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ck0002131040:AffiliatedTransactionsRestrictionsRiskMember 2026-08-03 2026-08-03 0002131040 ck0002131040:OtherFundsAdvisedByTheAdviserRiskMember 2026-08-03 2026-08-03 0002131040 ck0002131040:RegulatoryEnvironmentRiskMember 2026-08-03 2026-08-03 0002131040 ck0002131040:ChangeInInvestmentObjectiveOrStrategiesRiskMember 2026-08-03 2026-08-03 0002131040 ck0002131040:ActiveManagementRiskMember 2026-08-03 2026-08-03 0002131040 ck0002131040:AntiTakeoverProvisionsRiskMember 2026-08-03 2026-08-03 0002131040 ck0002131040:RequiredDistributionsRiskMember 2026-08-03 2026-08-03 0002131040 ck0002131040:TaxationOfShareholdersOnDistributionsInCompanysOwnStockRiskMember 2026-08-03 2026-08-03 0002131040 ck0002131040:FailureToQualifyAsARegulatedInvestmentCompanyRiskMember 2026-08-03 2026-08-03 0002131040 ck0002131040:AdditionalTaxLiabilitiesRiskMember 2026-08-03 2026-08-03 0002131040 ck0002131040:TheDRIPMayCreateATaxableEventForShareholdersRiskMember 2026-08-03 2026-08-03 0002131040 ck0002131040:OtherRisksRelatedToThisOfferingRiskMember 2026-08-03 2026-08-03 0002131040 us-gaap:CommonStockMember 2026-08-03 2026-08-03 pure iso4217:USD shares 0002131040 false N-2 No 333-297168 N-2 true 2 true false Robinhood Ventures Fund II 85 Willow Road Menlo Park CA 94025 650 761-7789 John MarkleMaureen Montgomery 85 Willow Road Menlo Park CA 94025 As soon as practicable after the effective date of this Registration Statement. false false false false false false false false false false false true false false true false true <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The following table contains information about the costs and expenses that Shareholders will bear directly or </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">indirectly. The expenses shown in the table under “Annual Expenses” are based on estimated amounts for the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:117pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s first fiscal year of operations and assume that the Company issues an aggregate of 7,600,000 Shares </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(representing an aggregate public offering price of $190,000,000). The purpose of the table and the example below </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">is to help you understand the fees and expenses that you as a Shareholder would bear directly or indirectly. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">following table should not be considered as a representation of the Company’s future expenses. Actual expenses </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may be greater or less than those shown and, all other things being equal, will increase as a percentage of net assets </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">attributable to Shares of the Company if the Company issues fewer than 7,600,000 Shares.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:198pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Please refer to “</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:154.06pt;position:var(--position);text-decoration:none;white-space:pre">Management of the Company-Investment Advisory Agreement-Management Fee</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:475.37pt;position:var(--position);text-decoration:none;white-space:pre">,” “</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:489.23pt;position:var(--position);text-decoration:none;white-space:pre">Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:210pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Expenses,”</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:117.22999999999999pt;position:var(--position);text-decoration:none;white-space:pre"> “</span><span style="color:#0000ff;font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:124.16pt;position:var(--position);text-decoration:underline;white-space:pre"><a href="#i9fdf5ca8c5d94332a78ac024e1493af0_49" style="color:inherit;text-decoration:inherit;z-index:1">Underwriting</a></span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:178.56pt;position:var(--position);text-decoration:none;white-space:pre">” and “</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:206.85pt;position:var(--position);text-decoration:none;white-space:pre">Dividend Reinvestment Plan</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:320.58000000000004pt;position:var(--position);text-decoration:none;white-space:pre">” for more complete descriptions of the various costs </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:222pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and expenses.</span></div> <div style="font-size:0pt;left:72pt;position:var(--position);width:468pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:399.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:65.25pt"></td></tr><tr style="height:12pt"><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:399.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.37pt;width:399.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Shareholder Transaction Expenses:</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:12pt;width:399.75pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:399.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Sales load paid by you (as a percentage of offering price)</span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:231.25pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.6pt;font-style:normal;font-weight:normal;left:231.82999999999998pt;position:var(--position);top:-0.158pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.16pt;font-style:normal;font-weight:normal;left:231.98pt;position:var(--position);top:-0.042pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.08pt;font-style:normal;font-weight:normal;left:232.01999999999998pt;position:var(--position);top:-0.021pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.04pt;font-style:normal;font-weight:normal;left:232.04pt;position:var(--position);top:-0.011pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:232.04999999999998pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">..................................................................</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:12pt;width:65.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:35.34pt;position:var(--position)"></span><span style="left:35.34pt;position:var(--position)">4.50<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span><span style="left:56.17pt;position:var(--position)">%</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:26.25pt;width:399.75pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:399.