Palladin Consumer Retail Partners, LLC

Palladin Consumer Retail Partners, LLC and Palladin Capital Group, Inc. collectively known as "Palladin," offer investment advisory services to private pooled investment vehicles. Established in 1997, Palladin specializes in managing investments in retail and consumer product companies primarily in North America, with a focus on capital appreciation. The firm, owned by Mark J. Schwartz, manages approximately $585 million in assets as of December 31, 2024, all on a discretionary basis. Palladin's compensation structure includes management fees based on a percentage of assets under management, not exceeding 2%, and performance-based fees in the form of carried interest. The firm does not participate in wrap fee programs and charges third-party costs related to portfolio investments to the Funds. Palladin's investment strategies involve rigorous due diligence, focusing on companies with sustainable brand equity, strong market positions, capable management, and growth potential. Clients of Palladin are private pooled investment vehicles with no minimum investment requirement, subject to suitability criteria. The firm exercises investment discretion, with clients typically unable to impose restrictions on investments unless agreed upon in writing. Palladin discloses potential conflicts of interest, such as co-investing with the Funds and engaging in investment activities for its own account. The firm maintains custody of client assets and has written Proxy Voting Policies to vote proxies in the best interest of the Funds.