TrueBridge Capital Partners, LLC is a registered investment adviser based in Chapel Hill, North Carolina, established in September 2007. The firm specializes in providing discretionary investment advisory services to pooled investment vehicles, special purpose vehicles, and feeder funds. TrueBridge manages assets totaling approximately $9.57 billion for 206 clients as of December 31, 2024. The firm charges management fees ranging from 0.25% to 2% of aggregate commitments, payable quarterly in advance. Additionally, TrueBridge may receive performance-based fees based on the cumulative partnership profits of the investment vehicles. The firm follows a comprehensive due diligence process for selecting investment opportunities, focusing on strategy, performance, team, decision-making process, and fund terms. TrueBridge emphasizes fair and equitable allocation of investment opportunities among its clients and has policies in place to address potential conflicts of interest. The firm's investment strategies include funds of funds, direct investment funds, and secondary funds, with a focus on venture capital and growth equity investments. TrueBridge has not been subject to any disciplinary actions and maintains a Code of Ethics to ensure compliance and integrity in its operations. The firm prioritizes client confidentiality and security, and its custody services are provided by First Republic Bank. TrueBridge exercises investment discretion for the majority of its clients and has established a Proxy Voting Policy for voting client securities when required. The firm's financial condition is sound, with no impairments to meeting its commitments or bankruptcy proceedings.

**Franklin Street Advisors, Inc. Summary:** Established in 1991, Franklin Street Advisors, Inc. (FSA) is a registered investment adviser specializing in providing strategic investment advice to high-net-worth individuals and institutional investors. FSA, acquired by Fifth Third Acquisition Holdings, LLC in 2018, operates as a wholly owned subsidiary of Fifth Third Bank, National Association. Acting as a fiduciary under the Investment Advisers Act of 1940, FSA offers high-touch investment management services tailored to individual financial goals. **Key Consumer-Facing Terms:** - Minimum relationship size: $1 million - Fee structure: Tiered annual fee based on assets under management - Investment discretion: FSA generally accepts accounts with full investment discretion - Custody: Client assets held by qualified custodians; FSA deemed to have custody due to fee deduction authority and standing letters of authorization - Fee payment: Annual management fee assessed quarterly based on account assets - Investment strategy: Open architecture approach with access to various asset classes and managed separate accounts - Risk factors: Detailed risk analysis provided, including market, credit, cybersecurity, and political risks - Brokerage practices: Consideration of multiple factors beyond commission rates; use of soft dollars for research services **Advisory Business Description:** FSA employs an Investment Policy Committee to formulate asset allocation strategies and offers various Strategic Asset Allocation models. The firm provides customized investment solutions, including managed separate accounts and private funds. Clients receive regular account reviews, performance reports, and market outlook letters. For more detailed information, the complete Form ADV Part 2A brochure is available upon request from FSA. [Contact Information:](919) 489-2600 | [email protected] | www.franklin-street.com This summary is based on information provided in the Form ADV Part 2A brochure of Franklin Street Advisors, Inc. as of March 2025.

Morgan Creek Capital Management, LLC is a financial advisory firm based in Chapel Hill, North Carolina. It currently has approximately $1,279,562,912 of assets under management and employs about 36 people. Morgan Creek Capital Management, LLC uses a fee structure of a percentage of assets under your management and performance-based fees.

Eton Advisors Group, LLC, also known as Eton Advisors, was established on July 17, 2017, and is a registered investment adviser. The firm specializes in providing wealth management and family office services to ultra high net worth individuals, families, businesses, institutions, and charitable organizations. Eton offers customized, discretionary and non-discretionary portfolio management using a "manager of managers" approach. The firm is part of the Focus Financial Partners, LLC partnership and is an independently managed wealth advisory boutique. Eton acts as the investment manager for certain private investment funds, and clients have the option to obtain financial solutions through UPTIQ Treasury & Credit Solutions, LLC and insurance solutions through Focus Risk Solutions, LLC. Eton is a fiduciary and has duties of care and loyalty to clients. The firm has a minimum initial account balance of $20,000,000 and a minimum annual fee of $137,500, with no minimum ongoing account balance required. Eton's fee structure is based on a percentage of assets under management, with fees negotiable at the firm's discretion. The firm does not charge performance-based fees and does not participate in soft dollar arrangements. Eton does not vote proxies on behalf of non-Fund clients but is responsible for voting proxies for the Funds it manages. The firm has no adverse financial conditions or bankruptcy-related matters.

