A. Overview. This Brochure provides information about Martis Capital Management, LLC (“Martis Capital” or “Martis”) and its relying advisers, CHSO Partners II, LLC (“CHSO Partners II”) and Martis Capital II SFP-TSF LLC, (“Martis II SFP-TSF” and, together, with Martis Capital and CHSO Partners II, “Martis”). Each of Martis Capital and CHSO Partners II previously were “relying advisers” of Capricorn Investment Group, LLC (“Capricorn”). Martis Capital, a Delaware limited liability company formed on July 21, 2015, and formerly known as CHSO Management, LLC, provides its advisory services in conjunction with CHSO Partners II, LLC, a Delaware limited liability company also formed on July 21, 2015. Martis Capital and CHSO Partners II provide discretionary investment advisory services to private pooled investment vehicles and separately managed accounts. Martis II SFP-TSF is an entity which was established to manage certain separately managed accounts and is wholly owned by Martis Capital. The sole owner of Martis Capital is Martis Capital Holdings LP ("Martis Holdings”), which is controlled by its non-economic general partner, Martis Capital Holdings GP, LLC (“Martis GP”). Martis GP is run by Messrs. Uphoff, Moreno, and Davis through their managing membership interest in the general partner. The majority of Martis Holdings’ economic interests are owned by the Martis GP controlled entities, Martis Capital Management Holdings LP (“Management Holdings”) and Martis Capital Investment Holdings, LP (“Investment Holdings”) and Martis Capital SPV, LP (“Martis SPV”). Martis SVP was established as a temporary financing vehicle for AlpInvest US Holdings, LLC, a Delaware limited liability company and, and AlpInvest Partners B.V., a Dutch limited liability company (collectively, “AlpInvest”), both of which are registered

with the SEC as an investment adviser. The remaining Martis Holdings ownership is held by a third-party investor, Kudu Investment Management, LLC (“Kudu”), which is also registered with the SEC as an investment adviser. CHSO Partners II is majority owned and controlled by Martis Holdings, which holds an ownership interest of approximately 73%. Capricorn owns the remaining 27% non-controlling interest in CHSO Partners II. In addition, Capricorn owns a non-controlling interest in certain affiliates and other related entities of Martis Capital and CHSO Partners II. On a day-to-day basis, Martis and CHSO Partners II are run by Messrs. Uphoff, Moreno, and Davis through their ownership of Martis GP. B. Advisory Services. Martis provides discretionary investment advice to funds and separately managed accounts (each a “Fund” and together, the “Funds”), which generally make investments in the healthcare and wellness sector. Martis does not offer non-discretionary investment advisory services to separately managed accounts. C. Tailoring of Advisory Services. Investment advice is provided directly to the Funds and not individually to the investors in the Funds. In providing services to the Funds, Martis formulates each Fund’s investment objectives, directs and manages the investment and reinvestment of each Fund’s assets, and provides reports to investors. Martis provides investment advisory services to each of the Funds pursuant to separate advisory agreements and manages the assets of the Funds in accordance with the governing documents applicable to each Fund. D. Wrap Fee Programs. Martis does not participate in wrap fee programs. E. Discretionary and Non-Discretionary Client Assets. As of December 31, 2023, Martis managed $1,963,312,928 in regulatory assets under management on a discretionary basis.