian and is a member of the Executive Committee. Mr. Ferragamo joined Ardian in 2004. He began his professional career in New York and gained experience as a compliance officer within different companies such as New York Life Insurance Company, Credit Suisse First and NASD Regulation Inc. From 1996 to 1997, he was a financial analyst at Union Bank of Switzerland and from 1990 to 1996, a money market foreign exchange broker at Lasser Marshall Inc. He holds a JD from Brooklyn Law School and is a Member of New York State Bar. He also holds a Bachelor's degree in Business Administration/Finance from Marist College.

***Mark Garbin.*** Mr. Garbin has over 30 years of experience in corporate balance sheet and income statement risk management for large asset managers. Mr. Garbin has extensive derivatives experience and has provided consulting services to alternative asset managers. Mr. Garbin holds both a Chartered Financial Analyst ("CFA") and Professional Risk Manager ("PRM") designation and has earned and holds advanced degrees in international business, negotiation and derivatives.

***Richard Goglia.*** Mr. Goglia currently serves as an Independent Director and Chair of the Audit Committee for Natixis/Loomis Sayles mutual funds. Mr. Goglia retired at the end of March 2015 as Vice President and Treasurer of Raytheon Company. He joined Raytheon Company in 1997, prior to which he spent 16 years with General Electric Company and GE Capital where his last assignment was as Senior Vice President of GE Capital in its Corporate Finance Group. He holds an advanced degree in finance.

***Wilfred Small.*** Mr. Small joined Ardian in 2011 and is a Senior Managing Director and member of the Ardian Secondary Fund Management Committee. He is primarily engaged in the origination and evaluation of investments in North America, where he plays a leading role in developing Ardian's secondaries and primaries business. Mr. Small also serves as a portfolio manager of the Fund.

**Board Committees and Meetings** 

[As of the date of this SAI, the full Board has not held any meetings].

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##### [**Table of Contents**](#toc)
*Audit Committee* 

The Board has an Audit Committee consisting of all of the Independent Directors. Mr. Goglia serves as the Chairperson of the Audit Committee. Under the terms of its charter, the Audit Committee: (a) oversees the Fund's accounting and financial reporting processes, its internal control over financial reporting and, as the Audit Committee deems appropriate, to inquire into the internal control over financial reporting of certain service providers; (b) oversees the quality and integrity of the Fund's financial statements and the independent audit thereof; (c) oversees, or, as appropriate, assists Board oversight of, the Fund's compliance with legal and regulatory requirements that relate to the Fund's accounting and financial reporting, internal control over financial reporting and independent audits; (d) approves, prior to appointment, the engagement of the Fund's registered public accounting firm and reviews and evaluates the qualifications, independence and performance of the Fund's auditor; (e) approves any audit and non-audit services, including any non-audit services provided to the Fund's investment adviser and to any affiliate of the investment adviser regarding the operations and financial reporting of the Fund, in accordance with the policy set forth in the Audit Committee's charter; (f) acts as a liaison between the Fund's independent public accountant and the full Board; (g) oversees or, as appropriate, assists Board oversight of the Fund's processes for the valuation of its assets, including with respect to the fair valuation of assets; and (h) performs such other functions as the Board may from time to time assign to the Audit Committee.

*Nominating and Governance Committee* 

The Board has a Nominating and Governance Committee consisting of all of the Independent Directors. Mr. Cipriani serves as the Chairperson of the Nominating and Governance Committee. Under the terms of its charter, the Nominating and Governance Committee is empowered to perform a variety of functions on behalf of the Board, including to: (i) make nominations for Independent Director membership on the Board when necessary; (ii) consider nominee candidates proposed for the Board properly submitted in accordance with the Committee's charter; (iii) review periodically board governance practices and procedures and any recommendations of the Chief Compliance Officer of the Fund relating thereto, and to recommend to the Board any changes it may deem appropriate; (iv) review periodically Director compensation and to recommend to the Board members any changes it may deem appropriate; (v) review on an annual basis committee chair assignments and committee assignments, the responsibilities of each committee of the Board, whether there is continuing need for each committee, and whether there is a need for any additional committees of the Board or changes to existing committees of the Board; (vi) plan and administer the Board's annual self-evaluation process; (vii) consider the structure, operations and effectiveness of the Nominating and Governance Committee annually; (viii) evaluate on at least an annual basis the independence of counsel to the Independent Directors; and (ix) perform such other functions as the Board may from time to time assign to the Nominating and Governance Committee. It is the policy of the Nominating and Governance Committee to consider nominees recommended by Members. Members who would like to recommend nominees to the Nominating and 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 recommendations in any applicable proxy statement of the Fund) and should address their recommendations to the attention of: Ardian Access Secondary Infrastructure Fund LLC Nominating and Governance Committee, at c/o 1370 Avenue of the Americas New York, NY 10019.

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##### [**Table of Contents**](#toc)
**Risk Oversight** 

As a registered investment company, the Fund is subject to a variety of risks, including, among others, investment risks, financial risks, compliance risks, and operational risks. The Adviser has primary responsibility for the Fund's risk management on a day-to-day basis as part of its overall responsibilities. The Adviser and the Fund's Chief Compliance Officer also assist the Board in overseeing the significant investment policies of the Fund and monitor the various compliance policies and procedures approved by the Board as a part of its oversight responsibilities.

In discharging its oversight responsibilities, the Board considers risk management issues throughout the year by reviewing regular reports prepared by the Adviser and the Fund's Chief Compliance Officer, as well as special written reports or presentations provided on a variety of risk issues, as needed. For example, the Adviser reports to the Board quarterly on the investment performance of the Fund, the financial performance of the Fund, overall market and economic conditions, and legal and regulatory developments that may impact the Fund. The Fund's Chief Compliance Officer, who reports directly to the Independent Directors, provides presentations to the Board at its quarterly meetings and an annual report to the Board concerning (i) compliance matters relating to the Fund, the Adviser and the Fund's other key service providers; (ii) regulatory developments; (iii) business continuity programs; and (iv) various risks identified as part of the Fund's compliance program assessments. The Fund's Chief Compliance Officer also meets at least quarterly in executive session with the Independent Directors and communicates significant compliance-related issues and regulatory developments to the Audit Committee between Board meetings.

In addressing issues regarding the Fund's risk management between meetings, appropriate representatives of the Adviser communicate with the Chairperson of the Fund, the Chairperson of the Audit Committee, or the Fund's Chief Compliance Officer. As appropriate, the Directors confer among themselves, or with the Fund's Chief Compliance Officer, the Adviser, other service providers, and independent legal counsel, to identify and review risk management issues that may be placed on the full Board's agenda.

The Board also relies on its committees to administer the Board's oversight function. The Audit Committee assists the Board in reviewing with the Adviser and the Fund's independent auditors, at various times throughout the year, matters relating to the annual audits, financial accounting and reporting matters, and the internal control environment at the service providers that provide financial accounting and reporting for the Fund. The Audit Committee also meets annually with representatives of the Adviser's Corporate Audit Department to review the results of internal audits of relevance to the Fund. This and the Board's other committees present reports to the Board that may prompt further discussion of issues concerning the oversight of the Fund's risk management. The Board may also discuss particular risks that are not addressed in the committee process.

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##### [**Table of Contents**](#toc)
**Ownership of Securities by Board** 

---

| | | |
|:---|:---|:---|
|  | **Dollar Range of Equity Securities<br>in the Fund** | **Aggregate Dollar Range of**<br> **Equity Securities in All**<br> **Registered Investment**<br> **Companies Overseen by Director**<br> **in Family of Investment<br>Companies** |
|  **Independent Directors** |  |  |
|  Jason Cipriani | None | None |
|  Mark Garbin | None | None |
|  Richard Goglia | None | None |
|  **Interested Directors** |  |  |
|  Michael Ferragamo | None | None |
|  Wilfred Small | None | None |

---

As the Fund is newly-offered, as of the [ ], 2026, none of the Directors or officers of the Fund, as a group, owned any Units.

**Independent Director Ownership of Securities** 

None of the Independent Directors (or their immediate family members) owns securities of the Adviser or the Distributor.

**Compensation of Board** 

In consideration of the services rendered by the Independent Directors, the Fund pays an annual retainer of $65,000 to each Independent Director. The Directors who are "interested persons," as defined in the 1940 Act, of the Fund and the Fund's officers do not receive compensation from the Fund. The Directors do not receive any pension or retirement benefits.

The following table sets forth the anticipated compensation to be paid to the Fund's Directors for the Fund's initial fiscal year.

---

| | | |
|:---|:---|:---|
|  | **Aggregate Compensation from<br>the Fund** | **Total Compensation from the<br>Fund and Fund Complex<br>Paid to Directors** |
|  **Independent Directors** |  |  |
|  Jason Cipriani | $65000 | $140000 |
|  Mark Garbin | $65000 | $140000 |
|  Richard Goglia | $65000 | $140000 |
|  **Interested Directors** |  |  |
|  Michael Ferragamo |  |  |
|  Wilfred Small |  |  |

---

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##### [**Table of Contents**](#toc)
**CODES OF ETHICS** 

The Fund and the Adviser have each adopted a code of ethics pursuant to Rule 17j-1 of the 1940 Act, which is designed to prevent affiliated persons of the Fund and the Adviser from engaging in deceptive, manipulative, or fraudulent activities in connection with securities held or to be acquired by the Fund. The codes of ethics permit persons subject to them to invest in securities, including securities that may be held or purchased by the Fund, subject to a number of restrictions and controls. Compliance with the codes of ethics is carefully monitored and enforced. The Distributor is not required to adopt a code of ethics under Rule 17j-1 with respect to the Fund, pursuant to an exception for principal underwriters under Rule 17j-1(c)(3).

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

**INVESTMENT MANAGEMENT AND OTHER SERVICES** 

**The Adviser** 

Ardian US LLC serves as the Fund's investment adviser. The Adviser is registered as an investment adviser with the SEC under the Advisers Act. The Adviser is a subsidiary of Ardian Holding and has been registered as an investment adviser with the SEC since 2004.

Subject to the general supervision of the Board, and in accordance with the investment objective and policies of the Fund, the Adviser is expected to provide for the day-to-day management of the Fund's portfolio of securities. In addition, the Adviser maintains responsibility for a number of other important obligations, including, among other things, board reporting and oversight of the Fund's other service providers. The Adviser also provides advice and recommendations to the Board, and performs such review and oversight functions as the Board may reasonably request, as to the continuing appropriateness of the investment objective, strategies, and policies of the Fund, valuations of portfolio securities, and other matters relating generally to the investment program of the Fund.

In rendering investment advisory services to the Fund, the Adviser expects to use portfolio management, research and other resources of foreign (non-U.S.) affiliates of the Adviser through a "participating affiliate" arrangement, as that term is used in "no-action" guidance issued by the staff of the SEC. This guidance allows U.S. registered investment advisers to use portfolio management or research resources of non-registered advisory affiliates, subject to the supervision of the registered investment adviser and other conditions.

The investment management agreement by and between the Fund and the Adviser (the "Investment Management Agreement"), unless otherwise terminated, will continue in effect for two years from the date of effectiveness of such agreement, and from year to year thereafter, so long as such continuance is specifically approved at least annually (i) by the Board or by vote of a majority of the outstanding voting securities of the Fund, and (ii) by vote of a majority of the Independent

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##### [**Table of Contents**](#toc)
Directors of the Fund, cast in person at a meeting called for the purpose of voting on such approval. The Investment Management Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act) and is terminable without penalty (i) at any time for cause or by agreement of the parties or (ii) by either party upon sixty days' written notice to the other party. A discussion regarding the basis for the Board's approval of the Investment Management Agreement will be available in the Fund's first annual or semiannual report to Members.

The Investment Management Agreement provides that, 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 or gross negligence on the part of the Adviser, or reckless disregard of its obligations and duties thereunder, the Adviser, including its officers, directors and partners, will not be liable to the Fund or to any Member, officer, director, partner or Director of the Fund, for any act or omission in the course of, or connected with, rendering services thereunder. The Investment Management Agreement also provides for indemnification by the Fund to the Adviser for any action reasonably taken or omitted to be taken by the Adviser in its capacity as investment adviser in reasonable reliance upon any document, certificate or instrument which the Adviser reasonably believes to be genuine and to be signed or presented by the proper person or persons.

In consideration of the advisory and other services provided by the Adviser to the Fund under the Investment Management Agreement, the Adviser is entitled to a fee consisting of two components – a base management fee (the "Management Fee") and an incentive fee (the "Incentive Fee").

**Management Fee** 

Pursuant to the Investment Management Agreement, the Fund (and, for the avoidance of doubt, not any Subsidiary) pays the Adviser a monthly Management Fee equal to 1.25% on an annualized basis of the Fund's net asset value (including, for the avoidance of doubt, assets held in a Subsidiary) as of the last day of the month. "Net asset value" means the total value of all assets of the Fund (including, for the avoidance of doubt, assets held in a Subsidiary), less an amount equal to all accrued debts, liabilities and obligations of the Fund (including those of any Subsidiary); provided that, for purposes of determining the Management Fee payable to the Adviser for any month, the net asset value is calculated after any subscriptions but prior to any repurchases occurring in that month. The Management Fee will be computed as of the last day of each month, and will be due and payable in arrears within 30 days after the end of the month. To the extent the Adviser receives advisory fees from a Subsidiary, the Adviser will not receive compensation from the Fund in respect of the assets of the Fund that are invested in such Subsidiary.

The Adviser has contractually agreed for a period of one year from the date the Fund commences operations to reduce the Management Fee payable to it to 0.00%. Amounts waived pursuant to this contractual agreement may not be recouped by the Adviser.

**Incentive Fee** 

The Adviser shall be entitled to an Incentive Fee equal to 12.5% of the Fund's Total Return, subject to a 5.0% annual Hurdle Amount with a 100% Catch-Up and a High Water Mark (each as defined below). The Incentive Fee will be measured and paid annually out of the assets of the Fund and will be accrued monthly (subject to pro-rating for partial periods).

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##### [**Table of Contents**](#toc)
Specifically, the Adviser is entitled to an Incentive Fee in an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First, if the Fund's Total Return for the applicable period exceeds the sum of (i) the Hurdle Amount
for the period and (ii) the Loss Carryforward Amount (any such excess, "Excess Profits"), 100% of such annual Excess Profits until the total amount of the Incentive Fee payable to the Adviser equals 12.5% of the sum of (x) the
Hurdle Amount for that period and (y) any amount payable to the Adviser pursuant to this clause (this is commonly referred to as a "Catch-Up"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits.

"Total Return" for the relevant period shall equal the sum of (i) all distributions accrued or paid (without duplication) on a Unit of the respective Class since the beginning of the then-current fiscal year (whether or not reinvested in additional Units) plus (ii) the change in the Fund's aggregate net asset value since the beginning of the then-current fiscal year and (iii) the value of any Units repurchased by the Fund since the beginning of the then-current fiscal year, in each case, before giving effect to (a) changes resulting solely from the proceeds of issuances of Units; and (b) any accrual of the Incentive Fee; minus (iv) the Management Fee and all expenses of the Fund to the extent not previously reflected in the net asset value of the Fund.

For the avoidance of doubt, the calculation of Total Return will (i) include any realized or unrealized appreciation or depreciation in the net asset value of Units issued during the then-current fiscal year, (ii) treat any withholding tax on distributions paid by or received by the Fund as part of the distributions accrued or paid on Units, and (iii) exclude the proceeds from the initial issuance of such Units.

"Hurdle Amount" for any period during the then-current fiscal year means that amount that results in a 5.0% annualized return on the net asset value of the Units outstanding at the beginning of the then-current fiscal year and all Units issued since the beginning of the then-current fiscal year calculated in accordance with recognized industry practices and taking into account: (i) the timing and amount of all distributions accrued or paid (without duplication) on all such Units minus all Fund expenses but excluding applicable expenses for Distribution and Servicing Fees; and (ii) all issuances of Units over the period. For the avoidance of doubt, the calculation of the Hurdle Amount for any period will exclude any Units repurchased during such period.

The net asset value of Units used in determining the Hurdle Amount will be calculated before giving effect to any accrual of the Incentive Fee and applicable expenses for Distribution and Servicing Fees. For the avoidance of doubt, the calculation of the Hurdle Amount for any period will exclude: any Units repurchased during such period, which Units will be subject to the Incentive Fee upon repurchase. Except as described in "Loss Carryforward Amount" below, any amount by which Total Return falls below the Hurdle Amount will not be carried forward to subsequent periods.

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##### [**Table of Contents**](#toc)
"Loss Carryforward Amount" shall initially equal zero and shall cumulatively increase by the absolute value of any negative Total Return for the relevant period and decrease by any positive Total Return for such period; provided, that the Loss Carryforward Amount shall at no time be less than zero and provided further that the calculation of the Loss Carryforward Amount will exclude the Total Return related to any Units repurchased during the relevant period, which Units will be subject to the Incentive Fee upon repurchase. The effect of the Loss Carryforward Amount is that the recoupment of past Total Return losses for the relevant period will offset the positive Total Return for such period for purposes of the calculation of the Incentive Fee. This is referred to as a "High Water Mark."

Promptly following the end of each fiscal year, the Fund shall pay the Adviser an Incentive Fee as described above; provided, however, the Adviser shall be entitled to receive such portion of the Incentive Fee that has been accrued for the relevant fiscal year prior to the end of such year in an amount sufficient to cover any tax liability of the Adviser with respect to such Incentive Fee. The Incentive Fee that the Adviser is entitled to receive at the end of each fiscal year will accrue monthly, with payment made annually (subject to more frequent tax-related payments described above), and shall be reduced by the cumulative amount of Incentive Fees paid during that year (if any). To the extent the Adviser receives incentive fees from a Subsidiary, the Adviser will not receive an incentive fee from the Fund in respect of any portion of the Fund's Total Return that is attributable to such Subsidiary. To the extent any portion of the accrued Incentive Fee was paid during a fiscal year but, at the end of such fiscal year, the Adviser is not entitled to any Incentive Fee in respect of such fiscal year, the Adviser shall promptly reimburse the Fund for such amount previously paid.

The Adviser will not be obligated to return any portion of the Incentive Fee paid by the Fund due to the subsequent performance of the Fund.

**Conflicts of Interest** 

The portfolio managers may manage separate accounts or other pooled investment vehicles that may have materially higher or different fee arrangements than the Fund and may also be subject to performance-based fees. The side-by-side management of these separate accounts and pooled investment vehicles may raise potential conflicts of interest relating to cross-trading and the allocation of investment opportunities. [In addition, certain Ardian funds have priority rights with respect to particular Secondary Investments that also fall within the investment policies of other Ardian funds, and a significant percentage (generally 70%) of the deal flow of Secondary Investments will be allocated to a sub-set of Ardian funds, at the exclusion of other eligible Ardian funds, including the Fund (which together generally will be allocated the remaining 30%), subject to the respective Ardian investment manager applying certain agreed upon allocation factors (the "Allocation Priority Policy"). The Adviser has a fiduciary responsibility to manage all client accounts in a fair and equitable manner. The Adviser seeks to provide best execution of all securities transactions and to allocate investments to client accounts in a fair and reasonable manner, taking into account the Allocation Priority Policy. To this end, the Adviser has developed policies and procedures designed to mitigate and manage the potential conflicts of interest that may arise from side-by-side management.]

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##### [**Table of Contents**](#toc)
As of today, Ardian (i) manages and/or advises managed accounts which generally do not have a priority on the deal flow of direct infrastructure co-investment opportunities and (ii) does not manage any commingled direct infrastructure co-investment fund. If Ardian launches any commingled direct infrastructure co-investment fund, it is expected that allocation priority policies substantially similar to the Allocation Priority Policy described above would apply to the deal flow of direct infrastructure co-investment opportunities.

**Compensation of the Portfolio Managers** 

Ardian's compensation program for its investment professionals is comprised of salary, bonus, and deferred bonus; the proportion of each component out of the total compensation varies with seniority. For senior members of the team, compensation emphasizes long-term incentives, such as the long-term cash bonus. Additionally, most of the investment professionals participate in the carry programs of Ardian secondary funds, typically requiring a personal investment. Lastly, through management company shareholding, many of the employees may benefit from the overall success of the firm's investment management activities in the long-term.

**Other Accounts Managed by the Portfolio Managers** 

The following table lists the number and types of accounts, other than the Fund, managed by the Fund's primary portfolio managers and assets under management in those accounts, as of [ ], 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number<br>of**<br>**Accounts**<br>**Managed** | **Total<br>Assets**<br>**Managed**<br>**(in<br>billion $)** | **Number**<br>**of**<br>**Accounts**<br>**Managed for**<br>**which<br>Advisory**<br>**Fee is**<br>**Performance-**<br>**Based** | **Assets**<br>**Managed**<br>**for which**<br>**Advisory Fee<br>is**<br>**Performance-**<br>**Based**<br>**(in billion $)** |
|  **Mark Benedetti** | **[** **]** | **[** **]** | **[** **]** | **[** **]** |
|  Registered Investment Companies | [] | [] | [] | [] |
|  Other Pooled Investment Vehicles | [] | [] | [] | [] |
|  Other Accounts | [] | [] | [] | [] |
|  **Vladimir Colas** | **[** **]** | **[** **]** | **[** **]** | **[** **]** |
|  Registered Investment Companies | [] | [] | [] | [] |
|  Other Pooled Investment Vehicles | [] | [] | [] | [] |
|  Other Accounts | [] | [] | [] | [] |

---

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##### [**Table of Contents**](#toc)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Daryl Li** | **[** | **]** | **[** | **]** | **[** | **]** | **[** | **]** |
|  Registered Investment Companies | [ | ] | [ | ] | [ | ] | [ | ] |
|  Other Pooled Investment Vehicles | [ | ] | [ | ] | [ | ] | [ | ] |
|  Other Accounts | [ | ] | [ | ] | [ | ] | [ | ] |
|  **Alexandre Motte** | **[** | **]** | **[** | **]** | **[** | **]** | **[** | **]** |
|  Registered Investment Companies | [ | ] | [ | ] | [ | ] | [ | ] |
|  Other Pooled Investment Vehicles | [ | ] | [ | ] | [ | ] | [ | ] |
|  Other Accounts | [ | ] | [ | ] | [ | ] | [ | ] |
|  **Marie-Victoire Rozé** | **[** | **]** | **[** | **]** | **[** | **]** | **[** | **]** |
|  Registered Investment Companies | [ | ] | [ | ] | [ | ] | [ | ] |
|  Other Pooled Investment Vehicles | [ | ] | [ | ] | [ | ] | [ | ] |
|  Other Accounts | [ | ] | [ | ] | [ | ] | [ | ] |
|  **Jan Philipp Schmitz** | **[** | **]** | **[** | **]** | **[** | **]** | **[** | **]** |
|  Registered Investment Companies | [ | ] | [ | ] | [ | ] | [ | ] |
|  Other Pooled Investment Vehicles | [ | ] | [ | ] | [ | ] | [ | ] |
|  Other Accounts | [ | ] | [ | ] | [ | ] | [ | ] |
|  **Wilfred Small** | **[** | **]** | **[** | **]** | **[** | **]** | **[** | **]** |
|  Registered Investment Companies | [ | ] | [ | ] | [ | ] | [ | ] |
|  Other Pooled Investment Vehicles | [ | ] | [ | ] | [ | ] | [ | ] |
|  Other Accounts | [ | ] | [ | ] | [ | ] | [ | ] |

---

**Ownership of Securities by Portfolio Managers** 

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Equity**<br>**Securities in the Fund** |
|  Mark Benedetti | [None] |
|  Vladimir Colas | [None] |
|  Alexandre Motte | [None] |
|  Daryl Li | [None] |
|  Marie-Victoire Rozé | [None] |
|  Jan Philipp Schmitz | [None] |
|  Wilfred Small | [None] |

---

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##### [**Table of Contents**](#toc)
[As the Fund has not yet commenced investment operations, none of the Fund's primary portfolio managers owned Units as of the date of this SAI.]

**PORTFOLIO TRANSACTIONS AND BROKERAGE ALLOCATION** 

**Investment Decisions and Portfolio Transactions** 

Pursuant to the Investment Management Agreement, the Adviser determines, subject to the general supervision of the Board and in accordance with the Fund's investment objective and restrictions, which securities are to be purchased and sold by the Fund and which brokers are to be eligible to execute its portfolio transactions. The Adviser operates independently in providing services to its clients. Investment decisions are the product of many factors in addition to basic suitability for the particular client involved. Thus, for example, a particular security may be bought or sold for certain clients even though it could have been bought or sold for other clients at the same time. Likewise, a particular security may be bought for one or more clients when one or more other clients are selling the security. In some instances, one client may sell a particular security to another client. It also happens that two or more clients may simultaneously buy or sell the same security, in which event each day's transactions in such security are, insofar as possible, averaged as to price and allocated between such clients in a manner which in the opinion of the Adviser is equitable to each and in accordance with the amount being purchased or sold by each. There may be circumstances when purchases or sales of portfolio securities for one or more clients will have an adverse effect on other clients.

On behalf of the Fund, the Adviser places orders for all purchases and sales of portfolio securities, enters into repurchase agreements, and may enter into reverse repurchase agreements and execute loans of portfolio securities on behalf of the Fund unless otherwise prohibited. See "Investment Strategies and Policies." In some instances, the Fund will acquire interests in an Underlying Fund directly from the Underlying Fund (or indirectly through a blocker that holds interests in the Underlying Fund), and such purchases by the Fund, if any, will be subject to various legal expenses, but may be, but are generally not, subject to broker expenses. Nevertheless, the Fund anticipates that some of its portfolio transactions (including investments in Underlying Funds by the Fund) may be subject to broker expenses.

On those occasions when the Adviser deems the purchase or sale of a security to be in the best interests of the Fund as well as other customers, including other funds, the Adviser, to the extent permitted by applicable laws and regulations, may, but is not obligated to, aggregate the securities to be sold or purchased for the Fund with those to be sold or purchased for other customers in order to obtain best execution, including lower brokerage commissions if appropriate. In such event, allocation of the securities so purchased or sold as well as any expenses incurred in the transaction will be made by the Adviser in the manner it considers to be most equitable and consistent with its fiduciary obligations to its customers, including the Fund. In some instances, the allocation procedure might not permit the Fund to participate in the benefits of the aggregated trade.

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**Best Execution** 

Because the Adviser expects that most of the Fund's purchases of securities will be made directly in privately negotiated transactions, the Adviser expects to engage in transactions using a broker on a more limited basis in the normal course of business. Subject to policies established by the Board, the Adviser is primarily responsible for the execution of the publicly traded securities portion of the Fund's portfolio transactions and the allocation of brokerage. In selecting brokers or dealers to execute portfolio transactions, the Adviser seeks to obtain the best price and most favorable execution for the Fund, taking into account a variety of factors including: (i) the size, nature and character of the security or instrument being traded and the markets in which it is purchased or sold; (ii) the desired timing of the transaction; (iii) the Adviser's knowledge of the expected commission rates and spreads currently available; (iv) the activity existing and expected in the market for the particular security or instrument, including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker's or dealer's capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the commission, dealer spread or its equivalent for the specific transaction; and (ix) the Adviser's knowledge of any actual or apparent operational problems of a broker or dealer. The Adviser does not expect to have any soft-dollar arrangements with any broker.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL** 

The Board has selected [ ], as the independent registered public accountant for the Fund.

Ropes & Gray LLP, Three Embarcadero Center, San Francisco, CA US 94111-4006, serves as counsel to the Fund.

