Toscafund Us Ltd.

Toscafund US Ltd. is an investment adviser based in New York, established in 2014 and registered with the SEC. The firm offers discretionary investment advisory services to sophisticated investors through pooled investment vehicles. As of July 31, 2023, the firm manages approximately $433 million in assets on a discretionary basis. Clients are charged an annual asset-based management fee ranging from 1.5% to 2.0%, with fees generally not negotiable. Additionally, performance-based fees of 15% to 20% may apply, subject to a high watermark. The firm primarily employs fundamental research for investment decisions and engages in strategies such as new issue investments, hedging, leverage, and short selling. Risks associated with these strategies include issuer-specific changes, lack of diversification, leverage, and short selling risks. Toscafund US Ltd. may aggregate client orders for efficiency and has policies in place to address conflicts of interest. The firm has a code of ethics to prioritize client interests and complies with regulatory requirements. Toscafund US Ltd. may pay referral fees and has custody of client assets, meeting regulatory conditions. The firm provides investment advisory services on a discretionary basis, with an allocation policy for IPOs and secondary offerings. Toscafund US Ltd. also engages in cross transactions between client accounts and complies with proxy voting policies when delegated proxy voting authority.