Cliffwater LLC is a financial advisor firm established in 2004, providing investment advisory services to institutions, high net worth individuals, and others globally. They specialize in alternative investments such as private equity, hedge funds, and real estate. Clients can opt for non-discretionary or discretionary advisory services tailored to their needs. The firm manages assets totaling approximately $119.87 billion, with $85.33 billion in non-discretionary services and $34.54 billion in discretionary services. Cliffwater does not charge performance-based fees and acts as a fiduciary, aiming to treat all clients fairly. They conduct thorough due diligence on investment opportunities and provide ongoing monitoring. The firm's investment strategies are based on internal research and analysis, with a focus on risk management. Clients receive regular reports and have access to a secure website for updates. Cliffwater does not receive compensation for fund selections and ensures best execution for client transactions. They have a Code of Ethics to guide employee conduct and monitor trade errors. The firm does not have custody of client assets and provides voting services for discretionary clients. Cliffwater maintains financial stability and transparency, ensuring clients' interests are prioritized.

Seidler Kutsenda Management Company, LLC (SKMC) is a California-based firm established in 2003 by Peter Seidler, Robert Seidler, and Eric Kutsenda. Following Peter Seidler's passing in 2023, the firm is now managed by Robert Seidler, Eric Kutsenda, and Matt Seidler. SKMC specializes in providing discretionary investment advisory services to private equity investment funds focusing on middle-market companies. The firm manages approximately $5.9 billion of assets on a discretionary basis. SKMC is registered with the SEC under the Investment Advisers Act of 1940. SKMC primarily advises U.S. investment funds, including the Seidler Funds and Australia Funds. The Seidler Funds are closed-end funds investing in middle-market U.S. companies, while the Australia Funds focus on Australian middle-market companies. SKMC also manages co-investment and alternative investment vehicles. The firm's investment strategy emphasizes conservative capital structures, senior equity securities, and active involvement in portfolio companies. SKMC charges Management Fees based on committed or invested capital and Incentive Fees based on profits earned. The firm's Code of Ethics ensures compliance with laws, fiduciary duties, and personal trading restrictions. SKMC does not participate in wrap fee programs, has no soft dollar arrangements, and does not engage in solicitation arrangements. The firm may use placement agents for fundraising. SKMC exercises investment discretion for its Clients and votes proxies in their best interests, managing conflicts of interest diligently.

Arrowroot Capital Management, LLC is a global growth equity firm established in 2013, based in Marina Del Ray, CA. The firm primarily provides discretionary investment advice to private growth equity capital investment funds focusing on minority, majority, and buyout investments in business-to-business software companies. Arrowroot also manages special purpose vehicles formed to invest in single portfolio companies or co-invest with the funds. The firm's investment strategy targets healthy, growing SaaS companies with recurring sales, aiming to provide transitional capital for growth initiatives. Arrowroot typically leads or co-leads investments, sources opportunities on a proprietary basis, and seeks significant ownership stakes in portfolio companies. The firm's professionals have strong backgrounds in SaaS investments and focus on adding value through growth initiatives and operational improvements. Arrowroot manages assets on a discretionary basis, with regulatory assets totaling $593,867,466 as of December 31, 2024. The firm's fee structure includes management fees based on capital commitments or invested capital, performance-based profit distributions, and transaction fees. Arrowroot has a Code of Ethics, practices investment discretion, and has policies in place to address conflicts of interest. Clients are provided with reports, and the firm complies with custody and proxy voting regulations.

North Pier Fiduciary Management, LLC is a California-based investment adviser specializing in fiduciary consulting services for endowments, foundations, pension funds, and other institutional clients. Established in 2008, the firm is collectively owned by Brant Griffin and James Scheinberg. North Pier offers services such as consultant and outsourced chief investment officer search and evaluation, institutional investment and retirement plan consulting, and referrals to third-party money managers. The firm acts as a fiduciary during provider searches, providing advocacy and expertise to ensure optimal vendor selection. North Pier also offers fiduciary investment oversight, monitoring, and reporting for institutional investment portfolios. The firm's investment strategies include asset allocation, fixed income, equity securities, and mutual funds. Clients must maintain a minimum account balance of $1,000,000 for asset management services. North Pier does not charge performance-based fees and operates with transparency regarding fees and compensation structures. The firm reviews client accounts quarterly and does not accept proxy authority to vote client securities. North Pier does not have custody of client assets and recommends Charles Schwab & Co. Inc. as a qualified custodian. The firm does not receive soft dollars in excess of what is allowed by regulations and does not provide cash or non-cash compensation for client referrals. North Pier emphasizes its fiduciary duty to act in the best interests of clients at all times.

Arrowroot Family Office, LLC, a registered investment adviser, was established in 2013 as Vitreous Partners, LLC, later changing its name in 2017. The firm specializes in providing wealth management services to a diverse clientele, including individuals, families, pension and profit-sharing plans, trusts, estates, charitable organizations, corporations, and private funds. Services offered include investment advisory, asset allocation, and financial planning. The firm employs discretionary methods in managing client funds, primarily utilizing stocks, bonds, mutual funds, and ETFs. Clients may have a minimum investment requirement of $25,000, which can be negotiable. Arrowroot Family Office charges an annual advisory fee based on a percentage of assets under management, ranging from 0.75% to 1.00%. The firm does not receive soft dollar benefits or engage in directed brokerage. Clients have access to account statements and performance reports, and the firm conducts ongoing reviews of client accounts. The firm does not act as a custodian for client assets and does not exercise voting rights on client securities. Arrowroot Family Office does not foresee any financial conditions that would impair its ability to meet client commitments.

Aspiration Fund Adviser, LLC is an investment adviser registered with the SEC, founded in October 2013 and headquartered in Marina del Rey, California. The firm serves as the investment adviser to the Aspiration Redwood Fund, a mutual fund, and delegates certain advisory duties to UBS Asset Management. Aspiration does not charge a fee to manage the Fund but allows investors to pay what they believe is fair. The firm does not provide personalized investment advice to individual clients but offers administrative services for Fund shares. Aspiration does not collect advisory fees currently. The firm had $147,009,436 of discretionary assets under management as of December 31, 2023. Aspiration does not charge a set fee for client accounts; instead, clients can pay based on the amount invested in the Fund. The firm does not accept compensation for the sale of securities. Aspiration does not charge performance-based fees and does not participate in wrap fee programs. The investment strategy of the Redwood Fund focuses on maximizing total return through equity securities, including sustainability factors. Aspiration does not provide ongoing monitoring of individual client accounts. The firm has no disciplinary events to report and does not have custody of client assets. Aspiration does not provide custodial services to clients and does not have discretionary authority to manage securities for individual clients.