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Offering expenses borne by the Company (as a percentage of offering price)</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:307.57pt;position:var(--position);text-decoration:none;top:-5.051pt;vertical-align:super;white-space:pre">(1)</span><span style="font-family:'Times New Roman', serif;font-size:4.64pt;font-style:normal;font-weight:normal;left:315.14pt;position:var(--position);top:-1.219pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:316.3pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.16pt;font-style:normal;font-weight:normal;left:316.88pt;position:var(--position);top:-0.042pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.08pt;font-style:normal;font-weight:normal;left:316.92pt;position:var(--position);top:-0.021pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:316.94pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">................................</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:26.25pt;width:65.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:35.34pt;position:var(--position)"></span><span style="left:35.34pt;position:var(--position)">2.12<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span><span style="left:56.17pt;position:var(--position)">%</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:40.5pt;width:399.75pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:399.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Dividend reinvestment plan fees</span><span style="font-family:'Times New Roman', serif;font-size:4.64pt;font-style:normal;font-weight:normal;left:132.19pt;position:var(--position);top:-1.219pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:133.35pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:1.18pt;font-style:normal;font-weight:normal;left:133.93pt;position:var(--position);top:-0.31pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.6pt;font-style:normal;font-weight:normal;left:134.22pt;position:var(--position);top:-0.158pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.08pt;font-style:normal;font-weight:normal;left:134.37pt;position:var(--position);top:-0.021pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.04pt;font-style:normal;font-weight:normal;left:134.39pt;position:var(--position);top:-0.011pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:134.4pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">.........................................................................................................</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:40.5pt;width:65.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:40.97pt;position:var(--position);text-decoration:none;white-space:pre">None</span></div></div></div></td></tr></tbody></table></div></div><div style="position:var(--position);top:311.75pt;width:612pt"><div style="font-size:0pt;left:72pt;position:var(--position);width:468pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:399.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:65.25pt"></td></tr><tr style="height:36pt"><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:399.75pt"><div><div style="line-height:8pt;position:var(--position);top:27.37pt;width:399.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Annual Expenses:</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);width:65.25pt"><div><div style="line-height:8pt;position:var(--position);top:3.37pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:9.43pt;position:var(--position);text-decoration:none;white-space:pre">Percentage of </span></div><div style="line-height:8pt;position:var(--position);top:11.37pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:14.98pt;position:var(--position);text-decoration:none;white-space:pre">Net Assets </span></div><div style="line-height:8pt;position:var(--position);top:19.37pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:6.99pt;position:var(--position);text-decoration:none;white-space:pre">Attributable to </span></div><div style="line-height:8pt;position:var(--position);top:27.37pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:21.08pt;position:var(--position);text-decoration:none;white-space:pre">Shares</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:36pt;width:399.75pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:399.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Base Management Fees</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:97.5pt;position:var(--position);text-decoration:none;top:-5.051pt;vertical-align:super;white-space:pre">(2)</span><span style="font-family:'Times New Roman', serif;font-size:4.64pt;font-style:normal;font-weight:normal;left:105.07pt;position:var(--position);top:-1.219pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:106.22999999999999pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.32pt;font-style:normal;font-weight:normal;left:106.81pt;position:var(--position);top:-0.084pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.16pt;font-style:normal;font-weight:normal;left:106.89pt;position:var(--position);top:-0.042pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.04pt;font-style:normal;font-weight:normal;left:106.92999999999999pt;position:var(--position);top:-0.011pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:106.94pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">....................................................................................................................</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:36pt;width:65.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:35.34pt;position:var(--position)"></span><span style="left:35.34pt;position:var(--position)">2.00<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span><span style="left:56.17pt;position:var(--position)">%</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:50.25pt;width:399.75pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:399.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Incentive Fee on Capital Gains</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:126.35pt;position:var(--position);text-decoration:none;top:-5.051pt;vertical-align:super;white-space:pre">(3)</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:133.92pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:136.42pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.16pt;font-style:normal;font-weight:normal;left:137pt;position:var(--position);top:-0.042pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.08pt;font-style:normal;font-weight:normal;left:137.04pt;position:var(--position);top:-0.021pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:137.06pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">........................................................................................................