For purposes of this brochure, the “Adviser” means Behrman Brothers Management Company
L.P., a Delaware corporation, together (where the context permits) with its affiliates that provide
advisory services to and/or receive advisory fees from the Funds (as defined below). Such
affiliates may or may not be under common control with Behrman Brothers Management
Company L.P., but possess a substantial identity of personnel and/or equity owners with Behrman
Brothers Management Company L.P. These affiliates may be formed for tax, regulatory or other
purposes in connection with the organization of the Funds (as defined below) or may serve as
general partners of the Funds (the “General Partners”).
The Adviser provides investment supervisory services to investment vehicles (the “Funds”) that
are exempt from registration under the Investment Company Act of 1940, as amended (the “1940
Act”), and whose securities are not registered under the Securities Act of 1933, as amended (the
“Securities Act”).
The Funds make primarily long-term private equity and equity-related investments, as well as
investments in debt instruments. In accordance with the Funds’ respective investment objectives,
investments are generally made in companies doing business in the defense and aerospace,
healthcare services and specialty manufacturing and distribution industries in the U.S., Canada or
Western Europe. The Adviser’s advisory services consist of investigating, identifying and
evaluating investment opportunities, structuring,
negotiating and making investments on behalf of
the Funds, managing and monitoring the performance of such investments and disposing of such
investments. The Adviser may serve as the investment adviser or General Partner to the Funds in
order to provide such services.
The Adviser provides investment supervisory services to each Fund in accordance with the limited
partnership agreement (or analogous organizational document) of such Fund or separate
investment and advisory, investment management or portfolio management agreements (each, an
“Advisory Agreement”).
Investment advice is provided directly to the Funds, subject to the discretion and control of the
applicable General Partner, and not individually to the investors in the Funds. Services are
provided to the Funds in accordance with the Advisory Agreements with the Funds and/or
organizational documents of the applicable Fund. Investment restrictions for the Funds, if any,
are generally established in the organizational or offering documents of the applicable Fund,
Advisory Agreements and/or side letter agreements negotiated with investors in the applicable
Fund (such documents collectively, a Fund’s “Organizational Documents”).
The principal owners of Behrman Brothers Management Company L.P. are Grant G. Behrman and
Simon P. Lonergan. The Adviser has been in business since 1991. As of December 31, 2023, the
Adviser manages a total of $1,299,433,320 of client assets, all of which is managed on a
discretionary basis.