Corporate Structure Sagard is a multi-strategy alternative asset management firm active in venture capital, private equity, private credit and royalties. Sagard, an Ontario limited partnership with its principal place of business in Toronto, Ontario, was established in 2017 and is registered as an investment adviser with the SEC. Sagard provides advisory services through Sagard affiliate-sponsored investment vehicles and separately managed account arrangements principally for institutional clients. Based on valuations conducted as of December 31, 2023, Sagard has approximately $5,715,310,425 in regulatory assets under management, all on a discretionary basis. The general partner of Sagard is Sagard Holdings Manager GP Inc., which is a wholly-owned subsidiary of Sagard Holdings Management Inc. ("SHMI"). SHMI is a subsidiary of Sagard Holdings Inc. ("SHI"), which in turn, is an indirect subsidiary of Power Corporation of Canada (“PCC”). PCC is a publicly traded international management and holding company that focuses on financial services in North America, Europe and Asia. Its core holdings are leading insurance, retirement, wealth management and investment businesses, including a portfolio of alternative asset investment platforms. Sagard Investment Advisory Services Sagard provides investment advisory services across the following asset classes: Venture Capital & Growth. Within this asset class, Sagard provides investment advisory services to private funds which operate under the Portage brand (“Portage”). (i) Portage Ventures. The Portage venture capital funds (together with any parallel funds, feeder funds or alternative investment vehicles, the “Portage Ventures Funds”) invest globally in technology companies in the financial services sector. (ii) Portage Capital Solutions. Portage Capital Solutions (together with any parallel funds, feeder funds or alternative investment vehicles, the “PCS Funds” and collectively with the Portage Ventures Funds and the Portage Co-Investment Funds, the “Portage Funds”) invests globally in direct structured equity investments and other capital solutions in the financial technology and financial services sectors. (iii) Portage Co-lnvestment Vehicles. Sagard provides investment advisory services to investment vehicles which co-invest with the Portage Ventures Funds or Portage Capital Solutions Funds, as applicable, in select portfolio companies (the “Portage Co- lnvestment Funds”). Portage offers investment opportunities through these vehicles if Portage determines there is a fair and reasonable justification to not allocate an opportunity or a portion of an opportunity to the Portage Ventures Funds or Portage Capital Solutions Funds, as applicable, provided that it has satisfied any co-investment commitments to existing investors in the Portage Ventures [or Portage Capital Solutions] Funds to the extent applicable. Credit: (i) Sagard Credit. Sagard Credit (together with any parallel funds, feeder funds or alternative investment vehicles, the “SCP Funds”) invests in non-sponsored credit opportunities in public and private mid-market companies across Canada and the US. (ii) Sagard Senior Lending. Sagard Senior Lending (together with any parallel funds, feeder funds or alternative investment vehicles, the “SSLP Funds” and collectively with the SCP Funds, the “Private Credit Funds”) invests primarily in first lien non-sponsored credit opportunities in public and private mid-market companies across Canada and the US. Royalties: (iii) Sagard Healthcare. Sagard Healthcare (together with any parallel funds, feeder funds, alternative investment vehicles and Sagard managed co-investment vehicles or classes of securities, the “SHP Funds”) invests in income-generating royalty opportunities in the biopharmaceutical industry. Private Equity: (iv) Sagard Private Equity Canada. Sagard Private Equity Canada (together with any parallel funds, feeder funds or alternative investment vehicles, the “SPEC Funds”) is a generalist fund focused on Canadian mid-market opportunities. Sagard also provides investment advisory services pursuant to a sub-advisory agreement to an investment vehicle which invests in certain private credit assets, in addition to co-investing alongside certain Private Credit Funds in select portfolio companies (the “Sub-Advised Fund”). In addition to providing investment advisory services in respect of the Portage Funds, the Private Credit Funds, the SHP Funds, the SPEC Funds, and the Sub-Advised Fund (together the “Funds”), Sagard may, in the future, offer investment advisory services to other private funds and/or investment vehicles.

In addition, Sagard provides investment advisory services to a limited number of institutional clients via separately managed accounts (“SMAs” and together with the “Funds”, the “Advisory Clients”). Sagard or one of its affiliates may also establish or direct the establishment of one or more dedicated feeder vehicles, or may enter into arrangements with one or more sponsors (which could be an entity affiliated with Sagard) regarding the establishment of such vehicles, to facilitate the indirect participation in the Funds by certain institutional or high net worth investors, including qualified clients of any such sponsor, whether directly or through mutual funds, pooled funds or segregated accounts managed by any such third-party sponsor (collectively the “Aggregator Funds”). Terms of Advisory Relationships The terms upon which Sagard serves as investment adviser of an Advisory Client are determined at the time each Advisory Client relationship is established. These terms are generally set out in investment management agreements entered into between Sagard and the Advisory Client, and in respect of the Funds, in the Offering Documents (as defined below) of each Fund. Except as disclosed in the Offering Documents of the Funds, Investors (as defined below) do not generally have the ability to individually terminate the investment management agreement between a Fund and Sagard. Further, Sagard manages each Fund pursuant to investment guidelines set forth in the applicable governing and offering documents of each Fund, including, as applicable, a limited partnership agreement, a private placement memorandum, a side letter and/or a subscription agreement (the “Offering Documents”). The Offering Documents of a Fund contain more detailed information about the Fund, including a description of the investment objective and strategy or strategies employed by the Fund and related restrictions that serve as a limitation on Sagard’s advice or management. Each investor in a Fund (each an “Investor” and collectively the “Investors”) is advised to undertake appropriate due diligence, including but not limited to a review of the applicable Offering Documents, particularly in relation to the additional details about Sagard’s investment strategies, methods of analysis and related risks (which are excerpted and/or summarized in part in Item 8 of this Brochure) in considering whether Sagard’s advisory services or an investment in a Fund are appropriate to its own circumstances based on all relevant factors including, but not limited to, the Investor’s own investment objectives, liquidity requirements, tax situation and risk tolerance before making an investment decision. To the extent there is a conflict between the provisions of the Offering Documents and this Brochure, the applicable provisions of such Offering Documents will prevail. Sagard and/or the general partner of a Fund (each a “General Partner”) will from time to time enter into a side letter or other similar agreement, customary for private funds of a similar nature, in connection with an Investor’s investment in a Fund without the approval of any other Investor, which side letter or agreement would have the effect of establishing rights or altering or supplementing the terms of any Offering Documents including fees, co-investment rights or investor reporting with respect to such Investor. Sagard does not tailor its advisory services in respect of the Funds to any one Investor or provide Investors with the right to specify, or restrict the Funds’ investment objectives or investment decisions, other than as disclosed in the Offering Documents. Accordingly, an investment in a Fund does not create a client-adviser relationship between such Investors and Sagard. However, Sagard will from time to time manage SMAs for individual investors which may create a client-adviser relationship between such investor and Sagard. Each of the Funds are expected to rely on the exceptions from the definition of an “investment company” provided by Section 3(c)(1) and/or Section 3(c)(7) of the U.S. Investment Company Act of 1940, as amended (the “1940 Act”). Each General Partner is ultimately responsible for decisions made on behalf of the relevant Fund, including those decisions made with respect to investment management. The General Partners generally delegate investment management and advisory responsibilities for the relevant Fund to Sagard. Additional detailed information about Sagard is provided in this Brochure, including information about Sagard’s advisory services, investment approach, personnel and affiliations. Sagard does not participate in wrap fee programs.