Firm Description Triangle Peak is registered with the SEC as an investment adviser. It was founded in 2008, to provide portfolio management services to high-net-worth individuals and institutional investors. The firm’s investment approach blends top-down analysis with bottom-up research. It is carried out through a venture capital/private equity strategy, with predominantly private securities in the technology, alternative-energy and energy/infrastructure sectors. Triangle Peak has offices in Carmel, California, in Palo Alto, California, and in Houston, Texas. As discussed below, Triangle Peak manages three Client Funds. Each Client Fund is a limited partnership, and each has a separate general partner. As “relying advisers”, the three general partners join with Triangle Peak in filing this single form ADV. The general partners (the “Relying Advisers”) are (i) Triangle Peak Partners Private Equity GP, LLC (the general partner of Triangle Peak Partners Private Equity, LP); (ii) Triangle Peak Partners II General Partner, LLC (the general partner of Triangle Peak Partners II, LP); and iii) TPP III GP, LLC (the general partner of Triangle Peak Partners III, LP). Principal Officers and Owners Michael C. Morgan (chairman), Dain F. DeGroff (chief executive officer) and David L. Pesikoff (president) are the principal officers of Triangle Peak (collectively, the firm’s “Principals”). Each of the Principals plays an active role in the management of Triangle Peak and in the management of its clients’ assets. Scott M. Bilyeu serves as the chief financial officer and chief compliance officer of Triangle Peak. Triangle Peak is a limited partnership, organized under Delaware law. Management of Triangle Peak is vested in its sole general partner, Triangle Peak Partners GP, LLC, which is organized as a Delaware limited liability company (the “General Partner”). The business and affairs of the General Partner are vested exclusively in a board of Managers comprising Michael C. Morgan, Dain F. DeGroff and David L. Pesikoff. The General Partner has three members, which are the trusts referenced in the list below. Such trusts have economic interests in the General Partner, but no operational authority:
• A revocable trust of which Mr. Morgan and his wife are grantors, trustees and beneficiaries
• A revocable trust of which Mr. DeGroff and his wife are grantors, trustees and beneficiaries
• A marital trust of which Mr. Pesikoff is trustee and beneficiary Triangle Peak has four limited partners, as referenced in the list below. As limited partners, they have economic interests in Triangle Peak but no operational authority:
• A revocable trust of which Mr. Morgan and his wife are grantors, trustees and beneficiaries
• A revocable trust of which Mr. DeGroff and his wife are grantors, trustees and beneficiaries
• David L. Pesikoff
• Portcullis Investments, LP, a private investment partnership principally owned by affiliates of Mr. Morgan, who is president and chief executive officer and the manager of its general partner. As discussed below, Triangle Peak manages three Client Funds. Each Client Fund is a private investment limited partnership, with a general partner. The three Principals are the sole Managers of these general partners, except that Tyler D. Peterson is the fourth Manager of Triangle Peak Partners III, LP’s general partner. Together, the Principals and Mr. Peterson have over 85 years of investing experience. Their educational and professional backgrounds are summarized in the attached Brochure Supplement. Types of Advisory Services Triangle Peak currently provides discretionary asset management services to three “Private Equity Funds”. One fund is Triangle Peak Partners Private Equity, LP (“PE Fund I”), which has invested predominantly in private securities in the technology,

alternative-energy, and energy/infrastructure sectors (companies with over half their expected revenues from activities involving natural resources or infrastructure). The second is Triangle Peak Partners II, LP (“PE Fund II”), with an investment strategy substantially identical to PE Fund I. The third is Triangle Peak Partners III, LP (“PE Fund III”), which invests predominantly in private securities in the technology sector. Collectively, the three Private Equity Funds are the “Private Equity Funds” or the “Client Funds.” For more information on the categories of clients for which we provide advisory services, see the Types of Clients section of this Brochure. The Private Equity Funds Triangle Peak acts as the investment manager of the Private Equity Funds. PE Fund I, PE Fund II, and PE Fund III are all closed to new investors. Each of the Private Equity Funds is organized as a Delaware limited partnership, and its investors own partnership interests. In general, an investor in a Private Equity Fund is an “Accredited Investor,” as that term is defined by the SEC in Rule 501 of Regulation D under the Securities Act of 1933. In addition, each investor is a “Qualified Client,” as that term is defined by the SEC in Rule 205 under the Investment Advisers Act of 1940. Because of restrictions on the number and sophistication of investors in each Private Equity Fund and because interests in each fund are offered only through non-public transactions, the Private Equity Funds are exempt from “investment company” status under the Investment Company Act of 1940. In addition, each Private Equity Fund is exempt from registration with the Commodities Futures Trading Commission as a Commodity Pool Operator, and interests in each fund are exempt from registration under the Securities Act of 1933. Triangle Peak manages investments for the Private Equity Funds under its venture capital/private equity strategy. The Private Equity Funds make equity and debt investments in the technology, alternative energy and energy/infrastructure sectors, generally in companies with prospects for strong growth. Invested capital might be used to support revenue growth, capital expenditures, acquisitions and/or balance sheet strength. As described more fully in the offering documents of the Private Equity Funds, two of those funds (PE Fund I and PE Fund II) have participated in certain co-investments alongside Elda River Capital Management LLC (successor in interest to MTP Energy Management LLC). This relationship is described in greater detail in the Other Financial Industry Activities and Affiliations section of this brochure. Tailored Relationships Subject to the final investment decision of a given Client Fund’s general partner (which is a Relying Adviser), Triangle Peak provides advice to the Client Funds with regard to the following determinations:
• selection of the securities that are bought or sold
• the amount of the securities bought or sold
• the brokers through which securities are bought or sold, and
• the commission rates at which securities are bought or sold. Side Letters The general partners of the Client Funds may enter side letter agreements with certain investors in the Client Funds, under which those investors may be subject to terms and conditions with respect to their investment in the Client Funds that are more favorable than those applicable to other investors in the Client Funds. Side letters with investors in a given Client Fund are entered into solely at the discretion of the general partner of that Client Fund. Assets Under Management As of December 31, 3 Triangle Peak managed $316,564,871 in assets on a discretionary basis, with aggregate capital commitments of $492,336,870. Triangle Peak does not currently manage any assets on a non-discretionary basis.