**CUSTODIAN** 

JPMorgan Chase Bank, N.A. ("JPMorgan" or the "Custodian") serves as the primary custodian of the assets of the Fund and may maintain custody of such assets with U.S. and non-U.S. sub-custodians (which may be banks and trust companies), securities depositories and clearing agencies, in each case, in accordance with the requirements of Section 17(f) of the 1940 Act and the rules thereunder. Assets of the Fund are not held by the Adviser or commingled with the assets of other accounts other than to the extent that securities are held in the name of the Custodian or U.S. or non-U.S. sub-custodians in a securities depository, clearing agency or omnibus customer account of such custodian. The Custodian's principal business address is 383 Madison Ave., New York NY 10017. JPMorgan also serves as portfolio administrator to the Fund pursuant to a separate Portfolio Administration Agreement. Under this agreement, JPMorgan will provide the Fund various portfolio administrative services, including but not limited to capital call and distribution processing, roll-forward valuation services, document management services, ad-hoc consulting services and certain cashflow and other data analytics services. JPMorgan's principal office is 4 Chase Metrotech Center, Brooklyn, NY 11245.

**ORGANIZATION AND MANAGEMENT OF WHOLLY-OWNED SUBSIDIARIES** 

The Fund may invest up to 25% of its total assets directly or indirectly in a wholly-owned subsidiary organized as a Delaware limited liability company (or organized as another entity type) that is taxed as a corporation for U.S. federal income tax purposes (the "Corporate Subsidiary"). The Fund may also invest all or a portion of its remaining assets in one or more other wholly-owned subsidiaries organized as Delaware limited liability companies (or organized as other entity types) that are disregarded entities for U.S. federal income tax purposes (such subsidiaries, along with the Corporate Subsidiary, the "Subsidiaries"). The Subsidiaries have the same investment objective and strategies as the Fund and, like the Fund, are managed by the Adviser.

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The Subsidiaries are overseen by their own board of managers and, as discussed further below, are not registered under the 1940 Act. However, the Subsidiaries are directly or indirectly wholly-owned and controlled by the Fund and the Fund's Board oversees the investment activities of the Fund, including its investments in the Subsidiaries, and the Fund's role as sole member of each Subsidiary. The Adviser is responsible for management of the Subsidiaries.

A Subsidiary's board of managers may, but is not required to, have the same composition as the Fund's Board.

A Subsidiary may enter into an investment management agreement with Ardian US LLC for the provision of advisory services. Under these agreements, Ardian US LLC provides the Subsidiaries with the same type of advisory services, under substantially the same terms, as are provided to the Fund.

The Subsidiaries will enter 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 Fund. The Subsidiaries bear the fees and expenses incurred in connection with the services that it receives pursuant to each of these separate agreements and arrangements. The Fund expects that the expenses borne by the Subsidiaries will not be material in relation to the value of the Fund's assets.

For purposes of adhering to the Fund's compliance policies and procedures, the Adviser treats the assets of the Subsidiaries as if the assets were held directly by the Fund. The Chief Compliance Officer of the Fund makes periodic reports to the Fund's Board regarding the management and operations of the Subsidiaries.

The financial information of each Subsidiary is consolidated into the Fund's financial statements, as contained within the Fund's registration statement and annual and semiannual reports that will be provided to members.

By investing in the Subsidiaries, the Fund is indirectly exposed to the risks associated with each Subsidiary's investments. The Underlying Funds and other investments held by the Subsidiaries are subject to the same risks that would apply to similar investments if held directly by the Fund. The Subsidiaries are subject to the same principal risks to which the Fund is subject (as described in the Fund's prospectus). There can be no assurance that the investment objective of the Subsidiaries 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 Fund. The Fund wholly owns and controls the Subsidiaries, and the Fund and the Subsidiaries are managed by Ardian US LLC, making it unlikely that the Subsidiaries will take action contrary to the interests of the Fund and Members. The Fund's Board has oversight responsibility for the investment activities of the Fund, including its investment in the Subsidiaries, and the Fund's role as sole member of each Subsidiary. In managing each Subsidiary's investment portfolio, Ardian US LLC manages each Subsidiary's portfolio in accordance with the Fund's investment policies and restrictions.

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The Adviser, as it relates to the Subsidiaries, complies with provisions of the 1940 Act relating to investment advisory contracts under Section 15 as an investment adviser to the Fund under Section 2(a)(20) of the 1940 Act.

Changes in the tax laws of the United States, the State of Delaware or other applicable governing jurisdiction could result in the inability of the Subsidiary to operate as described in the prospectus and this SAI and could adversely affect the Subsidiary and its members.

**PROXY VOTING POLICIES AND PROCEDURES** 

The Board has delegated its proxy voting responsibility to the Adviser. The Adviser will vote such proxies in accordance with its proxy policies and procedures (which include policies and procedures relating to waiving "voting rights," as such term is interpreted under the 1940 Act, with respect to the Fund and/or its Subsidiaries to avoid potential affiliation issues under the 1940 Act). Copies of the Adviser's proxy policies and procedures are included as Appendix A to this SAI. The guidelines are reviewed periodically by the Adviser and the Independent Directors and, accordingly, are subject to change.

It is the policy of the Fund to delegate the responsibility for voting proxies relating to portfolio securities held by the Fund to the Adviser as a part of the Adviser's general management of the Fund's portfolio, subject to the continuing oversight of the Board. The Board has delegated such responsibility to the Adviser and directs the Adviser to vote proxies relating to portfolio securities held by the Fund consistent with its proxy voting policies and procedures. The Adviser may retain one or more vendors to review, monitor and recommend how to vote proxies in a manner consistent with its proxy voting policies and procedures, to ensure that such proxies are voted on a timely basis and to provide reporting and/or record retention services in connection with proxy voting for the Fund.

The right to vote a proxy with respect to portfolio securities held by the Fund is an asset of the Fund. The Adviser, to which authority to vote on behalf of the Fund is delegated, acts as a fiduciary of the Fund and must vote proxies in a manner consistent with the best interest of the Fund and its Members. In discharging this fiduciary duty, the Adviser must maintain and adhere to its policies and procedures for addressing conflicts of interest and must vote proxies in a manner substantially consistent with its policies, procedures and guidelines, as presented to the Board.

The Fund will be required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. The Fund's Form N-PX filing will be available: (i) without charge, upon request, by calling the Fund at 833-601-2677, or (ii) by visiting the SEC's website at http://www.sec.gov.

**CONTROL PERSONS AND PRINCIPAL MEMBERS** 

Members who beneficially own more than 25% of the outstanding voting securities of the Fund may be deemed to be a "control person" of the Fund for purposes of the 1940 Act. As of [ ], 2026, the Fund had not commenced investment operations, and the only Units were owned by the Adviser.

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**FINANCIAL STATEMENTS** 

[To be provided by amendment.]

**ADDITIONAL INFORMATION** 

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

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**APPENDIX A – PROXY VOTING POLICIES AND PROCEDURES** 

**ARDIAN US** 

**Proxy Voting Policies and Procedures** 

In our capacity as the investment adviser and manager of the ARDIAN US funds, the situation may arise where the Firm has proxy voting authority with respect to the securities belonging to our clients. When exercising proxy voting authority on behalf of our funds, our overall objective is to vote proxies in the best interests of the clients and, in so doing, to maximize the value of their investments, taking into consideration the investment horizon and objectives of the client and other relevant factors. Similarly, with respect to any clients subject to the Employee Retirement Income Security Act of 1974 ("ERISA") who have delegated voting authority to us, we vote proxies in the sole interest of the plan participants and beneficiaries as required by the proxy voting guidelines of the Department of Labor's Interpretive Bulletin on the subject.

We view good corporate governance as making an important contribution to overall corporate performance and long-term investment returns. Shareholders are in a position to positively influence and protect the affairs of a corporation in which they invest by exercising their rights to vote.

This document sets forth the policies and procedures we have adopted in order to meet these overall objectives. We are committed to following these policies and procedures in most situations, but special circumstances may arise that necessitate a different approach. A copy of this document is available to any clients upon request. Our policies and procedures address the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The personnel responsible for monitoring the corporate actions of the issuers who send us proxy voting materials,
deciding how to vote the proxies and ensuring that proxies are submitted on time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The basis on which decisions are made regarding whether and how to vote proxies depending on the nature of the
matter under consideration by the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The approach to addressing material conflicts of interest that may arise between Ardian and our clients when
voting proxies and how we resolve those conflicts in the best interests of our clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The books and records that we maintain in order to have available accurate records of our proxy voting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The means by which the funds and their investors may obtain information about proxy voting.

We will apply our proxy voting policies and procedures to voting securities of publicly traded companies and, to the extent applicable, to analogous actions taken with respect to investments made in private companies.

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**<u>General Procedures</u>**

**Monitoring Corporate Actions** 

When we receive proxy voting materials (or similar voting/solicitation notices), they may initially be transmitted by the company's corporate secretary or transfer agent to the ARDIAN US representative who is designated to receive notices in the agreements governing the client's investment. This person is responsible for logging in and reviewing the materials, making a record of the proposals contained in the proxy statement, determining which funds or other clients hold securities of the issuer and confirming with our records department the number of securities held by each fund or other client. If the recipient of the notice is not the manager responsible for the portfolio investment in question, he will consult with the manager before determining how the client's vote should be cast. The notice recipient will also be responsible for ensuring that the voting deadline is met.

**Determination of Voting Decisions** 

Decisions on how to vote a proxy generally are made by the portfolio manager responsible for the investment as the person most likely to have the greatest and most current knowledge of both a company's operations and the potential impact of a proxy vote's outcome. Decisions are based on a number of factors which may vary depending on a proxy's subject matter, but are guided by the general proposition that proxies are to be voted in the best interests of clients. Often, but by no means always, this will mean voting as recommended by management provided the portfolio manager considers the proposal to be reasonable by industry standards and not for the purpose of management entrenchment or involving a conflict of interest between management and the best interests of the shareholders. In addition, the portfolio manager may determine not to vote a proxy if, for instance, the cost of voting a proxy outweighs its expected benefit to clients, after considering factors such as (1) the subject matter of the vote; (2) the amount of time that the relevant fund or other client anticipates holding the investment; and (3) the practical issues associated with voting proxies for foreign companies where personal attendance at shareholder meetings may be required.

**Communication of Decision** 

After deciding whether and how to vote the proxy, the portfolio manager will then submit the vote and send completed copies of the proxy materials to the person responsible for keeping the records, including, if applicable, a written summary of the reasons for making a particular determination on how the proxy should be voted.

**Engagement of Proxy Advisers** 

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

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

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

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

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

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

In the event the Firm retains a Proxy Adviser, the Chief Compliance Officer will be responsible for:

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

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

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

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

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

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

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

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

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

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

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**Subject Matter Considerations** 

Determinations on how to vote proxies will depend largely on the subject matter at issue. When determining how to vote proxies, the portfolio manager will be guided by the general policies set forth below. These general policies are intended to promote a consistent approach to proxy voting. We will, however, periodically review these policies and procedures and they may be updated as a result

We view proxy subject matters as falling within the general categories described below.

**Company Management** 

Proxy votes on company management include matters relating to the election of a company's board of directors and the appointment of its independent auditors. We generally oppose placing restrictions on the business judgment of management. We generally will vote in support of management's slated board of directors. We may choose not to support such directors, however, when special circumstances necessitate that we choose otherwise, including for example when management compensation appears inconsistent with a company's performance or when the board has failed to take corrective action to address persistent problems that impact the company's performance. When asked to vote on the appointment of a company's auditors, we typically will support the recommendation of a company's board, unless auditors have changed frequently or there is reasonable concern as to the independence of the auditors.

**Executive and Director Compensation** 

We believe that executive compensation plans should be in line with the interests of company shareholders. Our general policy is to consider, on a case-by-case basis, new and amended executive compensation plans and to support those executive compensation plans that provide management with the ability to administer fair, competitive compensation packages to executives, so long as those plans do not provide for unmerited preferential treatment or result in excessive dilution of existing shareholders' ownership interests. We believe that executive compensation generally should be determined by a company's compensation committee composed primarily of independent directors and thus we usually will not support compensation-related shareholder proposals. With respect to director compensation, we believe that it is important to consider each director's total compensation package, including any annual retainer, meeting fees, stock options or grants and the level of pension benefits.

**Corporate Structure and Shareholder Rights** 

We view proxy votes on matters relating to changes in a company's bylaws as falling within the category of "corporate structure and shareholder rights." These matters may be proposed by either management or shareholders and typically address issues such as cumulative voting, preemptive rights, confidential voting, supermajority voting and similar matters. We will review these matters on a case-by-cases basis and will generally vote in favor of those measures that provide management with the most operational flexibility without compromising the ownership rights of shareholders as such rights are set forth in the company's organizational documents and any agreements to which funds or other client accounts that we manage are party.

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**Resolving Conflicts of Interest** 

The Chief Compliance Officer is responsible for monitoring for conflicts of interest in respect of voting proxies, regardless of whether they are actual or perceived. In the event a conflict of interest between ourselves as adviser and any client arises with respect to how a given proxy is to be voted, we will disclose the conflict to the client and obtain the client's consent before voting the securities on the client's behalf. In the case of a fund, we would fully disclose the conflict to the Advisory Board and obtain its consent or direction as to how the proxy should be voted. In order to obtain such consent, we will provide the client (or Advisory Board) all relevant information at our disposal regarding the matter to be voted upon and the nature of our conflict. In instances where such consent cannot be obtained for any reason, we may instead delegate the voting authority to an independent third party or adopt other measures to ensure that steps are taken which will result in a decision to vote the proxies based on the clients' best interests and not the product of the conflict. The Chief Compliance Officer will use his or her best judgment to address any such conflicts of interest.

In any instance where an investment professional is pressured or lobbied either from inside or outside the firm with respect to any voting decisions, he or she should contact the Chief Compliance Officer.

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**PART C—OTHER INFORMATION** 

**Item 25. Financial Statements and Exhibits** 

---

| | | |
|:---|:---|:---|
| a. Financial Statements | a. Financial Statements | Included in Part A: Not applicable. Included in Part B: Audited financial statements and related report of Independent Registered Public Accounting Firm, to be filed by amendment. |
| b. Exhibits | (a)(1) | Certificate of Formation of Ardian Access Secondary Infrastructure Fund LLC (the "Registrant"), dated as of October 6, 2025 and filed with the Secretary of State of the State of Delaware on October 17, 2025 – [Incorporated by reference to Exhibit (a)(1) to the Registrant's Registration Statement on Form N-2 (File No. 333-291240) filed on November 4, 2025](http://www.sec.gov/Archives/edgar/data/2093364/000119312525263130/d45636dex99a1.htm). |
|  | (2) | Limited Liability Company Agreement of the Registrant, dated as of October 6, 2025 – [Incorporated by reference to Exhibit (a)(2) to the Registrant's Registration Statement on Form N-2 (File No. 333-291240) filed on November 4, 2025](http://www.sec.gov/Archives/edgar/data/2093364/000119312525263130/d45636dex99a2.htm). |
|  | (3) | [Amended and Restated Limited Liability Company Agreement of the Registrant, dated as of March 13, 2026, filed herewith](d309175dex99a3.htm) |
|  | (b) | [By-Laws of the Registrant, filed herewith.](d309175dex99b.htm) |
|  | (c) | Not applicable. |
|  | (d)(1) | See portions of Amended and Restated Limited Liability Company Agreement relating to shareholders' rights. |
|  | (2) | See portions of By-Laws relating to shareholders' rights. |
|  | (e) | Not applicable. |
|  | (f) | Not applicable. |
|  | (g) | [Investment Management Agreement, filed herewith.](d309175dex99g.htm) |
|  | (h)(1) | Form of Distribution Agreement, to be filed by amendment. |
|  | (2) | Form of Dealer Agreement, to be filed by amendment. |
|  | (3) | [Distribution and Service (12b-1) Plan, filed herewith.](d309175dex99h3.htm) |
|  | (4) | [Multiple Class Plan, filed herewith.](d309175dex99h4.htm) |
|  | (i) | Not applicable. |
|  | (j) | Form of Custodian Agreement, to be filed by amendment. |
|  | (k)(1) | Form of Administration Agreement, to be filed by amendment. |
|  | (2) | [Sub-Transfer Agency and Investor Services Agreement, filed herewith.](d309175dex99k2.htm) |
|  | (3) | [Sub-Transfer Agency and Investor Services Plan, filed herewith.](d309175dex99k3.htm) |

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| | |
|:---|:---|
| (4) | [Fee Waiver/Expense Deferral Agreement, filed herewith.](d309175dex99k4.htm) |
| (l) | Opinion and consent of counsel for the Fund, to be filed by amendment. |
| (m) | Not applicable. |
| (n) | Consent of Independent Registered Public Accounting Firm, to be filed by amendment. |
| (o) | Not applicable. |
| (p) | Subscription Agreement for Seed Capital, to be filed by amendment. |
| (q) | Not applicable. |
| (r)(1) | [Code of Ethics of the Registrant, filed herewith.](d309175dex99r1.htm) |
| (2) | [Code of Ethics of Ardian US LLC, filed herewith.](d309175dex99r2.htm) |
| (3) | Code of Ethics of the Distributor, not applicable. |
| (s) | Filing Fee Exhibit, – [Incorporated by reference to Exhibit (a)(1) to the Registrant's Registration Statement on Form N-2 (File No. 333-291240) filed on November 4, 2025.](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/2093364/000119312525263130/d45636dexfilingfees.htm) |
| (t) | [Power of Attorney, filed herewith.](d309175dex99t.htm) |

---

**Item 26. Marketing Arrangements** 

See the Distribution Agreement and Dealer Agreement, forms of which will be filed as Exhibit (h)(1) and (h)(2), respectively, to this Registration Statement.

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

All figures are estimates:

---

| | |
|:---|:---|
|  SEC filing fees | $[] |
|  Legal fees | $[] |
|  Audit fees | $[] |
|  Distributor fees | $[] |
|  Printing fees | $[] |
|  Total | $[] |

---

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

Not applicable.

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

The following table sets forth the number of record holders of Shares as of [ ], 2025:

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---

| | | |
|:---|:---|:---|
|  Class [D] | [0 | ] |
|  Class [J] | [0 | ] |
|  Class [I] | [0 | ] |
|  Class [X] | [0 | ] |

---

**Item 30. Indemnification** 

To be provided by amendment.

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

Information as to the directors and officers of the Registrant's investment adviser, Ardian US LLC (the "Adviser"), together with information as to any other business, profession, vocation, or employment of a substantial nature in which the Adviser, and each director, executive officer, managing member 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 director, officer, employee, managing member, partner or trustee, is included in its Form ADV as filed with the SEC (File No. 801-63098), and is incorporated herein by reference.

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

All accounts, books, records and documents required pursuant to Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder will be maintained at the offices of:

The Adviser at 1370 Avenue of the Americas New York, NY 10019 (records relating to its functions as investment adviser).

Foreside Fund Services, LLC, the Registrant's distributor, at Three Canal Plaza, Suite 100, Portland, ME 04101 (records relating to its functions as distributor).

JPMorgan Chase Bank, N.A., the Registrant's custodian, at 383 Madison Ave., New York NY 10017 (records relating to its functions as custodian).

Ultimus Fund Solutions, LLC, the Registrant's administrator, at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246 (relating to its functions as administrator).

**Item 33. Management Services** 

Not applicable.

**Item 34. Undertakings** 

1. Not applicable.

2. Not applicable.

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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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Not applicable]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

Provided, however, that paragraphs a(1), a(2), and a(3) of this section do not apply if the registration statement is filed pursuant to General Instruction A.2 of this Form and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, that are incorporated by reference into the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of 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; and

&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;1. if the Registrant is relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 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;&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 1933 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

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##### [**Table of Contents**](#toc)
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;3. if the Registrant is subject to Rule 430C: each prospectus filed pursuant to Rule 424(b) under the 1933 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 under the 1933 Act, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

4. Not applicable.

5. Not applicable.

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

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

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##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York in the State of New York on the 1st day of May, 2026.

---

| | |
|:---|:---|
| ARDIAN ACCESS SECONDARY INFRASTURCTURE FUND LLC | ARDIAN ACCESS SECONDARY INFRASTURCTURE FUND LLC |
| By: | /s/ Wilfred Small |
| Name: | Wilfred Small |
| Title: | President |

---

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 date indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Wilfred Small<br> Wilfred Small | President and Director | May 1, 2026 |
| /s/ Aymeric Lepeu<br> Aymeric Lepeu | Treasurer | May 1, 2026 |
| /s/ Michael Ferragamo<br> Michael Ferragamo\* | Director | May 1, 2026 |
| /s/ Jason Cipriani<br> Jason Cipriani\* | Director | May 1, 2026 |
| /s/ Mark Garbin<br> Mark Garbin\* | Director | May 1, 2026 |
| /s/ Richard Goglia<br> Richard Goglia\* | Director | May 1, 2026 |

---

---

| | |
|:---|:---|
| **\***By: | /s/ Edward Hickes |
|  | Edward Hickes, Attorney-in-Fact |
|  | Pursuant to Power of Attorney filed herewith |

---

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##### [**Table of Contents**](#toc)
**INDEX OF EXHIBITS** 

---

| | |
|:---|:---|
| **Exhibit** | **Exhibit Name** |
| (a)(3) | [Amended and Restated Limited Liability Company Agreement of the Registrant](d309175dex99a3.htm) |
| (b) | [By-Laws of the Registrant](d309175dex99b.htm) |
| (g) | [Investment Management Agreement](d309175dex99g.htm) |
| (h)(3) | [Distribution and Service (12b-1) Plan](d309175dex99h3.htm) |
| (h)(4) | [Multiple Class Plan](d309175dex99h4.htm) |
| (k)(2) | [Sub-Transfer Agency and Investor Services Agreement](d309175dex99k2.htm) |
| (k)(3) | [Sub-Transfer Agency and Investor Services Plan](d309175dex99k3.htm) |
| (k)(4) | [Fee Waiver/Expense Deferral Agreement](d309175dex99k4.htm) |
| (r)(1) | [Code of Ethics of the Registrant](d309175dex99r1.htm) |
| (r)(2) | [Code of Ethics of Ardian US LLC](d309175dex99r2.htm) |
| (t) | [Power of Attorney](d309175dex99t.htm) |

---

## Ex-99.(A)(3)

**ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC** 

**AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT** 

Dated and effective as of March 13, 2026

------

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
|  ARTICLE I DEFINITIONS | ARTICLE I DEFINITIONS | 1 |
|  ARTICLE II ORGANIZATION; ADMISSION OF MEMBERS; BOARD | ARTICLE II ORGANIZATION; ADMISSION OF MEMBERS; BOARD | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. | Formation of Limited Liability Company | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. | Name | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. | Principal and Registered Office | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. | Duration | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. | Business of the Fund | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. | The Board | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. | Members | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. | Organizational Member | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9. | Directors, the Adviser, Officers and Members | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10. | Limited Liability | 7 |
|  ARTICLE III MANAGEMENT | ARTICLE III MANAGEMENT | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. | Management and Control | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. | Actions by the Board | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. | Meetings of Members | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. | Other Activities of Members, Directors and the Adviser | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. | Exculpation | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. | Indemnification | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. | Fees, Expenses and Reimbursement | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. | Liabilities and Duties | 17 |
|  ARTICLE IV TERMINATION OF STATUS OR REMOVAL OF ADVISER; TRANSFERS AND REPURCHASES | ARTICLE IV TERMINATION OF STATUS OR REMOVAL OF ADVISER; TRANSFERS AND REPURCHASES | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. | Termination of Status of the Adviser | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. | Transfer of Units | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. | Repurchase of Units | 19 |
|  ARTICLE V UNITS | ARTICLE V UNITS | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. | Units | 21 |
|  ARTICLE VI DISSOLUTION AND LIQUIDATION | ARTICLE VI DISSOLUTION AND LIQUIDATION | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. | Dissolution | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. | Liquidation of Assets | 24 |
|  ARTICLE VII ACCOUNTING, VALUATIONS AND WITHHOLDING | ARTICLE VII ACCOUNTING, VALUATIONS AND WITHHOLDING | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. | Accounting and Reports | 25 |

---

i

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. | Valuation of Assets | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. | Withholding | 26 |
|  ARTICLE VIII MISCELLANEOUS PROVISIONS | ARTICLE VIII MISCELLANEOUS PROVISIONS | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. | Amendment of Limited Liability Company Agreement | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. | Special Power of Attorney | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. | Notices | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. | Agreement Binding Upon Successors and Assigns | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. | Applicability of 1940 Act and Form N-2 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. | Choice of Law; Derivative and Direct Claims | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. | Not for Benefit of Creditors | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8. | Consents | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9. | Merger and Consolidation | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10. | Pronouns | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11. | Confidentiality | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12. | Certification of Tax Status | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13. | Severability | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14. | Filing of Returns | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15. | Tax Election | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16. | Entire Agreement | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17. | Discretion | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18. | Counterparts | 34 |

---

ii

------

**ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC** 

**AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT** 

THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (the "Agreement") of ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC (the "Fund") is dated and effective as of March 13, 2026 by and among Ardian US LLC, as the Organizational Member and Adviser, 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 October 6, 2025, and filed with the Secretary of State of the State of Delaware on October 17, 2025;

WHEREAS, prior to the adoption of this Agreement, the Fund was governed by the limited liability company agreement of the Fund, dated October 6, 2025 (the "Initial Agreement"); and

WHEREAS, the parties wish to amend and restate the Initial Agreement pursuant to the terms of this Agreement;

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:

**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 Ardian US LLC in its capacity as investment adviser under the Investment Management Agreement, or any successor investment adviser to the Fund.

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

**Agreement** means this Amended and Restated Limited Liability Company Agreement of the Fund, as amended and/or restated from time to time.

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

------

**By-Laws** means the By-Laws of the Fund, as amended and/or restated from time to time. The By-Laws in effect on the date hereof are attached hereto as Exhibit A.

**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.

**Co-Investment Vehicle** means a special purpose vehicle through which the Fund may indirectly acquire interests in underlying companies in co-investment transactions.

**Delaware Act** means the Delaware Limited Liability Company Act (6 <u>Del. C.</u> § 18-101, <u>et 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, including the use of, or participation in, one or more electronic networks or databases (including one or more distributed electronic networks or databases), 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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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 has been Transferred (unless there is no change of beneficial ownership); or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any day on which the Fund makes any distribution to, or repurchase 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 of each year and ending on March 31 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 Ardian Access Secondary Infrastructure Fund LLC, a Delaware limited liability company.

**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 Management 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.

**Member** means the Organizational Member, as the initial member of the Fund, and includes any Person who is admitted to the Fund in accordance with this Agreement as a member of the Fund until the Fund repurchases all of the Units of such Person pursuant to Section 4.3 hereof or such Person otherwise ceases to be a member of the Fund in accordance with this Agreement, including Section 2.8 with respect to the Organizational Member, or a substitute Member who is admitted to the Fund pursuant to Section 4.2 hereof, in such Person's capacity as a member of the Fund.

**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(14) 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.

------

**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.

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

**Underlying Fund Managers** means portfolio fund, co-investment vehicle or special purpose vehicle managers among which the Fund deploys some or all of its assets.

**Units** means the equal proportionate shares into which the limited liability company interests of all Members in the Fund are divided from time to time, each of which represents a limited liability company 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 and outstanding, the equal proportionate shares into which each Class of Units shall be divided from time to time, each of which represents a limited liability company 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.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The filing of the Certificate by Michael Ferragamo, as an authorized person of the Fund 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 and hereby continues as a member of the Fund upon its execution of a counterpart signature page to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From time to time, the Board may adopt, amend and repeal By-Laws not inconsistent with this Agreement providing for the conduct of the affairs of the Fund and the Board and such other matters set forth therein. The By-Laws in effect on the date hereof are attached as Exhibit A to this Agreement. For all purposes of the Delaware Act, this Agreement and the By-Laws together constitute the "limited liability company agreement" of the Fund within the meaning of the Delaware Act. The By-Laws are incorporated by reference into this Agreement. To the extent that any of the terms or provisions of the By-Laws conflict with any of the terms or provisions of this Agreement, the terms or provisions of this Agreement shall control.

