Union Capital Associates, L.P. is a private equity firm that specializes in control investments in undermanaged, U.S. family/founder-owned lower middle-market companies with revenues of approximately $20 million to $200 million in industry sectors including food manufacturing, business process outsourcing, franchise restaurants, and specialty manufacturing (collectively, “Target Industries”). Union Capital began business operations in 2016. Union Capital is controlled by Reis L. Alfond, Jay F. Landauer and William S. Ogden (collectively, the “Managing Partners”). The Managing Partners and are supplemented by three additional Partners: Arthur (“Art”) G. Murray (“Operating Partner”), Kevin Delaplane (“Finance Partner”) and Chad Clark (each a “Partner” and collectively, the “Partners”). Union Capital’s investment advisory business is principally focused on providing advisory services to one or more pooled investment vehicles and, in certain instances, co-investment vehicles (collectively, the “Funds” and, each, a “Fund”), organized to make private equity investments in U.S. founder-owned lower middle-market companies whose operational inefficiencies Union Capital believes mask their intrinsic value. Union Capital typically seeks to be a company’s first institutional investor and seeks to have majority ownership. The Funds primarily seek to acquire majority ownership interests in lower middle- market companies experiencing operational inefficiencies in the Target Industries in which Union Capital, its Partners, industry executives and professionals that have a relationship with Union Capital, the general partner or affiliates of the Funds, their portfolio companies and their respective affiliates, and who have operating expertise and which Union Capital expects to be able to add value to the Funds (the “Operating Executives”). Union Capital does not recommend a particular type of security and the portfolio investments of the Funds will not be limited to the Target Industries. The Funds invest in, without limitation,

debt and equity securities, typically in certain special situations, including bankruptcies. Generally, a person that is under common control with Union Capital (a “Related Person”) acts as the general partner of each Fund, and Union Capital (directly or indirectly through a wholly-owned subsidiary) serves as the investment adviser to each Fund. References to “Union Capital” in this Brochure include, as the context requires, affiliates through which Union Capital provides investment advisory services or that act in any capacity referenced in the previous sentence. Union Capital tailors its advisory services to the specific investment objectives and restrictions of each Fund set forth in such Fund’s limited partnership agreement and investment management agreement. Investors and prospective investors of each Fund (generally referred to herein as “investors” or “limited partners”) should refer to the confidential private placement memorandum, limited partnership agreement, subscription agreement and/or other governing documents (collectively, the “Governing Documents”) of the applicable Fund for complete information on the investment objectives and investment restrictions with respect to such Fund. There is no assurance that any of the Funds’ investment objectives will be achieved. Consistent with industry practices, Union Capital, the Funds and/or their general partners have entered into “side letters” (collectively, “Side Letters” and, each, a “Side Letter”) or similar agreements with certain investors pursuant to which the general partner grants the investor specific rights, benefits, or privileges (including economic rights, benefits and privileges) that, except as set forth in the Governing Documents, are not required to be made available or disclosed to investors generally. Union Capital manages all client assets on a discretionary basis in accordance with the terms and conditions of each Fund’s Governing Documents. As of December 31, 2023, Union Capital managed approximately $996,951,581 in assets on a discretionary basis.