Bay Hills Capital Management, LLC (“BHC” or the “Firm”), a Delaware limited liability company, is a private equity fund-of-funds investment firm focused exclusively on the North American small to lower- middle market buyout sector ("Small Buyouts"). BHC was founded in 2006 and is headquartered in San Francisco, CA. As of December 31, 2023, the Firm managed $ 864,385,000 in client commitments across eleven fund-of-funds on a discretionary basis and no assets under management on a non-discretionary basis. BHC is managed by its two senior professionals. Lance Mansbridge is the principal owner of BHC. BHC provides advisory services for a set of commingled funds-of-funds (Bay Hills Capital Partners I, II, III, IV, IV-A, V, V-A, VI, VI-A, and SPV or collectively, the “BHCP Funds”) and separate account funds-of-funds (Bay Hills Emerging Partners I, II, II-B, and III or collectively, the “BHEP Funds”). The BHCP Funds and BHEP Funds are collectively referred to as the BHC Funds (the “BHC Funds”). The BHCP Funds are private equity funds-of-funds established to invest exclusively in hard-to-access Small Buyout funds managed by top-performing, well-established firms targeting the Small Buyout sector in North America. The BHEP Funds are committed to proactively identifying emerging managers in the Small Buyout segment. Emerging managers are typically less-established firms with experienced management teams that have spun out from more established private equity firms. These managers are typically raising their first or second institutional fund, and have a strong pre-fund track record. As the investment advisor to the BHC Funds, the Firm provides investment identification, evaluation and selection services. Additionally, the Firm negotiates investment terms and provides on-going due diligence and performance monitoring for each BHC Fund and its investments. Investments in private equity are made primarily in pooled investment vehicles structured as limited partnerships. Although BHC serves as the investment advisor to all BHC Funds, each fund is structured to have

a distinct general partner responsible for the daily operations of the respective fund, and each general partner is an affiliate of BHC. With the BHEP Funds, BHC has tailored its advisory services to the needs of a sole investor, and has developed specialized fund vehicles to serve those needs. BHC has addressed the investment objectives of the client through the creation of a detailed investment plan with specific guidelines regarding the total commitments from the client, the target number of partnership investments for the vehicle, the commitment size to each partnership, diversification requirements, investment restrictions, and fee structures. BHC’s investment discretion over the BHEP Funds is limited by these agreed-upon guidelines. Aside from these guidelines, the client may not impose restrictions on investing in certain securities or types of securities. BHC believes that the dedicated focus of the Firm and the backgrounds of Lance Mansbridge and Bret Belohlav (collectively, the "Principals") provides unique advantages in identifying and evaluating Small Buyout fund managers and in obtaining access to top-performing funds. All of the Firm's resources are exclusively committed to investing in the Small Buyout sector. Interests in the BHC Funds are not registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state or foreign jurisdiction and may not be bought, sold or transferred without compliance with all applicable Federal, state, and foreign securities laws. Accordingly, to purchase limited partner interests in any BHC Fund, investors must be “accredited investors” as defined in the rules and regulations promulgated under the Securities Act, and “qualified purchasers” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). BHC does not participate in wrap fee programs. Information regarding the history of the Firm and its team can be found in the private placement memorandum for the BHC Funds.