</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:50.25pt;width:65.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:42.84pt;position:var(--position)"></span><span style="left:42.84pt;position:var(--position)">—<span style="display:inline-block;height:6.93pt;width:11.66pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:64.5pt;width:399.75pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:399.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Other Expenses</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:65.62pt;position:var(--position);text-decoration:none;top:-5.051pt;vertical-align:super;white-space:pre">(4)</span><span style="font-family:'Times New Roman', serif;font-size:4.64pt;font-style:normal;font-weight:normal;left:73.19pt;position:var(--position);top:-1.219pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.32pt;font-style:normal;font-weight:normal;left:74.35pt;position:var(--position);top:-0.084pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.16pt;font-style:normal;font-weight:normal;left:74.42999999999999pt;position:var(--position);top:-0.042pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.08pt;font-style:normal;font-weight:normal;left:74.47pt;position:var(--position);top:-0.021pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.04pt;font-style:normal;font-weight:normal;left:74.49pt;position:var(--position);top:-0.011pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:74.5pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">.................................................................................................................................</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:64.5pt;width:65.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:35.34pt;position:var(--position)"></span><span style="left:35.34pt;position:var(--position)">2.07<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span><span style="left:56.17pt;position:var(--position)">%</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:78.75pt;width:399.75pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:399.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Repayment to Robinhood</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:117.32pt;position:var(--position);text-decoration:none;top:-5.051pt;vertical-align:super;white-space:pre">(5)</span><span style="font-family:'Times New Roman', serif;font-size:4.64pt;font-style:normal;font-weight:normal;left:124.89pt;position:var(--position);top:-1.219pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:126.05pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.6pt;font-style:normal;font-weight:normal;left:126.63pt;position:var(--position);top:-0.158pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.32pt;font-style:normal;font-weight:normal;left:126.78pt;position:var(--position);top:-0.084pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.16pt;font-style:normal;font-weight:normal;left:126.86pt;position:var(--position);top:-0.042pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.08pt;font-style:normal;font-weight:normal;left:126.89999999999999pt;position:var(--position);top:-0.021pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.04pt;font-style:normal;font-weight:normal;left:126.92pt;position:var(--position);top:-0.011pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:126.92999999999999pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">............................................................................................................</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:78.75pt;width:65.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:35.34pt;position:var(--position)"></span><span style="left:35.34pt;position:var(--position)">0.84<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span><span style="left:56.17pt;position:var(--position)">%</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:93pt;width:399.75pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:399.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Other Expenses</span><span style="font-family:'Times New Roman', serif;font-size:4.64pt;font-style:normal;font-weight:normal;left:77.62pt;position:var(--position);top:-1.219pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:78.78pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.32pt;font-style:normal;font-weight:normal;left:79.36pt;position:var(--position);top:-0.084pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:79.44pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">...............................................................................................................................</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:93pt;width:65.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:35.34pt;position:var(--position)"></span><span style="left:35.34pt;position:var(--position)">1.23<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span><span style="left:56.17pt;position:var(--position)">%</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:107.25pt;width:399.75pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:399.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Interest Payments on Borrowings</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:136.13pt;position:var(--position);text-decoration:none;top:-5.051pt;vertical-align:super;white-space:pre">(6)</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:143.7pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">  </span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:148.7pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.6pt;font-style:normal;font-weight:normal;left:149.28pt;position:var(--position);top:-0.158pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.32pt;font-style:normal;font-weight:normal;left:149.43pt;position:var(--position);top:-0.084pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.16pt;font-style:normal;font-weight:normal;left:149.51pt;position:var(--position);top:-0.042pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:149.54999999999998pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">...................................................................................................