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

The name of the Fund shall be "Ardian Access Secondary Infrastructure 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, c/o Ardian US LLC, at 1370 Avenue of the Americas, New York, NY 10019, 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 c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, in the city of Wilmington, Delaware 19801, and shall have The Corporation Trust Company 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.

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&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;(a) The business of the Fund is, directly or indirectly through one or more wholly-owned subsidiaries, to purchase, sell (including short sales), invest and trade in Securities, invest in Underlying Funds and Co-Investment Vehicles and engage in any financial or derivative transactions relating to any of the foregoing or otherwise to engage in such other activities and to exercise such rights and powers as are permitted to be exercised by limited liability companies under the Delaware Act.

&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.

&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;(a) The Persons listed on Schedule I are the Directors of the Fund as of the date hereof and, by signing this Agreement, agree to be bound by the terms of this Agreement pertaining to the obligations of Directors. 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;(b) If no Director remains, the Adviser 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

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provisions hereof. The Board, the Adviser, 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. In connection with the admission of any Person as a Member, the books and records of the Fund shall be revised by an officer or any Person designated by the Board 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.***

The initial capital contribution to the Fund by the Organizational Member was represented by a Unit. Upon the admission to the Fund of an additional Member pursuant to Section 2.7, the Organizational Member shall be entitled to the return of all of its capital contribution, if any, without interest or deduction, and shall resign from the Fund. Following such resignation and the return of the Organizational Member's capital contribution, if any, the Organizational Member shall thereupon cease to have or exercise any right or power as a member of the Fund.

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

A Person may at the same time be a Director, an officer and a Member or the Adviser 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 the Delaware Act, the Members, officers, Directors, and except to the extent provided in Section 3.6 hereof and in the Investment Management Agreement, the Adviser, shall not 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, officer or manager of the Fund or the Adviser 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;&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. Notwithstanding the last sentence of Section 18-402 of the Delaware Act, 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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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 the Adviser 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;(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;(c) Members, in their capacity as such, 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 applicable federal securities laws or, subject to the terms of this Agreement, as otherwise required by any non-waivable provision (if any) of the Delaware Act.

&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, including the power to so delegate under this Section 3.1(d), 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;&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;(b) The Board may designate from time to time a Chairperson who shall preside at all meetings. Meetings of the Board may be called by the Chairperson 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.

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&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 officers of the Fund as of the date hereof. 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;&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 Adviser, 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.

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&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;(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 Adviser, 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;(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 and the Adviser.***

&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 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;(b) The Adviser 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, Underlying Funds and Co-Investment Vehicles, 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. Notwithstanding any duty existing at

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law or in equity, no Member or the Fund shall have any rights in or to such activities of the Adviser, 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. To the fullest extent permitted by law, no such Person shall be liable to the Fund or any Members for breach of any fiduciary, this Agreement, any duty existing at law or in equity 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. ***Exculpation.***

&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 Directors (including for this purpose their executors, heirs, assigns, successors, or other legal representatives), officers of the Fund, the Adviser, including any officer, director, member, partner, principal, employee or agent of the Adviser and each of their Affiliates, and the executors, heirs, assigns, successors or other legal representatives of each of the foregoing, and any Person who controls or is under common control, or otherwise is affiliated, with the Adviser and their executors, heirs, assigns, successors, or other legal representatives, shall not be liable to the Fund or to any of the Members for any loss or damage occasioned by any act or omission in the performance of such Person's services under this Agreement, for the avoidance of doubt, including, but not limited to, such Person's service on the board of directors or advisory committee, or any similar body, of a entity in which the Fund invests, 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;(b) To the fullest extent permitted by law, a Member not in breach of any obligation hereunder or under any agreement pursuant to which the Member subscribed for a Unit, shall not be liable to the Fund, any other Member or any other Person bound by this Agreement unless 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;&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) and Section 3.6(c) hereof, indemnify each Director (including for this purpose their executors, heirs, assigns, successors, or other legal representatives), each officer of the Fund, the Adviser, each officer, director, member, partner, principal, employee or agent of the Adviser, and each of their respective Affiliates, and the executors, heirs, assigns, successors or other legal representatives of each of the foregoing, and any Person who controls or is under common control, or otherwise is affiliated, with the Adviser and their executors, heirs, assigns, successors, or other legal representatives (each, an "indemnitee") against all losses, claims, damages, liabilities, costs, and expenses, including, but not limited to, amounts paid in satisfaction of

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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 any officer, director, member, partner, principal, employee or agent of the Adviser or any of their respective Affiliates, or the past or present performance of services to the Fund by such indemnitee (for the avoidance of doubt, including, but not limited to, such indemnitee's service on the board of directors or advisory committee, or any similar body, of a entity in which the Fund invests) 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 duties hereunder. 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;(b) To the fullest extent permitted by law, 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;(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 duties hereunder, 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

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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;(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 non-appealable 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 duties hereunder. 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 non-appealable 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;(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 nor the Adviser 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;(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 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;&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.

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&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, as well as any taxes thereon, other than those specifically required to be borne by the Adviser pursuant to the Investment Management Agreement. Expenses to be borne by the 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;&nbsp;&nbsp;&nbsp;&nbsp;&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 through the Fund's investments in the Underlying Funds and Co-Investment Vehicles, including, without limitation, any fees and expenses charged by the Underlying Fund and Co-Investment Vehicle managers among which the Fund deploys some or all of its assets (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 Fund's investments in Underlying Funds and Co-Investment Vehicles (whether or not consummated), and enforcing the Fund's rights in respect of such investments; (iii) transfer taxes and premiums; (iv) all taxes withheld, including but not limited to 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); (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; (vii) out-of-pocket expenses incurred by the Adviser or any of its personnel for travel, meals, accommodations, or lodging in relation to the Fund and its Investments (including, but not limited to, any travel in connection with any such person's role as a member of any committee of an Underlying Fund); (viii) all expenses incurred by the Adviser or any of its personnel relating to events, entertainment, or industry conferences in relation to the Fund and its activities, Investments or prospective Investments; (ix) all costs and expenses associated with creating, forming, developing, structuring, operating and winding-up direct or indirect administrative and other investment structures (including, for the avoidance doubt, any intermediate vehicles or wholly-owned subsidiaries of the Fund) formed for, or utilized by, the Fund to conduct any aspect of the Fund's investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all expenses of computing the Fund's net asset value, including any equipment or services obtained for the purpose of valuing the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the management fee and incentive fee paid by the Fund to the Adviser in consideration of the advisory and other services provided by the Adviser to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any distribution and/or service fees to be paid pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act and any sub-transfer agency, sub-accounting or other investor servicing fees or expenses;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) all costs and expenses (including costs and expenses associated with the organization and initial registration of the Fund) associated with the operation and registration of the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) distributor costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) fees and expenses of the Directors not also serving in an executive officer capacity for the Fund or the Adviser and the fees and expenses of independent counsel thereto, and all costs and expenses of holding any meetings of the Board or Members that are regularly scheduled, permitted, or required to be held under the terms of this Agreement, the 1940 Act, or other applicable law, including any costs or expenses for travel, meals, accommodations, or lodging incurred by any meeting attendees in connection with such meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the compensation of the Fund's Chief Compliance Officer and any costs associated with the monitoring, testing and revision of the Fund's compliance policies and procedures required by Rule 38a-1 under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) all recordkeeping, custody, transfer agency, registration and similar fees and expenses incurred by the Fund and all brokerage and finders' fees and commissions and discounts incurred by the Fund in connection with the Fund's operations, activities, investments or business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) costs incurred in connection with tax filings, tax reporting or other investor reporting and preparing, printing and distributing reports and other communications, including repurchase offer correspondence or similar materials, to Members and potential investors, including information technology costs related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) all charges for equipment or services used for communications between the Fund and any custodian, administrator, sub-administrator, transfer agent or other agent engaged by the Fund and any charges, expenses or fees, including subscription or licensing fees, for software, electronic solutions or online platforms or services used by the Fund or its service providers in connection with Fund operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) fees of custodians, other service providers to the 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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) all taxes, 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 on its income or assets or in connection with its business or operations, including relating to compliance with any law, and compliance with any Fund-related agreements and agreements with investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) any actual or potential audit, enquiry, 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, including the amount of any judgments, settlement, remediation, fines, interest, late interest and/or penalties paid in connection therewith and including advancement of any such amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) 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) and other extraordinary expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) indemnification or contribution obligations under the 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) any activities with respect to protecting the confidential or non-public nature of any information or data, including confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) costs incurred in connection with holding and/or soliciting proxies for a meeting of investors of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) expenses associated with the performance of any anti-money laundering and/or 'know-your-customer' checks reasonably required in connection with the evaluation and screening of an actual or potential transaction, and/or the admission of a prospective Member into the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) expenses associated with any transfer of Units from a Member to any prospective Member, the admission of a substitute Member, or the permitted withdrawal or resignation of a Member, including but not limited to, any valuation, tax or legal expenses;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) expenses associated with drafting, filing or transmitting any amendments, restatements, waivers, consents, approvals, or other modifications to agreements, organizational documents, offering documents, or other documents of the Fund or any of its intermediate vehicles or wholly-owned subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) expenses associated with terminating, extending, winding up, liquidating, and/or dissolving the Fund or any of its intermediate vehicles or wholly-owned subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) all other expenses incurred by the Fund in connection with the operation and administration of the Fund's business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) such other types of expenses as may be approved from time to time by the Board.

Except as set forth in the Investment Management 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;(c) The Fund from time to time, alone or in conjunction with other accounts for which the Adviser, or any Affiliate of the Adviser, 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***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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. Any exculpation or indemnification standards contained herein shall not restore or create, whether in contract or otherwise, any duties or liabilities of a Person otherwise restricted or eliminated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein, nothing in this Agreement modifying, restricting or eliminating the duties or liabilities of a Director, officer of the Fund, member of any advisory board, or the Adviser, depositor or principal underwriter of the Fund by waiver provisions in this Agreement shall apply to, or in any way limit, the duties (including state law fiduciary duties of loyalty and care) or liabilities of such persons with respect to matters arising under the federal securities laws.

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ARTICLE IV

TERMINATION OF STATUS OR REMOVAL OF ADVISER;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. ***Transfer of Units.***

&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 Adviser (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;(b) If any transferee does not meet any investor eligibility requirements established by the Fund from time to time, the Transfer would result in violation of any applicable law or regulation, or if neither the Board nor the Adviser consent to a Transfer, the Fund reserves the right to repurchase the transferred Units from the Member's successor pursuant to Section 4.3.

&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 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 Adviser (or a delegate of either of them), which may be withheld in each of its (or each delegate's) sole and absolute 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;(d) To the fullest extent permitted by law, any pledge, transfer, or assignment of Units, or encumbrance of any kind upon Units, not made in accordance with this Section 4.2 shall be void and not enforceable against the Fund or the Adviser.

&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 or the Adviser in connection with such Transfer (whether or not consummated). 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 (or, if a Member Transfers all of its Units, such transferring Member shall cease to be a member of the Fund). Unless prohibited by applicable law (and then only to the extent so prohibited) each transferring

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Member shall indemnify and hold harmless the Fund, 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 4.2 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;4.3. ***Repurchase of Units.***

&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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) whether any Members have requested to tender Units to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the liquidity of the Fund's assets (including fees and costs associated with disposing the Fund's interest in, redeeming or otherwise withdrawing from, any Underlying Funds or Co-Investment Vehicles);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the investment plans and working capital and reserve requirements of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the availability of information as to the value of the Fund's investments in Underlying Funds and Co-Investment Vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) any 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) the recommendations of the Adviser.

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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;(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) such Units have been transferred in violation of Section 4.2 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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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 to be in violation of, require registration of any Units under, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Adviser or any of its Affiliates, or may subject the Fund or any Member 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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;(c) Repurchases of Units by the Fund 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 repurchased 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, in the event that additional relevant information becomes available following the Fund's annual audit.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to applicable federal law, including the 1940 Act, and except as otherwise determined by the Directors, upon redemption or repurchase, Units shall no longer be deemed outstanding or carry any voting rights irrespective of whether a record date for any matter on which such Units were entitled to vote had been set on a date prior to the date on which such Units were redeemed or repurchased. In making a determination as to whether redeemed or repurchased Units shall be deemed outstanding and carry any voting rights with respect to any matter on which such Units were entitled to vote prior to redemption or repurchase, subject to applicable federal law including the 1940 Act, the Directors may, among other things, determine that Units redeemed or repurchased either before or after a date specified by the Directors between the record date for such matter and the meeting date for such matter shall be deemed outstanding and retain voting rights, which determination may be made for any reason including that it would not be reasonably practicable to obtain a quorum if all of the Units redeemed or repurchased after the record date for such matter and before the voting date no longer were deemed outstanding and earned any voting rights.

ARTICLE V

UNITS

&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;(a) The limited liability company interests in the Fund shall be divided into such transferable (in accordance with this Agreement) 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 or any other Person (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 and/or senior 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 and

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distributions (whether or not upon dissolution), 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 (a "Class Designation"), 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. Each such Class Designation shall be deemed to form part of this Agreement;

&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 distribution of 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;(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;(d) Any Director, officer or other agent of the Fund (including, without limitation, the Adviser), 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;(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;(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;

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&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;(h) 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 distributions on Units shall be distributed pro rata to the Members or other holders of Units of a Class in proportion to the net asset value of Units of such Class held by such Persons at the date and time of record established for the payment of such distributions, except that in connection with any distribution program or procedure the Board may determine that no 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. 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 distribution to that Person. Any distribution paid in Units of a Class will be paid at the net asset value thereof of such Class as determined in accordance with Section 7.2 hereof. Notwithstanding anything in this Agreement to the contrary, subject to the Delaware Act, the Board may at any time declare and distribute Units of a Class or other property pro rata among the Members or other holders of Units of such Class at the date and time of record established for the payment of such distributions;

&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 or Section 18-804 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;(j) Units shall be transferable only in accordance with Section 4.2 hereof;

&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; and

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&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 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;(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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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 Adviser in accordance with Section 2.6(b) hereof when no Director remains 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Adviser 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the entry of a decree of judicial dissolution of the Fund under Section 18-802 of the Delaware Act.

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, the winding up of the Fund has been completed and the Certificate has been canceled in accordance with the Delaware Act.

&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;(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 wind up, in an orderly manner, the business and administrative affairs of the Fund, except that if the Board is unable to perform this function, a liquidating trustee elected by Members holding a majority of the total number of Units of all Members shall wind up, in an orderly manner, the business and administrative affairs of the Fund. The proceeds from liquidation and all other assets of the Fund shall, subject to the Delaware Act, be distributed in the following manner:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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 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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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 net asset value of Units held by such Person.

&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 liquidating trustee 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;&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;(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(g) 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 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).

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&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;(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 Underlying Funds or Co-Investment Vehicles) 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 Underlying Funds or Co-Investment Vehicles 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;(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;(c) The net asset value of each outstanding Unit of any Class shall be the quotient obtained by dividing (a) the value of the assets belonging to that Class less the liabilities belonging to such Class by (b) the total number of Units of that Class outstanding, all determined in accordance with the methods and procedures, including without limitation those with respect to rounding, established by the Directors from time to time.

&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;(a) The Fund 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;(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;(c) The Fund 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 Fund 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 and shall update such information and forms in the event of any material changes thereto, to the extent necessary to ensure that such information and forms are true and accurate. Unless

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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 (both at the time of furnishing such information and on an ongoing basis thereafter) and agrees to indemnify the Fund, each of the Members and each indemnitee (as defined in Section 3.6(a)) to the same extent that an indemnitee would be entitled to indemnification by the Fund pursuant to Section 3.6(a) for 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;&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;(b) Any amendment that would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;(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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 income tax treatment.

&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 that requires the consent of Members pursuant to this Section 8.1 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;(e) Notwithstanding anything in this Agreement, the By-Laws may be amended in accordance with their terms.

&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;(a) Each Member hereby irrevocably makes, constitutes and appoints the Adviser and each of the Directors, acting severally, and any liquidating trustee 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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all other such instruments, documents and certificates which 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;(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 power-of-attorney with a view to the orderly administration of the affairs of the Fund.

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&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 power-of-attorney and is irrevocable and is coupled with an interest sufficient in law to support an irrevocable power in favor of the Adviser and each of the Directors, acting severally, and any liquidating trustee, appointed pursuant to Section 6.2 hereof, and as such:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 liquidating trustee shall have had notice thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) shall survive the delivery of a Transfer by a Member of all of its Units, except that where the transferee thereof has been admitted to the Fund as a substituted Member in accordance with this Agreement, this power-of-attorney given by the transferor shall survive the delivery of such assignment for the sole purpose of enabling the Board or the Adviser or any liquidating trustee 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 to the fullest extent permitted by law.

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&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;&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;(b) As used in this Agreement, a "direct" Member claim shall refer to (i) a claim based upon alleged violations of a Member's individual rights independent of any harm to the Fund, including a Member's voting rights under this Agreement, rights to receive a distribution from the Fund as may be declared from time to time, rights to inspect books and records of the Fund, or other similar rights personal to the Member and independent of any harm to the Fund; and (ii) a claim for which a direct Member action is expressly provided under the U.S. federal securities laws. Any other claim asserted by a Member, including without limitation any claims purporting to be brought on behalf of the Fund or involving any alleged harm to the Fund, shall be considered a "derivative" claim as used in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the fullest extent permitted by law, no Member may bring a derivative action on behalf of the Fund unless the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Member or Members must make a pre-suit demand upon the Directors to bring the subject action unless an effort to cause the Directors to bring such an action is not likely to succeed. For purposes of this Section 8.6(c), a demand on the Directors shall only be deemed not likely to succeed and therefore excused if a majority of the Board, or a majority of any committee established to consider the merits of such action, is not composed of Independent Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Unless a demand is not required under paragraph (1) of this Section 8.6(c), Members eligible to bring such derivative action under the Delaware Act who hold at least 10% of the outstanding Units, or 10% of the outstanding Units of the Class to which such action relates, shall join in the request for the Directors to commence such action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Unless a demand is not required under paragraph (1) of this Section 8.6(c), the Directors must be afforded a reasonable amount of time to consider such Member request and to investigate the basis of such claim. The Directors shall be entitled to retain counsel or other advisers in considering the merits of the request and shall require an undertaking by the Members making such request to reimburse the Fund for the expense of any such advisers in the event that the Directors determine not to bring such action. For purposes of this Section 8.6, the Board may designate a committee of one Director to consider a Member demand if necessary to create a committee with a majority of Independent Directors.

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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 Directors 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) If demand is not required under paragraph (1) of this Section 8.6(c), only Members eligible to bring such derivative action under the Delaware Act who hold at least 10% of the outstanding Units, or 10% of the outstanding Units of the Class to which such action relates, may bring a derivative action on behalf of the Fund.

This Section 8.6(c) does not apply to claims arising under the federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the fullest extent permitted by law, no Member 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, 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. To the fullest extent permitted by law, 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. To the fullest extent permitted by law, 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. This Section 8.6(d) does not apply to claims arising under the federal securities laws.

&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, 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).

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&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.***

Notwithstanding any other provision of this Agreement or the Delaware Act, 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 Member or Person being required. In addition, the Board may, without the consent of any Member or Person being required, approve any of the transactions contemplated by Sections 18-213 (transfer or continuance of domestic limited liability companies), 18-216 (approval of conversion of a limited liability company) and 18-217 (division of a limited liability company) of the Delaware Act.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Member covenants that, except as strictly required by applicable law or any regulatory body, it will not divulge, furnish or make accessible to any other Person any information (including written, oral or electronic communications) provided to such Member relating to the Fund, the Adviser, or any Investment or any potential Investment or any other matter that is of a confidential or non-public nature, including but not limited to, the name or address (whether business, residence or mailing) of any Member that is not otherwise publicly available (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. That portion of information contained in any notes, analyses, compilations, studies, interpretations, memoranda and other documents prepared by a Member or any of its representatives which contain Confidential Information, or which are in any way derivative of Confidential Information, shall also be deemed to be Confidential Information.

&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

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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 seek 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;(c) Notwithstanding anything to the contrary in this Agreement, the Fund, the Board and the Adviser shall each have the right to keep confidential from any or all Members for such period of time as it deems reasonable any information which the Board or the Adviser reasonably believes to be in the nature of trade secrets or other information the disclosure of which the Board or the Adviser in good faith believes is not in the best interest of the Fund or could damage the Fund or its business, where a Member has a conflict of interest with respect to which such information is relevant, or which the Fund or the Adviser 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, 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, 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, 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 and any required state and local income tax and information returns for each tax year of the Fund in which it is required to file a tax return in compliance with Section 6012 of the Code and any applicable state or local income tax law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15. ***Tax Election.***

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, any Class Designation and the By-Laws, each of which is incorporated herein by reference) constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. Notwithstanding Section 8.1 of this Agreement or any other provision of this Agreement, 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 Member(s), executed contemporaneously with the admission of such Member(s) to the Fund, that have the effect of establishing rights under, or altering or supplementing the terms of this Agreement in order to meet certain requirements of such Member(s), including reducing or eliminating the obligation of such Member(s) to make payments under this Agreement under certain circumstances. 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.

*[Signature Page Follows]* 

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**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.

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| | |
|:---|:---|
| ORGANIZATIONAL MEMBER: | ORGANIZATIONAL MEMBER: |
| ARDIAN US LLC | ARDIAN US LLC |
| By: | /s/ Vladimir Colas |
|  | Name: Vladimir Colas |
|  | Title: Executive Vice President |
| ARDIAN US LLC, as Adviser | ARDIAN US LLC, as Adviser |
| By: | /s/ Vladimir Colas |
|  | Name: Vladimir Colas |
|  | Title: Executive Vice President |
| ADDITIONAL MEMBERS: | ADDITIONAL MEMBERS: |
| Each person who has signed, or has had signed on its behalf, an appropriate signature page of an instrument pursuant to which such Member agrees to be bound by all the terms and provisions hereof, which shall constitute a counterpart hereof. | Each person who has signed, or has had signed on its behalf, an appropriate signature page of an instrument pursuant to which such Member agrees to be bound by all the terms and provisions hereof, which shall constitute a counterpart hereof. |

---

*[Signature Page]*

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Each of the undersigned understands and agrees to the provisions of this Agreement pertaining to the obligations of Directors.

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Wilfred Small | By: | /s/ Mark Garbin |
|  | Wilfred Small |  | Mark Garbin |
|  | Director |  | Director |
| By: | /s/ Michael Ferragamo | By: | /s/ Richard Goglia |
|  | Michael Ferragamo |  | Richard Goglia |
|  | Director |  | Director |
| By: | /s/ Jason Cipriani |  |  |
|  | Jason Cipriani |  |  |
|  | Director |  |  |

---

*[Signature Page]*

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<u>Schedule I</u> 

**<u>Directors</u>**

Michael Ferragamo

Wilfred Small

Jason Cipriani

Mark Garbin

Richard Goglia

**<u>Officers</u>**

President: Wilfred Small

Treasurer: Aymeric Lepeu

Chief Compliance Officer: Edward Hickes

Vice President: Alfred Miranda

Secretary: Côme Tauveron

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**Exhibit A** 

[By-Laws]

## Ex-99.(B)

**BY-LAWS** 

**OF** 

**ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC** 

(Dated as of March 13, 2026)

**ARTICLE 1** 

**Limited Liability Company Agreement** 

1.1 <u>Limited Liability Company Agreement</u>. These By-Laws shall be subject to the Limited Liability Company Agreement, as amended or restated from time to time (the "Agreement"), of Ardian Access Secondary Infrastructure Fund LLC, a Delaware limited liability company (the "Fund"). Capitalized terms used but not defined in these By-Laws have the meanings given to them in the Agreement. For all purposes of the Delaware Act, the Agreement and these By-Laws constitute the "limited liability company agreement" of the Fund within the meaning of the Delaware Act. These By-Laws are incorporated by reference into the Agreement. To the extent that any of the terms or provisions of these By-Laws conflict with any of the terms or provisions of the Agreement, the terms or provisions of the Agreement shall control.

**ARTICLE 2** 

**Directors** 

2.1 <u>Term</u>. The term of office of a Director shall be as provided in the Agreement. A Director who is an "interested person" of the Fund (as defined in Section 2(a)(19) of the 1940 Act) shall no longer serve as a Director if or when such Director is no longer an employee of Ardian US LLC, an affiliate of Ardian US LLC or any successor investment adviser to the Fund.

2.2 <u>Chairperson</u>. The Directors may appoint from their own number any Director to serve as Chairperson, who shall preside at all meetings of the Directors. The Chairperson shall be elected to hold such office for the continued lifetime of the Fund until such person's successor is elected and qualified to carry out the duties and responsibilities of their office, or until such person retires, dies, resigns, is removed, or becomes disqualified.

**ARTICLE 3** 

**Committees** 

3.1 <u>Executive and Other Committees</u>. The Directors may appoint from their own number, and terminate, any one or more committees consisting of two or more Directors, including an executive committee which may, when the Directors are not in session, exercise some or all of the power and authority of the Directors as the Directors may determine.

3.2 <u>Quorum; Voting</u>. Except as provided below or as otherwise specifically provided in the resolutions constituting a committee of the Directors (a "Committee") or in a Committee's charter or as required by law, rule or regulation applicable to the action to be taken, a majority of the members of any Committee shall constitute a quorum for the transaction of business of such Committee, and any action to be taken by a Committee may be taken (i) by a majority of the members of such Committee present at a meeting of such Committee (a quorum being present), including any meeting held by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other at the same time (participation by such means shall constitute presence in person at a meeting) or (ii) by written consents or consents submitted electronically of a majority of the members then in office of such Committee.

Except as specifically provided in the resolutions constituting a Committee or in a Committee's charter or as required by law, rule or regulation applicable to the action to be taken, Article III, Section 3.2(b) of the Agreement shall govern the notice requirements for Committee meetings.

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**ARTICLE 4** 

**Reports** 

4.1 <u>General</u>. The Directors and officers of the Fund shall render reports at the time and in the manner required by the Agreement or any applicable law. Officers and Committees shall render such additional reports as they may deem desirable or as may from time to time be required by the Directors.

**ARTICLE 5** 

**Seal** 

5.1 <u>General</u>. The Directors may adopt a seal which shall be in such form and shall have such inscription thereon as the Directors may from time to time prescribe. Unless otherwise required by the Directors, it shall not be necessary to place the seal on, and its absence shall not impair the validity of, any document, instrument or other paper executed and delivered by or on behalf of the Fund.

**ARTICLE 6** 

**Execution of Papers** 

6.1 <u>General</u>. Except as the Directors, generally or in particular cases, may have authorized the execution thereof in some other manner, all checks, notes, deeds, leases, transfers, contracts, bonds, drafts and other obligations made, accepted or endorsed by the Fund and all registration statements and amendments thereto and all applications and amendments thereto filed with the Securities and Exchange Commission shall be signed by any of the President, any Vice-President, the Treasurer, the Chief Compliance Officer or any of such other officers or agents as shall be designated for that purpose by a vote of the Directors, and need not bear the seal of the Fund.

