Gatewood Capital Management LLC

Gatewood Capital Management LLC, established in 2015, is an investment adviser specializing in seed investments in private equity, real estate, and alternative investment managers. The firm provides advisory services to pooled investment vehicles, focusing on strategic investments in Underlying Managers and Funds. Gatewood manages approximately $658 million on a discretionary basis as of September 30, 2014. The firm charges a 2% management fee based on aggregate commitments and invested capital, with potential performance-based compensation of up to 20% carried interest. Gatewood's investment strategy involves due diligence, monitoring, and value-added guidance for investments. The firm's Code of Ethics emphasizes fiduciary duty and conflict avoidance. Gatewood does not engage in principal transactions and selects broker-dealers based on various factors. The firm has custody of client assets with an independent custodian and provides periodic reports to clients. Gatewood exercises investment discretion for the Funds and may vote on matters affecting client interests. No material disciplinary events are reported. For more details, clients can request Gatewood's proxy voting policies and Code of Ethics.