Silverback Asset Management, LLC is a registered investment adviser based in Chapel Hill, North Carolina, established in April 2002. The firm, led by founder Elliot Bossen, manages investment advisory accounts for clients on a discretionary basis, including private funds and separately managed accounts. The firm specializes in opportunistic credit, convertible arbitrage, and special situations strategies, focusing on convertible, credit, and equity markets. As of March 1, 2025, Silverback had approximately $622 million in client assets under management, all managed on a discretionary basis. For the Funds managed by Silverback, the firm receives a monthly management fee ranging from 0.75% to 1.75% per annum based on net assets, along with performance-based compensation ranging from 10% to 17.5% of net profits. The firm may waive or reduce fees for certain investors. Silverback may also receive research and brokerage services from broker-dealers in connection with client transactions. The firm has a Code of Ethics in place to ensure fair and honest dealings with clients and has procedures to address conflicts of interest. Silverback provides investment discretion to clients, with the authority to determine securities transactions and amounts, considering factors such as client objectives, risk profiles, and market conditions. The firm has policies in place for fair allocation of securities among clients and may engage in cross transactions between client accounts. Silverback also has Proxy Voting Policies and Procedures to vote in the best interests of clients when holding voting equity securities.

Hamilton Point Investment Advisors, LLC is a financial advisory firm based in Chapel Hill, North Carolina. It currently has approximately $793,114,816 of assets under management and employs about 9 people. Hamilton Point Investment Advisors, LLC uses a fee structure of and a percentage of assets under your management.

Absher Wealth Management, LLC is a financial advisory firm based in Chapel Hill, North Carolina. It currently has approximately $697,654,171 of assets under management and employs about 7 people. Absher Wealth Management, LLC uses a fee structure of a percentage of assets under your management, hourly charges and fixed fees.

Atlantic Private Wealth, LLC is a registered investment adviser offering financial planning, consulting, and investment management services. Established in March 2021, the firm is owned by Andrew Blass and manages over $787 million in assets as of December 31, 2024. Clients can have their portfolios managed on a discretionary or non-discretionary basis, with investments in various securities like fixed income, equity, mutual funds, and ETFs. The firm tailors its services to meet individual client needs and regularly monitors portfolios to ensure alignment with client objectives. Clients can impose restrictions on account management, and the firm may advise on legacy positions. Additionally, APW assists with corporate retirement plan management and offers financial planning services on a project basis. Fees are based on assets under management, with management fees negotiable but not exceeding 1.25%. The firm may also charge fixed fees for financial planning services. Clients may incur additional charges from third parties, such as broker-dealers and custodians. APW has not been involved in any legal or disciplinary events and has adopted a Code of Ethics. The firm recommends Fidelity Investments for client transactions and receives economic benefits from Fidelity. Clients receive account statements directly from the custodian and have the option to request additional reports from APW. APW has custody of client funds and securities and may exercise investment discretion on behalf of clients. The firm does not vote client securities or compensate third-party solicitors for client referrals.

Woodward Financial Advisors, Inc. is an independent financial planning and investment advisory firm based in Chapel Hill, NC. Established in 1995 by Henry Woodward, the firm transitioned to an S Corp in 2009. Woodward Financial Advisors specializes in fee-only financial planning and investment management services for individuals, families, trusts, estates, and businesses. The firm operates as a fiduciary, prioritizing clients' interests and maintaining transparency in its fee structure. The firm offers comprehensive wealth management services, including financial planning, investment management, retirement planning, tax planning, and risk management. Clients can delegate investment management to professionals under the Wealth Management Service, which involves ongoing supervision and consultation. Woodward Financial Advisors customizes advice to each client's unique situation, avoiding a one-size-fits-all approach. For clients engaging in Wealth Management Services, the firm charges an annual fee based on a tiered asset under management model. The minimum annual fee for these services is $10,000. The firm does not receive commissions or referral fees, ensuring a transparent fee structure. Clients' assets managed by Woodward Financial Advisors totaled approximately $574 million as of February 2025, all managed on a discretionary basis. The firm's advisors, including James R. Miller, Victor Colella, Laura Neal, Alexander Richani, Taylor R. Cole, and Christopher Reid, are all CERTIFIED FINANCIAL PLANNER™ professionals, ensuring a high standard of professional education and ethical conduct. The advisors are supervised by Jim Miller, the Chief Compliance Officer, who oversees the firm's activities and services. Woodward Financial Advisors does not engage in block trading, offers investment discretion for client accounts, and does not vote proxies on behalf of clients. The firm maintains a customer privacy policy to protect clients' personal and financial information. Clients receive quarterly statements from qualified custodians, ensuring transparency and accountability. For more information, visit http://www.woodwardadvisors.com or contact the firm at 919-929-2495.