ADVISORY BUSINESS A. General Description of Advisory Firm. The Investment Adviser commenced operations in 2006 and located in Purchase, New York. Michael Tokarz is the principal owner of the Investment Adviser, owning more than 75% of the Investment Adviser through TTG Investment Advisers, Inc., which is 100% owned by Mr. Tokarz. B. Description of Advisory Services. 1. Advisory Services. The Investment Adviser provides portfolio management services to a private pooled investment vehicle, MVC Private Equity Fund, L.P., the securities of which were offered to investors on a private placement basis (the “PE Fund” or the “Fund”). As used herein, the term “client” generally refers to the PE Fund. The Investment Adviser may provide portfolio management services to additional private pooled investment vehicles in the future. Additionally, Mr. Tokarz is a co-founder and serves on the investment team of PPC Enterprises LLC (“PPC”), an SEC registered investment adviser that provides advisory services to Series A of Public Pension Capital, LLC, a private equity fund, and its alternative investment vehicle(s) (collectively, the “PPC Fund”). Mr. Tokarz provides investment advisory services to assist PPC in its management of the PPC Fund. Pursuant to a shared services agreement between the Investment Adviser and PPC (the “Shared Services Agreement”), Mr. Tokarz provides investment advisory services to the PPC Fund as needed. In connection with this arrangement, certain of PPC’s employed investment professionals may make themselves available, from time to time, to consult with the Investment Adviser on investment matters relating to the PE Fund. (See ITEM 10 — OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS.) Certain employees of PPC are considered “associated persons” of the Investment Adviser when providing certain services on behalf of the Investment Adviser and, in this capacity, are subject to the Investment Adviser’s oversight and supervision. Except as described in the Shared Services Agreement, the business of PPC and the PPC Fund is separate and distinct from that of the Investment Adviser and the Fund, and for purposes of this Brochure, references to the “Investment Adviser”, the “Fund” and “client” do not include PPC and the PPC Fund. This Brochure generally includes information about the Investment Adviser and its relationships with its clients and affiliates. While much of this Brochure applies to all such clients and affiliates, certain information included herein applies to specific clients or affiliates only. 2. Investment Strategies and Types of Investments. In connection

with its management of the PE Fund the Investment Adviser is currently providing advice regarding recently completed “private equity” investment transactions. The PE Fund focused on privately negotiated equity and equity-related investments in a wide range of companies in the lower middle-market and is currently in the process of collecting on a Seller’s note. The PE Fund currently is expected to wind down within the next six to twelve months. The Investment Adviser did not, as part of its normal business practice, offer investment advice pertaining to non-control positions in exchange-listed securities and securities traded over-the-counter. In certain instances (e.g., awaiting the deployment of capital into new portfolio investments, after the conversion of privately placed, restricted securities, or the effectiveness of a registration statement with regard to formerly restricted securities), the Funds may hold exchange-traded securities in their portfolios. In such instances, the Investment Adviser may provide advice to the Funds with regard to the disposition of exchange-listed securities or over-the-counter securities. The descriptions set forth in this Brochure of specific advisory services that the Investment Adviser offers to clients, and investment strategies pursued and investments made by the Investment Adviser on behalf of its clients, should not be understood to limit in any way the Investment Adviser’s investment activities. The Investment Adviser may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this Brochure, that the Investment Adviser considers appropriate, subject to each client’s investment objectives and guidelines. The investment strategies the Investment Adviser pursues are speculative and entail substantial risks. Clients should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any client will be achieved. C. Availability of Customized Services for Clients. The Investment Adviser’s investment decisions and advice with respect to the PE Fund is subject to the PE Fund’s investment objectives and guidelines, as set forth in its offering documents. D. Assets Under Management. The Investment Adviser manages the PE Fund on a non-discretionary basis, subject to oversight and approval by the General Partner of the PE Fund (the “GP”) (now owned by Barings BDC, Inc.). As of December 31st, 2023, the gross assets and undrawn capital of the PE Fund was $34.0 million.