General Information Five Points Capital LLC d/b/a Reynolda Equity Partners, a North Carolina corporation (the “Adviser”), was organized in February 2005.
Although the Adviser formerly conducted business under the “BB&T” name, Branch Banking and Trust Company and BB&T Corporation, now Truist Financial Corporation (collectively, the “BB&T Entities”) have no ownership interest in the Adviser, nor is it financially backed or supported by the BB&T Entities. In the past we conducted our business under the “BB&T” name, with the permission of the BB&T Entities, because the BB&T Entities served as the seed investors and were (and they currently still are) the majority investors in certain of the Funds (defined below). The significant investments made by the BB&T Entities could have the potential of incentivizing us to favor the BB&T Entities over smaller Fund investors.
Fund investments are not bank deposits and are not insured or guaranteed by the FDIC or any other agency. Pooled Investment Advisory Services The Adviser provides investment advisory services to pooled investment vehicles (each, a “Fund”, and collectively, the “Funds”) that are exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”). As the investment adviser to a particular Fund, the Adviser identifies investment opportunities for, and participates in the acquisition, management, monitoring and disposition of investments, of the applicable Fund.
The following related persons of the Adviser, each of which is under common control with the Adviser, serve as the general partners or managers, as applicable, of the Funds (the “General Partners”): (i) Reynolda Capital Management Company, LLC, which is the manager of BB&T Capital Partners, L.L.C.; (ii) Winston Mezzanine Partners, LLC, which is the general partner of BB&T Capital Partners Mezzanine Fund II, LP; (iii) Five Points Mezzanine Advisors III, LLC, which is the general partner of Five Points Mezzanine Fund III, LP; (iv) Pinewood Advisors, LLC, which is the manager of BB&T Capital Partners II, L.L.C.; (v) Forsyth Equity Advisors, LLC, which is the manager of Five Points Small Buyout Strategies I, LLC (which was formerly operated under the name “BB&T Capital Partners Fund of Funds I, LLC”) and Five Points Small Buyout Strategies II, LLC; (vi) Five Points Advisors III, LP, which is the general partner of Five Points Small Buyout Strategies III, LP and Five Points SBS Co-Investment A, LP; (vii) Five Points Equity Advisors IV, LLC, which is the general partner of Five Points Capital Partners IV, L.P.; (viii) Five Points Advisors IV, LLC, which is the general partner of Five Points Small Buyout Strategies IV, LP; (ix) FP Credit SBIC GP IV, LLC, which is the general partner of Five Points Credit SBIC IV, LP; and (x) Reynolda SPV Manager LLC serves as the manager of Reynolda Conquest SPV LLC. Five Points Management III, LLC serves as the general partner of Five Points Advisors III, LP, and Five Points Management IV, LLC serves as the general partner of Five Points Advisors IV, LLC. In providing services to the Funds, the Adviser and the General Partners seek to tailor their services to the needs, interests and circumstances of the Funds.
SBIC Funds. The Adviser provides discretionary investment advisory services to Funds that are Small Business Investment Companies (“SBICs” or the “SBIC Funds”) that are regulated by the Small Business Administration (the “SBA”). The SBIC Funds focus on investments in companies that (i) satisfy the requirements set forth by the SBA for an SBIC and (ii) are located in the United States. The primary investment advisory services provided by the Adviser to the SBIC Funds are researching and advising on private equity investments and mezzanine lending across a wide variety of industries. Such investments take the form of privately negotiated investment instruments, including, without limitation, unregistered equity securities and mezzanine notes. Although the primary

focus of each of the SBIC Funds is on private equity investments and/or mezzanine lending, the Adviser may from time to time recommend other types of investments consistent with the respective Fund’s investment strategy and objectives, as set forth in its offering documents. The SBIC Funds currently advised by the Adviser include: (i) Five Points Mezzanine Fund III, LP; (ii) Five Points Capital Partners IV, L.P.; and (iii) Five Points Credit SBIC IV, LP.
Private Equity Funds. The Adviser provides discretionary investment advisory services to (i) BB&T Capital Partners, L.L.C.; (ii) BB&T Capital Partners Mezzanine Fund II, LP; and (iii) BB&T Capital Partners II, L.L.C, which are private equity funds (the “PE Funds”). The primary investment advisory services provided by the Adviser to the PE Funds are researching and advising on private equity investments and private credit lending across a wide variety of industries. Such investments take the form of privately negotiated investment instruments, including, without limitation, unregistered equity securities and private credit notes. Although the primary focus of each of the PE Funds is on private equity investments and/or private lending, the Adviser may from time to time recommend other types of investments consistent with the respective Fund’s investment strategy and objectives, as set forth in its offering documents.
Funds of Funds. The Adviser provides investment advisory services to Five Points Small Buyout Strategies I, LLC, Five Points Small Buyout Strategies II, LLC, Five Points Small Buyout Strategies III, LP, and Five Points Small Buyout Strategies IV, LP, which are private equity funds of funds (the “Funds of Funds”). Five Points Small Buyout Strategies IV, LP is a “master fund” in a master-feeder arrangement, with Five Points Small Buyout Strategies IV (A), LP and Five Points Small Buyout Strategies IV (B), LP as its “feeder funds.” In addition, Five Points Small Buyout Strategies IV (Cayman), LP is a “feeder fund” for Five Points Small Buyout Strategies IV (A), LP. The Funds of Funds focus on investments in private equity funds that are in the lower middle-market buyout segment of private equity fund (i.e., private equity funds with commitments of $750 million or less). The primary investment advisory services provided by the Adviser to Funds of Funds is selecting private equity funds of established and emerging private equity fund managers that have appropriate sector focus and that have differentiated business strategies and monitoring such investments.
Co-Investment Fund. The Adviser provides investment advisory services to Five Points SBS Co-Investment A, LP, and Reynolda Conquest SPV LLC, co-investment funds that invests alongside the equity focused SBIC Funds, PE Funds, and Funds of Funds (the “Co-Investment Funds”).
Institutional Investor Advisory Services The Adviser may provide investment advisory services to institutional investors (“Institutional Investors Advisory Services”). Institutional Investors Advisory Services may use in part or whole investment strategies used by the Funds or the Adviser’s other clients.
Investment Discretion All of the Adviser’s investment advisory services are provided on a discretionary basis. As of December 31, 2023, the Adviser had $1,222,997,832 in assets under management.
Principal Owners The principal owner of the Adviser is P10 Intermediate Holdings LLC, which is owned by P10, Inc. (NYSE: PX). P10 Intermediate Holdings LLC also owns RCP Advisors 2 LLC and RCP Advisors 3 LLC (together, “RCP”), Bonaccord Capital Advisors, LLC (“Bonaccord”) and Hark Capital Advisors LLC (“Hark”). P10 Intermediate Holdings LLC also owns Enhanced Capital Partners, LLC through Trident ECP Holdings Inc. (“Enhanced Capital”), TrueBridge Capital Partners LLC (“TrueBridge Capital”) and Westech Investment Advisors, LLC (“WTI”). Each of RCP, Bonaccord, Hark, Enhanced Capital, TrueBridge Capital and WTI are registered investment advisers (collectively, the “Sister Companies”). Five Points operates independently from each of the Sister Companies.