MSA Advisors, LLC (and together with its affiliated entities, “MSA”) commenced operations in 1997. MSA is majority-owned by its principals, Paul Wachter (Chief Executive Officer) and Christopher Fillo (Vice Chairman). MSA provides investment advice and recommends investments to its non-discretionary clients (the “Non-Discretionary Clients”), comprised of high net worth individuals and families and their related private charitable foundations, trusts, and other entities. In addition, MSA serves as the investment adviser to various clients organized, on a discretionary basis, as private pooled investment vehicles (each a “Fund,” collectively, the “Funds”) and single-client vehicles (the “Single-Client Vehicles”). Non- Discretionary Clients invest in Funds, Single-Client Vehicles, and other investments as described below. At times, Funds, Single-Client Vehicles, and Non-Discretionary Clients are referred to in this Brochure collectively as “clients” or “client accounts.” The Funds are typically structured as limited partnerships or limited liability companies that are organized under the laws of Delaware. MSA serves as the general partner or managing member of the Funds. The interests in the Funds are offered on a private placement basis to persons who are “accredited investors” as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and subject to certain other conditions which are set forth in the offering documents for the Funds. The Funds are not registered as investment companies pursuant to exemptions from the definition of “investment company” set forth in Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “Company Act”). The Funds include:  MSA Acceleration Partners, L.P. and its parallel fund, MSA Acceleration Partners B, L.P. (“MSA Acceleration Partners”)  MSA Enterprises LP and its parallel fund, MSA Enterprises (Parallel) LP (“MSA Enterprises”) MSA has also formed two Funds for Non-Discretionary Clients, which hold commingled investments on behalf of multiple Non-Discretionary Clients. These Funds receive investments from multiple Non-Discretionary Clients and each hold a distinct set of assets that are managed with an investment strategy specific to each Fund. These Funds are not registered as investment companies pursuant to exemptions from the definition of “investment company” set forth in the Company Act and interests in these Funds is only available for existing Non-Discretionary Clients. The Funds include:  MSA Quaestor Investors LP  MSA Collateral LLC All discussions of the Funds in this Brochure, including but not limited to their investments, the investment objectives, guidelines and strategies, and the fees and other costs associated with an investment, are qualified in their entirety by reference to each Fund’s respective offering memorandum (if any) and limited

partnership agreement or similar governing document (collectively, the “Fund Governing Documents”). Participation in the Funds is limited to certain qualified investors, as described in Item 7 below. Such Fund investors in MSA Acceleration Partners and MSA Enterprises include not only clients but also third parties that are not existing clients. As noted above, all Fund investors in MSA Quaestor Investors LP and MSA Collateral LLC are Non-Discretionary Clients. Single-Client Vehicles are typically structured as limited partnerships or limited liability companies that are organized under the laws of Delaware. MSA serves as the general partner or managing member of the Single-Client Vehicles. With respect to Single-Client Vehicles, guidelines and limitations are covered in the operative documents to ensure those client portfolios reflect client objectives. While MSA retains the ability to direct transactions in Single-Client Vehicles, in practice, MSA generally seeks client approval prior to making new investments. With respect to Non-Discretionary Clients, each client may decline to invest in an MSA recommendation. MSA’s primary business is to provide clients with investment advice covering a wide variety of asset classes, including, but not limited to, private equity, direct privately held company investments, growth equity, fixed income, real estate, publicly traded securities, private debt, and External Funds (defined below) that themselves invest in alternative assets such as hedge funds, venture capital, private equity funds, and other asset classes. MSA recommends to its clients investments in (or MSA, on behalf of certain clients, has the discretion to invest in) certain pooled investment funds, vehicles, and separate accounts managed by third-party managers (collectively, the “External Funds”). MSA invests in a variety of External Funds that are pooled investment vehicles with investment strategies that encompass publicly traded equities, corporate debt, asset-backed bonds, and idiosyncratic strategies. These External Funds may own both “long” and “short” positions. In addition to the above External Funds strategies that generally invest in traded securities, MSA also recommends to its clients and invests client assets in External Funds that are private equity, venture capital, and real estate funds, and other private funds in non-traded asset classes. In addition, MSA advises clients with respect to co-investments made alongside existing and prospective External Funds. The foregoing is not a comprehensive description of services that MSA provides to clients, nor are the descriptions necessarily the only ways in which services are provided. As of December 31, 2023, MSA managed approximately $8.117 billion of client assets, comprised of approximately $5.906 billion managed on a discretionary basis and the balance managed on a non-discretionary basis.