Advisory Business A. General Description of Advisory Firm Reynolds Channel Management, L.P. (“Reynolds Channel”, the “Firm”, “we”, “us”, and similar terms), formerly known as VPCP Management, L.P., is a Delaware limited partnership that was formed in February 2015. Reynolds Channel operates as an investment adviser to private equity fund clients and has its principal place of business in New York City. Reynolds Channel is controlled by its principal owner, Seth Cohen (the “Managing Partner”). The Managing Partner also wholly owns and controls Reynolds Channel Management Associates, LLC, the general partner of Reynolds Channel. Reynolds Channel’s registration on Form ADV also covers Reynolds Channel GP, LLC and VPCP GP, LLC (collectively, the “Fund General Partners”), which are both Delaware limited liability companies. The Fund General Partners are affiliates of Reynold Channel and serve as the general partner of the private fund clients that are organized as U.S. partnerships. Reynolds Channel and the Fund General Partners share facilities and personnel. The Managing Partner is the managing member of the Fund General Partners. B. Description of Advisory Services This Brochure generally includes information about us and our relationships with our clients. While much of this Brochure applies to all such clients, certain information included herein applies to specific clients only. Reynolds Channel currently provides investment advisory services on a discretionary basis to the following private equity fund clients (each, a “Fund,” and collectively, the “Funds”):
• Reynolds Channel Partners, L.P., a Delaware limited partnership (the “Reynolds Channel Fund”); and
• Valinor Private Capital Partners, L.P., a Delaware limited partnership (the “Valinor Fund”). The Reynolds Channel Fund primarily invests in micro and small capitalization private companies that seek a financial partner to, among other things, further its growth, navigate complex or idiosyncratic situations, and add strategic value and institutional thinking to its business. The Valinor Fund pursues an investment program substantially similar to that of the Reynolds Channel Fund; however, the period in which the Valinor Fund can make

new investments has expired. As used herein, the term “client” generally refers to each Fund listed above and to any other private investment fund or account that Reynolds Channel may advise in the future. This Brochure does not constitute an offer to sell or solicitation of an offer to buy any securities. The securities of the Funds are offered and sold on a private placement basis under exemptions promulgated under the Securities Act of 1933, as amended and other applicable state, federal or non-U.S. laws. Significant suitability requirements apply to prospective investors in the Funds, including requirements that they be “accredited investors” as defined in Regulation D, “qualified purchasers” as defined in the Investment Company Act, as amended, or non-“U.S. Persons” as defined in Regulation S. Persons reviewing this Brochure should not construe this as, and should understand that this Brochure is not, an offer to sell or a solicitation of an offer to buy the securities of any of the Funds described herein. Any such offer or solicitation will be made only by means of a confidential private placement memorandum. C. Tailored Advisory Services for Client Accounts Reynolds Channel manages assets in accordance with the stated investment objectives of each Fund as set forth in the respective confidential offering memorandum and governing documents (collectively, "Offering Documents"), or an investment management agreement or similar agreement (an “IMA”). Investment advice is provided directly to Funds and not individually to the limited partners, shareholders, and investors in the Funds (the “Investors”). Reynolds Channel has entered into and may enter into “side letters” or similar agreements with certain Investors that may waive or modify the application of or grant special or more favorable rights with respect to, the Offering Documents to the extent permitted by applicable law. D. Wrap Fee Programs Reynolds Channel does not participate in wrap fee programs. E. Assets Under Management Reynolds Channel manages, on a discretionary basis, approximately $238,535,000 of client regulatory assets under management. This figure for regulatory assets under management was determined as of December 31, 2023. Reynolds Channel does not manage any assets on a non- discretionary basis.