Caligan Partners, LP (also referred to as “we”, the "Adviser" or “Caligan”), a Delaware limited partnership, commenced operations in September 2017 and has its offices in New York, New York. David Johnson is one of two founders of Caligan. The Adviser was established to invest in activist equity situations and distressed debt for a variety of private client funds and separately managed accounts. Caligan Partners GP, LLC serves as the general partner of the Adviser and is principally owned by Mr. Johnson. The Adviser provides investment advisory services to private funds (each a “Partnership” and collectively “Partnerships”) and separately managed accounts (the “SMA” or “SMAs” and, collectively with the Partnerships, the “Funds”). The Partnerships rely on an exemption from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”), pursuant to Section 3(c)(7). Accordingly, interests in a Partnership are offered and sold exclusively to investors (each an “Investor”, collectively “Investors” or “Limited Partners”) satisfying the applicable eligibility and suitability requirements in private transactions within the United States. As of December 31, 2023, the Adviser’s regulatory assets under management was $347,914,852, all managed on a discretionary basis. The Adviser, in either credit or equity investments, seeks to exert influence and work collaboratively with companies to create value through operational improvements, financial restructurings, or transformational transactions.

The Adviser will generally seek representation on the boards of companies it invests in, in the case of activist equity situations, or formal or ad hoc creditor's committees, in the case of distressed debt situations. The Adviser may seek to utilize the bankruptcy or restructuring process to improve both the capital structure and competitive positioning of companies it invests in. The Adviser expects to invest in long and short positions in equity or debt securities of public and private U.S. and non-U.S. issuers (including securities convertible into equity or debt securities); distressed securities, rights, options and warrants; bonds, notes and equity and debt indices; swaps (including equity, foreign exchange, interest rate, commodity and credit-default swaps), swaptions, and other derivatives. Investments may include both publicly traded and privately placed securities of public issuers, as well as publicly traded securities of private issuers. Investments in options on financial indices may be used to establish or increase long or short positions or to hedge the Funds’ investments. The Adviser will likely concentrate the Funds’ assets in a relatively limited number of investments because the Adviser believes it can deliver superior risk-adjusted returns in a smaller number of investments where it can devote the time and resources necessary of its professionals to value enhancing activities. Each Fund is managed only in accordance with its own investment objectives and is not tailored to any particular investor.