**ARTICLE 7** 

**Provisions Relating to the Conduct of the Fund's Business** 

7.1 <u>Forum for Adjudication of Disputes</u>. 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 Members, (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 Members, (iii) any action asserting a claim arising pursuant to any provision of the Delaware Limited Liability Company Act or the Agreement or these By-Laws, (iv) any action to interpret, apply, enforce or determine the validity of the Agreement or these By-Laws or any agreement contemplated by any provision of the 1940 Act, the Agreement or these 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, or, if the Court of Chancery of the State of Delaware does not have jurisdiction, the Superior Court of the State of Delaware (each a "Covered Action"). Any person purchasing or otherwise acquiring or holding any interest in Units of beneficial interest of the Fund shall be (i) deemed to have notice of and consented to the provisions of this Section 7.1, and (ii) deemed to have waived any argument relating to the inconvenience of the forums referenced above in connection with any action or proceeding described in this Section 7.1. The foregoing paragraph does not apply to claims arising under the federal securities laws.

If any Covered Action is filed in a court other than the Court of Chancery of the State of Delaware or the Superior Court of the State of Delaware (a "Foreign Action") in the name of any Member, such Member shall be deemed to have consented to (i) the personal jurisdiction of the Court of Chancery of the State of Delaware and the Superior Court of the State of Delaware in connection with any action brought in any such courts to enforce the first paragraph of this Section 7.1 (an "Enforcement Action") and (ii) having service of process made upon such Member in any such Enforcement Action by service upon such Member's counsel in the Foreign Action as agent for such Member. Furthermore, except to the extent prohibited by any provision of the Delaware Limited Liability Company Act or the Agreement or for claims arising under federal securities laws, if any Member shall initiate or assert a Foreign Action without the written consent of the Fund, then each such Member shall be obligated jointly and

CONFIDENTIAL

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severally to reimburse the Fund and any officer or Director of the Fund made a party to such proceeding for all fees, costs and expenses of every kind and description (including, but not limited to, all reasonable attorneys' fees and other litigation expenses) that the parties may incur in connection with any successful motion to dismiss, stay or transfer such Foreign Action based upon non-compliance with this Section 7.1.

**ARTICLE 8** 

**Amendments to the By-Laws** 

8.1 <u>General</u>. Except to the extent that the Agreement or applicable law requires a vote or consent of Members or a higher vote or consent by the Directors, these By-Laws may be amended, changed, altered or repealed, in whole or in part, by resolution of a majority of the Directors then in office at any meeting of the Directors, or by written consents or consents submitted electronically by a majority of such Directors.

8.2 <u>Enforceability</u>. If any provision of these By-Laws is found by a court of competent jurisdiction to be invalid or unenforceable for any reason, it is the intent and agreement of the Directors that the invalidity or unenforceability of any provision of these By-Laws shall not affect the validity or enforceability of any other provision of these By-Laws, and any invalid or unenforceable provision of these By-Laws shall be modified so as to be enforced to the maximum extent of its validity or enforceability.

CONFIDENTIAL

## Ex-99.(G)

Dated March 13, 2026

ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC,

AASIF HOLDCO LLC,

AASIF BLOCKER LLC

and

ARDIAN US LLC

INVESTMENT MANAGEMENT AGREEMENT

CONFIDENTIAL

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This Investment Management Agreement (the "**Agreement**") made the 13th of March 2026

**between**:

(1) **Ardian Access Secondary Infrastructure Fund LLC**, a Delaware limited liability company (the
" **Fund** "),

(2) **AASIF HoldCo LLC**, a Delaware limited liability company, **AASIF Blocker LLC**, a Delaware limited
liability company, and any other wholly-owned and controlled subsidiary of the Fund from time to time (each, a "**Subsidiary** "); and

(3) **Ardian US LLC**, a Delaware limited liability company (the "**Investment Manager**") (each
a "**Party**" and jointly the "**Parties** ").

**Whereas**:

(A) The Fund is a closed-end management investment company registered as
such with the Securities and Exchange Commission (the "**Commission**") pursuant to the Investment Company Act of 1940, as amended (the "**1940 Act"**), and each Subsidiary is a wholly-owned and controlled subsidiary of
the Fund.

(B) The Investment Manager is an investment adviser registered with the Commission as such under the Investment
Advisers Act of 1940, as amended (the "**Advisers Act** ").

(C) The Fund wishes the Investment Manager to be the investment manager of the Fund, and the Investment Manager has
agreed to do so on the terms and conditions set out herein.

(D) Each Subsidiary wishes the Investment Manager to be the investment manager of such Subsidiary, and the
Investment Manager has agreed to do so on the terms and conditions set out herein.

**It is agreed and declared as follows**:

**1.** **Interpretation** 

**1.1** In this Agreement the following words and expressions shall, where not inconsistent with the context,
have the following meanings respectively. Capitalized terms used and not defined herein have the meanings ascribed to them in the Registration Statement.

"**1940 Act**" has the meaning ascribed to it in the preamble;

"**Advisers Act**" has the meaning ascribed to it in the preamble;

"**Board**" means the Board of Directors of the Fund;

"**Commission**" has the meaning ascribed to it in the preamble;

"**Fund**" has the meaning ascribed to it in the preamble;

"**Incentive Fee**" has the meaning ascribed to it in Clause 6.2;

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"**Investment Objective**" means the investment objective of the Fund described in the Registration Statement;

"**Investments**" means all securities and other investments made by the Fund from time to time, including cash and cash equivalents;

"**Management Fee**" has the meaning ascribed to it in Clause 6.1;

"**Person**" means any individual or entity, including any corporation, partnership, association, limited liability company, limited liability partnership, joint-stock company, trust, unincorporated association or governmental body;

"**Registration Statement**" means the Fund's effective registration statement on Form N-2, as amended and restated from time to time, including any supplements thereto;

"**Services**" has the meaning given in Clause 4.7.

**1.2** Any reference to the Fund or the Investment Manager herein shall be deemed to include a reference to its
or their duly authorized agents or delegates.

**1.3** References to Clauses are to Clauses of this Agreement and references to a Schedule are to a schedule of
this Agreement, if any.

**1.4** The headings to the Clauses of this Agreement are for convenience only and shall not affect the
construction or interpretation thereof.

**1.5** Unless the context otherwise requires, words imparting the singular shall include the plural and vice
versa and references to natural persons shall include bodies corporate.

**1.6** Except to the extent the Fund and the Investment Manager otherwise agree, references herein to the Fund
include references to a Subsidiary in respect of the rights and obligations and all other terms set forth in this Agreement, as and to the extent applicable, provided that it is understood that each Subsidiary is engaging the Investment Manager on
its own behalf and the terms set forth herein apply to each Subsidiary separately unless the context requires otherwise.

**2.** **Appointment of the Investment Manager** 

**2.1** The Fund hereby appoints the Investment Manager to provide the Fund and each Subsidiary with management
services and to carry out all of the functions and have such powers as are provided in this Agreement, subject to the overall supervision of the Board, and the Investment Manager hereby accepts such appointment and agrees to do so, in each case, on
the terms and conditions set out in this Agreement. References below to the "Fund" shall mean the Fund and each Subsidiary, unless otherwise noted.

**3.** **Regulatory Status** 

At the date of signing this Agreement, the Investment Manager is registered with the Commission as an investment adviser under the Advisers Act.

**4.** **Functions, Powers and Obligations of the Investment Manager** 

CONFIDENTIAL

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**4.1** The Investment Manager shall furnish continuously an investment program for the Fund, which functions
include notably: (i) the management on a discretionary basis (subject to the overall supervision and review of the Board) of the making, holding and realization of the Investments in compliance with (A) the Fund's investment program
and fundamental and non-fundamental policies as set forth in the Registration Statement, (B) the provisions of the 1940 Act, the Advisers Act and the Internal Revenue Code of 1986, as amended, and in each
case any rules and regulations thereunder, each as modified by applicable exemptive orders and no action letters, (C) any other applicable provisions of state or federal law, (D) the provisions of the governing documents of the Fund, as
amended from time to time, and (E) all policies and determinations of the Board; (ii) risk management functions; (iii) determining (subject to the overall supervision and review of the Board) what portion, if any, of the assets of the
Fund will be held in cash or cash equivalents; and (iv) continuously review, supervise, and administer the investment program of the Fund.

**4.2** The Fund constitutes and appoints the Investment Manager as the Fund's true and lawful
representative and attorney-in-fact, with full power of delegation (to any one or more permitted sub-advisers), in the
Fund's name, place and stead, to make, execute, sign, acknowledge, and deliver all subscription and other agreements, contracts, and undertakings on behalf of the Fund as the Investment Manager may deem necessary or advisable for implementing
the investment program of the Fund by purchasing, selling, and redeeming its assets and placing orders for such purchases and sales.

**4.3** Without limiting the generality of the foregoing in Clauses 4.1 and 4.2, the Investment Manager shall
have full power and authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.1** identify and originate potential Investments; conduct due diligence, analysis, and evaluation thereof;
negotiate the terms of potential Investments; enter into Investments; monitor and manage Investments; dispose in whole or in part of all Investments; in each case, for the account of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.2** cause the Fund to purchase or sell any asset, enter into any other investment-related transaction,
including borrowing money, lending securities, and selecting brokers and dealers for execution of portfolio transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.3** cause the Fund to invest in or enter into futures, options, contracts for differences and other
derivative contracts and/or instruments to the extent consistent with the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.4** cause the Fund to give any guarantee, warranty and indemnity in connection with the acquisition, sale,
exchange or other disposal of Investments and any other investments or create security interests in respect of Investments (including without limitation the Investments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.5** bring or defend, pay, collect, compromise, arbitrate, resort to legal action, settle or otherwise adjust
claims or demands of or against the Fund or that relates to any of the Investments;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.6** apply to relevant authorities (x) for any necessary exchange control approvals in relation to
Investments, (y) for all confirmation or consents relating to the taxation status of the Fund (including, if applicable and without limitation, U.S. Internal Revenue Service Form 8832 or any successor form) in compliance with the Limited
Liability Company Agreement of the Fund, as amended or restated from time to time (the "Limited Liability Company Agreement"), and (z) for all payments which may be due to the Fund from time to time, and in connection therewith to
disclose to any such relevant authorities such information regarding the Fund and its affairs as may be required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.7** open, maintain and close accounts with brokers, dealers, banks, currency dealers and others, including
the Investment Manager and its affiliates, and issue all instructions and authorizations to entities regarding the purchase and sale or entering into, as the case may be, of securities, certificates of deposit, bankers acceptances, agreements for
the borrowing and lending of portfolio securities and other assets, instruments and investments for the purpose of seeking to achieve the Fund's purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.8** open, maintain and close bank accounts and custodian accounts for and in the name of the Fund and to
draw cheques and other orders for the payment of monies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.9** possess, lend, transfer, mortgage, pledge or otherwise deal in, and secure the payment of obligations of
the Fund by mortgage upon, or hypothecation or pledge of, all or part of the property of the Fund, whether at the time owned or thereafter acquired, or participate in arrangements with creditors, institute and settle or compromise suits and
administrative proceedings and other similar matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.10** borrow or raise monies and issue, accept, endorse and execute promissory notes, drafts, bills of
exchange, warrants, bonds, debentures and other negotiable or non-negotiable instruments and evidences of indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.11** employ, retain, or otherwise secure or enter into contracts, agreements and other undertakings with
persons in connection with the management and operation of the Fund's business, including, without limitation, any employees, independent agents, attorneys, accountants, consultants, paying and collecting agents, custodians and financial and
other professional advisers, and including, without limitation, contracts, agreements or other undertakings and transactions with any Member and/or any Person controlling, under common control with or controlled by any Member, all on such terms and
for such consideration as the Investment Manager deems necessary or advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.12** take any and all action which is permitted under applicable law and which is customary or reasonably
related to the business of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.13** cause the Fund to pay for items, including but not limited to organizational expenses and other expenses
of the Fund in accordance with the Limited Liability Company Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.14** undertake to do anything incidental to the foregoing and anything set forth in Clauses 4.1 and 4.2 to
facilitate the performance of its obligations hereunder.

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**4.4** Subject to revocation at the discretion of the Board, the Investment Manager shall have responsibility
for voting proxies, shareholder/member/partner votes and consents for entities that do not involve proxies, or otherwise exercising shareholder/member/partner rights, in each case, relating to the Fund's portfolio securities pursuant to
written proxy or other voting policies and procedures established by the Investment Manager.

**4.5** The Investment Manager shall provide advice and recommendations to the Board, and perform such review
and oversight functions as the Board may reasonably request, as to the continuing appropriateness of the Investment Objective, strategies, and policies of the Fund, valuations of portfolio securities, and other matters relating generally to the
investment program of the Fund. If requested by the Board, the Investment Manager shall serve as the Fund's "valuation designee" under Rule 2a-5 under the 1940 Act. Upon request of the Board,
the Investment Manager will provide representatives of the Investment Manager to attend meetings of the Board to report on the Investment Manager's performance of its functions under this Agreement and other matters related to the Fund.

**4.6** The Investment Manager shall keep such books, records, statements and systems as may be necessary to
give a complete record of all actions taken or functions performed by the Investment Manager on behalf of the Fund (and shall retain such records for a period of at least as long as that required by the 1940 Act and the Investment Advisers Act for
such records) and shall permit the Fund and the auditors of the Fund and their employees and authorized agents upon prior reasonable written notice to inspect and have access to any books, records, statements and systems relating to the Fund which
are in the possession or control of the Investment Manager at all reasonable times, provided that persons given access to such books, records, statements and systems may be subject to reasonable agreements to keep such information confidential.

**4.7** The Investment Manager shall, at its own expense, provide representatives of the Investment Manager to
serve as officers of the Fund as the Board may request. The Investment Manager and the Board may from time to time agree that the expense of certain officers of the Fund who may also be employees of the Investment Manager, including without
limitation the Chief Compliance Officer of the Fund, will be borne in part by the Fund and in part by the Investment Manager or entirely by the Fund.

**4.8** The Investment Manager hereby accepts such appointment and agrees to assume the above obligations (the
" **Services**") from the date of this Agreement upon the terms contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8.1** The Investment Manager agrees to perform the Services in accordance with the Investment Objective,
investment restrictions and other policies and restrictions of the Fund as set out in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8.2** The Investment Manager gives no warranty as to the investment performance or profitability of the
Investments or that the Investment Objective will be successfully achieved.

**4.9** In performing its powers and authorities described in this Section 4, the Investment Manager shall:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9.1** take such actions as may be necessary or desirable for the purpose of implementing the provisions of
this Agreement and performing the duties of the Investment Manager pursuant to the terms of this Agreement (including, without limitation, the purchase of insurance in respect of liabilities and hazards connected with the affairs of the Fund and its
assets);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9.2** take such actions as may be necessary or desirable in the State of Delaware or any other jurisdiction in
which the Fund carries on business to establish or preserve the limited liability of the Members of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9.3** have due regard to and act in accordance with and do all or any other acts as are required of it by this
Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9.4** act in good faith and in the best interests of the Fund.

**5.** **Duties of the Fund.** 

The Fund shall provide the Investment Manager with the following information about the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.1** cash flow estimates on request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2** notice of the Fund's assets available for investment by 9:00 a.m. each business day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.3** as they are modified, from time to time, current versions of the Registration Statement and other Fund
documents and policies referred to herein.

**6.** **Fees of the Investment Manager** 

**6.1** In consideration of the services to be performed by the Investment Manager hereunder, the Investment
Manager shall be entitled to receive from the Fund (and for the avoidance of doubt, not from any Subsidiary) by transfer to an account designated by the Investment Manager, a management fee (the "**Management Fee**") as indicated in <u>Schedule A</u>.

**6.2** In addition, the Investment Manager shall be entitled to receive from the Fund (and for the avoidance of
doubt, not from any Subsidiary) by transfer to an account designated by the Investment Manager, an incentive fee if certain returns are achieved (the "**Incentive Fee**") as indicated in <u>Schedule A</u>.

**6.3** The Management Fee and Incentive Fee, if any, shall be paid as described in <u>Schedule A</u>. For
purposes of determining the Management Fee and Incentive Fee payable to the Investment Manager, the Fund's net asset value will be calculated prior to the inclusion of any amounts of the Management Fee and any Incentive Fee payable to the
Investment Manager and after any subscriptions but prior to any repurchases occurring in that month.

**6.4** The Investment Manager may agree to waive its Management Fee from time to time either voluntarily or
contractually subject to a separate agreement. Such separate agreement may permit the Investment Manager to recoup such amounts waived pursuant to the terms of the separate agreement.

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**6.5** The Investment Manager and the Fund may agree that a Subsidiary be managed pursuant to a separate
agreement, in which case the assets of such Subsidiary will not be considered for purposes of this Section 6 except as the Fund and the Investment Manager otherwise agree.

**7.** **Expenses** 

**7.1** Other than as specifically indicated in this Management Agreement, the Investment Manager shall not be
required to pay any expenses of the Fund. The Investment Manager shall bear its own operating and overhead expenses attributable to its duties hereunder (such as salaries, bonuses, rent, office and administrative expenses, depreciation and
amortization, and auditing expenses). The Fund is not responsible for the overhead expenses of the Investment Manager. The Investment Manager may from time to time agree not to impose all or a portion of its Management Fee otherwise payable under
this Agreement and/or undertake to pay or reimburse the Fund for all or a portion of its expenses not otherwise required to be paid by or reimbursed by the Investment Manager. Unless otherwise agreed, any Management Fee reduction or undertaking may
be discontinued or modified by the Investment Manager at any time.

**7.2** Any organizational expenses and other expenses of the Fund properly incurred and actually paid by the
Investment Manager on behalf of the Fund shall be reimbursed to the Investment Manager by the Fund.

**7.3** The Fund will bear (and nothing in this Agreement shall require the Investment Manager to bear, or to
reimburse the Fund for) all expenses and costs listed on <u>Schedule B</u>. Nothing in <u>Schedule B</u> or this Clause 7.3 shall limit the generality of the first sentence of Clause 7.1 of this Agreement. The Investment Manager shall be entitled to
reimbursement from the Fund for any of the above expenses that the Investment Manager pays on behalf of the Fund.

**7.4** The Investment Manager may from time to time agree to reimburse expenses borne by the Fund pursuant to
this Agreement either voluntarily or contractually subject to a separate agreement. Such separate agreement may permit the Investment Manager to recoup such amounts reimbursed pursuant to the terms of the separate agreement.

**8.** **Services of the Investment Manager not to be Exclusive** 

**8.1** The services of the Investment Manager to the Fund hereunder are not to be deemed exclusive and the
Investment Manager shall be free to render similar services to others so long as its services hereunder are not impaired thereby and to retain for its own use and benefit all fees or other moneys payable thereby, and the Investment Manager shall not
be deemed to be affected with notice of or to be under any duty to disclose to the Fund any fact or thing which comes to the notice of the Investment Manager or any servant or agent or personnel of the Investment Manager in the course of the
Investment Manager rendering similar services to others or in the course of its business in any other capacity or in any manner whatsoever otherwise than in the course of carrying out its duties hereunder.

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**8.2** To the fullest extent permitted by applicable laws, in connection with its activities hereunder, the
Investment Manager shall have no duty hereunder (i) to ascertain whether any partner, member, director, officer or employee of the Investment Manager possesses any information which has not been publicly disclosed and which, if generally known,
might have significant impact on any decision whether to acquire, retain or dispose of or otherwise deal with any property in connection with this Agreement or (ii) to take into account any such information in making a decision as to the sale
or purchase of any Investments.

**8.3** The Fund acknowledges that the Investment Manager is or may be investment manager or investment adviser
to one or more other funds, as well as other portfolios of assets and hereby accepts and agrees that the Investment Manager shall be entitled to consider the interests of those other funds and not just those of the Fund alone in making any
investment decisions or otherwise in the performance of its duties as Investment Manager to the Fund, consistent at all times with applicable laws.

**9.** **Delegation and Assignment; Employees and Agents** 

**9.1** This Agreement shall terminate automatically upon its "assignment," as that term is defined
in the 1940 Act.

**9.2** The Investment Manager shall be free, in the performance of its duties and in the exercise of any powers
vested in it hereunder, to act by way of officers or employees to perform, or assist in performing, any of the services required to be performed hereunder. The Investment Manager may, with respect to legal and accounting matters, act or rely upon
the reasonable opinion or advice of, or any information obtained from, any reputable law firm (with respect to legal matters) or accounting firm (with respect to accounting matters), and the Investment Manager shall not be liable for any action
taken or thing done in accordance with this Agreement in good faith conformity or reliance on such opinion or advice. The Investment Manager may, at its own expense, make use of personnel and resources of its affiliates, including affiliates based
outside the United States, to perform its duties under this Agreement, subject to oversight by the Investment Manager and other conditions applicable to such "participating affiliate" arrangements under applicable law, including
applicable SEC no-action letters.

**10.** **Conflicts of Interest** 

**10.1** It is understood that (i) officers, directors, partners, members, shareholders, agents, delegates,
employees, nominees and investors of the Fund or an Investment or their affiliates are or may be interested in the Investment Manager as officers, directors, partners, members, shareholders, agents, delegates, employees, nominees, investors or
otherwise; (ii) that officers, directors, partners, members, shareholders, agents, delegates, employees, nominees and investors of the Investment Manager or its affiliates are or may be interested in the Fund or any Investment as officers,
directors, partners, members, shareholders, agents, delegates, employees nominees, investors or otherwise; and (iii) that the Investment Manager or its affiliates are or may be interested in the Fund or any Investment as an investor or
otherwise, and it is hereby acknowledged that no person so interested shall be liable to account for any profits or benefits to the other party or any other persons by reason solely of such interest, which will not necessarily be separately
disclosed at the time when particular advice is given except where required by applicable law.

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**11.** **Exclusion of Liability and Indemnity** 

**11.1** Notwithstanding any other provisions of 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, or gross negligence on the part of the Investment Manager, or reckless
disregard of its obligations and duties hereunder, the Investment Manager, including its managers, directors, officers, employees, members and agents, shall not be subject to any liability to the Fund, or to any director, officer, employee or member
thereof, for any act or omission in the course of, or connected with, rendering services hereunder. Any person, even though also serving as a manager, director, officer, employee, member, partner, shareholder or agent of the Investment Manager or
any affiliate of the Investment Manager, who may be or become a director, officer, employee or member of the Fund shall be deemed, when acting within the scope of his or her office with the Fund, to be acting solely for the Fund and not as a
manager, director, officer, employee, member, partner, shareholder or agent of the Investment Manager or any affiliate of the Investment Manager.

**11.2** The Fund shall, to the fullest extent permitted by law, indemnify and hold harmless the Investment
Manager, its affiliates and any of their respective managers, directors, officers, employees, members, partners, shareholders and agents (collectively, the "Indemnitees") from and against any and all claims, liabilities, damages, losses,
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, that are incurred by any Indemnitee
and that arise out of or in connection with the performance or non-performance of or by the Indemnitee of any of the Investment Manager's responsibilities hereunder, provided that an Indemnitee shall be
entitled to indemnification hereunder only if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Fund; provided, however, that no Indemnitee shall be
indemnified against any liability to the Fund or its members 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 Indemnitee's duties under this Agreement.

**11.3** The Investment Manager shall send to the Fund as soon as possible all claims, demands, summonses, writs
and related documents which it receives from third parties and in respect of which it may be indemnified in this Agreement and shall give such assistance as the Fund may reasonably require in defending or resisting the same and the Investment
Manager shall not admit liability or offer any settlement without the written consent of the Fund.

**11.4** Notwithstanding the termination of this Agreement, the provisions of this Section 11 shall continue
in full force and effect.

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**12.** **Resignation and Termination** 

**12.1** This Agreement shall commence as of the date first set forth above.

**12.2** This Agreement may be terminated without penalty: by either party upon sixty days' written notice
to the other party. This Agreement also may be terminated at any time, without penalty, by the vote of the holders of a majority of the outstanding voting securities of the Fund. This Agreement automatically terminates in the event the Fund is
liquidated and the winding up of the Fund has been completed.

**12.3** Unless terminated earlier pursuant to this Section 12, this Agreement shall remain in effect until
two years from the date first above written. Thereafter it shall continue in effect from year to year, so long as such continuance shall be approved at least annually by the Board including a majority of the Directors of the Fund who are not parties
to this Agreement or interested persons of any such party cast in person (to the extent required by applicable law) at a meeting called for the purpose of voting on such approval.

**12.4** On termination of the appointment of the Investment Manager under the provisions of this
Section 12, the Investment Manager shall be entitled to receive all fees and other moneys accrued due for all periods prior to such effective termination and all expenses borne on behalf of the Fund prior to such time.

**12.5** The provisions of Section 11 *(Exclusion of Liability and Indemnity),* Clause 12.3 *(Resignation and Termination),* and this Clause 12.5 shall survive the termination of this Agreement.

**13.** **Force Majeure** 

No Party shall be liable to the other for any failure to fulfil its duties hereunder if and to the extent that such failure shall be caused by or directly or indirectly due to war damage, enemy action, any act of terrorism, the act of any government or other competent authority, riot, civil commotion, rebellion, storm, tempest, accident, fire, lock-out, strike, public health crisis, or other cause whether similar or not beyond the reasonable control of such Party.

**14.** **Counterparts** 

This Agreement may be executed in any number of counterparts by different Parties hereto on separate counterparts, including in electronic format, each of which when executed shall constitute an original, but all of which shall together constitute one and the same instrument.

**15.** **Entire Agreement** 

This Agreement and the Limited Liability Company Agreement contain the whole agreement between the Parties relating to the subject matter of this Agreement at the date hereof to the exclusion of any terms implied by law which may be excluded by contract. Each Party acknowledges that it has not been induced to enter into this Agreement by any representation, warranty or undertaking not expressly incorporated into it. So far as

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permitted by law and except in the case of fraud, each Party agrees and acknowledges that its only rights and remedies in relation to any representation, warranty or undertaking made or given in connection with this Agreement shall be for breach of the terms of this Agreement, to the exclusion of all other rights and remedies (including those in tort or arising under statute).

**16.** **Independent Contractor** 

For all purposes of this Agreement, the Investment Manager shall be an independent contractor and not an employee or dependent agent of the Fund; nor shall anything herein be construed as making the Fund a partner or co-venturer with the Investment Manager.

**17.** **Miscellaneous Provisions** 

**17.1** No failure on the part of either Party to exercise, and no delay on its part in exercising, any right or
remedy under this Agreement will operate as a waiver thereof nor will any single or partial exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies provided
in this Agreement are cumulative and not exclusive of any rights or remedies provided by laws.

**17.2** This Agreement may be amended at any time by mutual consent of the Parties, provided that, to the extent
required by applicable law (as modified by any exemptive orders, no-action letters, or other guidance thereunder), such consent on the part of the Fund shall have been approved by the vote of the majority of
the Directors of the Fund who are not parties to this Agreement or interested persons of any such party cast in person at a meeting called for the purpose of voting on such approval and by the holders of a "majority of the outstanding voting
securities" (as that term is defined in the 1940 Act) of the Fund.

**17.3** The illegality, invalidity or unenforceability of any provision of this Agreement under the laws of any
jurisdiction shall not affect its legality, validity or enforceability under the laws of any other jurisdiction nor the legality, validity or enforceability of any other provision.

**17.4** The provisions of this Agreement are intended solely to benefit the Parties and the Indemnified Persons
and shall not be construed as conferring any benefit upon any third parties.

**18.** **Governing Law** 

This Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with the laws of the State of New York, without regard to the place of performance hereunder and without giving effect to principles of conflicts of laws and in accordance with the applicable provisions of the 1940 Act. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control.

