4.A. Advisory Firm Description For purposes of this Brochure, or “we” or “Kawa” means Kawa Capital Management, Inc. (“Adviser”) together (where the context permits) with certain of its affiliates, as described herein. Kawa is an independent asset manager founded in 2007 by Daniel Ades and Alexandre Saverin. Adviser is wholly owned by Kawa Holdco, Inc. (“Kawa Holdco”), a Delaware corporation. For additional information about the firm’s ownership, please refer to Schedules A and B of our Form ADV Part 1A. In October 2011, we registered with the SEC as an investment adviser. Adviser has been a member of the National Futures Association (“NFA”) and registered with the CFTC as a Commodity Pool Operator since September 2012 and as a Commodity Trading Advisor since December 2020. The registration of Adviser with the SEC and CFTC must not be taken as an indication that either agency has recommended or approved either Kawa or its advisory services. For more information about Kawa, see Item 10.C (Material Relationships or Arrangements; General Partner and Manager Affiliates; Other Affiliates). 4.B. Types of Advisory Services Kawa provides investment advisory and asset management services as an investment adviser or sub-adviser to private investment funds, consisting of: (i) an open-ended master-feeder fund structured as a British Virgin Islands limited company with an onshore feeder and an offshore feeder (collectively, “The Kawa Fund”); (ii) other private investment funds (either open- end or closed-end) focused on a particular sector and/or strategy described further in such fund’s offering documents (“Strategic Funds”); and (iii) other closed-end private investment funds, each created for a specific and limited investment (“SPE Funds” and, together with The Kawa Fund and the Strategic Funds, the “Funds” and each a “Fund”). The Funds’ organization structures typically include both domestic and foreign companies. In addition to advising Funds, Kawa provides investment advice and asset management on a non-discretionary and discretionary basis to individual, entity, and institutional clients, through investments in a Fund or through separately managed accounts (“SMAs”, and individually, “SMA”). Funds and SMAs are referred to

herein collectively as “Clients.” 4.C. Client Investment Objectives/Restrictions Kawa manages each Client’s assets in accordance with the Client’s specified investment objectives, strategies, and restrictions. However, as a general matter, Kawa’s primary focus is to provide less-correlated idiosyncratic returns to its Clients through atypical transactions that are not always accessible to larger and more mainstream market participants. Across its various products, Kawa typically employs diverse, event-driven or opportunistic approaches across multiple asset classes, with particular emphasis on real estate, lending, renewable energy, sovereign debt, currencies, and the equity and debt of public and private companies across a wide variety of sectors. Investments for each Client are managed in accordance with the applicable Client’s investment objectives, strategies, and restrictions set forth in each offering document or written agreement, as applicable. In the case of a Fund, Kawa does not modify its securities recommendations to such Fund based on the particular interests of its underlying investors. Therefore, before investing, such investors should consider whether the applicable Fund meets their investment objectives and risk tolerance. Information about each Fund can be found in its offering documents. 4.D. Wrap-Fee Programs Kawa does not participate in, nor is it a sponsor of, any wrap fee programs. 4.E. Client Assets Managed as of December 31, 2023 Discretionary Assets $2,791,033,685.15 Non-Discretionary Assets $69,487,481.66 Total Assets $2,860,521,166.81 Client Assets Managed reflect Kawa’s Regulatory Assets Under Management (“RAUM”) as reported on Item 5.F. of Kawa’s Form ADV Part 1A. The amount of Kawa’s RAUM differs from the amount of Assets Under Management that Kawa presents in certain of its customer-facing materials, which is inclusive of advisory services provided in connection with assets that are not securities, as defined under the U.S. Securities Act of 1933, as amended, and/or the U.S. Securities Exchange Act of 1934, as amended. The figures above are calculated without double counting assets attributable to SMA Clients’ investments in the Funds.