Walnut Private Equity Partners is an investment adviser registered with the United States Securities and Exchange Commission (“SEC”) and is a limited liability company (LLC) formed under the laws of the State of Nebraska.
• Steven Seline is the Chief Compliance Officer (CCO) and Managing Member of Walnut Private Equity Partners. Steven Seline owns 60.00% of Walnut Private Equity Partners.
• Walnut Private Equity Partners filed its initial application to become registered as an investment adviser in August 2013. Introduction The investment advisory services of Walnut Private Equity Partners are provided to you through an appropriately licensed and qualified individual who is an investment adviser representative of Walnut Private Equity Partners (referred to as your investment adviser representative throughout this brochure). Description of Advisory Services The following are descriptions of the primary advisory services of Walnut Private Equity Partners. Please understand that a written agreement, which details the exact terms of the service, must be signed by you and Walnut Private Equity Partners before I can provide you the services described below. Asset Management Services – Walnut Private Equity Partners offers asset management services, which involves Walnut Private Equity Partners providing you with continuous and ongoing supervision over your specified accounts. You must appoint my firm as your investment adviser of record on specified accounts (collectively, the “Account”). The Account consists only of separate account(s) held by qualified custodian(s) under your name. The qualified custodians maintain physical custody of all funds and securities of the Account, and you retain all rights of ownership (e.g., right to withdraw securities or cash, exercise or delegate proxy voting and receive transaction confirmations) of the Account. The Account is managed by me based on your financial situation, investment objectives and risk tolerance. I actively monitor the Account and provide advice regarding buying, selling, reinvesting or holding securities, cash or other investments of the Account. I will need to obtain certain information from you to determine your financial situation and investment objectives. You will be responsible for notifying me of any updates regarding your financial situation, risk tolerance or investment objective and whether you wish to impose or modify existing investment restrictions; however, I will contact you at least annually to discuss any changes or updates regarding your financial situation, risk tolerance or investment objectives. I am always reasonably available to consult with you relative to the status of your Account. You have the ability to impose reasonable restrictions on the management of your accounts, including the ability to instruct me not to purchase certain securities. It is important that you understand that I manage investments for other clients and may give them advice or take actions for them or for my personal accounts that is different from the advice I provide to you or Walnut Private Equity Partners, LLC Page 5 Form ADV Part 2A Disclosure Brochure actions taken for you. I am not obligated to buy, sell or recommend to you any security or other investment that I may buy, sell or recommend for any other clients or for my own accounts. Conflicts can arise in the allocation of investment opportunities among accounts that I manage. I strive to allocate investment opportunities believed to be appropriate for your account(s) and other accounts advised by my firm among such accounts equitably and consistent with the best interests of all accounts involved. However, there can be no assurance that

a particular investment opportunity that comes to my attention will be allocated in any particular manner. If I obtain material, non-public information about a security or its issuer that I may not lawfully use or disclose, I have absolutely no obligation to disclose the information to any client or use it for any client’s benefit. Consulting Services - I offer consultations in order to discuss financial planning issues when you do not need a written financial plan. I offer a one-time consultation, which covers mutually agreed upon areas of concern related to investments or financial planning. I also offer “as-needed” consultations, which are limited to consultations in response to a particular investment or financial planning issue raised or request made by you. Under an “as-needed” consultation, it will be incumbent upon you to identify those particular issues for which you are seeking my advice or consultation on. My consulting services do not involve implementing any transaction on your behalf or the active and ongoing monitoring or management of your investments or accounts. You have the sole responsibility for determining whether to implement my consulting recommendations. To the extent that you would like to implement any of my investment recommendations through Walnut Private Equity Partners or retain Walnut Private Equity Partners to actively monitor and manage your investments, you must execute a separate written agreement with Walnut Private Equity Partners for our asset management services. Specialization Walnut Private Equity Partners specializes in providing investment advice related to Master Limited Partnerships. Limits Advice to Certain Types of Investments Walnut Private Equity Partners provides investment advice on the following types of investments:
• Exchange-Listed Master Limited Partnerships Although I generally provide advice only on the products previously listed, I reserve the right to offer advice on any investment product that may be suitable for each client’s specific circumstances, needs, goals and objectives. When providing asset management services, Walnut Private Equity Partners typically constructs each client’s account holdings only using Master Limited Partnerships. (Please refer to Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss for more information.) Tailor Advisory Services to Individual Needs of Clients Walnut Private Equity Partners’ advisory services are always provided based on your individual needs. This means, for example, that when I provide asset management services, you are given the ability to Walnut Private Equity Partners, LLC Page 6 Form ADV Part 2A Disclosure Brochure impose restrictions on the accounts I manage for you, including specific investment selections and sectors. I work with you on a one-on-one basis through interviews and questionnaires to determine your investment objectives and suitability information. My consulting services are always provided based on your individual needs. When providing consulting services, I work with you on a one-on-one basis through interviews and questionnaires to determine your investment objectives and suitability information. I will not enter into an investment adviser relationship with a prospective client whose investment objectives may be considered incompatible with my investment philosophy or strategies or where the prospective client seeks to impose unduly restrictive investment guidelines. Client Assets Managed by Walnut Private Equity Partners As of December 31, 2022, Walnut Private Equity Partners has $124,562,821 in assets under management, which is all managed on a discretionary basis.