Description of Advisory Business Founded in 2018, GEF Capital Partners, LLC (collectively with its affiliates, as applicable, “GEF Capital Partners”) is a private equity fund manager focused on making investments in companies that address climate change or that otherwise have a positive environmental impact. Prior to the formation of GEF Capital Partners, its founders had served as employees of GEF Management Corporation and its affiliates (collectively, “Global Environment Fund”), an early pioneer in sustainability and environmental investing in key emerging markets, globally, and in the U.S. Today, GEF Capital Partners seeks to build on the environmental legacy established by Global Environment Fund by providing investment advisory services to privately held pooled investment funds making investments in the United States, Latin America, and South Asia across the following primary sectors: clean energy, energy efficiency, waste, and water. In certain geographies, we also focus our investments on additional sectors, such as sustainable food and agriculture, circular economy, urban solutions, logistics, environmental and business services, and other themes that typically have a bearing on addressing climate change, mitigating the harmful effects of pollution or that use scarce resources more effectively. GEF Capital Partners seeks to use the knowledge and experience that its personnel have developed over their careers, whether at GEF Capital Partners, previously at Global Environment Fund, or otherwise, for the benefit of its investors and its portfolio companies. We seek to do this by taking advantage of our financial and operational experience that has been developed in working with growing companies in the sectors noted above, as well as leveraging local and regional relationships to seek to expand and benefit these portfolio companies. This knowledge and experience, and these relationships, can sometimes also result in identifying opportunities where we believe we have a competitive advantage due to our ability to differentiate our firm from others that also may be interested in serving as a financial partner for a prospective portfolio company. The principal owner of the firm is Canepa Global Managers, S.C.S., through its ownership of Canepa GEF Holdings, LLC. As used in the brochure, (i) “we,” “us” and “our” refer to GEF Capital Partners, its affiliates and relying advisers and its respective investment advisory business, and (ii) “Funds” and “clients” refer to the private equity funds, co‐investment vehicles and other managed accounts we advise, either directly or through our relying advisers, except where noted. Types of Advisory Services Provided While each of our Funds may have different investment criteria, the services that GEF Capital Partners provides to the Funds tend to include some or all of the following: identification of potential investments, financial analysis, investment structuring, acquisition services, post‐ acquisition monitoring, disposition through private transactions or public markets, back‐office administration, investor relations, and other services. GEF Capital Partners may serve as the investment adviser or general partner to the Funds to provide such services, or it may do so through one or more of its affiliates or relying advisers. We maintain discretionary investment authority for our clients, and all investment decisions on behalf of our clients are made by our investment committee, which is comprised of all of our founding partners, and in certain cases may also include one or more independent members. Actions of

our investment committee require majority approval , and none of its members may take unilateral action on behalf of our clients. We also provide certain continuing services to Global Environment Fund in support of some of its existing investment programs. Tailoring of Advisory Services Provided GEF Capital Partners tailors its advisory services to the specific mandate and investment strategy of each client, as described in the applicable Fund governing documents such as a management agreement, limited partnership agreement, limited liability company agreement or analogous organizational documents and ancillary agreements (“Governing Documents”), and, if applicable, a private placement memorandum or other offering documents (“PPM”). Investment advice is provided directly to the Funds and not individually to the investors in the Funds. Investment restrictions for the Funds, if any, are generally established in the Governing Documents. The terms of the investment advisory services to be provided to a Fund, including any limitations on investments in certain types of securities, are established by GEF Capital Partners as modified by negotiations with investors in the applicable Fund, and are set forth in a Fund’s Governing Documents and other documentation received by each investor prior to investment in that Fund. Limitations may vary from Fund to Fund, and may relate to geography, diversification and concentration, investment type (e.g., the prohibition of hostile takeovers of publicly traded companies, investment in blind pools, and short selling apart from hedging transactions undertaken to limit risks associated with a pre‐existing investment), or other matters. Limitations differ meaningfully from one Fund to another, based on, among other things, the investment strategy of a Fund. Once invested in a Fund, unless otherwise outlined in the Governing Documents, investors cannot subsequently impose restrictions on the types of securities in which a Fund may invest. GEF Capital Partners and its affiliates have entered into (and may continue to enter into) side letters or agreements with investors where an investor may be subject or entitled to terms and conditions that vary from those applicable to other investors in a Fund. Any such terms and conditions, which may include opting out of certain types of investments, reporting obligations, co‐investment opportunities, withdrawal rights, consent rights to certain Governing Document amendments, or the payment of management or incentive fees, may be more favorable than those offered to other investors. The Funds are exempt from registration as “investment companies” under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and the regulations promulgated thereunder. Interests in the Funds are generally offered only to investors satisfying the applicable eligibility and suitability requirements in private placement transactions globally. Investors in the Funds are typically institutional investors, single and multi‐family offices, and other eligible high net worth individuals. The relationship between GEF Capital Partners and each Fund is governed by the Investment Advisers Act of 1940, as amended (the “Advisers Act”), as well as the Governing Documents of each Fund and the terms of investment advisory agreements entered into by GEF Capital Partners and each Fund. Client Assets GEF managed approximately $1,536,700,000 of client assets as of December 31, 2023, all on a discretionary basis.