ADVISORY BUSINESS General Description of Advisory Firm. Gatewood Capital Management LLC, a Delaware limited liability company (“Gatewood Capital Management”), is an investment adviser with its principal place of business in New York, NY. Gatewood Capital Management was formed on April 21, 2015. Gatewood Capital Management II LLC, a Delaware limited liability company (“Gatewood Capital Management II”), is a relying adviser of Gatewood Capital Management. Gatewood Capital Management and Gatewood Capital Management II are collectively referred to herein as “Gatewood”. The majority principal owner of Gatewood Capital Management and the sole principal owner of Gatewood Capital Management II is Gatewood Capital Partners LLC, a Delaware limited liability company (“Gatewood Capital Partners”), which is a subsidiary of Gatewood Capital Investors LLC, a Delaware limited liability company (“Gatewood Capital Investors”). Entities owned by Oren Monhite Yahav and by Amir Aviv own a majority of the economic interests in Gatewood Capital Investors and The Arbor Trust owns a majority of a class of voting securities of Gatewood Capital Investors. As of the date of this Brochure, Oren Monhite Yahav and Amir Aviv serve as the managers of Gatewood Capital Partners. Description of Advisory Services. Gatewood provides investment advice to its clients, primarily regarding seed investments in new private equity, real estate and other alternative investment managers and their managed funds (collectively, “Seed Managers” and “Underlying Funds”, respectively), acquire interests in established alternative investment managers (“Established Managers” and, together with Seed Managers, “Underlying Managers”). Presently, Gatewood provides investment advisory services exclusively to pooled investment vehicles (each, a “Fund” and collectively, the “Funds”). Gatewood may also establish co-investment vehicles for third party investors and/or certain strategic investors of the Funds seeking additional exposure to a Fund’s investments as further set forth in the Funds’ governing documents (each such vehicle, a “Co-Investment Vehicle”). Co-Investment Vehicles are expected to invest alongside the Funds from time to time in certain investments in Underlying Funds and may invest alongside the Fund indirectly by investing in the investment of an Underlying Fund’s alongside such Underlying Fund. The terms of any such Co-Investment Vehicles will be negotiated with the investors of such investment vehicles and may be different from the terms of the Funds. Unless the context otherwise requires, references herein to the “Funds” include such Co-Investment Vehicles. One or more affiliates of Gatewood serves as general partner of the Funds (the “General Partners”),

and the General Partners or another affiliate of Gatewood is expected to serve as general partner of any Co-Investment Vehicles. Subject to the discretion and control of the General Partners, Gatewood provides discretionary investment advisory services pursuant to investment management agreements with the Funds and each Co-Investment Vehicle. Gatewood provides investment advice to the Funds in accordance with their respective investment objective and strategy, as set forth in the governing documents of each Fund. The Funds will typically structure their investments to ensure that neither the Funds nor Gatewood take controlling positions in the Underlying Managers in which they invest. More information regarding the Funds’ investment strategy and corresponding risks is set forth in Item 8, “Methods of Analysis, Investment Strategies and Risk of Loss.” Customized Services for Individual Clients. The General Partners may from time to time enter into side letter agreements with certain investors in the Funds establishing rights under, or supplementing or altering the terms of, the governing documents of the Funds with respect to such investors in a manner more favorable to such investors than those applicable to other investors. Similarly, investors in Co-Investment Vehicles may have rights that differ from the rights of Fund investors with respect to an investment. Such rights or terms in any such side letter or other similar agreement may include, without limitation: (i) excuse rights applicable to particular investments (which may increase the percentage interest of other investors in, and contribution obligations of other investors with respect to, such investments); (ii) reporting obligations of the General Partners; (iii) waiver of certain confidentiality obligations; (iv) consent of the General Partners to certain transfers by such investor or other exercises by the General Partners of their discretionary authority under the applicable partnership agreement for the benefit of such investor; (v) withdrawal rights due to legal, regulatory or policy matters; (vi) other rights or terms necessary in light of particular legal, tax, regulatory or public policy characteristics of an investor; (vii) a reduction in the Management Fee (as defined below) or carried interest payable to the General Partners; or (viii) additional obligations, and restrictions on the Funds with respect to the structuring of any investment. Each General Partner generally will not enter into side letters or similar agreements that have the effect of disadvantaging other investors in the Funds. Assets Under Management. As of December 31, 2023, Gatewood managed approximately $655,418,960 on a discretionary basis. Gatewood does not manage client accounts on a non-discretionary basis.