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**In Witness Whereof**, the Parties have entered into this Agreement as of the day and year first above written.

**ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC** 

---

| | |
|:---|:---|
|  By: | /s/ Wilfred Small |
|  | Name: Wilfred Small |
|  | Title: President |
|  **AASIF HOLDCO LLC** | **AASIF HOLDCO LLC** |
|  By: | /s/ Wilfred Small |
|  | Name: Wilfred Small |
|  | Title: President |
|  **AASIF BLOCKER LLC** | **AASIF BLOCKER LLC** |
|  By: | /s/ Wilfred Small |
|  | Name: Wilfred Small |
|  | Title: President |
|  **ARDIAN US LLC** | **ARDIAN US LLC** |
|  By: | /s/ Vladimir Colas |
|  | Name: Vladimir Colas |
|  | Title: Executive Vice President |

---

[Signature page]

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**Schedule A** 

**Management Fee** 

The Fund pays the Investment Manager a monthly Management Fee equal to 1.25% on an annualized basis of the Fund's net asset value (including, for the avoidance of doubt, assets held in a Subsidiary) as of the last day of the month.

The Management Fee will be computed as of the last day of each month, and will be due and payable in arrears within 30 days after the end of the month. To the extent the Investment Manager receives advisory fees from a Subsidiary, the Investment Manager will not receive an advisory fee from the Fund in respect of the assets of the Fund that are invested in such Subsidiary.

**Incentive Fee** 

The Investment Manager shall be entitled to an Incentive Fee equal to 12.5% of the Fund's Total Return, subject to a 5.0% annual Hurdle Amount with a 100% Catch-Up and a High Water Mark (each as defined below). The Incentive Fee will be measured and paid annually out of the assets of the Fund and will be accrued monthly (subject to pro-rating for partial periods).

Specifically, the Investment Manager is entitled to an Incentive Fee in an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First, if the Fund's Total Return for the applicable period exceeds the sums of (i) the Hurdle Amount
for the period and (ii) the Loss Carryforward Amount (any such excess, "Excess Profits"), 100% of such annual Excess Profits until the total amount of the Incentive Fee payable to the Investment Manager equal 12.5% of the sum of
(x) the Hurdle Amount for that period and (y) any amount payable to the Investment Manager pursuant to this clause (this is commonly referred to as a "Catch-Up"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits.

"Total Return" for the relevant period shall equal the sum of (i) all distributions accrued or paid (without duplication) on a Unit of the respective Class since the beginning of the then-current fiscal year (whether or not reinvested in additional Units) plus (ii) the change in the Fund's aggregate net asset value since the beginning of the then-current fiscal year and (iii) the value of any Units repurchased by the Fund since the beginning of the then-current fiscal year, in each case, before giving effect to (a) changes resulting solely from the proceeds of issuances of Units; and (b) any accrual of the Incentive Fee; minus (iv) the Management Fee and all expenses of the Fund to the extent not previously reflected in the net asset value of the Fund.

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For the avoidance of doubt, the calculation of Total Return will (i) include any realized or unrealized appreciation or depreciation in the net asset value of Units issued during the then- current fiscal year, (ii) treat any withholding tax on distributions paid by or received by the Fund as part of the distributions accrued or paid on Units, and (iii) exclude the proceeds from the initial issuance of such Units.

"Hurdle Amount" for any period during the then-current fiscal year means that amount that results in a 5.0% annualized return on the net asset value of the Units outstanding at the beginning of the then-current fiscal year and all Units issued since the beginning of the then-current fiscal year calculated in accordance with recognized industry practices and taking into account: (i) the timing and amount of all distributions accrued or paid (without duplication) on all such Units minus all Fund expenses but excluding applicable expenses for Distribution and Servicing Fees; and (ii) all issuances of Units over the period. For the avoidance of doubt, the calculation of the Hurdle Amount for any period will exclude any Units repurchased during such period.

The net asset value of Units used in determining the Hurdle Amount will be calculated before giving effect to any accrual of the Incentive Fee and applicable expenses for Distribution and Servicing Fees. For the avoidance of doubt, the calculation of the Hurdle Amount for any period will exclude: any Units repurchased during such period, which Units will be subject to the Incentive Fee upon repurchase. Except as described in "Loss Carryforward Amount" below, any amount by which Total Return falls below the Hurdle Amount will not be carried forward to subsequent periods.

"Loss Carryforward Amount" shall initially equal zero and shall cumulatively increase by the absolute value of any negative Total Return for the relevant period and decrease by any positive Total Return for such period; provided, that the Loss Carryforward Amount shall at no time be less than zero and provided further that the calculation of the Loss Carryforward Amount will exclude the Total Return related to any Units repurchased during the relevant period, which Units will be subject to the Incentive Fee upon repurchase. The effect of the Loss Carryforward Amount is that the recoupment of past Total Return losses for the relevant period will offset the positive Total Return for such period for purposes of the calculation of the Incentive Fee. This is referred to as a "High Water Mark."

Promptly following the end of each fiscal year, the Fund shall pay the Investment Manager an Incentive Fee as described above; provided, however, the Investment Manager shall be entitled to receive such portion of the Incentive Fee that has been accrued for the relevant fiscal year prior to the end of such year in an amount sufficient to cover any tax liability of the Investment Manager with respect to such Incentive Fee. The Incentive Fee that the Investment Manager is entitled to receive at the end of each fiscal year will accrue monthly, with payment made annually (subject to more frequent tax-related payments described above), and shall be reduced by the cumulative amount of Incentive Fees paid during that year (if any). To the extent the Investment Manager receives incentive fees from a Subsidiary, the Investment Manager will not receive an incentive fee from the Fund in respect of any portion of the Fund's Total Return that is attributable to such Subsidiary. To the extent any portion of the accrued Incentive Fee was paid during a fiscal year but, at the end of such fiscal year, the Investment Manager is not entitled to any Incentive Fee in respect of such fiscal year, the Investment Manager shall promptly reimburse the Fund for such amount previously paid.

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**Schedule B** 

The Fund shall bear all expenses incurred in the business of the Fund, as well as any taxes thereon, other than those specifically required to be borne by the Investment Manager pursuant to this Investment Management Agreement. Expenses to be borne by the Fund include, but are not limited to, the following (capitalized terms used but not defined below have the meanings given to them in the Limited Liability Company Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all expenses related to its investment program, including, but not limited to: (i) expenses borne through
the Fund's investments in the Underlying Funds and Co-Investment Vehicles, including, without limitation, any fees and expenses charged by the Underlying Fund and Co-Investment Vehicle managers among which the Fund deploys some or all of its assets (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 Fund's investments
in Underlying Funds and Co-Investment Vehicles (whether or not consummated), and enforcing the Fund's rights in respect of such investments; (iii) transfer taxes and premiums; (iv) all taxes
withheld, including but not limited to 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); (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; (vii) out-of-pocket expenses incurred by the Investment Manager or any of its personnel for travel, meals, accommodations, or lodging in
relation to the Fund and its Investments (including, but not limited to, any travel in connection with any such person's role as a member of any committee of an Underlying Fund); (viii) all expenses incurred by the Investment Manager or any of
its personnel relating to events, entertainment, or industry conferences in relation to the Fund and its activities, Investments or prospective Investments; (ix) all costs and expenses associated with creating, forming, developing, structuring,
operating and winding-up direct or indirect administrative and other investment structures (including, for the avoidance doubt, any intermediate vehicles or wholly-owned subsidiaries of the Fund) formed for,
or utilized by, the Fund to conduct any aspect of the Fund's investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all expenses of computing the Fund's net asset value, including any equipment or services obtained for
the purpose of valuing the Fund's investment portfolio, including appraisal and valuation services provided by third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Management Fee and Incentive Fee paid by the Fund to the Investment Manager in consideration of the
advisory and other services provided by the Investment Manager to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any distribution and/or service fees to be paid pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act and any sub-transfer agency, sub-accounting or other investor servicing fees or expenses;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) all costs and expenses (including costs and expenses associated with the organization and initial registration
of the Fund) associated with the operation and registration of the 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;(6) distributor costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) fees and expenses of the Directors not also serving in an executive officer capacity for the Fund or the
Investment Manager and the fees and expenses of independent counsel thereto, and all costs and expenses of holding any meetings of the Board or Members that are regularly scheduled, permitted, or required to be held under the terms of this
Agreement, the 1940 Act, or other applicable law, including any costs or expenses for travel, meals, accommodations, or lodging incurred by any meeting attendees in connection with such meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the compensation of the Fund's Chief Compliance Officer and any costs associated with the monitoring,
testing and revision of the Fund's compliance policies and procedures required by Rule 38a-1 under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) all recordkeeping, custody, transfer agency, registration and similar fees and expenses incurred by the Fund
and all brokerage and finders' fees and commissions and discounts incurred by the Fund in connection with the Fund's operations, activities, investments or business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) costs incurred in connection with tax filings, tax reporting or other investor reporting and preparing,
printing and distributing reports and other communications, including repurchase offer correspondence or similar materials, to Members and potential investors, including information technology costs related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) all charges for equipment or services used for communications between the Fund and any custodian,
administrator, sub-administrator, transfer agent or other agent engaged by the Fund and any charges, expenses or fees, including subscription or licensing fees, for software, electronic solutions or online
platforms or services used by the Fund or its service providers in connection with Fund operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) fees of custodians, other service providers to the 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) all taxes, 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 on its income or assets or in connection with its business or operations, including relating to compliance with any law, and compliance with any Fund-related agreements and
agreements with investors;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) any actual or potential audit, enquiry, 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, including the amount of any judgments, settlement, remediation, fines, interest, late
interest and/or penalties paid in connection therewith and including advancement of any such amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) 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;(18) 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) and other extraordinary expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) indemnification or contribution obligations under the 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) any activities with respect to protecting the confidential or non-public nature of any information or data, including confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) costs incurred in connection with holding and/or soliciting proxies for a meeting of investors of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) expenses associated with the performance of any anti-money laundering and/or 'know-your-customer'
checks reasonably required in connection with the evaluation and screening of an actual or potential transaction, and/or the admission of a prospective Member into the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) expenses associated with any transfer of Units from a Member to any prospective Member, the admission of a
substitute Member, or the permitted withdrawal or resignation of a Member, including but not limited to, any valuation, tax or legal expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) expenses associated with drafting, filing or transmitting any amendments, restatements, waivers, consents,
approvals, or other modifications to agreements, organizational documents, offering documents, or other documents of the Fund or any of its intermediate vehicles or wholly-owned subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) expenses associated with terminating, extending, winding up, liquidating, and/or dissolving the Fund or any of
its intermediate vehicles or wholly-owned subsidiaries;

CONFIDENTIAL

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) all other expenses incurred by the Fund in connection with the operation and administration of the Fund's
business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) such other types of expenses as may be approved from time to time by the Board.

CONFIDENTIAL

## Ex-99.(H)(3)

**ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC** 

**DISTRIBUTION AND SERVICE PLAN** 

WHEREAS, Ardian Access Secondary Infrastructure Fund LLC, a Delaware limited liability company (the "Fund"), is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Fund will rely on an exemptive order issued by the Securities and Exchange Commission to issue multiple classes of limited liability company interests of the Fund ("Units," and each class of Units, a "Class") (the "Exemptive Order");

WHEREAS, reliance on the Exemptive Order will require the Fund to comply with the provisions of Rule 12b-1 under the 1940 Act (the "Rule") as if it were an open-end management investment company;

WHEREAS, the Fund may enter into one or more agreements with the principal underwriter of the Fund (the "Distributor") and/or one or more other underwriters, distributors, dealers, brokers, banks, trust companies, selling agents, and other financial intermediaries (each, an "Intermediary") for the sale of Units and/or the servicing or maintenance of accounts for the beneficial owners of the Units (each, an "Agreement"); and

WHEREAS, the Board of Directors of the Fund (the "Board"), and the members of the Board (each, a "Director") who are not interested persons of the Fund (as defined in the 1940 Act) and who have no direct or indirect financial interest in the operation of this Plan or any Agreement (the "Qualified Directors"), having determined, in the exercise of their reasonable business judgment and in light of their fiduciary duties under state law and under Section 36(a) and (b) of the 1940 Act, that there is a reasonable likelihood that this Plan will benefit the Fund, the Classes set forth on Exhibit A hereto, as such Exhibit may be amended from time to time, and the investors thereof, have accordingly approved this Plan by votes cast in person at a meeting called for the purpose of voting on this Plan;

NOW, THEREFORE, the Fund hereby adopts this Plan in accordance with the Rule, on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. DISTRIBUTION AND SERVICING ACTIVITIES. Subject to the supervision of the Board, the Fund may engage, directly or indirectly, in financing any activities primarily intended to result in the sale of Units and in investor servicing activities, including, but not limited to, the following: (a) making payments to the Distributor and/or one or more Intermediaries, which payments may be used to compensate such persons for such activities, without regard to the actual expenses incurred thereby; (b) providing reimbursement of direct out-of-pocket expenditures by the Distributor and/or Intermediaries in connection with the distribution of Units; and (c) making payments to compensate the Distributor and/or Intermediaries for servicing and/or maintaining accounts for the beneficial owners of the Units (such as: personal services including, among others, 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).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DISTRIBUTION (12b-1) FEES. The Fund is authorized to make periodic payments to the Distributor and/or Intermediaries at an annual rate not to exceed 0.50% of the net assets attributable to Class J Units, 0.25% of the net assets attributable to Class D Units, and 0.85% of the net assets attributable to Class X Units, calculated as of the end of each calendar month (the "Distribution (12b-1) Fees"). If amounts are received by the Distributor, the Distributor may in turn remit to and allocate among one or more Intermediaries, as compensation for, and/or as reimbursement for expenses incurred in the provision of, distribution or investor services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. RELATIONSHIP TO OTHER PLANS AND AGREEMENTS. The Fund has entered into a Sub-Transfer Agency and Investor Services Agreement (the "Sub-TA Services Agreement") with Ardian US LLC ("Ardian US"). Pursuant to the Sub-TA Services Agreement the Fund is authorized to make payments directly to third parties ("Investor Servicing Agents") providing services to the beneficial holders of Fund units of any Class, and/or to reimburse Ardian US or a designated affiliate of Ardian US for payments Ardian US or such affiliate makes to Investor Servicing Agents for such services, in amounts approved from time to time by (a) the Board and (b) the Qualified Directors. Payments under the Sub-TA Services Agreement are made pursuant to a Sub-Transfer Agency and Investor Services Plan (the "Sub-TA Services Plan") adopted by the Fund. Payments made by the Fund pursuant to the Sub-TA Services Agreement and Sub-TA Services Plan are exclusively for services not intended to result in the sale of Fund Units. Such payments are separate from, and in addition to, any payments made by the Fund pursuant to this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. TERM AND TERMINATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Initial Term. After approval by votes of a majority of both (i) the Board and (ii) the Qualified Directors, cast in person at a meeting or meetings duly called for the purpose of voting on this Plan, this Plan will become effective upon the later of the Fund's receipt of the Exemptive Order or the commencement of the Fund's public offering, and shall continue in effect with respect to each Class (subject to Section 4(c) hereof) until one year from the date of such effectiveness, unless the continuation of this Plan shall have been approved with respect to such Class in accordance with the provisions of Section 4(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Continuation. This Plan shall continue in effect with respect to each Class subsequent to the initial term specified in Section 4(a) for so long as such continuance is specifically approved at least annually by votes of a majority of both (i) the Board and (ii) the Qualified Directors, cast in person at a meeting called for the purpose of voting on this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Approval of Related Agreements. All agreements (including the Agreements) with any person relating to implementation of this Plan shall be in writing, and any agreement related to this Plan shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. that such agreement may be terminated at any time, without payment of any penalty, by vote of a majority of the
Qualified Directors or by vote of a majority of the Class's outstanding voting securities, on not more than sixty (60) days' written notice to any other party to the agreement; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. that such agreement shall terminate automatically in the event of its assignment. "Assignment"
shall have the meaning specified in the 1940 Act and the rules and regulations thereunder, subject to such exemptions as may be granted by the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Termination. This Plan may be terminated at any time with respect to any Class by vote of a majority of the Qualified Directors, or by vote of a majority of the outstanding Units of such Class. For purposes of this Plan, the term "vote of a majority of the outstanding Units" of a Class shall mean the vote of the lesser of (A) 67 percent or more of the outstanding voting Units of such Class present at such meeting, if the holders of more than 50 percent of the outstanding voting Units of such Class are present and represented by proxy; or (B) more than 50 percent of the outstanding voting Units of such Class. This Plan will remain in effect with respect to a Class even if this Plan has been terminated in accordance with this Section 4(c) with respect to one or more other Classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AMENDMENTS. This Plan may not be amended to increase materially the amount of the Distribution (12b-1) Fee provided for in Section 2 hereof with respect to any Class unless such amendment is approved by a vote of a majority of the outstanding Units of such Class. No material amendment to this Plan shall be made unless approved by votes of a majority of both (i) the Board and (ii) the Qualified Directors, cast in person at a meeting called for the purpose of voting on such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. INDEPENDENT DIRECTORS. While this Plan is in effect, the selection and nomination of Directors who are not interested persons (as defined in the 1940 Act) of the Fund shall be committed to the discretion of the Directors who are not interested persons of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. QUARTERLY REPORTS. The Distributor shall provide to the Directors of the Fund, and the Directors shall review, at least quarterly, a written report of the amounts expended for the distribution of the Units pursuant to this Plan and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. RECORDKEEPING. The Fund shall preserve copies of this Plan, the Agreements, and any related agreements and all reports made pursuant to Section 7 hereof, for a period of not less than six years from the date of this Plan, the Agreements and any related agreements, or such reports, as the case may be, the first two years in an easily accessible place.

Adopted: March 13, 2026

------

**<u>Exhibit A</u>**

Class J

Class D

Class X

## Ex-99.(H)(4)

**ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC** 

**MULTIPLE CLASS PLAN** 

Ardian Access Secondary Infrastructure Fund LLC (the "<u>Fund</u>") is a limited liability company organized under Delaware law. The Fund's Limited Liability Company Agreement provides that units of beneficial interest ("<u>Units</u>") of the Fund may be divided into various classes of beneficial interests.

The Fund is a closed-end management investment company that has received exemptive relief (the "<u>Exemptive Order</u>") from the U.S. Securities and Exchange Commission (the "<u>SEC</u>") to permit the Fund to issue multiple classes of Units with sales loads and/or asset-based distribution and/or service fees in accordance with Rule 18f-3 under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"). Although not directly subject to Rule 18f-3 under the 1940 Act, as a condition to reliance on the Exemptive Order, the Fund must comply with the provisions of Rule 18f-3, as if they apply to the Fund.

This Multiple Class Plan (the "<u>Plan</u>") is adopted by the Board of Directors (the "<u>Board</u>") of the Fund, including a majority of its directors who are not "interested persons" (as defined in the 1940 Act) of the Fund (the "<u>Independent Directors</u>"), pursuant to Rule 18f-3(d) under the 1940 Act.

The Fund may offer multiple classes of Units (each, a "<u>Class</u>," and collectively, the "<u>Classes</u>"). Each Class of Units represents interests in the same investment portfolio of the Fund and has the same rights, preferences, voting powers, restrictions and limitations, except as provided in this Plan. The Fund may from time to time offer additional classes of Units by amending this Plan in accordance with Section 7 hereof.

The Board, including a majority of the Independent Directors, has determined that this Plan, including the allocation of expenses, is in the best interest of the Fund as a whole and each Class of Units offered by the Fund.

The provisions of the Plan are as follows:

1. <u>General Description of Classes</u>. Each Class of Units of the Fund shall represent interests in the
same portfolio of investments of the Fund, shall have such exchange privileges and/or conversion features within the Fund as described in the Fund's Prospectus, and shall be identical in all respects, except that, as provided for in the
Fund's Prospectus or the Fund's share class-specific Prospectus, each Class shall or may differ with respect to: (i) asset-based distribution fees; (ii) account maintenance and shareholder services and expenses;
(iii) differences relating to sales loads, early withdrawal sales charges, purchase minimums, eligible investors and exchange privileges; (iv) other class-specific expenses detailed in Section 2 below; and (v) the designation of
each Class of Units. The Classes of Units designated by the Fund are set forth in **Appendix A**, which may be amended and/or restated from time to time.

2. <u>Allocation of Income and Class</u> <u>Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each Class of Units shall have the same rights, preferences, voting powers, restrictions and limitations,
except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Expenses related to the distribution of a Class of Units or to the services provided to shareholders of a
Class of Units shall be borne solely by such Class;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The following expenses attributable to the Units of a particular Class will be borne solely by the
Class to which they are attributable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Asset-based distribution, account maintenance and shareholder service fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Extraordinary non-recurring expenses including litigation and other
legal expenses relating to a particular Class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Such other expenses as the Board determines were incurred by a specific Class and are appropriately paid
by that Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Income, realized and unrealized capital gains and losses, and expenses that are not allocated to a specific
Class pursuant to this Section 2, shall be allocated to each Class of the Fund on the basis of the net asset value of that Class in relation to the net asset value of the Fund.

Notwithstanding the foregoing, the underwriter, investment advisor, subadvisor or other provider of services to the Fund may waive or reimburse the expenses of a specific Class or Classes to the extent permitted under the 1940 Act; provided, however, that the Board shall monitor the use of waivers or expense reimbursements intended to differ by Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Investment advisory fees, custodial fees, and other expenses relating to the management of the Fund's
assets shall not be allocated on a Class-specific basis, but rather based upon relative net assets.

3. <u>Voting Rights</u>. Each Class of Units will have identical voting rights except that each Class of
Units will have exclusive voting rights with respect to matters that exclusively affect such Class and separate voting rights on any matter submitted to shareholders in which the interests of one Class differ from the interests of any
other Class. In matters as to which one or more Classes of Units do not have exclusive voting rights, all Classes of Units of the Fund will vote together, except when a Class vote is required by the 1940 Act.

4. <u>Exchanges</u>. A Class of Units of the Fund may be exchanged without payment of any exchange fee for
another Class of Units of the Fund at their respective net asset values, to the extent permitted, and as provided, in the Fund's then-current Prospectus.

5. <u>Class</u> <u>Designation</u>. Subject to the approval by the Board, the Fund may alter the
nomenclature for the designations of one or more of its Classes of Units, and may convert a Class of Units into a new or existing Class.

6. <u>Additional Information</u>. This Plan is qualified by and subject to the terms of the Fund's
then-current Prospectus for the applicable Class(es) of Units of the Fund; provided, however, that none of the terms set forth in any such Prospectus shall be inconsistent with the terms of this Plan.

7. <u>Amendments</u>. This Plan may be terminated or amended at any time with respect to the Fund or a
Class of Units thereof by a majority of the Board, and a majority of the Independent Directors.

8. <u>Miscellaneous</u>. Any reference in this Plan to information in the Fund's Prospectus shall mean
information in the Fund's then-current Prospectus, as the same may be amended or supplemented from time to time, or in the Fund's Statement of Additional Information, as the same may be amended or supplemented from time to time.

------

**Appendix A** 

---

| |
|:---|
| **Share Classes\*** |
|  Class J |
|  Class D |
|  Class I |
|  Class X |

---

\* The features and expenses of each share class are described in further detail in the Fund's Prospectus, which may be supplemented or amended from time to time.

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

**ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC** 

**SUB-TRANSFER AGENCY AND INVESTOR SERVICES AGREEMENT** 

This SUB-TRANSFER AGENCY AND INVESTOR SERVICES AGREEMENT, made as of March 13, 2026, by and between Ardian Access Secondary Infrastructure Fund LLC, a Delaware limited liability company (the "Fund"), with respect to each class of units of the Fund listed on Schedule A attached hereto (each, a "Class") and Ardian US LLC, a limited liability company ("Ardian US");

W I T N E S S E T H

WHEREAS, the Fund is engaged in business as a closed-end management investment company and is so registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, Ardian US serves as the Fund's investment adviser; and

WHEREAS, it is the intention of the Fund to offer each Class of units to beneficial owners who will purchase units through third-party platforms and other financial intermediaries that may require payments for non-distribution related sub-transfer agency, sub-accounting, recordkeeping and/or other administrative or personal services ("Investor Services");

NOW, THEREFORE, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Sub-Transfer Agency and Investor Servicing Arrangements</u>. (a) The Fund, acknowledges that Ardian US may arrange for the engagement of third-party service providers ("Investor Servicing Agents") to provide Investor Services to Fund investors, including but not limited to: (i) displaying the Fund and its offering documents on a digital platform for access by current and prospective investors or authorized financial intermediaries; (ii) creating a profile of the Fund for display on a digital platform; (iii) providing helpdesk and technical support for users who have access to the platform hosting the Fund; (iv) creating due diligence reports on the Fund to be made available to authorized financial intermediaries; (v) establishing electronic communications with the Fund's transfer agent to facilitate processing subscriptions through the Investor Servicing Agent, which may involve maintaining one or more omnibus accounts with the transfer agent and, in connection therewith, establishing and maintaining sub-accounts and sub-account balances for each holder of Fund units; (vi) processing investor subscriptions and/or redemption in connection with periodic repurchase offers made by the Fund; (vii) transmitting to the Fund's transfer agent subscription orders or repurchase requests received by it with respect to Fund investors; (viii) receiving and transmitting the purchase price relating to investor subscriptions or Fund repurchases; (ix) mailing periodic reports, transaction confirmations and sub-account information to Fund investors; (x) answering inquiries about the Fund or about a investor's sub-account balances or distribution options; (xi) providing assistance to investors effecting changes to their dividend options, account designations or addresses; (xii) disbursing income dividends and capital gains distributions; (xiii) preparing and delivering to investors, and state and federal authorities including the United States Internal Revenue Service, such information respecting dividends and distributions paid by the Fund as may be required by law, rule or regulation; and (xiv) withholding on dividends and distributions as may be required by state or federal authorities from time to time.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payments to Investor Servicing Agents</u>. The Fund shall (i) compensate Investor Servicing Agents for Investor Services and/or (ii) reimburse Ardian US for any payments Ardian US makes in connection with compensating Investor Servicing Agents for Investor Services. Payments by the Fund pursuant to this Section 2 shall not exceed such amounts as are set forth in a plan (the "Sub-Transfer Agency and Investor Services Plan") adopted by the Board of Directors (the "Board") of the Fund from time to time by votes of the majority of (i) the Board, and (ii) the Directors of the Fund who are not interested persons (as defined in the 1940 Act) of the Fund and who have no direct or indirect financial interest in the operation of this Agreement or in the Sub-Transfer Agency and Investor Services Plan (the "Qualified Directors"), cast in person at a meeting called for the purpose of voting on such amounts. Such payments shall be computed and payable quarterly, or at such other frequency as the parties may agree from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Additional Terms</u>. None of the services or activities of Ardian US or any Investor Servicing Agent described herein are intended to result in the sale of units issued by the Fund, and Ardian US shall use reasonable efforts to ensure that payments made under this Agreement do not constitute payments required to be made pursuant to a plan adopted under Rule 12b-1 under the 1940 Act. In connection with entering into this Agreement, the Fund has adopted the Sub-Transfer Agency and Investor Services Plan, which is consistent with the requirements applicable to a plan adopted pursuant to Rule 12b-1 under the 1940 Act and that is defensive in nature. Ardian US agrees to provide the Board with any and all information that the Board may reasonably request in connection with the Board's initial and annual approval of the Sub-Transfer Agency and Investor Services Plan or the Board's quarterly review of any amounts paid pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Term, Termination, Continuation and Amendment of this Agreement</u>. (a) This Agreement shall become effective on the date first written above. This Agreement shall continue in effect for a period of more than one year after the date this Agreement takes effect, but only so long as such continuance is specifically approved at least annually by votes of the majority of (i) the Board, and (ii) the Qualified Directors, cast in person at a meeting called for the purpose of voting on this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated at any time without the payment of any penalty on sixty days' written notice to the other party (i) by vote of a majority of the Qualified Directors, (ii) by vote of a majority of the outstanding voting securities of the Fund, or (iii) by Ardian US. This Agreement shall terminate automatically in the event of its Assignment. "Assignment" shall have the meaning specified in the 1940 Act and the rules and regulations thereunder, subject to such exemptions as may be granted by the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may not be amended to contemplate payments by the Fund for distribution or to increase materially the amount to be spent for distribution with respect to a Class without approval by the majority of the outstanding units of such Class.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Governing Law</u>. This Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with the laws of the State of New York, without regard to the place of performance hereunder and without giving effect to principles of conflicts of laws and in accordance with the applicable provisions of the 1940 Act. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Miscellaneous</u>. (a) This Agreement supersedes any and all oral or written agreements heretofore made relating to the subject matter hereof and contains the entire understanding and agreement of the parties with respect to the subject matter hereof. For the avoidance of doubt, this Agreement does not supersede or amend in any respect any provision of the Fund's distribution agreement or any other plan adopted by Fund pursuant to Rule 12b-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings in this Agreement are for ease of reference only and shall not constitute a part of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Should any portion of this Agreement for any reason be held void in law or equity, the remainder of the Agreement shall be construed to the extent possible as if such voided portion had never been contained herein.

