Siguler Guff Advisers, LLC (“Siguler Guff” or the "Firm") is an investment adviser that provides discretionary and nondiscretionary investment advisory services to private equity investors. For purposes of this brochure, “Siguler Guff” or the “Firm” includes (where the context permits), affiliated general partners of the Managed Funds (as defined below) and other affiliates who provide advisory services. Such affiliates may or may not be under common control with Siguler Guff Advisers, LLC, but possess a substantial identity of personnel and/or equity owners with Siguler Guff Advisers, LLC. The Firm is a wholly owned subsidiary of Siguler Guff & Company, LP, which together with its affiliates operates as a global multi-strategy private markets investment firm. Founded in 1991 by Messrs. George Siguler, Drew Guff and Donald Spencer as the Private Equity Group of PaineWebber, the Firm began business as an independent adviser in 1995. The Firm is privately owned. Two of the founders, George Siguler and Drew Guff, together with entities established for the benefit of their immediate families, each own over 25% of the Firm's securities, in equal amounts. An affiliate of The Bank of New York Mellon Corporation owns a non-voting 20% interest in the Firm. The Firm is a dedicated private equity investment adviser, and all of its services to clients relate to managing private equity and associated investments. The Firm provides advisory services to Managed Funds and Separate Accounts:
• Managed Funds: The Firm provides discretionary investment management services to private equity investors through pooled investment vehicles (“Managed Funds”) that invest the majority of their assets in privately-placed, pooled investment vehicles managed by professional, third-party investment managers (“Private Equity Funds”). Examples of Private Equity Funds include, but are not limited to, leveraged buyout (LBO) funds, distressed debt funds, growth capital funds, fixed income funds, energy funds and real estate funds. The Private Equity Funds, in turn, invest directly in securities of privately-owned companies and related investments, such as options and derivatives (“Direct Investments”). The investment mandates for most of the Firm’s Managed Funds allocate up to a certain percentage of the portfolio to Direct Investments, which the Managed Funds may acquire either as co-investments alongside Private Equity Funds, or as investments sourced by the Firm. In some cases, the Firm’s Managed Funds investment mandates allocate the entire portfolio to Direct Investments.
• Separate Accounts: The Firm provides discretionary and non-discretionary investment management services for institutional clients through Separate Accounts that invest in both Private Equity Funds and Direct Investments. The investment policies and restrictions for Separate Accounts are determined in consultation with the client, based on the client’s individual investment requirements. Separate Accounts may be structured as limited partnerships, or similar vehicles, with a single limited partner or a group of affiliated limited partners.

Together, Managed Funds and Separate Accounts are referred to as “Managed Accounts.” Services for Managed Accounts include screening and investigating prospective investments, negotiating the terms and conditions of the participation in those investments, ongoing monitoring of Managed Account investments and communicating with the teams that manage such investments, and managing the disposition of investments, including publicly-traded securities distributed by Private Equity Funds. In addition, the Firm may occasionally accept discrete assignments from clients to analyze or manage specific Private Equity Funds or Direct Investments. The Firm does not participate in wrap fee programs. The Firm tailors its advisory services to meet the individual needs and investment restrictions of clients or, in the case of Managed Funds, groups of investors. Most Managed Funds consist of parallel funds that accommodate investment restrictions or preferences of investors, such as parallel funds for non-US investors and investors that are US taxpayers. Because Managed Funds are pooled investment vehicles, in general, each investor participates in each Managed Fund on the same terms and conditions, as set forth in the Governing Documents. The Firm provides investment supervisory services to each Managed Account in accordance with governing documents of such account or separate investment and advisory, investment management or portfolio management agreements (each, an “Advisory Agreement”). Investment restrictions for the Managed Accounts, if any, are generally established in the organizational/foundational or offering documents of the applicable Fund, Advisory Agreements and/or side letter agreements negotiated with investors in the applicable Managed Account (such documents collectively, a Managed Account’s “Governing Documents”). The Firm may also tailor its services by entering into “side letter” arrangements with investors in cases where investors are subject to additional needs or restrictions not met by a parallel fund or otherwise where investors seek to alter or supplement the terms of the partnership agreement of a Managed Fund. For example, side letters might supplement the existing Governing Documents, address issues such as reporting or confidentiality, regulatory or tax considerations applicable to an investor, or modify or clarify the application of specified sections of the Managed Fund’s Governing Documents. Typically, each investor in a Managed Fund has the right to elect to receive the benefit of side letter provisions extended to similarly situated investors, subject to specified exceptions. Separate Accounts are available to clients with substantial assets to invest, and are tailored to meet a particular client's investment, reporting and other needs and restrictions. As of September 30, 2023, Regulatory Assets Under Management (“RAUM”) are: Discretionary RAUM: $15,238,262,425 Non-Discretionary RAUM: $1,376,653,271 These amounts reflect RAUM as disclosed in Part 1 of the Firm’s Form ADV and include all securities accounts for which the Firm provides continuous and regular supervisory or management services.