Msref V, L.l.c.

MSREF V, L.L.C. is a registered investment adviser specializing in real estate-related investment advisory services. Established in 2004 and registered with the SEC in 2005, the firm is a wholly owned indirect subsidiary of Morgan Stanley. The Adviser manages approximately $45.9 million of client assets on a discretionary basis as of December 31, 2022. The firm's primary focus is on seeking capital appreciation through privately negotiated real estate opportunities. While the Fund is no longer investing in new opportunities, the Adviser previously targeted investments in various real estate asset classes, including corporate spin-offs, direct real estate assets, and real estate developments. The Adviser benefits from its affiliation with Morgan Stanley, providing access to valuable relationships, market knowledge, and financial expertise. The firm's investment strategy entails a high degree of risk and is suitable for sophisticated investors who understand and can bear the associated risks. The Adviser has a Code of Ethics in place to ensure that all activities are conducted with the highest standards and to prevent potential abuse by employees. The firm has custody of the Fund's cash and securities and reviews investments on a quarterly basis. The Adviser exercises investment discretion for the Fund, selecting investments, brokers, and commission rates. The firm's Proxy Voting Policy guides the voting of client securities, ensuring decisions are made in the clients' best interests. The Adviser has no financial conditions impairing its ability to meet commitments and has not been subject to bankruptcy proceedings.