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first written above.

---

| | |
|:---|:---|
| ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC | ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC |
| By | /s/ Wilfred Small |
| Name: Wilfred Small | Name: Wilfred Small |
| Title: President | Title: President |
| ARDIAN US LLC | ARDIAN US LLC |
| By | /s/ Vladimir Colas |
| Name: Vladimir Colas | Name: Vladimir Colas |
| Title: Executive Vice President | Title: Executive Vice President |

---

------

**<u>Schedule A</u>**

---

| |
|:---|
|  Class J |
|  Class D |
|  Class I<br>Class X |

---

## Ex-99.(K)(3)

**ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC** 

**SUB-TRANSFER AGENCY AND INVESTOR SERVICES PLAN** 

Effective as of March 13, 2026

This Sub-Transfer Agency and Investor Services Plan (the "Plan") relates to the Sub-Transfer Agency and Investor Services Agreement (the "Agreement") by and between Ardian Access Secondary Infrastructure Fund LLC (the "Fund") and Ardian US LLC ("Ardian US"), as amended from time to time, and is adopted with respect to each class of units of the Fund listed on Schedule A hereto (each, a "Class") in accordance with the requirements applicable to a plan adopted pursuant to Rule 12b-1 under the 1940 Act. Capitalized terms used and not defined herein have the meanings ascribed to them in the Agreement.

Section 1. Pursuant to the Agreement, the Fund, with respect to each Class, shall pay directly to third parties ("Investor Servicing Agents") providing services to the beneficial holders of Fund units of any Class, and/or will reimburse Ardian US for payments Ardian US makes in connection with compensating Investor Servicing Agents for such services, amounts not to exceed, with respect to each Class, 0.25% of the net assets attributable to such Class, calculated as of the end of each calendar month.

Section 2. This Plan or any amendments thereto shall not take effect until it has been approved by votes of the majority of (a) the Board and (b) the Qualified Directors, in each case cast in person at a meeting called for the purpose of voting on this Plan. This Plan shall continue in effect for a period of more than one year after the date this Plan takes effect, but only so long as such continuance is specifically approved at least annually by votes of the majority (or whatever other percentage may, from time to time, be required by Section 12(b) of the 1940 Act or the rules and regulations thereunder) of (a) the Board and (b) the Qualified Directors, cast in person at a meeting called for the purpose of voting on this Plan.

Section 3. Notwithstanding the effectiveness of this Plan upon votes required by Section 2 hereof, in no event shall the Fund make any payments under this Plan unless and until the Board has specifically authorized and approved such payments by votes of the majority (or whatever other percentage may, from time to time, be required by Section 12(b) of the 1940 Act or the rules and regulations thereunder) of (a) the Board and (b) the Qualified Directors, cast in person at a meeting called for the purpose of voting on such payments.

Section 4. Any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement, including the Agreement, shall provide to the Board, and the Board shall review, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.

Section 5. This Plan may be terminated at any time with respect to any Class or the Fund by vote of a majority of the Qualified Directors, or by a majority of the outstanding voting securities of the relevant Class or the Fund.

------

Section 6. All agreements with any person relating to implementation of this Plan shall be in writing, and any agreement related to this Plan shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. That such agreement may be terminated at any time, without payment of any penalty, by vote of a majority of the
Qualified Directors or by vote of a majority of the outstanding voting securities of the Fund, on not more than 60 days' written notice to any other party to the agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. That such agreement shall terminate automatically in the event of its Assignment.

Section 7. This Plan may not be amended to increase materially the amount of Fund payments permitted pursuant to Section 1 hereof without approval in the manner provided for the continuation of this Plan in Section 2 hereof. This Plan may also not be amended to contemplate payments by the Fund for distribution or to increase materially the amount to be spent for distribution with respect to a Class without approval by the majority of the outstanding units of such Class.

------

**SCHEDULE A** 

---

| |
|:---|
| Class J |
| Class D |
| Class I<br>Class X |

---

## Ex-99.(K)(4)

**FEE WAIVER/EXPENSE DEFERRAL AGREEMENT** 

THIS FEE WAIVER/EXPENSE DEFERRAL AGREEMENT (the "Agreement") dated as of March 13, 2026 by and between ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC, a Delaware limited liability company (the "<u>Fund</u>"), AASIF HOLDCO LLC, a Delaware limited liability company ("<u>Subsidiary I</u>"), AASIF BLOCKER LLC, a Delaware limited liability company ("<u>Subsidiary II</u>," and together with Subsidiary I, the "<u>Fund Subsidiaries</u>"), and ARDIAN US LLC, a Delaware limited liability company ("<u>Ardian US</u>").

WHEREAS, Ardian US has been appointed the investment adviser to each of the Fund, Subsidiary I and Subsidiary II, pursuant to an Investment Management Agreement dated as of March 13, 2026 by and between the Fund, Subsidiary I, Subsidiary II and Ardian US (the "<u>Investment Management Agreement</u>");

WHEREAS, the Fund and Ardian US desire to enter into the arrangements described herein relating to certain fees and expenses of the Fund; and

NOW, THEREFORE, the Fund, Subsidiary I, Subsidiary II and Ardian US hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Ardian US agrees, subject to Section 2 hereof, for the Term (as defined below) (a) to reduce the management fees payable to it under the Investment Management Agreement to 0.00% and (b) to pay any operating expenses of the Fund, Subsidiary I and Subsidiary II, to the extent necessary to limit the operating expenses of the Fund (whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Fund Subsidiaries), exclusive of (i) the management fee and incentive fee; (ii) distribution (12b-1) fees; (iii) acquired fund fees and expenses; (iv) expenses incurred directly or indirectly by the Fund as a result of expenses related to investing in, or incurred by, a portfolio fund or other permitted investment, including, without limitation, management fees, performance fees and/or incentive allocations and other fees and expenses; (v) transaction costs, including legal costs and brokerage and clearing costs and commissions, associated with the acquisition and disposition of any investments; (vi) interest payments on borrowed funds, if any; (vii) fees and expenses in connection with any credit facilities; (viii) taxes; (ix) dividends on securities sold short, if any; and (x) extraordinary expenses (as determined in the sole discretion of Ardian US) not incurred in the ordinary course of the Fund's business (including, without limitation, litigation expenses), in each case, unless otherwise noted above, incurred by the Fund or any Fund Subsidiary (collectively, the "<u>Excluded Expenses</u>") to the annual rate of 1.19% of the net assets attributable to each class of units issued by the Fund ("Units") as of the end of each calendar month (the "<u>Expense Cap</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund, Subsidiary I and Subsidiary II each agrees to pay to Ardian US the amount of any operating expenses of the Fund, Subsidiary I or Subsidiary II, respectively, that Ardian US paid pursuant to Section 1(b) hereof (collectively, "<u>Deferred Fees and Expenses</u>"), subject to the limitations provided in this Section 2. For the avoidance of doubt, the Deferred Fees and Expenses shall not include any management fees waived pursuant to Section 1(a) hereof. With respect to each class of Units, the Fund agrees to repay Ardian US the Deferred

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Fees and Expenses. Such repayment shall be made monthly, but, with respect to each class of Units of the Fund, only if the operating expenses of such class of Units (whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Fund Subsidiaries) (exclusive of the Excluded Expenses), without regard to such repayment, are at an annual rate (as a percentage of the net assets attributable to such class of Units as of the end of each calendar month) that does not exceed the lesser of (i) the Expense Cap (exclusive of the Excluded Expenses) with respect to such class of Units, and (ii) any expense cap (exclusive of any excluded expenses) in effect with respect to such class of Units on the date of payment. Furthermore, the amount of Deferred Fees and Expenses paid by the Fund in any month, with respect to a class of Units of the Fund, Subsidiary I, and Subsidiary II in any month shall be limited so that the sum of (A) the amount of such payment and (B) the other operating expenses of the Fund with respect to such class of Units (whether borne directly or indirectly through and in proportion to the Fund's direct or indirect interest in the Fund Subsidiaries) (exclusive of the Excluded Expenses) do not exceed the lesser of (I) the Expense Cap (exclusive of the Excluded Expenses) with respect to such class of Units, and (II) any expense cap (exclusive of any excluded expenses) in effect with respect to such class of Units on the date of payment.

Notwithstanding all of the foregoing, Deferred Fees and Expenses shall not be payable by the Fund, Subsidiary I and Subsidiary II with respect to amounts paid, waived, or reimbursed by Ardian US more than thirty-six (36) months after the date such amounts are paid, waived or reimbursed by Ardian US.

3. The term of this Agreement (the "<u>Term</u>") shall be for a period of one year commencing on the date the Fund commences operations, provided, however, that each of the Fund's, Subsidiary I's and Subsidiary II's obligation to repay Deferred Fees and Expenses, subject to the conditions described above, shall survive expiration or termination of this Agreement. For the avoidance of doubt, neither the expiration nor termination of this Agreement shall affect the obligation (including the amount of the obligation) of the Fund and the Fund Subsidiaries to repay amounts of Deferred Fees and Expenses with respect to periods prior to the date of such expiration or termination. Ardian US may not terminate the Agreement during the Term.

*[Signature page follows]* 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| ARDIAN ACCESS SECONDARY | ARDIAN ACCESS SECONDARY |
| INFRASTRUCTURE FUND LLC | INFRASTRUCTURE FUND LLC |
| By: | /s/ Wilfred Small |
|  | Name: Wilfred Small |
|  | Title: President |
| AASIF BLOCKER LLC | AASIF BLOCKER LLC |
| By: | /s/ Wilfred Small |
|  | Name: Wilfred Small |
|  | Title: President |
| AASIF HOLDCO LLC | AASIF HOLDCO LLC |
| By: | /s/ Wilfred Small |
|  | Name: Wilfred Small |
|  | Title: President |
| ARDIAN US LLC | ARDIAN US LLC |
| By: | /s/ Vladimir Colas |
|  | Name: Vladimir Colas |
|  | Title: Executive Vice President |

---

## Ex-99.(R)(1)

**Appendix 15** 

**Code of Ethics** 

**ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC** 

**I.**  **<u>Introduction</u>.** 

The Fund has approved and adopted this Code of Ethics and has determined, in accordance with the requirements of Rule 17j-1 of the Investment Company Act of 1940, as amended (the "**1940 Act**"), that this Code of Ethics contains provisions that are reasonably designed to prevent Access Persons (as defined herein) from engaging in conduct prohibited by Rule 17j-1 of the 1940 Act. This Code of Ethics applies to all Access Persons of the Fund. The policies set forth in Section V(B) hereof and the procedures set forth in Section VI hereof, however, do not apply to any Access Person who is subject to the securities transaction pre-clearance requirements and securities transaction reporting requirements of a code of ethics that is consistent with the goals of this Code of Ethics, and otherwise compliant with Rule 17j-1 of the 1940 Act and Rule 204- 2(a)(12) of the Investment Advisers Act of 1940, as amended (the "**Advisers Act**").

**II.**  **<u>Legal Requirement</u>.** 

Rule 17j-1(b) of the 1940 Act makes it unlawful for any officer or director of the Fund in connection with the purchase or sale by such person of a Security (as defined herein) "held or to be acquired" by the Fund:

1. To employ any device, scheme or artifice to defraud the Fund;

2. To make to the Fund any untrue statement of a material fact or omit to state to the Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

3. To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Fund; or

4. To engage in any manipulative practice with respect to the Fund's investment portfolios.

**III.**  **<u>Purpose of the Code of Ethics</u>.** 

The Fund expects that its officers and Directors will conduct their personal investment activities in accordance with (1) the duty at all times to place the interests of the Fund's unitholders first, (2) the requirement that all personal securities transactions be conducted consistent with this Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility, and (3) the fundamental standard that investment company personnel should not take inappropriate advantage of their positions.

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**IV.**  **<u>Definitions</u>.** 

A. "**Access Person**" means (i) any Director or officer of the Fund; any director, manager, officer or general partner of the Fund's investment adviser (the "**Adviser**") or any Advisory Person (as defined below) of the Fund or the Adviser, or (ii) any director, officer or general partner of the Fund's distributor who, in the ordinary course of their business, makes, participates in or obtains information regarding the purchase or sale of Securities (other than Exempt Securities (as defined below)) by the Fund or whose functions or duties as part of the ordinary course of their business relate to the making of any recommendation to the Fund regarding the purchase or sale of Securities (other than Exempt Securities).

An Access Person's "immediate family" includes a spouse, minor children and adults living in the same household as the Access Person.

B. "**Advisory Person**" means any director or advisory board[<sup>1</sup>](#exr1309175_1) member, manager, officer, or employee of the Fund or the Adviser (or of any company in a control relationship to the Fund or the Adviser) who, in connection with their regular functions or duties, makes, participates in or obtains information regarding the purchase or sale of Securities (other than Exempt Securities) by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and any natural person in a control relationship to the Fund who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Securities (other than Exempt Securities) by the Fund.

C. "**Automatic Investment Plan**" means 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 or distribution reinvestment plan.

D. "**Compliance Officer**" means the person or persons designated by the Fund's Board of Directors as its Chief Compliance Officer pursuant to Rule 38a-1 of the 1940 Act. When acting hereunder, the Compliance Officer may delegate one or more of their duties to third parties, such as the Fund's administrator, or the Adviser's compliance department, and will be required to so delegate in instances in which the Access Person seeking authorization or pre-clearance is the person then serving as Compliance Officer. References herein to the Compliance Officer shall include any such delegate.

E. "**Disinterested Director**" means a director who is not an "interested person" within the meaning of Section 2(a)(19) of the 1940 Act. All provisions of this Code of Ethics applicable to Disinterested Directors will also be applicable to advisory board members.

F. "**Exempt Security**" means:

1. Direct obligations of the U.S. Government (or any other "government security" as that term is defined in the 1940 Act), bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements, and shares of registered open-end investment companies, other than exchange traded funds.

<sup>1</sup> As defined in Section 2(a)(1) of the 1940 Act.

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2. Securities purchased or sold in any account over which the Access Person has no direct or indirect influence or control.

3. Securities purchased or sold in a transaction that is non-volitional on the part of either the Access Person or the Fund, including mergers, recapitalizations or similar transactions.

4. Securities acquired as a part of an Automatic Investment Plan.

5. Securities acquired upon the exercise of rights issued by an issuer <u>pro rata</u> to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

6. Securities which the Fund's investment portfolios are not permitted to purchase under the investment objectives and policies set forth in the Fund's then current prospectus(es) under the Securities Act of 1933, as amended (the "**1933 Act**"), or the Fund's registration statement on Form N-2, which currently in the case of the Fund would include any securities which are registered under the Securities Exchange Act of 1934, as amended (the "**1934 Act**").

G. "**Initial Public Offering**" means an offering of securities registered under the 1933 Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the 1934 Act.

H. "**Investment Personnel**" of the Fund or of the Adviser means:

(i) Any employee of the Fund or the Adviser (or of any company in a control relationship to the Fund or the Adviser) who, in connection with their regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of Securities by the Fund.

(ii) Any natural person who controls the Fund or the Adviser and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of Securities by the Fund.

I. "**Limited Offering**" means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(a)(2) or Section 4(a)(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the 1933 Act.

J. "**Security**" or "**Securities**" means 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, preorganization 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, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing.

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K. A Security is "**held or to be acquired**" by a Company if within the most recent 15 days it (1) is or has been held by the Fund, or (2) is being or has been considered by the Fund or the Adviser for purchase or sale by the Fund. A purchase or sale includes the writing of an option to purchase or sell and any Security that is exchangeable for, or convertible into, any Security that is held or to be acquired by the Fund.

**V.**  **<u>Policies Regarding Personal Securities Transactions</u>.** 

A. <u>General Policy</u>.

No Access Person of the Fund shall engage in any act, practice or course of business that would violate the provisions of Rule 17j-1(b) set forth above, or in connection with any personal investment activity, engage in conduct inconsistent with this Code of Ethics. Each Access Person must disclose any conflicts of interest, or actions or relationships that might give rise to a conflict of interest, to the Compliance Officer.

B. <u>Specific Policies</u>.

1. <u>Restrictions on Personal Securities Transactions by Access Persons</u>.

a. Access Persons may not buy or sell Securities other than Exempt Securities for their personal account or the account of a unitholder of their immediate family if they knew or, in the ordinary course of fulfilling their official duties as an Access Person, should have known, that during the 15-day period before the transaction in a Security (other than an Exempt Security) or at the time of the transaction the Security purchased or sold by them, other than an Exempt Security, was also purchased or sold by the Fund or considered for the purchase or sale by the Fund, without obtaining oral authorization from the Fund's Compliance Officer **<u>prior</u>** to effecting such security transaction.

A written memorialization of this authorization will be provided by the Compliance Officer to the person receiving the authorization.

**Note:** If an Access Person has questions as to whether purchasing or selling a Security for their personal account or the account of a unitholder of their immediate family requires prior oral authorization, the Access Person should consult the Compliance Officer for clearance or denial of clearance to trade **<u>prior</u>** to effecting any securities transactions.

b. Pre-clearance approval will be effective for only two business days (the day on which approval is given and one additional business day).

c. No clearance will be given to an Access Person to purchase or sell any Security, other than an Exempt Security, (1) on a day when any portfolio of the Fund has a pending "buy" or "sell" order in that same Security until that order is executed or withdrawn or (2) when the Compliance Officer has been advised by the Adviser that the same Security is being considered for purchase or sale for any portfolio of the Fund.

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d. The pre-clearance requirement contained in Section V(B)(1)(a) above shall apply to all purchases of Securities through an Initial Public Offering or a Limited Offering by any Access Person who meets the definition of Investment Personnel. A record of any decision and the reason supporting such decision to approve the acquisition by Investment Personnel of Initial Public Offerings or Limited Offerings shall be made.

**VI.**  **<u>Reporting Requirements and Procedures</u>.** 

A. In order to provide each Company with information to enable it to determine with reasonable assurance whether the provisions of this Code of Ethics are being observed by its Access Persons:

1. *Initial and Annual Holdings Report:* Within ten (10) days after a person becomes an Access Person, and annually thereafter, such person shall submit to the Compliance Officer a completed Initial/Annual Holdings Report in the form attached hereto as <u>Exhibit A</u> (or another form of written submission containing all required information and acceptable to the Compliance Officer) that lists all Securities other than Exempt Securities in which such Access Person has a Beneficial Interest[<sup>2</sup>](#exr1309175_2). Each holdings report must contain, at a minimum, (a) the title and type of security, and, as applicable, an exchange ticker symbol or CUSIP number, number of shares and principal amount of each reportable Security in which the Access Person has any direct or indirect beneficial ownership; (b) the name of any broker, dealer or bank with which the Access Person maintains an account in which any Securities are held for the Access Person's direct or indirect benefit; and (c) the date the Access Person submits the report. The Initial Holdings Report must be current as of a date no more than forty-five (45) days prior to the date the person became an Access Person and the Annual Holdings Report shall be submitted no later than January 31 and must be current as of a date no more than forty-five (45) days prior to the date the report is submitted.

2. *Quarterly Report*: Each Access Person of the Fund, other than a Disinterested Director, shall submit reports in the form attached hereto as <u>Exhibit B</u> to the Compliance Officer, showing all transactions in Securities other than Exempt Securities in which the person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, as well as all accounts established with brokers, dealers or banks during the quarter in which any Securities, other than Exempt Securities, were held for the direct or indirect beneficial interest of the Access Person[<sup>3</sup>](#exr1309175_3). Such reports shall be filed no later than thirty (30) days after the end of each calendar quarter. The Quarterly Transaction Report must include the date on which such report was submitted to the Compliance Officer.

<sup>2</sup> You will be treated as the "beneficial owner" of a Security under this policy only if you have a direct or indirect pecuniary interest in the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A direct pecuniary interest is the opportunity, directly or indirectly, to profit, or to share the profit, from
the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An indirect pecuniary interest is any non-direct financial interest,
but is specifically defined in the rules to include Securities held by shareholders of your immediate family sharing the same household; Securities held by a partnership of which you are a general partner; Securities held by a trust of which you are
the settlor if you can revoke the trust without the consent of another person, or a beneficiary if you have or share investment control with the trustee; and equity securities which may be acquired upon exercise of an option or other right, or
through conversion.

For interpretive guidance on this test, you should consult the Compliance Officer.

<sup>3</sup> See footnote 2.

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3. A Disinterested Director (which for purposes of this Section shall include advisory board members) need not make an Initial or Annual Holdings Report but shall submit the same Quarterly Transaction Report as required under paragraph 2 to the Compliance Officer, but only for a transaction in a Security other than an Exempt Security where they knew (or should have known) at the time of the transaction or, in the ordinary course of fulfilling their official duties as a Director or officer, should have known that during the 15-day period immediately preceding or after the date of the transaction, such Security is or was purchased or sold, or considered for purchase or sale, by the Fund.

(b) An indirect pecuniary interest is any non-direct financial interest, but is specifically defined in the rules to include Securities held by shareholders of your immediate family sharing the same household; Securities held by a partnership of which you are a general partner; Securities held by a Fund of which you are the settlor if you can revoke the Fund without the consent of another person, or a beneficiary if you have or share investment control with the Director; and equity securities which may be acquired upon exercise of an option or other right, or through conversion.

For interpretive guidance on this test, you should consult the Compliance Officer.

4. The Compliance Officer shall notify each Access Person of the Fund who may be subject to the pre-clearance requirement or required to make reports pursuant to this Code of Ethics that such person is subject to the pre- clearance or reporting requirements and shall deliver a copy of this Code of Ethics to each such person.

5. The Compliance Officer shall review the Initial Holdings Reports, Annual Holdings Reports, and Quarterly Transaction Reports received, and, as appropriate, compare the reports with the pre-clearance authorization received, and report to the Fund's Board of Directors:

a. with respect to any transaction that appears to evidence a possible violation of this Code of Ethics; and

b. apparent violations of the reporting requirement stated herein.

6. The Board of Directors shall consider reports made to it hereunder and shall determine whether the policies established in Sections V and VI of this Code of Ethics have been violated, and what sanctions, if any, should be imposed on the violator, including, but not limited to, a letter of censure, suspension or termination of the employment of the violator, or the unwinding of the transaction and disgorgement of any profits to the Fund. The Board of Directors of the Fund shall review the operation of this Code of Ethics at least once a year and any material changes hereto will be approved by the Board of Directors at the next scheduled quarterly board meeting and in no case more than six months after such change.

7. The Adviser shall adopt, maintain and enforce a code of ethics with respect to its personnel in compliance with Rule 17j-1 of the 1940 Act and Rule 204A of the Advisers Act and shall forward to the Compliance Officer and the Fund's counsel a copy of such code and all future amendments and modifications thereto. Any material changes to this code will be approved by the Board of Directors of the Fund at the next scheduled quarterly board meeting and in no case more than six months after such change, as required by Rule 17j-1 of the 1940 Act.

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8. At each quarterly Board of Directors meeting, the Compliance Officer and the Adviser shall provide a written report to the Board of Directors stating:

a. any reported Securities transaction, other than for Exempt Securities, that occurred during the prior quarter that may have been inconsistent with the provisions of the codes of ethics adopted by the Fund or the Adviser; and

b. all disciplinary actions[<sup>4</sup>](#exr1309175_4) taken in response to such violations.

9. At least once a year, the Adviser shall provide to the Board of Directors a written report which contains: (a) a summary of existing procedures concerning personal investing by Advisory Persons and any changes in the procedures during the past year; (b) an evaluation of current compliance procedures and a report on any recommended changes in existing restrictions or procedures based upon the Fund's experience under this Code of Ethics, industry practices, or developments in applicable laws and regulations; (c) a description of any issues arising under the Code of Ethics or procedures since the last report, including, but not limited to, information about material violations of the Code of Ethics or procedures and sanctions imposed in response to material violations; and (d) a certification that the procedures which have been adopted are those reasonably necessary to prevent Access Persons from violating the Code of Ethics.

10. This Code of Ethics, the Adviser's Code of Ethics, a copy of each report by an Access Person, any written report hereunder by the Compliance Officer or the Adviser, records of approvals relating to Initial Public Offerings and Limited Offerings, lists of all persons required to make reports, and a list of all persons responsible for reviewing such reports shall be preserved with the Fund's records for the period required by Rule 17j-1 of the 1940 Act.

**VII.**  **<u>Certification</u>.** 

Each Access Person will be required to certify annually that they have read and understood this Code of Ethics, and will abide by it. Each Access Person will further certify that they have disclosed or reported all personal securities transactions required to be disclosed or reported under the Code of Ethics. A form of such certification is attached hereto as <u>Exhibit C</u>.

**VIII.**  **<u>Recordkeeping</u>.** 

the Fund shall maintain and cause to be maintained the following records at its principal place of business:

(i) a copy of any code of ethics adopted by the Fund that is in effect, or at any time within the past five (5) years was in effect, in an easily accessible place;

<sup>4</sup> Disciplinary action includes but is not limited to any action that has a material financial effect upon the employee, such as fining, suspending, or demoting the employee, imposing a substantial fine or requiring the disgorgement of profits.

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(ii) a record of any violation of any code of ethics, and of any action taken as a result of such violation, in an easily accessible place for at least five (5) years after the end of the fiscal year in which the last entry was made on any such report, the first two (2) years in an easily accessible place;

(iii) a copy of each holding and transaction report (including duplicate confirmations and statements) made by anyone subject to any code of ethics as required by Section VI for at least five (5) years after the end of the fiscal year in which the report is made, the first two (2) years in an easily accessible place;

(iv) a record of all written acknowledgements and certifications by each Access Person who is currently, or within the past five (5) years was, an Access Person (records must be kept for five (5) years after individual ceases to be an Access Person under the Code of Ethics);

(v) a list of all persons who are currently, or within the past five (5) years were, required to make reports or who were responsible for reviewing these reports pursuant to any code of ethics adopted by the Fund, in an easily accessible place;

(vi) a copy of each written report and certification required pursuant to Section VI(A)(9) of this Code of Ethics for at least five (5) years after the end of the fiscal year in which it is made, the first two (2) years in an easily accessible place;

(vii) a record of any decision, and the reasons supporting the decision, approving the acquisition of securities by Access Persons under Section V of this Code of Ethics, for at least five

(5) years after the end of the fiscal year in which the approval is granted; and

(viii) a record of any decision, and the reasons supporting the decision, granting an Access Person a waiver from, or exception to, this Code of Ethics for at least five (5) years after the end of the fiscal year in which the waiver is granted.

