Bison Capital Asset Management, LLC (the “Management Company”), the registered investment adviser, is a Delaware limited liability company. The Management Company commenced operations in January 2003. The following investment advisers are affiliated with the Management Company:
• Bison Capital Partners IV GP, L.P. (“Fund IV GP”)
• Bison Capital Partners V GP, L.P. (“Fund V GP”)
• Bison Capital Partners VI GP, L.P. (“Fund VI GP”) (each, a “General Partner” and collectively, together with any future affiliated general partner entities, the “General Partners,” and together with the Management Company and their affiliated entities, “Bison”) Each General Partner listed above is subject to the Advisers Act pursuant to and in reliance upon the Management Company’s registration in accordance with SEC guidance. This Brochure also describes the business practices of each General Partner, which operate as a single Bison provides discretionary investment advisory services to its clients, which consist of private investment-related funds. Bison’s clients include the following (each, a “Fund,” and, collectively, together with any future private investment fund to which Bison provides investment advisory services, “Funds”):
• Bison Capital Partners IV, L.P. (“Fund IV”)
• Bison Capital Partners V, L.P. (“Fund V”)
• Bison Capital Partners V-A, L.P. (“Fund V-A”)
• Bison Capital Partners VI, L.P. (“Fund VI”)
• Bison Capital Partners VI-A, L.P. (“Fund VI-A”) Interests in the Funds are privately offered to qualified investors in the United States and elsewhere. The Funds are expected to invest through negotiated transactions in operating companies, generally referred to herein as “portfolio companies.” Bison’s investment advisory services to Funds consist of identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments and ultimately selling such investments. Investments are made predominantly in non-public

companies, although investments in public companies are permitted in certain instances. Where such investments consist of portfolio companies, the senior principals or other personnel of Bison generally serve on the boards of directors (or other governing bodies) of such portfolio companies held by the Funds or otherwise act to influence control over management of portfolio companies. Bison’s advisory services for each Fund are detailed in the applicable offering memorandum (each, a “Memorandum”) and investment management agreement (each, a “Management Agreement”), limited partnership agreement (each, a “Limited Partnership Agreement”) and/or limited liability company agreement (the “Limited Liability Company Agreement,” and together with the Memorandum, Management Agreement and Limited Partnership Agreement, as applicable, the “Governing Documents”) of the Funds, and are further described below under “Methods of Analysis, Investment Strategies and Risk of Loss.” Investors in Funds (generally referred to herein as “investors,” “partners” or “limited partners”) participate in the overall investment program for the applicable Fund, but in certain circumstances are excused from a particular investment due to legal, regulatory or other agreed- upon circumstances pursuant to the Governing Documents; for the avoidance of doubt, such arrangements generally do not and will not create an adviser-client relationship between Bison and any investor. The Funds or Bison are permitted to enter into side letters or similar agreements with certain investors that have the effect of establishing rights under, or altering or supplementing a Fund’s Governing Documents, including provisions relating to the Management Fee (as defined below) and distributions. As of December 31, 2023, Bison managed approximately $887,945,647 in client assets on a discretionary basis. The Management Company is principally owned by Douglas B. Trussler, Peter S. Macdonald, Yee-Ping Chu, Lou N. Caballero, Andreas T. Hildebrand and Kurt Pilecki.