Boylston Advisors, LP (“Boylston”), a Delaware limited partnership wholly owned by Bain
Capital, LP (“Bain Capital”) provides investment advisory services to pooled investment vehicles
that are exempt from registration under the Investment Company Act of 1940, as amended (the
“1940 Act”) and whose securities are not registered under the Securities Act of 1933, as amended
(the “Securities Act”), including the Clarendon Funds (defined below), Boylston Low Correlation
Investments, L.P., Boylston Real Assets Fund, L.P. (collectively, the “Boylston Funds”), the
Coinvest Clients (defined below) and to separate account clients, who are current and former
personnel of Bain Capital and their estate planning vehicles and other related accounts (the
“Separate Account Clients”). As the investment adviser of the Boylston Funds, the Clarendon
Funds (defined below) and Separate Account Clients (collectively, the “Partner Investments
Clients”), Boylston identifies investment opportunities for, and may participate in the acquisition,
monitoring and disposition of investment opportunities for the Partner Investments Clients.
The primary focus of Boylston’s investment advisory activity is recommending limited partnership
interests in third party funds that invest in independent return, opportunity credit, hedged equity,
infrastructure, real estate, natural resources, public equity (developed and emerging markets),
private equity and venture asset classes to the Partner Investments Clients and advising pooled
investment vehicles through which current and former personnel of Bain Capital and its affiliates
and certain related persons invest in Related Funds (defined below) or participate in transactions
executed by Related Funds, in each case advised by the Affiliate Advisers (each as defined below)
other than Boylston (such pooled vehicles, the “Coinvest Clients,” together with the Partner
Investments Clients, the “Clients”). The Partner Investments Clients generally use a “fund of
funds” investment structure, and, as such, the Partner Investments Clients do not typically make
direct investments in publicly
traded securities or in private operating entities. However, from time
to time, Boylston may offer advice to Partner Investments Clients on investments in equities,
private equity transactions, fixed income products, derivative instruments or in other asset classes.
The Coinvest Clients typically invest directly in the Related Funds or make direct investments
alongside the Related Funds.
Boylston provides investment advisory services to each Boylston Fund pursuant to separate
investment and advisory agreements (each an “Advisory Agreement”). Investments recommended
to and accepted by Separate Account Clients or investments independently sourced by Separate
Account Clients may be executed through an aggregator vehicle (a “Clarendon Fund”). For
Boylston Funds and Coinvest Clients, investment advice is provided directly to each Boylston
Fund and Coinvest Client, subject to the direction and control of the applicable general partner of
such Boylston Fund and Coinvest Client and not individually to investors in those Boylston Funds
and Coinvest Clients.
Any restrictions on investing in certain types of investments are established by the general partner
of the applicable Boylston Fund and Coinvest Client and are set forth in the governing documents
for each respective Boylston Fund and Coinvest Client. The governing documents of the Coinvest
Clients and/or Related Funds restrict Coinvest Clients to investing on a formulaic basis in or
alongside the Related Funds. In particular, when a Coinvest Client coinvests with a Related Fund
(defined below) that is a private equity or venture capital fund, the governing documents of the
general partner of the Coinvest Client require such general partner to comply with any agreement
with respect to voting or disposing of such co-investment made by the general partner of the
Related Fund (defined below).
As of December 31, 2023, Boylston provides investment advice to approximately $12,490,671,000
of client assets, of which $9,825,598,000 is discretionary
1 and $2,665,073,000 is non-
discretionary.