BCP, a Delaware limited partnership and a registered investment adviser, and its affiliated investment advisers provide investment advisory services to investment funds privately offered to qualified investors in the United States and elsewhere. BCP commenced operations in March 2013. BCP’s clients are private investment funds (each, a “Fund”). The general partner entities (each, a “General Partner,” and collectively, together with any future affiliated general partner entities, the “General Partners,” and together with BCP and their affiliated entities “Bernhard Capital”) of the Funds are affiliated with the Management Company (each, an “Adviser,” and together with the Management Company, the “Advisers”). Each General Partner is subject to the Advisers Act pursuant to the Management Company’s registration in accordance with SEC guidance. This Brochure also describes the business practices of the General Partners, which operate as a single advisory business together with the Management Company. The Funds are private equity funds and invest through negotiated transactions in operating entities, generally referred to herein as “portfolio companies.” BCP’s investment advisory services to Funds consist of identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments and achieving disposition for such investments. Although investments are made predominantly in non-public companies, investments in public companies are permitted in certain instances. Where such investments consist of portfolio companies, the senior principals or other personnel of BCP may serve on such portfolio companies’ respective boards of directors or otherwise act to influence control over management of portfolio companies in which the Funds have invested. BCP’s advisory services for each Fund are detailed in the applicable private placement memorandum or other offering documents (each, a “Memorandum”), limited partnership or other operating agreements or governing documents (each, a “Partnership Agreement,” and together with any relevant Memorandum, the “Governing Documents”) and are further described below under “Methods of Analysis, Investment Strategies and Risk of Loss.” Investors in Funds (generally referred to herein as “investors” or “limited partners”) participate in the overall investment program for the applicable Fund, but may be excused from a particular investment due to legal, regulatory or other agreed-upon circumstances pursuant

to the relevant Governing Documents. Such arrangements generally do not and will not create an adviser-client relationship between BCP and any investor. The Funds or the General Partners generally enter into side letters or other similar agreements (“Side Letters”) with certain investors that have the effect of establishing rights (including economic or other terms) under, or altering or supplementing the terms of, the relevant Governing Documents with respect to such investors. Additionally, as permitted by the relevant Governing Documents, the Advisers expect to provide (or agree to provide) co-investment opportunities (including the opportunity to participate in co-investment vehicles) to certain current or prospective investors or other persons, including other sponsors, market participants, finders, consultants and other service providers, portfolio company management or personnel, BCP personnel and/or certain other persons associated with BCP and/or its affiliates (e.g., a vehicle formed by BCP’s principals to co-invest alongside a particular Fund’s transactions). Such co-investments typically involve investment and disposal of interests in the applicable portfolio company at the same time and on the same terms as the applicable Fund making the investment. However, for strategic and other reasons, a co-investor or co-investment vehicle (including a co-investing Fund) may purchase a portion of an investment from one or more Funds after such Funds have consummated their investment in the portfolio company (also known as a post-closing sell-down or transfer), which generally will have been funded through Fund investor capital contributions and/or use of a Fund credit facility. Any such purchase from a Fund by a co-investor or co-investment vehicle would generally occur shortly after a Fund’s completion of the investment, but in certain instances could be well after the Fund’s initial investment. Where appropriate, and in BCP’s sole discretion, BCP reserves the right to charge interest on the purchase to the co-investor or co-investment vehicle (or otherwise equitably to adjust the purchase price under certain conditions), and to seek reimbursement to a Fund for related costs. However, to the extent any such amounts are not so charged or reimbursed, they generally will be borne by the applicable Fund. As of December 31, 2023, BCP managed approximately $3,964,828,037 in client assets on a discretionary basis. The Management Company is controlled by J.M. Bernhard, Jr.