<u>Fund</u> <u>Date of Adoption or Amendment</u> <br> Ardian Infrastructure Adopted: March 13, 2026

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**Exhibit A** 

**ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC** 

**[Initial/Annual] Holdings Report** 

**For the Year/Period Ended<u> </u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(month/day/year)**

**[ ] Check Here if this is an Initial Holdings Report** 

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| | |
|:---|:---|
| **To:** | **Fund Chief Compliance Officer**  |

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As of the calendar year/period referred to above, I have a direct or indirect beneficial ownership interest in the Securities listed below which are required to be reported pursuant to the Code of Ethics of the Fund:

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| | | | |
|:---|:---|:---|:---|
| Title and Type of Security | Ticker Symbol or<br> CUSIP Number (as applicable) | Number of Shares | Principal Amount |

---

The name of any broker, dealer or bank with whom I maintain an account in which my Securities are held for my direct or indirect benefit are as follows:

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the Securities listed above.

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| | |
|:---|:---|
| Date: | Signature: |
|  | Print Name: |

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**Exhibit B** 

**ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC** 

**Securities Transaction Report** 

**For the Calendar Quarter Ended [], 20** 

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| | |
|:---|:---|
| **To:** | **Fund Chief Compliance Officer**  |

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**During the quarter referred to above, the following transactions were effected in securities of which I had, or by reason of such transaction acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of Ethics of the Fund:** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Title of<br> Security<br> (Required)<br> Exchange Ticker Symbol<br>or CUSIP<br> Number (as applicable) | Date of<br> Transaction | Number of<br> Shares or Principal<br>Amount | Interest<br>Rate and<br>Maturity<br>Date (if<br>applicable) | Dollar<br>Amount of<br>Transaction | Nature of<br>Transaction<br>(Purchase,<br>Sale,<br>Other) | Price | Broker/Dealer<br>or Bank<br>Through<br>Whom<br>Effected |

---

For each Access Person of the Fund, other than a Disinterested Director[<sup>1</sup>](#exr1309175_5), provide the following information with respect to any account established by you during the quarter referred to above in which securities were held during the quarter for your direct or indirect benefit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the broker, dealer or bank with whom you established the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The date the account was established.

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

Date: Signature:

<sup>1</sup> A Director who knew, or in the ordinary course of fulfilling his or her official duties as the Fund Director, should have known, that during the 15-day period immediately before or after the Director's transaction in a Security, the Fund purchased or sold the Security, or the Fund or the Adviser considered purchasing or selling the Security. 

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 <br> Print Name:

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**Exhibit C** 

**ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC** 

**ANNUAL CERTIFICATE** 

Pursuant to the requirements of the Code of Ethics of the Fund, the undersigned hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have read the Fund's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I understand the Code of Ethics and acknowledge that I am subject to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Since the date of the last Annual Certificate (if any) given pursuant to the Code of Ethics, I have reported
all personal securities transactions required to be reported under the requirements of the Code of Ethics.

Date: Signature: <br> Print Name:

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

![LOGO](g309175dsp290.jpg)

CODE OF ETHICS ARDIAN US LLC January 2026 ARDIAN

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**Contents** 

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| | |
|:---|:---|
|  PREAMBLE | 1 |
|  FIDUCIARY STANDARDS | 2 |
|  PRIVACY | 2 |
|  DEFINITIONS | 3 |
|  PURCHASES AND SALES OF SECURITIES | 5 |
|  REQUIREMENTS REGARDING ACCOUNT OPENINGS | 8 |
|  REPORTING | 8 |
|  GIFTS AND ENTERTAINMENT POLICY | 9 |
|  MATERIAL NON-PUBLIC INFORMATION (MNPI) AND INSIDER TRADING | 10 |
|  EXPERT NETWORK POLICY | 13 |
|  DIRECTORSHIPS | 15 |
|  POLITICAL CONTRIBUTIONS POLICY | 15 |
|  CERTIFICATION | 18 |
|  SANCTIONS | 18 |
|  SCHEDULE 1 | 19 |

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**<u>PREAMBLE</u>**

Ardian US LLC (the "Firm" or the "Adviser"), an Investment Adviser registered with the Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940 ("Advisers Act"), has adopted and implemented this Code of Ethics (the "Code") to set guidelines, achieve compliance with all applicable federal and state securities laws, and promote the highest standards of professional ethics, conduct and integrity.

The Firm is a wholly owned subsidiary of Ardian SA ("Ardian"), engaged in managing and advising private equity investment funds and funds of funds. The Adviser currently serves as the primary investment adviser or investment manager to multiple private funds, as well as the delegated manager, secondary adviser or sub-adviser to other Ardian sponsored funds and funds of funds. In addition, the Firm serves as investment adviser to Ardian Access LLC (the "Fund"), a non-diversified, closed-end [interval] fund. The Fund proposes to offer three classes of shares pursuant to an application to the SEC for exemptive relief from Section 17(d) of the Investment Company Act (the "IC Act") and Rule 17d- 1 thereunder. Assuming exemptive relief is granted, Ardian US may from time to time offer additional classes of shares and form additional funds with their own classes of shares, subject to the IC Act and other applicable federal securities laws. The Fund's executive officers and Managers, and the Fund's personnel, serve or may serve as officers, trustees/directors or principals of entities that operate in the same or a related line of business as the Fund or of other adviser- or Ardian-advised funds ("Other Managed Funds").

This Code applies to all managing directors or officers (or any person performing similar functions) and employees of the Adviser and any individuals employed by non-US affiliates of the Adviser that are involved in the formulation of investment advice given to fund's managed by the Adviser. In addition to being subject to this Code of Ethics, any supervised persons or access persons, of each Participating Affiliate are governed by a Code of Ethics established and maintained under applicable laws within their respective jurisdictions e.g., the French Autorité des Marchés Financiers in France, the British Financial Conduct Authority in UK, any other respective regulatory agency, and, additionally the Company-wide policies of the Ardian Group. The respective compliance teams of the Adviser and each of the Participating Affiliates coordinate their activities, when necessary, in order to ensure compliance with the requirements of the Investment Advisers Act to the extent applicable to their respective activities, as reflected by the principles established in the Uniao de Banco de Brasileiros S.A., SEC Staff No-Action letter (July 28, 1992).

**<u>Special Considerations for Funds Registered Under the IC Act</u>**

Rule 17j-1 of the IC Act specifies and prohibits certain types of transactions deemed to create the potential for and appearance of a conflict of interest, prohibits the misappropriation of material non-public information, and establishes reporting, preclearance and enforcement procedures for certain "access persons". Generally, the Adviser's officers, managers, or general partners who serve as officers of the Fund and participate in or obtain information regarding the purchase or sale of securities (other than Exempt Securities as defined below) by the Fund or whose functions or duties as part of the ordinary course of their business related to the making of any recommendation to the Fund regarding the purchase or sale of securities (other than Exempt Securities, as defined below) are subject to restrictions on trading during blackout periods without pre-clearance from the Fund's CCO. In addition, the Fund's Code of Business Conduct and Ethics for Principal Executive and Principal Financial Officers<sup>1</sup> requires supplemental certification from its principal officers and senior financial officers attesting to compliance with the Fund's Code of Ethics under Section 406 of The Sarbanes-Oxley Act of 2002. The Fund is required to file Form N-CSR under Section 30(b)(2) of the IC Act, which must be signed by the Fund, and on behalf of the Fund by its principal executive and principal financial officers. Please refer to the Fund's Code of Ethics for guidance on the specific provisions designed to prevent conduct prohibited by Rule 17j-1 of the IC Act and the Fund's Code of Business Conduct and Ethics for Principal Executive and Principal Financial Officers for additional guidance on requirements for Firm personnel serving as principal executives and other personnel performing similar functions to the Fund's principal financial officer.

The Chief Compliance Officer has the authority to grant written waivers of the provisions of the Code in appropriate instances. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Firm expects that waivers will be granted only in rare instances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Some provisions of the Code that are prescribed by the SEC rules cannot be waives. These provisions include, but
are not limited to, the requirements that covered persons file certain reports and obtain pre-clearance of certain transactions.

<sup>1</sup> Generally, applies to the Fund's Chairman or President and with respect to principal financial officer, to the Fund's Treasurer but in either case, can include the principal accounting officer or controller, or persons performing similar functions.

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The management of the Firm and the Chief Compliance Officer will review the terms and provisions of the Code at least annually and make amendments as necessary. The Chief Compliance Officer must provide a copy of the Code, and a copy of any amendment to the Code, to each person covered by the Code.

**<u>FIDUCIARY STANDARDS</u>**

All of our employees owe a fiduciary duty to our clients. Ardian US considers the funds it manages to be its clients. Employees must conduct Firm business and their personal securities activities in a manner that would not take advantage of their position. Accordingly, all employees must take all appropriate steps to avoid even the slightest appearance of impropriety and make full disclosure of all matters that could in any way impair their independence and objectivity when performing their duties for the Adviser's clients.

**General Principles** 

It is generally improper for the Firm or persons covered by the Code to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use for their own benefit (or the benefit of anyone other than a client) information about the Firm's
trading or investment recommendations to a client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• take advantage of investment opportunities that would otherwise be available for a client.

The Firm expects all persons covered by the Code to comply with the spirit of the Code, as well as the specific rules contained in the Code. The Firm treats violations of the Code (including violations of the spirit of the Code) very seriously. If a Covered Person violates either the letter or the spirit of the Code, the Firm may take disciplinary measures against such person, including, without limitation, imposing penalties or fines, reducing compensation, demotion, requiring unwinding of any applicable trade, requiring disgorgement of trading gains, suspending or terminating employment, or any combination of the foregoing.

Improper trading activity can constitute a violation of the Code. A Covered Person can also violate the Code by failing to file required reports, or by making inaccurate or misleading reports or statements concerning trading activity or securities accounts. A Covered Person's conduct can violate the Code even if neither any client nor the Firm is harmed by the conduct. A Covered Person should ask the Chief Compliance Officer if there are any doubts or uncertainties about what the Code requires or permits. Please do not guess at the answer.

The Adviser recognizes that the individuals covered by this Code may wish to engage in personal investment activities, but such activities must be carried out within the letter and spirit of this Code. Accordingly, any questions that you may have should be addressed to the Chief Compliance Officer or compliance team in advance of engaging in any personal investment transaction.

At least annually, all employees of the Firm and other personnel subject to the Code (collectively, "Covered Persons") must certify that they have received, read and understand the Code.

In addition, it is the obligation of all Covered Persons to report any violations of the Code to a supervisory person (your immediate supervisor or a member of the Ardian US Executive Board) or the Chief Compliance Officer or other compliance team member. No actions taken by any Covered Person to inform management of a violation of this Code will be used against the Covered Person or in any way negatively affect the individual's status as an employee of the Firm or an affiliate of the Firm. Moreover, no actions taken by any Covered Person to report any potential unlawful activity to a governmental or law enforcement agency will be used against the Covered Person or in any way negatively affect the individual's status as an employee of the Firm or an affiliate of the Firm.

**<u>PRIVACY</u>**

The Adviser respects the personal and private nature of confidential information. In this regard, the Adviser will take appropriate steps to ensure any personal information disclosed because of the responsibilities under taken under this Code will be treated as confidential and will only be reviewed by necessary parties or regulators, upon request.

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**<u>DEFINITIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. "Adviser" or "Firm" means Ardian US LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. "Access person" means a supervised person who (i) has access to nonpublic information
regarding client securities transactions (ii) has access to nonpublic information regarding the portfolio holdings of any reportable fund (iii) is involved in making securities recommendations to clients and (iv) has access to such
nonpublic recommendations before they are acted upon for clients. In addition, if their primary business is investment advice. directors, officers and partners of access persons are all considered access persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. "Beneficial ownership" means any opportunity, directly or indirectly, to profit or share in the
profit from any transaction in securities. Note that a Covered Person does not have beneficial ownership of holdings in qualified tuition programs established pursuant to Section 529 of the Internal Revenue Code ("529 Plans") if
neither the Firm nor a control affiliate of the Firm manages, distributes, markets, or underwrites the 529 Plan or the investments and strategies underlying the 529 Plan.

Beneficial Ownership is a very broad concept. Some examples of forms of Beneficial Ownership include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities held in a person's own name, or that are held for the person's benefit in nominee,
custodial or "street name" accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities owned by or for a partnership in which the person is a general partner (whether the ownership is under
the name of that partner, another partner or the partnership or through a nominee, custodial or "street name" account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities that are being managed for a person's benefit by an investment adviser, broker, bank, trust
company or other manager, unless (i) the securities are held in a "blind trust" or similar arrangement under which the person is prohibited by contract from communicating with the manager of the account and the manager is prohibited
from disclosing to the person what investments are held in the account or (ii) the securities are held in a Non-Discretionary Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities in a person's individual retirement account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities in a person's account in a 401(k) or similar retirement plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities owned by a trust of which the person is (i) a beneficiary and has investment control over the
assets of the trust or (ii) is the trustee of a trust and his or her family members are beneficiaries of such trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities owned by a corporation, partnership or other entity that the person controls (whether the ownership is
under the name of that person, under the name of the entity or through a nominee, custodial or "street name" account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities owned by an investment club in which the person participates.

This is not a complete list of the forms of ownership that could constitute Beneficial Ownership for purposes of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. "Chief Compliance Officer" means the person designated by the Adviser as its chief compliance
officer in accordance with Rule 206(4)-7(c) under the Advisers Act, or another person that he or she designates to perform the functions of Chief Compliance Officer when he or she is not available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. "Control" 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. There is a presumption of control on the part of any person who owns beneficially 25% of the voting securities of the company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. "Cryptocurrency" means cryptocurrencies, virtual currencies, cryptographic tokens, decentralized
application or organization tokens, protocol tokens, non-fungible tokens, and any other digital assets or other instruments utilizing a blockchain or other distributed ledger technology, however characterized,
regardless of centralized or decentralized control or ownership or whether acquired in a public or private transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. "Direct or indirect influence or control" includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suggesting purchases or sales of investments to the trustee or third-party manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directing purchases or sales of investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consulting with the trustee or third-party manager as to the particular allocation of investments to be made in
the account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discussions with the trustee or third-party manager concerning account holdings.

NOTE: Discussions about broad asset allocations that would not reasonably be expected to result in the purchase or sale of a particular security and discussions in which a trustee or third-party manager simply summarizes, describes or explains account activity to an access person would not indicate "direct or indirect influence or control."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. "**Exempt Security**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the U.S. Government (or any other "government security" as that term is defined
in the 1940 Act), bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements, and shares issued by money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued of registered open-end mutual funds (or the non-US equivalent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities purchased or sold in any account over which the Access Person has no direct or indirect influence or
control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities purchased or sold in a transaction that is non-volitional on
the part of either the Access Person or the Fund, including mergers, recapitalizations or similar transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities acquired as a part of an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities acquired upon the exercise of rights issued by an issuer <u>pro</u> <u>rata</u> to all holders of a
class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities based on broad-based Exchange Traded Funds (ETFs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities which the Fund's investment portfolios are not permitted to purchase under the investment
objectives and policies set forth in the Fund's then current prospectus(es) under the Securities Act of 1933, as amended (the "**1933 Act** "), or the Fund's registration statement on Form N-2, which currently in the case of the Fund would include any securities which are registered under the Securities Exchange Act of 1934, as amended (the "**1934 Act** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. "Immediate family" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your spouse or domestic partner (unless they do not live in the same household as you and you do not contribute
in any way to their support);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your children under the age of 18;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your children who are 18 or older (unless they do not live in the same household as you and you do not contribute
in any way to their support);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any of these people who live in your household: your stepchildren, grandchildren, parents, stepparents,
grandparents, brothers, sisters, parents-in-law, sons-in-law, brothers-in-law, and sisters-in-law, including adoptive relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. "Initial Public Offering" means an offering of securities registered under the Securities Act of
1933. It is the first time a stock is sold to the public and is listed on an official exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. "Private Placement" means a negotiated sale in which the securities are sold directly to
institutional or private investors, rather than through a public offering. Such placements are not registered with the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. "Purchase or sell a security" by a person means a transaction in which a person acquires (in the
case of a purchase) or disposes of (in the case of a sale), directly or indirectly, beneficial ownership of such security and includes, among other things, the writing of an option to purchase or sell such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. "Reportable Fund" means a fund which Ardian serves as an investment advisor or any fund whose
investment adviser or principal underwriter controls, is controlled by or is under common control of Ardian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. "Security" means any note, stock, treasury stock, 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, or any interest or instrument commonly known as a "security," or any certificate of interest or participation in,
temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

**<u>PURCHASES AND SALES OF SECURITIES</u>**

**General Rule** 

No Covered Person shall purchase or sell, directly or indirectly, any security, including any security offered in a private placement or initial public offering, without first obtaining the permission of the Chief Compliance Officer. Certain exempt transactions by Covered Persons or members of their immediate families, outlined below, do not require pre-approval. Conversely, certain transactions by Covered Persons or members of their immediate families are prohibited regardless of the pre-approval requirement.

Transactions that would give an access person or Covered Person a specific advantage in relation to the market because of his or her functions are strictly prohibited. In particular, this may involve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using material, non-public information gained in the course of his or her
employment at Ardian to purchase or sell public or private financial instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using professional relationships with third parties to obtain preferential conditions in price or execution on a
public or private financial instrument

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participation in initial public offerings or private investments to which he or she would not normally have
access, as they are reserved for a type of investor to which he or she does not belong.

Covered Persons are prohibited from trading in Ardian shares or its derivatives in a manner that could reflect badly upon, or result in harmful consequences to, its employers and members of the Ardian Group, and are urged to take appropriate precautions to avoid such situations. In addition, Covered Persons are required to comply with Ardian Group rules against trading in Ardian securities for a period of 30 days before the announcement of the annual and semi-annual results of Ardian. Minimum and recommended holding periods apply to Ardian shares as well as other securities.

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**Processing of a Transaction Request** 

Personal transaction requests are considered as they are received. The compliance team will review each transaction, conduct any checks, where necessary, involving the Restricted List (as described in more detail below) and conflict of interest analysis before a transaction request is finalized. The compliance team will respond to each transaction request as quickly as possible.

Once a decision has been made on a requested transaction, the Covered Person will be notified of the decision via an automated email sent through the Ethics Workflow Platform. The Covered Person may not carry out a requested transaction until authorization from the compliance team has been received. The reasoning to approve or reject a transaction request may not be disclosed to the requesting Covered Person, particularly if this would lead to revealing inside or confidential information.

**Post-Authorization** 

Each transaction approval is valid for a period of two business days. Thereafter, a new transaction approval request must be made, though the Chief Compliance Officer may waive this requirement at his discretion

In all cases in which a transaction approval is given, a confirmation of each executed trade must be provided via email to the Chief Compliance Officer within a reasonable time after execution of each transaction.

It is recommended that securities purchased by Covered Persons be held for a minimum period of 60 days.

**Certain Relevant Considerations** 

In order to provide a judgement on a proposed Covered Person's transaction, the Chief Compliance Officer may take into account a number of considerations, some but not all of which are enumerated below. As such, the Chief Compliance Officer may make ask the Covered Person to provide, as necessary, any information relevant to their proposed transaction including, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the reasons for the proposed trade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Covered Person's possible possession of inside information with respect to the proposed traded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether any of the securities proposed to be purchased or sold have, within the prior ten days, been sold or
purchased by clients upon the recommendation of the Adviser or any Participating Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether such securities are on the Restricted List of securities due to the Adviser or any Participating
Affiliate being in possession of MNPI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the opportunity to purchase or sell such securities should be reserved for clients of the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the opportunity to purchase or sell such securities is being offered to the person because of such
person's position with the Adviser.

**Ardian Co-Investments** 

Notwithstanding the foregoing, Covered Persons who are permitted or required to participate in co-investments and corresponding sales of securities made simultaneously with Ardian clients pursuant to an applicable investment advisory or fund agreement will not require the approval of the Chief Compliance Officer for such securities transactions.

**Records of Permitted Securities Transactions** 

All requests for personal transactions and their processing are recorded and kept confidential. The Adviser will maintain records of the approval or rejection of a transaction request for at least five years after the end of the fiscal year in which the approval or rejection is given.

**Further Disclosure** 

Covered Persons who have received permission to enter into a transaction in accordance with the foregoing procedure are subject to the further disclosure and restrictions requests outlined below if the relevant security is subsequently considered for purchase or sale by any client of the Adviser.

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**Potential Conflicts of Interest Disclosure** 

Covered Persons must disclose their own interest in a security to Compliance, including any recent (under one year) permitted transaction in such security, before recommending or attempting to cause any securities transaction by a client fund to occur, or participating in any investment decision relating to such security.

**Exempted Transactions** 

The prohibitions of this Code shall not apply to:

*Transactions in Exempt Securities* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "security" is outlined in the Definitions section at the beginning of this Code. Any
financial instrument that falls outside the definition listed above (most notably open-ended mutual funds and ETFs) does not require pre-approval prior to transactions.

*Cryptocurrency Transactions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The acquisition of any Cryptocurrency, or Beneficial Ownership in any Cryptocurrency, in a private placement,
including through an initial coin offering, a token warrant, or a SAFT or SAFT-E, will not require pre-approval.

*Non-volitional Transactions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A transaction in which the Covered Person does not exercise investment discretion at the time of the transaction
or that occurs by operation of law (e.g., calling of a security by the issuer, automatic exercise or liquidation of an in-the-money derivative instrument upon expiration
pursuant to exchange rules, non-volitional receipt of gifts out of the control of the Covered Person, including transactions in fully discretionary portfolio management accounts managed by registered
investment advisers and with respect to which such Covered Person has no actual advance knowledge of a given trade).

*No Employee Control* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales affected in any account over which the Covered Person has no Direct or Indirect Influence or
Control. These include brokerage accounts in which a financial adviser makes all of the investment decisions for the assets within the account, without any consultation or input from the Ardian employee. Note that on a sample basis, the Chief
Compliance Officer will request reports on holdings and/or transactions made in such accounts to identify transactions that would have been prohibited pursuant to the Code, absent reliance on this exemption. The Chief Compliance Officer reserves the
right to rescind an account's designation as an account over which the Covered Person has no direct or indirect influence or control at any time.

*Automatic Investment Plans* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales made automatically in accordance with a predetermined schedule and allocation, such as
dividend reinvestment plans.

*Rights Offerings* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its
securities, to the extent such rights were acquired from such issuer, and sales of rights so acquired.

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**<u>REQUIREMENTS REGARDING ACCOUNT OPENINGS</u>**

**Brokerage accounts** 

No Covered Person may open or maintain a securities trading account, of any type, in which such person has any direct or indirect interest without registering the account with the Firm. New accounts must be registered online via the Ethics Workflow

Platform.

Each Covered Person shall be responsible for maintaining an accurate inventory of all securities held by such person that are required to be reported under this Code. All information requested on the Workflow—the name of the broker, dealer or bank with whom any account is established, all account numbers, and any requested account statements, must also be provided concurrent with an employee opening an account.

Please see the section on "Reporting" below for initial and annual reporting requirements involving Ardian employee accounts.

**<u>REPORTING</u>**

**Initial Holdings Reports** 

Each Covered Person must provide the Chief Compliance Officer with an initial report of such person's securities holdings and, all brokerage or bank accounts in which securities transactions can take place. For this purpose, Covered Persons will receive an e-mail request to complete an online securities holdings report which includes a place for Covered Persons to certify, if appropriate, that they have no securities holdings or securities accounts to report. This reporting is conducted online via the Ethics Workflow Platform.

**Annual Holdings Report** 

Annually, each Covered Person shall certify the accuracy of the inventory of such person's securities holdings on the Ethics Workflow Platform. All brokerage trading or bank accounts in which securities transactions can take place which have been opened or closed since the last annual reporting should also be disclosed. For this purpose, Covered Persons will receive an e-mail request to complete an online Annual Securities Holdings Report which includes a place for Covered Persons to certify, if appropriate, that they have no securities holdings or securities accounts to report.

**Quarterly Transaction Reports** 

Each calendar quarter, each Covered Person must provide the Chief Compliance Officer with a report of their securities transactions done or any brokerage, trading or bank accounts opened during the period. For this purpose, Covered Persons will receive an e-mail request to complete an online quarterly securities transactions report and provide copies of all account statements. If no trading is done and not accounts were opened during a calendar quarter no reporting for that quarter is required.

**Required Information** 

Each initial and annual holdings report must contain the following information, current as of a date no more than 60 days prior to the date the report is submitted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title and type of each security (and exchange ticker symbol or ISIN/CUSIP number, as applicable) held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares and principal amount of such security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of any brokerage firm or bank with which the Covered Person maintains an account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the Covered Person submits the report.

Each quarterly report must contain the following information with respect to each securities transaction that occurred during the period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date of the transaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title and type of security (and exchange ticker symbol or ISIN/CUSIP number, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the interest rate and maturity date, number of shares and principal amount (as applicable) of each security
involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature of the transaction (i.e., purchase or sale);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price of the security;

**Review of Reports** 

The Chief Compliance Officer shall be responsible for reviewing all initial and annual holdings reports and all quarterly transaction reports.

**Reporting is Not Considered Admission** 

Any initial or annual report may contain a statement that the report shall not be construed as an admission by the person making it of any direct or indirect beneficial ownership in the security to which the report relates.

**<u>GIFTS AND ENTERTAINMENT POLICY</u>**

**Solicitation of Gifts** 

Members of the staff are prohibited from soliciting gifts from a business contact, regardless of its value or whether it benefits them directly or not.

**Acceptance of Gifts** 

Covered Persons should refrain from accepting gifts offered by a business contact because they risk compromising their impartiality and independence of decision-making.

Nevertheless, gifts may be accepted within the following limits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any gift whose value is estimated to be less than $100 may be freely accepted, without having to make a
declaration to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any gift whose value is estimated to be in excess of $100 and less than $200 must be reported upon receipt to the
Chief Compliance Officer via the Ethics Workflow Platform, and must be included in the employee's quarterly compliance disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any gift whose value is estimated to be in excess of $200 must be reported upon receipt to the Chief Compliance
Officer via the Ethics Workflow Platform, and should either be sent back to its sender or directly sent to a charitable association.

The foregoing requirements shall apply equally to gifts made by any business contact to any members of the Immediate Family of Firm personnel.

**Offering of Gifts** 

The nature and the cost of the gifts offered must be in line with the policy for acceptance of gifts explained above. Generally, gifts offered must not exceed $200 in value. However, no gifts or political contributions of any kind may be made to persons associated with U.S. governmental investors except in accordance with the Firm's Political Contributions Policy. No gifts or political contributions of any kind may be given by Ardian US employees to non-US political candidates or officeholders.

**Entertainment** 

The foregoing rules on receiving and offering of gifts is not intended to include attending or hosting normal course business-related conferences, or occasional business meals, sporting events or other entertainment events, so long as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the person bearing the expense of the meal or event is also present

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expense is reasonable

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acceptance is not conditioned on doing business with the Adviser

In addition, Firm personnel may not give on their own behalf or on behalf of the Firm a gift to a business contact that may be construed as an improper attempt to influence the recipient.

