Saratoga Management Company LLC

Saratoga Management Company, LLC, established in 1984, specializes in providing advisory services to Saratoga Partners IV LP, a private equity fund, and separately managed accounts (SMAs). The firm focuses on middle-market, control buyout transactions and managing SMAs in debt securities issued by collateralized loan obligation vehicles. Saratoga, owned by Christian L. Oberbeck, has a team of experienced investment professionals. As of December 31, 2024, the firm managed approximately $1.9 billion in client assets, with all assets under discretionary management. For the Fund, Saratoga receives a fixed monitoring fee of 2% of invested equity per annum from portfolio companies. Saratoga's fee structure for SMAs is negotiable and generally payable quarterly in arrears. The firm does not have a standard fee schedule for SMAs and considers factors like account size and investment strategies. Saratoga does not engage in performance-based fee arrangements with SMA clients. The firm exercises investment discretion for both the Fund and SMA clients, tailoring services based on client objectives and strategies. Saratoga's investment strategy for the Fund focuses on private equity investments in middle-market growth companies, while for SMAs, the focus is on BB rated tranches of CLO debt securities. Clients are advised on the risks associated with investments, including potential loss of investment and market volatility. Saratoga has not had any material disciplinary events and has a code of ethics to ensure unbiased advisory services. The firm has custody arrangements with Bank of America for publicly traded securities. Saratoga has investment discretion for both the Fund and SMA clients and has authority to vote client securities.