RCM is an investment adviser organized as a limited liability company under the laws of the State
of Delaware. Neal K. Aronson, managing partner of RCM (the “Managing Partner”), founded
Roark Capital Group in 2001. RCM is wholly-owned by RCM Manager LLC, of which Neal
Aronson is the Managing Member and controlling owner. RCM employs the entire RCM team and
provides consulting and advisory services to the Funds (as defined below) and their portfolio
companies. The investment activities of RCM are led by the Managing Partner and RCM’s
investment committee (the “Investment Committee”). Neal K. Aronson, Stephen D. Aronson,
Roanne Daniels, Dennis Gies, Paul D. Ginsberg, Clayton D. Harmon, Geoff A. Hill, Kevin
Hofmann, Erik O. Morris, Steven M. Romaniello, Anthony P. Scotto, Michael Sharkey, Gregory
D. Smith, Sarah Spiegel, Michael R. Thompson, and David Wierman comprise all of the members
of RCM’s Investment Committee. RCM employs a number of other investment professionals who
help RCM execute its investment strategy. RCM’s Chief Compliance Officer is Louis J. Matthews.
As of March 29, 2024, RCM serves as an investment manager and provides discretionary advisory
services to fourteen (14) privately offered investment funds (together with any related parallel funds
and related alternative investment vehicles a “Fund,” and collectively, the “Funds”) and RCM or its
affiliates serve as the general partner or managing member of co-investment vehicles (each, a “Co-
investment Vehicle” and which, for the avoidance of doubt, are included in the definition of “Funds”
to the extent applicable). With respect to a Fund that is an alternative investment vehicle, an affiliate
of RCM may serve as the direct investment manager of such Fund. Within each Fund structure is
a designated general partner that is an affiliate of RCM (the “General Partner(s)”). Unless and only
to the extent that the context otherwise requires, references to RCM includes the General Partner(s)
and any affiliate of RCM that serves as the direct investment manager of a Fund that is an alternative
investment vehicle.
The Funds are organized to make equity and equity-related investments primarily
in companies that
have substantial operations, business or customers in North America. Equity investments will
typically range from $50 million to $1 billion and more, with larger transactions occasionally
involving equity co-investments by Co-investment Vehicles. The Funds primarily invest in
industries where the senior members of its investment team have operating and principal investing
experience, such as franchising/multi-location, consumer products and services, and business
services. As of December 31, 2023, RCM managed $31,927,560,154 of invested capital and
uncalled capital commitments on behalf of the Funds (excluding the Co-investment Vehicles), all
of which is managed on a discretionary basis. As of December 31, 2023, RCM does not manage
any Fund assets on a non-discretionary basis.
In providing services to the Funds, RCM formulates each Fund’s investment objectives, directs and
manages the investment of each Fund’s assets, and provides reports to investors. Investment advice
is provided directly to the Funds and not individually to the limited partners of the Funds (the
“Limited Partners”). RCM manages the assets of the Funds in accordance with the terms of each
Fund’s partnership agreement and other applicable governing documents. A Fund’s partnership
agreement and its other applicable governing documents are referred to herein as the “Governing
Fund Documents”. All material terms (including any restrictions on investments in certain
securities or types of securities) are generally established at the time of the formation of a Fund, but
may be amended from time to time in accordance with the terms of the Governing Fund Documents.
Limited partnership interests in the Funds are not registered under the U.S. Securities Act of 1933,
as amended (the “Securities Act”), and the Funds are not registered under the Investment Company
Act of 1940, as amended (the “Investment Company Act”). Accordingly, interests in the Funds are
offered and sold exclusively to investors satisfying the applicable eligibility and suitability
requirements, either in private transactions within the United States or in offshore transactions.