</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:107.25pt;width:65.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:42.84pt;position:var(--position)"></span><span style="left:42.84pt;position:var(--position)">—<span style="display:inline-block;height:6.93pt;width:11.66pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:121.5pt;width:399.75pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:399.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Acquired Fund Fees and Expenses</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:140.85pt;position:var(--position);text-decoration:none;top:-5.051pt;vertical-align:super;white-space:pre">(7)</span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:148.42pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:1.18pt;font-style:normal;font-weight:normal;left:149pt;position:var(--position);top:-0.31pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.6pt;font-style:normal;font-weight:normal;left:149.29pt;position:var(--position);top:-0.158pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.32pt;font-style:normal;font-weight:normal;left:149.44pt;position:var(--position);top:-0.084pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:149.51999999999998pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">...................................................................................................</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:121.5pt;width:65.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:35.34pt;position:var(--position)"></span><span style="left:35.34pt;position:var(--position)">0.11<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span><span style="left:56.17pt;position:var(--position)">%</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:135.75pt;width:399.75pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:399.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Total Annual Expenses</span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:95.86pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:1.18pt;font-style:normal;font-weight:normal;left:96.44pt;position:var(--position);top:-0.31pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.6pt;font-style:normal;font-weight:normal;left:96.72999999999999pt;position:var(--position);top:-0.158pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.32pt;font-style:normal;font-weight:normal;left:96.88pt;position:var(--position);top:-0.084pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.16pt;font-style:normal;font-weight:normal;left:96.96pt;position:var(--position);top:-0.042pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.08pt;font-style:normal;font-weight:normal;left:97pt;position:var(--position);top:-0.021pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:97.02pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">........................................................................................................................</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:135.75pt;width:65.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:35.34pt;position:var(--position)"></span><span style="left:35.34pt;position:var(--position)">4.18<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span><span style="left:56.17pt;position:var(--position)">%</span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:466.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">__________________</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:476.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company estimates that it will incur one-time expenses of approximately $4.2 million (approximately 2.12% of the gross proceeds) in </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:485.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">connection with this offering, assuming 8 million Shares are sold in this offering. These expenses include registration fees, FINRA (as </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:495.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">defined later in this Prospectus) filing fees, exchange listing fees, printing expenses, legal fees and expenses and accounting fees and </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:505.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">expenses. The offering costs will immediately reduce the NAV of each Share purchased in this offering. See “Underwriting.” Any offering </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:514.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">costs incurred prior to the closing of the initial public offering paid by Robinhood will be reimbursed by the Company. The Company will </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:524.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">reimburse Robinhood promptly following the offering out of the offering proceeds.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:533.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(2)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company pays the Adviser a Base Management Fee calculated and payable quarterly at an annual rate of 2.00% of the Company’s Net </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:543.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Assets determined quarterly as of the end of each quarter (before the accrual of the Base Management Fee for that quarter). “Net Assets” </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:553.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">means the total assets of the Company minus the Company’s liabilities. For purposes of determining the Base Management Fee payable to </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:562.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">the Adviser, the Company’s Net Assets will be calculated prior to any reduction for the accrual of the Base Management Fee for that </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:572.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">quarter.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:581.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(3)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Based on the Company’s current business plan, it anticipates that substantially all of the net proceeds of this offering will be invested within </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:591.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">36 months depending on the availability of investment opportunities that are consistent with the Company’s investment objective and other </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:601.