Equus Capital Partners, Ltd.

Equus Capital Partners, Ltd. is a real estate investment management firm established in 1980, managing a portfolio of commercial properties and apartment units across the U.S. The firm offers investment management services exclusively to privately offered pooled investment vehicles, focusing on real estate investments with a value-added, direct operating approach. Equus manages approximately $1.828 billion of assets on a discretionary basis as of December 31, 2022. Clients are charged a Management Fee ranging from ½% to 1-1/2% based on assets invested in the Fund. Equus may also receive Carried Interest from investment proceeds. The firm tailors advisory services to meet the specific needs of each Fund. Equus has a code of ethics ensuring fiduciary responsibility and prohibits the use of material non-public information. The firm has disclosed disciplinary information related to inappropriate conduct at a subsidiary, BPG Management Company-NC, LLC, and has taken corrective actions. Equus' investment strategies include repositioning, development/redevelopment, and recapitalization, with associated risks such as interest-rate risk and liquidity risk. The firm's investment staff continuously monitors each Fund's investments, and reports are provided to clients on conflicts of interest, valuations, and performance. Equus does not provide compensation for client referrals and maintains custody of client securities with qualified custodians. Equus provides investment advisory services under the direction and control of the affiliated general partner of each Fund.