The Adviser is a Delaware limited liability company that began operations in 2017. The Adviser is a wholly owned subsidiary of an entity controlled and principally owned by Andrew Joblon. Prior to establishing the Adviser, Mr. Joblon founded and is the managing principal of Turnbridge Equities, a real estate investment and development firm which has completed real estate transactions throughout the United States. Prior to founding Turnbridge Equities, Mr. Joblon spent ten years as a Senior Vice President at Fisher Brothers, an owner/operator headquartered in New York City with holdings in excess of 8,000,000 square feet. Mr. Joblon was actively involved in all areas of the firm's acquisition, financing and new development activities. His primary responsibilities included sourcing, structuring, capitalizing, and strategizing the firm's real estate projects in the United States. Prior to joining Fisher Brothers in 2006, Mr. Joblon was a Financial Analyst in the Structured Finance Group at CWCapital. Mr. Joblon is an active member of several real estate organizations, including the Urban Land Institute and RELA. Mr. Joblon holds a B.B.A with a concentration in Finance from the School of Business at The George Washington University. His charitable endeavors include being co-founder and board member of the Curetivity benefitting St. Jude Children’s Hospital as well as an ambassador for several leading foundations, such as charity: water, Habitat for Humanity, Many Hopes and Harboring Hearts. Turnbridge provides investment management and advisory services to a pooled investment vehicle, Turnbridge Equities Real Estate Fund I LP, Turnbridge Equities Real Estate Fund I Non-Reit AIV LP and Turnbridge Equities Real Estate Fund II LP (together with any parallel investment vehicles and alternative investment vehicles, collectively the “Funds”), that are exempt from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities

Act”). Pursuant to an SEC No-Action Letter (American Bar Association, Business Law Section, publ. avail. Jan. 12, 2012), this brochure describes the advisory services provided by Turnbridge as “filing adviser” as well as Turnbridge Equities Real Estate Fund I GP, L.P. (the “General Partner”), an affiliate of the Adviser that acts as the general partner of the Fund as a “relying adviser”. Turnbridge provides investment management and advisory services to the Funds on a discretionary basis. Additional information regarding the Funds can be found in the governing documents of the Funds. The Funds are offered exclusively to qualified purchasers pursuant to Section 3(c)1 of the Investment Company Act and is therefore not required to register as an investment company under the Investment Company Act. The Adviser serves as the Funds’ investment adviser and has full discretion to manage the Funds investment portfolio. The Adviser tailors its advisory services to the specific investment objectives and restrictions of the Fund pursuant to the investment guidelines and restrictions set forth in the Fund’s governing documents. The Funds’ subscription agreement, including the Risk Factors and Conflicts of Interests contained therein, and governing documents (collectively the “Offering Documents”), in addition to describing, among other things, our investment management relationship, the Fund’s investment program and objectives and the specific terms applicable to an investment in the Fund (including as to fees and other compensation, costs and expenses, and liquidity), contain a discussion of various risk factors and considerations, as well as certain conflicts of interest, that generally is more extensive in scope and detail than those described in this Brochure. Accordingly, this Brochure and the information set forth herein is qualified in its entirety by the disclosures and the terms in the Fund’s Offering Documents. As of December 31, 2023, the Adviser had approximately $541,619,289 of regulatory assets under management.