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">market conditions. As a result, during the Company’s first year of operations following consummation of this offering the Company expects </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:610.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">that it will not have any capital gains. The Incentive Fee on Capital Gains, payable at the end of each fiscal year (or upon termination of the </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:620.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Investment Advisory Agreement) in arrears, equals 20.00% of cumulative realized capital gains from inception to the end of each fiscal </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:629.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">year, less cumulative realized capital losses and unrealized capital depreciation from inception to the end of each fiscal year, less the </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:639.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">aggregate amount of any previously paid Incentive Fee on Capital Gains for prior periods.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:649.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(4)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Other Expenses are based on estimated amounts for the current fiscal year, and include organizational costs incurred since inception.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:658.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(5)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company entered into an Organizational Costs Support and Reimbursement Letter Agreement with Robinhood and the Adviser, dated </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:668.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">June 29, 2026, which was approved by the Board. Pursuant to this agreement, Robinhood agreed to pay all organizational costs incurred by </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:677.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">the Company or incurred by Robinhood on the Company’s behalf prior to the initial public offering of its common shares of beneficial </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:687.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">interest. In the event the Company does not consummate the initial public offering of its Shares, Robinhood irrevocably forbears its right to </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:697.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">seek reimbursement from the Company for such organizational costs. As a result of this agreement, organizational costs of $1.7 million </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:706.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">incurred for periods through the date of the initial public offering are borne by Robinhood until the initial public offering. In the event that </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">the Company consummates the initial public offering of its Shares, the organizational costs will be charged to the Company by Robinhood </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:81.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">immediately upon the consummation of the initial public offering, and the Company will reimburse Robinhood for such organizational costs </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:91.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">from the proceeds received by the Company from the initial public offering. As a result, the organizational costs will immediately reduce </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:100.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">the NAV of each Share purchased in this offering.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:110.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(6)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company does not currently anticipate incurring indebtedness on its portfolio or paying any interest during the current fiscal year.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(7)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year.</span></div> 0.0450 0.0212 0 <div style="font-size:0pt;left:72pt;position:var(--position);width:468pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:399.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:65.25pt"></td></tr><tr style="height:36pt"><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:399.75pt"><div><div style="line-height:8pt;position:var(--position);top:27.37pt;width:399.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Annual Expenses:</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);width:65.25pt"><div><div style="line-height:8pt;position:var(--position);top:3.37pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:9.43pt;position:var(--position);text-decoration:none;white-space:pre">Percentage of </span></div><div style="line-height:8pt;position:var(--position);top:11.37pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:14.98pt;position:var(--position);text-decoration:none;white-space:pre">Net Assets </span></div><div style="line-height:8pt;position:var(--position);top:19.37pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:6.99pt;position:var(--position);text-decoration:none;white-space:pre">Attributable to </span></div><div style="line-height:8pt;position:var(--position);top:27.37pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:21.08pt;position:var(--position);text-decoration:none;white-space:pre">Shares</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:36pt;width:399.75pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:399.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Base Management Fees</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:97.5pt;position:var(--position);text-decoration:none;top:-5.051pt;vertical-align:super;white-space:pre">(2)</span><span style="font-family:'Times New Roman', serif;font-size:4.64pt;font-style:normal;font-weight:normal;left:105.07pt;position:var(--position);top:-1.219pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:106.22999999999999pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.32pt;font-style:normal;font-weight:normal;left:106.81pt;position:var(--position);top:-0.084pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.16pt;font-style:normal;font-weight:normal;left:106.89pt;position:var(--position);top:-0.042pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.04pt;font-style:normal;font-weight:normal;left:106.92999999999999pt;position:var(--position);top:-0.011pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:106.94pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">....................................................................................................................