Customer Relationship Summary.

We offer investment advisory services to private investment funds (each, a "Fund") in which qualified, accredited investors may invest. Our advice is limited to portfolio strategies focused on technology, artificial intelligence, and real estate. We do not provide individualized investment advice to retail investors outside of investments in our Funds.

Monitoring

We monitor the investments held by each Fund on an ongoing basis as part of our standard investment advisory services. We do not provide monitoring services to individual investors with respect to their personal accounts or holdings outside of the Funds.

Investment Authority

We accept discretionary authority with respect to investments held by our Funds. This means we may buy and sell investments in a Fund without obtaining the consent of any investor in that Fund. Our discretion is exercised in accordance with each Fund's governing documents and investment guidelines.

Limited Investment Offerings

We only advise our Funds, which invest primarily in private companies, real estate assets, and related investments within our sector focus. We do not offer a wide range of investment products or non-proprietary funds.

Account Minimums and Other Requirements

Investors in our Funds must be accredited investors (and in certain cases qualified purchasers or qualified clients) as defined under U.S. federal securities laws. Each Fund establishes its own minimum subscription amount, generally starting at $250,000, though this varies by Fund and may be waived at our discretion.

Investors in our Funds pay fees and expenses that are described in detail in each Fund's governing documents (limited partnership agreement, private placement memorandum, and subscription documents). The principal fees include:

Management Fee

An annual management fee, typically calculated as a percentage of committed capital or invested capital, paid quarterly. The specific rate is disclosed in the Fund's offering documents and is generally in the range of 1.5% to 2.0% per annum.

Performance Fee / Carried Interest

A performance-based allocation (commonly called "carried interest") payable to the Fund's general partner. This is typically 20% of the Fund's net profits above a specified preferred return (commonly 8% per annum), subject to a catch-up provision and other terms set forth in the Fund's governing documents.

Fund Expenses

Each Fund bears its own operating expenses, including organizational expenses, legal and accounting fees, audit fees, administration and custody fees, taxes, and other expenses described in the Fund's governing documents. These expenses reduce the returns of the Fund.

You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying.

When we act as your investment adviser through your investment in a Fund, we have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they can affect the investment advice we provide. Here are some examples to help you understand what this means.

• Performance-based compensation. Because we receive carried interest based on the Fund's performance, we have an incentive to make investments that are riskier or more speculative than would be the case in the absence of such compensation.
• Multiple funds. We may manage multiple Funds at the same time, which creates potential conflicts in the allocation of investment opportunities and management attention among them. We address these conflicts through written allocation policies.
• Affiliated transactions. From time to time we may engage in transactions involving affiliates of the firm (such as co-investment vehicles or related parties). These transactions are subject to review under our compliance policies and applicable Fund governing documents.
• Investments by our personnel. Our principals and employees may invest personally in our Funds or alongside our Funds, which aligns their interests with investors but can create conflicts in certain circumstances.

Our financial professionals are compensated through base salary, discretionary bonuses, and in some cases an allocation of the firm's carried interest. The amount paid to a financial professional may vary based on factors including the revenue we earn from advisory services, the performance of our Funds, the professional's experience and contributions, and overall firm profitability. This creates an incentive for our professionals to encourage you to increase your investments with us and to make decisions that maximize Fund performance.

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For additional information about our investment advisory services, please see our Form ADV Part 2A brochure on the SEC's website at adviserinfo.sec.gov. You may also request up-to-date information and a copy of this Relationship Summary by: