Bow River Asset Management, LLC d/b/a Bow River Capital (“Bow River Capital,” “Bow River,” or the “Firm”) is an SEC-registered investment adviser established under the laws of Colorado and headquartered in Denver. The Firm’s predecessor entity was founded in 2003. Its parent company, Bow River Asset Management Corporation II (“BRAM II”), owns a majority interest in the Firm. BRAM II is principally owned by Blair Richardson and the Richardson 2012 Trust. An unaffiliated third-party investor, Weichert Enterprise LLC, also owns a non-controlling, direct interest in Bow River Capital. On January 25, 2023, Bow River Capital formed a new, registered investment advisory subsidiary, Bow River Advisers, LLC (“BRA”), for the purpose of providing investment management services to the Bow River Capital Evergreen Fund (“Evergreen Fund”). Accordingly, effective as of April 1, 2023, Bow River Asset Management, LLC only provides investment advisory services to private funds. Bow River Capital is an alternatives investment firm with a diversified investment management platform focused primarily on investing in lower middle-market private assets. Bow River Capital provides discretionary portfolio management and investment advisory services to private pooled investment vehicles (typically structured as limited partnerships or limited liability companies) that make private investments in the debt and/or equity capital of portfolio companies or real estate (each a “Private Fund” or “Client”). Each Private Fund relies upon an exemption from registration under either Section 3(c)(1), 3(c)(7), or in the case of certain real estate funds, Section 3(c)(5). Each Private Fund is typically comprised of multiple parallel and/or feeder funds, including parallel funds through which employees and affiliates of Bow River Capital may invest on a fee-free basis (“Executive Funds”). References to the Private Funds in this Brochure should be construed to include all of a Fund’s parallel and/or feeder entities. Each of the Private

Funds is controlled by a general partner or managing member (“General Partner”). Each Private Fund’s General Partner has appointed Bow River Capital to serve as the Private Fund’s investment manager, pursuant to a written agreement. Unless context otherwise requires, references in this Brochure to “Bow River Capital” or the “Firm” should be construed to include the relevant General Partner. Please see Item 10 for a list of all Private Funds and their General Partners. Bow River Capital also provides advisory services to investment vehicles established by the Firm to facilitate co-investment of third-party assets alongside a Private Fund, typically in a single portfolio asset. From time to time, Bow River Capital may, but typically does not, permit third parties to co-invest directly into portfolio assets. Bow River Capital does not consider such direct co-investors to be “clients” of the Firm for purposes of this Brochure because in such circumstances the Firm does not exercise any investment discretion or control on behalf of such direct co-investors. Additionally, Bow River Capital may, in the future, establish co-investment funds designed to co-invest alongside multiple portfolio assets. Bow River Capital’s investment advisory services include identifying and evaluating investment opportunities, negotiating the terms of investments, managing, providing operational oversight and expertise to management, and monitoring investments and selling portfolio investments. Bow River Capital manages each of its Funds within the guidelines and restrictions set forth in each Fund’s offering documents and within regulatory guidelines and limitations. See Item 8 for additional information regarding the Funds’ investment strategies and risks. Bow River Capital does not participate in wrap fee programs. ASSETS UNDER MANAGEMENT As of December 31, 2023, Bow River Capital had $2,951,282,706 in discretionary assets under management (“AUM”). The firm does not have any non-discretionary assets under management.