For purposes of this brochure, the “Adviser” means Kohlberg & Co., L.L.C. (“Kohlberg”), a
Delaware limited liability company, together (where the context permits) with its affiliated General
Partners of the Funds (each as defined below) and other affiliates that provide advisory services to
and/or receive advisory fees or other compensation from the Funds and Other Advisory Clients
(each defined below). Such affiliates may or may not be under common control with Kohlberg,
but possess a substantial identity of personnel and/or equity owners with Kohlberg. These
affiliates may be formed for tax, regulatory or other purposes in connection with the organization
of the Funds or Other Advisory Clients, or may serve as General Partners of the Funds.
The Adviser provides investment supervisory services to pooled investment vehicles 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”). As of the date of this brochure, the Adviser serves as the investment manager
for Kohlberg Investors VIII, L.P., Kohlberg Investors VIII-B, L.P., Kohlberg Investors VIII-C,
L.P., Kohlberg TE Investors VIII, L.P., Kohlberg TE Investors VIII-B, L.P., Kohlberg Investors
IX, L.P., Kohlberg Investors IX-B, L.P., Kohlberg Investors IX-C, L.P., Kohlberg TE Investors
IX, L.P., Kohlberg TE Investors IX-B, L.P., Kohlberg Investors VII CV, L.P., Kohlberg TE
Investors VII CV, L.P., Kohlberg Investors X, L.P., Kohlberg Investors X-B, L.P., Kohlberg TE
Investors X, L.P., and Kohlberg TE Investors X-B, L.P. (the “Main Funds”). The Adviser may in
the future advise Main Funds in addition to those listed herein.
The Adviser has in the past and may in the future, from time to time, establish, on a transaction-
by-transaction basis, certain investment vehicles through which certain persons may invest
alongside one or more Main Funds in a particular investment opportunity or in multiple investment
opportunities alongside a Main Fund (each such vehicle, a “Co-Investment Vehicle”). Certain of
these Co-Investment Vehicles are limited to investing in securities relating to the transaction with
respect to which they were organized. As a general matter, the General Partner of a Main Fund
may, in certain circumstances, cause a Co-Investment Vehicle to make and dispose of its
investment in the particular investment opportunity at substantially the same time, on substantially
the same terms and conditions and in the same proportions as the applicable Main Fund(s) that are
also invested in that investment opportunity, except as may be necessary because of different tax,
legal or regulatory considerations. The Adviser has in the past established, and may, from time to
time in the future, establish, investment vehicles for the purpose of purchasing one or more
investments from a Fund and/or for the purpose of purchasing one or more investments from one
Fund (often where the selling Fund is approaching the end of its term) in connection with or
alongside another Fund making an investment (such investment vehicle a “Continuation Vehicle”).
Additionally, the Adviser has in the past and may in the future organize and serve as general partner
(or in an analogous capacity) to (i) certain other “feeder” vehicles (each such vehicle, a “Feeder
Vehicle”) organized to invest exclusively in a Main Fund, (ii) alternative investment vehicles
(each, an “Alternative Investment Vehicle”) organized to address, for example, specific tax, legal,
business, accounting or regulatory-related matters that may arise in connection with a transaction
or transactions, and/or (iii) parallel investment
entities that invest side-by-side with one or more
of the Main Funds and are formed to facilitate investments by business associates and other
“friends and family” of the Adviser or its personnel (each, an “Associates Fund”).
The Main Funds, Co-Investment Vehicles, Continuation Vehicles, Feeder Vehicles, Associates
Funds and Alternative Investment Vehicles are collectively referred to as the “Funds.” (Although
Co-Investment Vehicles are collectively referred to in this brochure as Funds, some or all Co-
Investment Vehicles may not be clients of the Adviser.) In addition, the Adviser provides non-
discretionary investment sourcing services and discretionary advisory services to one or more
institutional clients through separate account arrangements or through pooled investment vehicles
(each, an “Other Advisory Client”), which seek investments structured primarily as originations,
participations or assignments of secured and unsecured loans.
The Funds make primarily private equity and equity-related investments, as well as limited
investments in debt instruments. In accordance with the Funds’ respective investment objectives,
investments are generally made across six specialized Core Practice Areas where the Adviser has
built investing and operating experience: Pharmaceutical/Medical Products & Services;
Infrastructure Services; Financial & Information Services; Business Services; Healthcare Services;
and Food & Consumer. 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 will 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 and/or separate
investment and advisory, investment management or portfolio management agreements (each, an
“Advisory Agreement”).
Investment advice is provided directly to the Funds (other than certain Co-Investment Vehicles)
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, the Advisory Agreements and/or side letter
agreements negotiated with investors in the applicable Fund (such documents collectively, a
Fund’s “Organizational Documents”).
The Other Advisory Clients make primarily private credit investments in loans and other debt
opportunities. Services are provided to the Other Advisory Clients in accordance with the
governing documents of the applicable Other Advisory Clients. Investment restrictions for an
Other Advisory Client, if any, are generally established in the governing documents of the Other
Advisory Client, including, where applicable, the transaction documents negotiated with such
Other Advisory Client’s leverage and/or equity providers (collectively, an “Other Advisory
Client’s Organizational Documents”).
The only ultimate principal owner, through intermediate entities, that owns 25% or more of
Kohlberg is Samuel P. Frieder. The Adviser has been in business since 1987. As of December
31, 2023, the Adviser manages a total of $13,921,300,000 of client assets, $13,192,800,000 of
which is managed on a discretionary basis and $728,500,000 of which is managed on a non-
discretionary basis.