A. Describe your advisory firm, including how long you have been in business. Identify your principal owner(s). McCarthy Partners Management, LLC, together with its fund general partners and affiliates, unless the context otherwise requires (“MPM” or the “Firm”), a Delaware limited liability company, is a private equity firm based in Omaha, Nebraska, with a satellite office in Wellesley, Massachusetts. Founded in 1999 as McCarthy Capital Corporation with the initial mandate to invest in private and public companies in the lower middle market, MPM and its affiliates provide discretionary investment advisory services to their clients, which consist of private investment funds. MPM also acts as the investment adviser to private funds previously advised by the former McCarthy Capital Corporation. Since formation, MPM has evolved its core strategy to make control and substantial minority investments in lower-middle market private companies in a mix of growth equity, recapitalizations, management buyouts and real estate investments. The Firm is typically the first institutional capital in its underlying portfolio companies, which presents its private fund clients with the ability to effect change and to implement value-add growth initiatives, creating opportunities to create scale. MPM’s private funds grow underlying businesses in partnership with management teams, pursuing a variety of proprietary strategies as they seek to create long-term growth and value. MPM serves as the investment adviser for, and provides discretionary investment advisory services to, private funds (the “Funds”) which are exempt from registration under the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder (the “Investment Company Act”). MPM also provides discretionary investment advisory services to co-investment special purpose funds established to invest alongside a fund in a single portfolio company (each, a “Co-Investment Fund” and collectively with the Funds, the “Funds” unless the context otherwise requires). In addition, in certain circumstances, as more fully described in Item 7 below, the Firm permits certain investors and third parties to co-invest alongside a Fund directly into a portfolio company. Unlike the Co-Investment Funds mentioned above, such direct co-investments are not considered Funds or clients of MPM. In addition, MPM has established certain investment vehicles through which certain current and former employees, members, officers, advisors, portfolio company executives, independent contractors or persons close to the Firm invest alongside one or more main Fund in an investment opportunity. For more information about the MPM Funds, please see the Firm’s Form ADV Part 1, Schedule D, Section 7.B.(1), Private Fund Reporting. Most Funds are affiliated with a general partner with the authority to make investment decisions on behalf of the Fund (the “General Partner”, and collectively the “General Partners”). These General Partners are deemed registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) pursuant to MPM’s registration in accordance with SEC guidance. The applicable General Partner of each Fund retains investment discretion and investors in the Funds do not participate in the control or management of the Funds. While the General Partners maintain ultimate authority over the respective Funds, MPM has been delegated the role of investment adviser. For the Funds where there is no general partner, MPM or an affiliate serves the role of general partner and has similarly been delegated the role of investment manager. For more information about the General Partners and affiliates, please see the Firm’s Form ADV Part 1, Schedule D, Section 7.A., Financial Industry Affiliations. Principal Owners/Ownership Structure MPM is owned by MCP Management Corporation, which is fully owned by members of the investment team. For more information about MPM’s owners and executive officers, see MPM’s Form ADV Part 1, Schedules A and B. B. Describe the types of advisory services you offer. If you hold yourself out as specializing in a particular type of advisory service, such as financial planning, quantitative analysis, or market timing, explain the nature of that service in greater detail. If you provide investment advice only with respect to limited types of investments, explain the type of investment advice you offer, and disclose that your advice is limited to those types of investments. MPM provides investment advisory and management services as a private equity fund manager to its Funds. Certain Funds invest through privately negotiated transactions in operating companies, generally referred to as “portfolio companies.” Each portfolio company has its own independent management team responsible for managing its day-to-day operations, although

the senior principals or other personnel and/or affiliates of MPM will generally serve on such portfolio companies’ respective boards of directors or otherwise act to influence control over management of portfolio companies held by the Funds. In addition, in some cases, MPM will more directly influence the day- to-day management of the company by assisting with the hiring of certain individuals in various leadership roles, such as chief executive officer, chief operating officer, chief financial officer or in other roles. MPM’s investment advisory services for the Funds consist of identifying and evaluating investment opportunities, negotiating the terms of investment, managing and monitoring investments and achieving dispositions of such investments. Investments are made predominantly in non-public companies, although in infrequent circumstances, a Fund is permitted to invest in public companies. Specifically, on occasion, MPM has invested in public companies, an MPM portfolio company has gone public through an initial public offering or a MPM portfolio company has gone public through a merger with a special purpose acquisition company. Other Funds invest in real estate or real estate related assets across various asset classes. Real estate investments are frequently made with a joint partner, operator and/or developer. For purposes of this Brochure, references to “portfolio company” refers to all investments, unless the context otherwise requires. C. Explain whether (and, if so, how) you tailor your advisory services to the individual needs of clients. Explain whether clients may impose restrictions on investing in certain securities or types of securities. MPM does not customize its advisory services to the individual needs of investors in its Funds; the Firm’s investment advice and authority for each Fund is tailored to the investment objectives of that Fund. These investment objectives are described in and governed by the offering memorandum, limited partnership agreement or operating agreement, subscription documents, side letter agreements and other governing documents of the relevant Fund, including without limitation, management or advisory agreements (collectively, “Governing Documents”) and investors determine the suitability of an investment in a Fund based on, among other things, the Governing Documents. The Firm does not vary its advice from the terms of the Governing Documents, nor does it seek or require investor approval regarding each investment decision. Fund investors generally cannot impose restrictions on investing in certain securities or types of securities, other than through side letters agreements. Investors in the Funds participate in the overall investment program for the applicable Fund and generally cannot be excused from a particular investment except pursuant to the terms of the applicable Governing Documents. In accordance with industry common practice, MPM has entered into side letters or similar agreements with certain investors including those who make substantial commitments of capital or were early-stage investors in the Funds, or for other reasons in the sole discretion of MPM, in each case that have the effect of establishing rights under, or altering or supplementing, a Fund’s Governing Documents. Examples of side letter rights entered into include notification provisions, advisory board representation, reporting requirements and “most favored nations” provisions, among others. These rights, benefits or privileges are not always made available to all investors, consistent with the Governing Documents and general market practice. Commencing in September 2024, MPM will make required disclosure of certain side letters to all investors (and in certain cases, to prospective investors) in accordance with the new Private Fund Rule. Side letters are negotiated at the time of the relevant investor’s capital commitment, and once invested in a Fund, investors generally cannot impose additional investment guidelines or restrictions on such Fund. There can be no assurance that the side letter rights granted to one or more investors will not in certain cases disadvantage other investors, D. If you participate in wrap fee programs by providing portfolio management services, (1) describe the differences, if any, between how you manage wrap fee accounts and how you manage other accounts, and (2) explain that you receive a portion of the wrap fee for your services. MPM does not participate in wrap fee programs. E. If you manage client assets, disclose the amount of client assets you manage on a discretionary basis and the amount of client assets you manage on a non-discretionary basis. Disclose the date “as of” which you calculated the amounts. As of December 31, 2023, MPM managed regulatory assets under management of approximately $4.030 billion, all on a discretionary basis.