**Other Considerations** 

Firm personnel should also note that the policies of a business contact's organization or laws applicable to such business contact may prohibit the business contact from giving or receiving certain gifts or entertainment. This is especially likely to be the case where the business contact is a representative of a governmental organization, a fiduciary (e.g., for an ERISA plan) or a union official. Care should be taken when providing or receiving gifts or business entertainment with respect to such persons, even where such gifts and entertainment are of nominal value.

If an employee notices a pattern of repeated gifts or has any other presentiments about the giving or receiving of gifts in connection to Ardian business should contact Compliance immediately.

**Cash** 

Covered Persons are forbidden from giving, soliciting or receiving any amount of cash whatsoever, without exception.

**<u>MATERIAL NON-PUBLIC INFORMATION (MNPI) AND INSIDER TRADING</u>**

**General** 

Firm personnel are prohibited from engaging in, or helping others to engage in, insider trading. Generally, the "insider trading" doctrine under U.S. federal securities laws prohibits any person (including investment advisers) from knowingly or recklessly breaching a duty of trust or confidence owed by that person by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading while in possession of material, non-public information
("MNPI");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• communicating (i.e., "tipping") such information to others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommending the purchase or sale of securities on the basis of such information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing substantial assistance to someone who is engaged in any of the above activities.

This means that, if Firm personnel trades with respect to a particular security or issuer at a time when he or she knows or should know that they are in possession of MNPI about the issuer or security, such person (and, by extension, the Firm) may be deemed to have violated the insider trading laws.

Note that the prohibition on trading while in possession of MNPI applies to securities generally, including securities of companies with which the Firm and the clients neither have, nor are considering, an investment or other relationship. It is possible that the Firm will receive MNPI about certain private and, from time to time, public companies (in which the Funds may or may not be invested) as a result of evaluating or investing in securities issued by a different company (including private securities). This Material Non-Public Information and Insider Trading Policy also applies to any such MNPI.

The requirements set forth herein shall apply equally to gifts made by any business contact to any members of the family or household of Firm personnel.

**Material Information and Non-Public Information** 

Material Non-Public Information refers to that information that is both Material Information and Non- Public Information. The term "Material Information" has not been expressly defined by the SEC nor the US Congress. In the context of this manual, "Material Information" refers to any information that: (i) might have an effect on the market for a financial product, instrument or security generally; and (ii) this information might affect an investment decision of a reasonable investor (note that the

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information need not be so important that it would have changed the investor's decisions to buy or sell). Information is considered non-public until it has been effectively disclosed to the marketplace (e.g., through national business and financial news wire services) and had adequate time for the market as a whole to respond to the information. Examples of MNPI may include, but are not limited to: sales results; earnings or estimates (including reaffirmations or changes to previously released earnings information); dividend actions; strategic plans; new products, discoveries or services; important personnel changes; acquisition and divestiture plans; financing plans; proposed securities offerings; marketing plans and joint ventures; government actions; major litigation, litigation developments or potential claims; restructurings and recapitalizations; and/or the negotiation or termination of major contracts.

**Attribution** 

The SEC takes the view that MNPI possessed by one of a firm's employees or other personnel may be attributed to the entire firm. As a result, where one member of the Firm's personnel makes a trade in an issuer's securities without personally being aware of any MNPI related to that issuer, the firm may nonetheless incur liability under the securities laws if any other employee was aware of such information at the time the trade was made. However, the securities laws provide firms with an affirmative defense to such charges, and that defense depends upon the establishment and enforcement of policies and procedures reasonably designed to control the flow of MNPI within the firm.

**Tippee Liability** 

Firm personnel must be wary of MNPI disclosed in breach of a corporate insider's duty of trust or confidence that the corporate insider may owe to his or her corporation and/or such corporation's shareholders. Even when there is no expectation of confidentiality, Firm personnel may become an "insider" upon receiving MNPI in circumstances in which a person knows, or should know, that a corporate insider is disclosing information in breach of a duty of trust and confidence that he or she owes the corporation and its shareholders. Whether the disclosure is an improper "tip" depends on whether the corporate insider expects to benefit personally, either directly or indirectly, from the disclosure. Indirect personal benefits may include, for example, a reputational benefit or an expectation of a "quid pro quo." It is also possible for a person to become an "insider" or "tippee" upon obtaining MNPI inadvertently, including information derived from social situations, business gatherings, overheard conversations and misplaced documents.

Under U.S. securities law and subject to Rule 14e-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), described below, a "tippee" assumes a fiduciary duty to the shareholders of a corporation not to trade on MNPI only when the insider has breached his fiduciary duty to the shareholders by disclosing the information to the "tippee" and the "tippee" knows or should know that there has been a breach.

**Corporate Insiders** 

In the normal course of operating its business, the Firm will from time to time interact with public company employees for the benefit of Firm clients. Such interactions raise the possibility that Firm personnel will receive or become aware of MNPI regarding these companies. Firm personnel may seek to interact with public company employees for the purpose of researching or managing the clients' investments (or potential investments). It is the responsibility of all Firm personnel to understand the conflicts that exist or may arise out of interactions with public company employees. Furthermore, it is the responsibility of all Firm personnel to inform the Chief Compliance Officer or his or her designee immediately should they believe that they may be in possession of MNPI or any information that may be cause for further concern.

**Value-Added Investors** 

The Funds may accept investments from so-called "value-added" investors. Although the term value-added investor is not defined in the Advisers Act or elsewhere, it is generally understood to refer to an investor who may provide some benefit to the adviser (such as industry expertise or access to individuals in the investor's network) beyond just the amount of their commitment. Examples of such investors may include, without limitation, executive-level officers or directors of a company or personnel that are affiliated with other investment advisers and/or private funds.

Due to the nature of their position, such investors may possess material nonpublic information. Therefore, employees of the Firm (each, a "Covered Person") should always remain alert to the possibility that they could inadvertently come into possession of MNPI when communicating with such investors. Covered Persons should refrain from discussing potentially sensitive topics (e.g., specific information about the investor's employer) with a known value-added investor.

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If there is any question as to whether information received from an investor could be MNPI, you are expected discuss it with the Chief Compliance Officer immediately, and otherwise to act in accordance with the procedures in this policy.

**Use of MNPI** 

From time to time, Firm personnel receive and/or derive information that could be construed to be material non-public information as a result of an investment made, or evaluated on behalf of, one Fund and such information could be used to inform the Firm's investment decisions on behalf of another Fund. The Firm has disclosed to the Funds' investors that it has and will likely use information obtained through work for one Fund, subject to the appropriate restrictions applicable to the manner in which the information was obtained, to benefit another Fund including in making security trading decisions. In such instances, the Firm personnel considering the use of information obtained based on work for one Fund to benefit another Fund should consider discussing whether it is appropriate to use such information with the Chief Compliance Officer and confirm whether use of such information is consistent with the Firm's relevant disclosure and applicable rules and regulations.

**Restricted List** 

Ardian US and its affiliates maintain a global Restricted List. The Restricted List contains publicly listed companies, the purchase or sale of which could potentially present a conflict of interest to the Firm and its employees due to the potential possession of MNPI, or for a variety of other reasons. Employee transaction requests are checked against the Restricted List, and any request involving securities on the list is automatically rejected. The Restricted List is reviewed from time to time by the Compliance team to determine if symbols should be removed from the List as the Firm and its employees no longer possess MNPI regarding the security. All Non-Disclosure Agreements ("NDA") executed on behalf of the Firm that involve publicly listed securities should be registered with the Compliance team via the Ethics Workflow Platform.

**Obligations with Respect to Receipt of MNPI** 

If an employee is presented with the opportunity to learn non-public information to assist in his or her analysis of any security or other instrument, prior to signing any confidentiality letter, a definitive agreement pertaining to an investment, or any other agreement relating to the receipt of confidential information, such employee must obtain the approval of the Chief Compliance Officer prior to entering into any such confidentiality letter or agreement.

Any employee obtaining material nonpublic information must not (i) disclose or provide that information to anyone; (ii) trade in any securities to which the information relates; (iii) recommend the purchase or sale of securities on the basis of such information; or (iv) provide substantial assistance to someone who is engaged in any of the above activities.

If an employee obtains information about a company that he or she believes may be MNPI, including, amongst other things, as a result of a contractual agreement, through an expert or expert network, or by virtue of a Firm representative or observer on a company's board of directors or creditor's committee, such employee must immediately notify the Chief Compliance Officer of the information. If the Chief Compliance Officer determines, in his or her discretion, that the information constitutes MNPI that might expose the Firm or any of its affiliates to liability for "insider trading," the company to which the information relates will be placed on the Restricted List. Companies included on the Restricted List must not be discussed with persons outside the Firm without the prior consent of the Chief Compliance Officer.

In addition, any employee who is aware of the misuse of material nonpublic information should report such misuse to the Chief Compliance Officer.

**Removal of Issuers from the Restricted List** 

Issuers are removed from the Restricted List by the Chief Compliance Officer in its discretion, but in any event after receipt of written confirmation from the responsible Firm personnel that such persons are no longer in possession of non-public information pertaining to such issues. The Chief Compliance Officer may, in his or her discretion, impose "cooling off" periods following such confirmation prior to removing an issuer from the Restricted List.

**No Fiduciary Duty to Use Inside Information** 

Although the Firm has a fiduciary relationship with the clients, it has no legal obligation to recommend or to carry out investment transactions in the securities of any company while in possession of information its personnel know to be MNPI relating to that company.

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**<u>EXPERT NETWORK POLICY</u>**

**Background** 

"**Expert Networks**" or "**Expert Network Firms**" are research firms that facilitate contact between individuals or organizations, typically professionals with specialized information, that are contracted by investment professionals looking to build a fundamental understanding of an industry or company of interest.

"**Experts**" are consultants or industry professionals made available through an Expert Network to provide specialized information and research services. Experts can include scientists, engineers, doctors, lawyers, suppliers, and professional participants in the relevant industry, including in some cases former employees of a target company.

From a regulatory perspective, the potential exists for material non-public information to be shared, both purposefully and inadvertently, between Experts and Ardian during an expert network call.

This policy is to ensure that Ardian conducts its business with adherence to insider trading laws and this policy must be read in conjunction with the Material Non-Public Information (MNPI) and Insider Trading Policy.

**Scope of Policy; Employees of Public Companies and Unpaid Consultants** 

This policy applies only to contact between Ardian employees and Experts obtained via an Expert Network Firm.

In addition to paid Experts, employees may from time to time communicate, on an unpaid basis, with, for example, (i) investor relations personnel, CEOs, CFOs or other executive officers or directors of public companies (directly or during events organized by brokers, bankers or others); (ii) store, district or regional managers, sales persons or other employees or representatives of a company; and (iii) individuals outside the company, such as customers, vendors or suppliers, former executives and employees of the company, employees of a competitor, or personnel of other buy-side investment firms; in each case in order to piece together a mosaic of information that will form its investment thesis (such persons, collectively, "Unpaid Research Contacts"). Ardian may make investment decisions on the basis of conclusions formed through such communications with Unpaid Research Contacts and the analysis of publicly available information. Difficult legal issues can arise, however, when, in the course of these communications, an employee becomes aware of material non-public information. Employees should discuss any receipt of potential material non-public information from an Unpaid Research Contact with Compliance.

**Selection and Approval of Expert Network Firms** 

Ardian relies on the practices employed by the Expert Network Firm to ensure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Experts understand the definition of material non-public information,
and that the Experts have agreed not to disclose any such information, or any other information that is confidential in the consultation with Ardian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transcripts available from the Expert Network Firm have been reviewed by the Expert Network's compliance
team and all material nonpublic information has been removed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expert Networks have policies and procedures to prevent disclosure of material non-public information from an Expert.

Given this reliance, Ardian will contact the Expert Network Firm at least once annually (and more often if determined appropriate by Compliance, to confirm:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the Expert Network's policies have changed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if any issues have been found during the last year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that their testing and training has remained in line with their stated policies; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that their review process remained in line with their stated polices.

Before Ardian engages an Expert Network Firm, Compliance must authorize the engagement. Authorization will be granted after Compliance is satisfied that the Expert Network Firm's compliance policies and procedures are reasonably designed to protect against the disclosure of material non-public information by its Experts. Compliance may assess the controls used by the Expert Network Firm and any other information it deems to be relevant in determining whether to authorize or decline the engagement of the organization.

The approved Expert Network Firms currently engaged by Ardian are listed in **Schedule 1**, as amended from time to time, and once an Expert Network Firm is approved by Compliance such Expert Network Firm will be added.

Employees should contact Compliance with any questions regarding **Schedule 1** or potential new relationships with Expert Network Firms.

**Advance Notice Pre-Approval for Live Calls** 

Before any live, oral communication with Experts, employees must pre-clear each communication with Compliance. This applies to each individual consultation or meeting with an expert or research consultant. The pre-approval procedure is intended to provide Compliance with information necessary to assess potential conflicts of interest associated with the proposed arrangement or meeting and enables Compliance to monitor the frequency of consultations with any one particular consultant per year.

Prior to live interactions with an expert, Ardian employees must notify Compliance and obtain pre-approval for the call via by following the below procedure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Email Pre-Approval* 

Employees must email a member of Compliance requesting approval for contact with an expert. The email must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the expert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Name of the company the expert is affiliated with and their role at the company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date and time of the call

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The subject matter of the call / Which transaction the call is related to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Meeting Details* 

A calendar invite with details of the pre-approved call containing the meeting details must also be circulated to Compliance prior to the call to provide them the ability to chaperone the call in order to confirm compliance with this policy and ensure no material non-public information is disseminated.

**Procedures for Live calls and Receipt of MNPI** 

Ardian has confirmed with each of the approved Expert Network Firms that they have policies to ensure the experts understand the definition of material non-public information, and that the experts have agreed not to disclose any such information, or any other information that is confidential in the consultation with Ardian. While Ardian will generally rely on the Expert Network Firm to undertake appropriate background checks on the experts it recommends, Ardian employees must be vigilant regarding any "red flags" on the expert's background information that is supplied by the Expert Network Firm.

Prior to the call, employees should be aware of the terms and conditions of any contractual agreements in place with the expert/their employer. Should the expert share any material non-public information during the call – as part of the mutually understood discussion on the target company/industry or at any point in the conversation – employees must make note of the company or security involved, the information received, and any other Ardian employees that may have received the information. Immediately alert a member of Compliance.

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**Transcripts and Other Pre-Recorded Materials** 

Pre-recorded, non-live content such as transcripts and webcasts available from Expert Network Firms can be accessed without preapproval. Expert Network Firms review these materials prior to them being made available and confirm any potential material nonpublic information is removed prior to making them available.

**Methods of Communication** 

As with all business communications, employees may not send substantive communications via text messages, instant messages, or other non-Ardian approved communications (such as through social networking websites) to an Expert. Further, employees should discourage Experts from using such methods to communicate with employees.

**Monitoring and Oversight** 

On an ongoing basis, Compliance will randomly select to chaperone live employee interactions with experts. Compliance is under no obligation to notify the employee that such call will be chaperoned.

On a quarterly basis, Compliance will request call logs maintained by the Expert Network Firms of all interactions between Ardian employees and experts. In order to facilitate the review and testing of compliance with the procedures outlined in this policy, Compliance will review the call logs and sample check the calls to ensure that this policy has been adhered to.

Additionally, Compliance performs routine email searches and monitors employee personal trading to ensure that no material non-public information is being shared or used for personal benefit.

On an annual basis, Compliance will contact the Expert Network Firms to confirm any relevant changes the firm's policies and procedures and any issues related to the exchange of material non-public information.

**Breach of this Policy** 

Any breach of this this policy will be dealt with in accordance with the Sanctions Policy.

**<u>DIRECTORSHIPS</u>**

No Covered Person shall serve as director of any publicly traded company, other than those in the Ardian Group, without first obtaining the consent of the Chief Compliance Officer. Any such consent shall be based on a review by the Chief Compliance Officer and a determination by the Executive Board that such board service will be consistent with the interests of the clients of the Adviser, and that the person serving as a director will be isolated from those making investment decisions with respect to such company by appropriate procedures. While pre-approval does not need to be similarly received, all covered persons should report all directorships held at privately held companies in the annual and quarterly compliance reporting. At the direction of the Chief Compliance Officer, in his sole discretion, any covered person may be required at any time to resign from a disclosed directorship.

**<u>POLITICAL CONTRIBUTIONS POLICY</u>**

**Restrictions on Contributions and Solicitations** 

Under the SEC's "Pay for Play" Rules there are restrictions placed on the amounts and ways the Firm and its executives and employees make political contributions. Rule 206(4)-5 (the "Rule") under the Advisers Act, prohibits investment advisers from making greater than de minimis political contributions to elected officials who are responsible for hiring, or can influence the hiring of, investment advisers to manage the assets of a state or municipal government entity (i.e., pension plans, retirement plans, tuition plans). The Rule also applies to investments by a government entity in a pooled investment vehicle advised by an adviser. A "government entity" means any state or political subdivision of a state, including: (i) any agency, authority, or instrumentality of the state or political subdivision; (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 "IRS Code"), or a state general fund; (iii) any participant-directed investment program or plan sponsored or established by a state or political subdivision or any agency, authority or

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instrumentality thereof, including, but not limited to a "qualified tuition plan" authorized by section 529 of the IRS Code, a retirement plan authorized by section 403(b) or 457 of the IRS Code, or any similar program or plan (each a "Plan and, two or more collectively, "Plans"); and (iv) officers, agents, or employees of the state or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity.

No Covered Person (as defined below) may make a contribution for the purpose of influencing the decision by any person or entity to invest in any pooled investment vehicle advised by the Firm (collectively, the "Funds") or to otherwise hire the Firm as an investment adviser or conduct business with the Firm or the Funds. Here, "contribution" means any gift, subscription, loan, advance or deposit of money or anything of value made for: (i) the purpose of influencing any election for federal, state or local office; (ii) payment of debt incurred in connection with any such election; or (iii) transition or inaugural expenses of a successful candidate for state or local office.

These restrictions apply to: (i) the Firm; (ii) any general partner, managing member or executive officer or individual with a similar status or function, of the Firm; (iii) all employees of the Firm and their immediate family members; and (iv) any political action committee controlled by the Firm or any of its employees (collectively, "Covered Persons"). "Family member" includes an employee's spouse or domestic partner, as well as any minor children or other dependents residing in an employee's home. The Firm's Chief Compliance Officer is responsible for determining whether an independent contractor acting on behalf of the Firm should be subject to this policy.

The restrictions include:

*Restriction on the Making of Political Contributions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a Covered Person or a member of his or her family, makes a political contribution to a government entity, that
adviser would be barred for two years from providing advisory services for compensation, either directly or through a fund (i.e., Fund of Fund or other pooled investment vehicle.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a result, Covered Persons and their family members are prohibited from making any contribution to an
incumbent, candidate or successful candidate for elective office of a state or municipal government entity if the office is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser or has authority
to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser. Additionally, no contribution should be made to any candidate for federal office if at the time of the
contribution such candidate is a state or municipal official that is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser or has authority to appoint any person who is directly or indirectly
responsible for, or can influence the outcome of, the hiring of an investment adviser. However, a person may make a contribution to such incumbent, candidate or successful candidate (a) if such person is eligible to vote for the person and such
contribution, together with all other contributions to such official, candidate or successful candidate with respect to the same election, does not exceed $350 or (b) if such person is not eligible to vote for the person and such contribution,
together with all other contributions to such official, candidate or successful candidate with respect to the same election, does not exceed $150.

*Restriction on Soliciting the Contribution of Others* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Covered Persons are prohibited from coordinated or soliciting another person or a political action committee
("PAC") to make (including, but not limited to causing the Firm or a client to make) (A) any contribution to an official of a government entity or candidate for office of a government entity (including any election committee for
such official or candidate) or (B) any payment (including any gift, loan, advance or anything of value) to a political party of a state or locality. Firm employees and other personnel should note that coordinating or soliciting Contributions
can include actions that can be interpreted as supporting an official or political party, including, but not limited to the use of the Firm's name or Covered Person's name on fundraising literature for a candidate, or the Firm or a
Covered Person sponsoring a meeting or conference which features an official or candidate as an attendee or guest speaker and which involves fundraising for the official or candidate.

*Restriction on the Use of Certain Third-Party Solicitors* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any placement agents or solicitors that are paid (including by gift, loan, advance or anything of value) by the
Firm, either directly or indirectly, to solicit a government entity must be either (i) an investment adviser registered with the SEC that has not, and whose covered persons have not, within two years of such solicitation (A) made a
contribution to an official of that government entity, other than as permitted by the Rule; or (B) coordinated or solicited any person

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or political action committee to make any contribution or payment described in paragraphs (a)(2)(ii)(A) and (B) of the Rule; (ii) a broker or a dealer that is registered with the SEC and is a member of a national securities association registered under section 15A of the Securities Exchange Act of 1934, as amended, provided that the rules of the association prohibit members from engaging in distribution or solicitation activities if certain political contributions have been made; and the SEC, by order, has found that such rules impose substantially equivalent or more stringent restrictions on broker-dealers than the Rule imposes on investment advisers and that such rules are consistent with the objectives of the Rule; (iii) a municipal advisor registered with the SEC and subject to rules of the Municipal Securities Rulemaking Board, provided, that such rules prohibit municipal advisors from engaging in distribution or solicitation activities if certain political contributions have been made; and the SEC, by order, has found that such rules impose substantially equivalent or more stringent restrictions on municipal advisors than the Rule imposes on investment advisers and that such rules are consistent with the objectives of the Rule; or (iv) an executive officer, general partner, managing member (or, in each case, a person with a similar status or function), or employee of the Firm. The Chief Compliance Officer is responsible for ensuring that payments to placement agents or solicitors are consistent with these requirements.

*Restriction on Indirect Contributions and Solicitations* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An investment firm and its executives and employees are prohibited from engaging in pay to play conduct
indirectly, such as by directing or funding contributions through third parties such as spouses, lawyers or companies affiliated with the adviser, if that conduct would violate the rule if the adviser did it directly. This provision prevents
advisers from circumventing the rule by directing or funding contributions through third parties.

*Restrictions on New Government Entity Investors* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In advance of admitting a government entity as an investor in an Ardian US managed fund or accepting a government
entity as a client, the Chief Compliance Officer shall review records of contributions made within two years of the date of the investor's admission or acceptance to determine whether any contributions have been made to any official of the
government entity.

**Disclosure and Pre-Clearance** 

All contributions must be disclosed and approved by the Chief Compliance Officer via the Ethics Workflow. Generally, it is the Firm's policy to permit any proposed contribution so long as it does not cause a violation of the Rule or this Political Contributions Policy or a reasonably foreseeable violation of the Rule or this Political Contributions Policy based on current or future prospective clients of the Firm or potential investors in the Firm's managed funds. However, the Chief Compliance Officer may also prohibit any proposed contribution that is deemed by the Chief Compliance Officer as having the potential to violate the Rule, this Political Contributions Policy, or for any other reason whatsoever.

Additionally, on a quarterly basis employees shall verify all contributions made in the past quarter by such employees and their family members, including the dates on which such contributions were made and whether any such contribution was the subject of the exception for certain returned contributions pursuant to Rule 206(4)-5(b)(3) (which provides a limited means to cure certain contributions made by an employee by returning such contributions). All quarterly reports are completed and certified online.

In advance of becoming an employee, a potential employee must disclose to the Chief Compliance Officer all contributions to any official of a government entity or candidate for office of a government entity (including any election committee) made by the employee or Family Members during the two years prior to becoming an employee.

**Confidentiality** 

The Firm respects the rights of its personnel to lawfully contribute to the political process and will keep the information provided under this Political Contributions Policy confidential, subject to the rights of inspection of all regulatory and licensing bodies or as any disclosure may become necessary or advisable in the operation of the Firm, including disclosures at the request of representatives of investors and potential investors who are government clients, pension funds, or their fiduciaries if requested to do so.

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**Compliance with Other Laws** 

It should not be assumed that pre-clearance or approval under this Political Contributions Policy is confirmation that an employee or other personnel are complying with any applicable campaign finance or other applicable laws and each such person is urged to consult such advisers or counsel as appropriate on such laws. With respect to investors and potential investors that are state or local entities additional or different state or local rules may apply.

**Violations** 

If any Firm personnel become aware of a violation of this political contributions policy, they must immediately notify the Chief Compliance Officer. In the event an employee or family member makes a contribution in violation of this Political Contributions Policy or the Rule, the employee agrees to take all reasonable efforts to prevent the triggering of a two-year time-out period, including actively seeking the return of the contribution.

**<u>CERTIFICATION</u>**

Each Covered Person shall certify annually that they:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have read and understood the Code and are subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will comply with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to
the requirements of the Code.

**<u>SANCTIONS</u>**

Any violations discovered by or reported to the Chief Compliance Officer shall be reviewed and investigated promptly, and reported to the Executive Board if applicable. Such report shall include the corrective action taken and any recommendation for disciplinary action deemed appropriate by the Chief Compliance Officer. Such recommendation shall be based on, among other things, the severity of the infraction, whether it is a first or repeat offense, and whether it is part of a pattern of disregard for the letter and intent of this Code. Upon recommendation of the Chief Compliance Officer, the Executive Board may impose such sanctions for violation of this Code of Ethics as it deems appropriate, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• letter of censure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• probationary period involving increased account monitoring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• suspension or termination of the employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reversal of a trade, purchase or sale at the violator's expense and risk, including potential disgorgement
of any profit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in serious cases, referral to law enforcement or regulatory authorities.

The Executive Board may also escalate a report to the Supervisory Committee for its recommendation before imposing sanctions.

------

**<u>SCHEDULE 1</u>**

Approved Expert Network Firms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third Bridge

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GLG

## Ex-99.(T)

**ARDIAN ACCESS SECONDARY INFRASTRUCTURE FUND LLC** 

**POWER OF ATTORNEY** 

Each of the undersigned Directors of Ardian Access Secondary Infrastructure Fund LLC (the "Fund") hereby constitutes and appoints Wilfred Small, Alfred Miranda, Edward Hickes, Aymeric Lepeu and Côme Tauveron (in each case, with the foregoing list of appointees modified as may be required to avoid any individual appointing himself by this instrument), each of them with full powers of substitution, as his true and lawful attorney-in-fact and agent to execute in his name and on his behalf in any and all capacities the Registration Statements on Form N-2, and any and all amendments thereto, and all other documents, filed by the Fund or its affiliates with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), and the Securities Act of 1933, as amended (together with the 1940 Act, "Acts"), and any and all instruments which such attorneys and agents, or any of them, deem necessary or advisable to enable the Fund or its affiliates to comply with such Acts, the rules, regulations and requirements of the SEC, the securities, Blue Sky laws and/or corporate/limited liability company laws of any state or other jurisdiction, the Commodities Futures Trading Commission, and the regulatory authorities of any foreign jurisdiction, including all documents necessary to ensure the Fund has insurance and fidelity bond coverage, and to file the same, with all exhibits thereto and other documents in connection therewith, with the SEC and such other jurisdictions, and the undersigned hereby ratifies and confirms as his own act and deed any and all acts that such attorneys and agents, or any of them, shall do or cause to be done by virtue hereof. Any one of such attorneys and agents has, and may exercise, all of the powers hereby conferred.

IN WITNESS WHEREOF, the undersigned have hereunto set their hands as of the 3rd day of April, 2026.

---

| | |
|:---|:---|
| SIGNATURE | TITLE |
| /s/ Michael Ferragamo | Director |
| Michael Ferragamo |  |
| /s/ Wilfred Small | Director |
| Wilfred Small |  |
| /s/ Jason Cipriani | Director |
| Jason Cipriani |  |
| /s/ Mark Garbin | Director |
| Mark Garbin |  |
| /s/ Richard Goglia | Director |
| Richard Goglia |  |

---