This Item 4 requires an investment adviser to describe its advisory business, including the types of services offered, whether the investment adviser specializes in a particular type of advisory service and the amount of assets managed by the investment adviser. IPC, a Delaware corporation, was founded in 1981 and has been registered as an investment adviser with the SEC since 1993. IPC is directly owned by Invesco Advisers, Inc. (“IAI” or “Invesco Advisers”) and is a wholly owned subsidiary of Invesco Ltd., a publicly held global investment management company with offices throughout the world that trades on the New York Stock Exchange (NYSE: IVZ). IPC is headquartered in downtown New York City and has offices in San Francisco and Dallas. IPC now has two primary investment strategies: (1) Fund of Funds Investing (“FOFs”, each referred to herein as “FOF” or “FOFs”) and (2) Direct Venture Capital Investing. FOF Investing. IPC’s investment philosophy underlies the strategy the Firm uses to construct our FOF portfolios. The Firm believes there is significant upside potential for those who understand the illiquid nature of this asset class with a long-term investment horizon. IPC does not believe private markets can be timed, nor can the largest funds be relied upon to deliver superior returns over consecutive cycles. For these reasons, IPC invests selectively over time and overweighs our portfolios in smaller or niche venture capital investment firms. IPC’s products can accommodate investors who have little or no current exposure to private equity, as well as clients who prefer to handle a certain portion of their venture capital investment commitments in-house, while outsourcing specialized portions of their program to a skilled, dedicated outside manager. By constructing our core FOF portfolios over a multi-year period, IPC attempts to diversify over a typical investment cycle. IPC’s venture portfolios are constructed with a mix of partnerships that vary by size, stage of investment, investment strategy, geography and industry. In addition,

certain FOF portfolios may opportunistically invest directly into companies (described further below) either sourced through our existing partnership investments or outside of this network. When blended together, IPC believes these characteristics help to mitigate overall portfolio investment risk. Direct Venture Capital Investing. IPC’s venture capital strategy finances companies looking for capital across multiple industries. IPC primarily seeks to invest in companies that already offer strong “proof of principle” which means they have already placed working technology in the hands of initial customers and/or successfully completed early clinical trials or at a minimum have initial proof of a working business model. Types of Advisory Services. IPC provides investment advisory services to direct venture and FOF clients structured as U.S. investment vehicles (each, a “Fund” and collectively, “Funds”) exempt from SEC registration under the Investment Company Act of 1940, as amended (the “Investment Company Act” or “1940 Act”) and the U.S. Securities Act of 1933, as amended (“the “Securities Act”), as well as sub-advised separately managed account clients (“SMAs”), (collectively referred to herein as “Client” or “Clients”), in its capacity as a sub-advisor to third-party regulated entities. IPC provides investment advisory services to Clients whereby they invest in more than one of the two primary strategies. IPC also provides investment advisory services to employees’ securities companies, which are employer-sponsored investment companies, the beneficial owners of which include certain current and former employees. Employees’ securities companies are offered as parallel vehicles to certain Funds. Advisory services provided to all Clients are fully discretionary where IPC has the authority to make all investment decisions for its Clients’ accounts subject to any guidelines or restrictions agreed to between IPC and its Clients. As of December 31, 2023, IPC manages approximately $769,094,710 of Client assets on a discretionary basis.