1 Overview of the Advisers BlackRock Alternatives Management, LLC (“BAMLLC”) is registered as an investment adviser with the Securities and Exchange Commission (“SEC”) and is an indirect wholly-owned subsidiary of BlackRock, Inc., a publicly traded company (together with its subsidiaries, “BlackRock”). Global Energy & Power Infrastructure Advisors, L.L.C. (“GEPIA”) and Global Energy & Power Infrastructure II Advisors, L.L.C. (“GEPIA II”) are affiliated advisers of BAMLLC organized as separate legal entities. BAMLLC, GEPIA and GEPIA II are permitted to satisfy their obligation to register with the SEC through the filing of a single Form ADV by BAMLLC, with GEPIA and GEPIA II as relying advisers. GEPIA and GEPIA II (each, individually, an “Adviser”), and BAMLLC (collectively, the “Advisers”) have been in business since May 11, 2009, March 29, 2012 and March 6, 2017, respectively. The Advisers’ primary advisory services focus on alternative investment strategies, including global energy and natural resources industries, as well as the infrastructure sector. The Advisers generally have common policies and procedures with respect to investment advisory clients. As of December 31, 2023, the Advisers, in aggregate, managed a total of $14.5 billion of regulatory assets under management, all of which is managed on a discretionary basis. Advisory Services The Advisers provide investment advisory services to a variety of alternative investment vehicles, including separate accounts and commingled investment vehicles that would be investment companies as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), but for section 3(c)(1) or 3(c)(7) thereof (collectively, “Private Funds”). Investment services to clients may be provided on a discretionary or non- discretionary basis. The types of clients to which each Adviser provides investment management services are disclosed in the Advisers’ Form ADV Part 1 and summarized in Item 7 (“Types of Clients”) of this Brochure. Depending on the investment strategy or strategies that a client wishes to pursue, the client's ultimate contractual relationship may be with one or more of the Advisers. Each Adviser generally provides investment management services in accordance with applicable investment guidelines and restrictions, including applicable restrictions on investing in certain securities, or types of securities or other financial instruments, that are developed in consultation with the client, or in accordance with the mandate selected by the client. Each pooled investment vehicle managed or otherwise advised by an Adviser is managed in accordance with its investment guidelines and restrictions and generally is not tailored to the individualized needs of any particular fund shareholder or fund investor, and an investment in such a vehicle does not, in and of itself, create an advisory relationship between the shareholder or investor and an Adviser.

The Advisers use both automated and/or manual processes to manage portfolios in accordance with their stated portfolio investment guidelines and restrictions. The current primary focus of the Advisers is to manage assets for Private Funds and institutional clients through separate accounts with mandates that focus on alternative investment strategies and invest in debt and equity instruments relating to infrastructure, including investing in the energy & environmental, low carbon power, regulated utilities, transportation & logistics and digital infrastructure sectors. For additional information regarding the services provided to Private Funds and separate accounts by the Advisers, please refer to Item 7 (“Types of Clients”) of this Brochure. Services of Affiliates BlackRock, Inc. operates its investment management business through the Advisers, as well as through multiple affiliates, some of which are also investment adviser registered with the SEC, one of which is a limited purpose national banking association chartered by the United States (“U.S”) Department of Treasury's Office of the Comptroller of the Currency, and some of which are registered only with non-U.S. regulatory authorities and some of which are registered with multiple regulatory authorities (collectively, “BlackRock Investment Advisers”). The Item 5. Fees and Compensation Advisers use the services of their broker-dealer affiliates which are registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and members of the Financial Industry Regulatory Authority (“FINRA”), as needed. For additional information, please refer to Item 10 (“Other Financial Industry Activities and Affiliations”) and Item 12 (“Brokerage Practices”) of this Brochure. The Advisers use the services of one or more BlackRock, Inc. subsidiaries or appropriate personnel of one or more BlackRock, Inc. subsidiaries for investment advice, portfolio execution and trading, operational support, and client servicing in their local or regional markets or their areas of special expertise without specific consent by the client, except to the extent explicitly restricted by the client in or pursuant to its investment management agreement (“IMA”) or inconsistent with applicable law. Arrangements among affiliates take a variety of forms, including but not limited to dual employee, delegation, participating affiliate, sub-advisory, sub-agency, or other servicing agreements. This practice is designed to make BlackRock’s global capabilities available to an Adviser’s clients in as seamless a manner as practical within a varying global regulatory framework. In these circumstances, the Adviser with which the client has its IMA remains fully responsible for the account from a legal and contractual perspective. No additional fees are charged for the affiliates’ services except as set forth in the client’s IMA, governing documents and/or offering memorandum (“OM”).