</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:36pt;width:65.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:35.34pt;position:var(--position)"></span><span style="left:35.34pt;position:var(--position)">2.00<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span><span style="left:56.17pt;position:var(--position)">%</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:50.25pt;width:399.75pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:399.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Incentive Fee on Capital Gains</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:126.35pt;position:var(--position);text-decoration:none;top:-5.051pt;vertical-align:super;white-space:pre">(3)</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:133.92pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:136.42pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.16pt;font-style:normal;font-weight:normal;left:137pt;position:var(--position);top:-0.042pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.08pt;font-style:normal;font-weight:normal;left:137.04pt;position:var(--position);top:-0.021pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:137.06pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">........................................................................................................</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:50.25pt;width:65.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:42.84pt;position:var(--position)"></span><span style="left:42.84pt;position:var(--position)">—<span style="display:inline-block;height:6.93pt;width:11.66pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:64.5pt;width:399.75pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:399.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Other Expenses</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:65.62pt;position:var(--position);text-decoration:none;top:-5.051pt;vertical-align:super;white-space:pre">(4)</span><span style="font-family:'Times New Roman', serif;font-size:4.64pt;font-style:normal;font-weight:normal;left:73.19pt;position:var(--position);top:-1.219pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.32pt;font-style:normal;font-weight:normal;left:74.35pt;position:var(--position);top:-0.084pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.16pt;font-style:normal;font-weight:normal;left:74.42999999999999pt;position:var(--position);top:-0.042pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.08pt;font-style:normal;font-weight:normal;left:74.47pt;position:var(--position);top:-0.021pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.04pt;font-style:normal;font-weight:normal;left:74.49pt;position:var(--position);top:-0.011pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:74.5pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">.................................................................................................................................</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:64.5pt;width:65.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:35.34pt;position:var(--position)"></span><span style="left:35.34pt;position:var(--position)">2.07<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span><span style="left:56.17pt;position:var(--position)">%</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:78.75pt;width:399.75pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:399.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Repayment to Robinhood</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:117.32pt;position:var(--position);text-decoration:none;top:-5.051pt;vertical-align:super;white-space:pre">(5)</span><span style="font-family:'Times New Roman', serif;font-size:4.64pt;font-style:normal;font-weight:normal;left:124.89pt;position:var(--position);top:-1.219pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:126.05pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.6pt;font-style:normal;font-weight:normal;left:126.63pt;position:var(--position);top:-0.158pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.32pt;font-style:normal;font-weight:normal;left:126.78pt;position:var(--position);top:-0.084pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.16pt;font-style:normal;font-weight:normal;left:126.86pt;position:var(--position);top:-0.042pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.08pt;font-style:normal;font-weight:normal;left:126.89999999999999pt;position:var(--position);top:-0.021pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.04pt;font-style:normal;font-weight:normal;left:126.92pt;position:var(--position);top:-0.011pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:126.92999999999999pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">............................................................................................................</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:78.75pt;width:65.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:35.34pt;position:var(--position)"></span><span style="left:35.34pt;position:var(--position)">0.84<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span><span style="left:56.17pt;position:var(--position)">%</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:93pt;width:399.75pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:399.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Other Expenses</span><span style="font-family:'Times New Roman', serif;font-size:4.64pt;font-style:normal;font-weight:normal;left:77.62pt;position:var(--position);top:-1.219pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:78.78pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.32pt;font-style:normal;font-weight:normal;left:79.36pt;position:var(--position);top:-0.084pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:79.44pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">...............................................................................................................................</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:93pt;width:65.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:35.34pt;position:var(--position)"></span><span style="left:35.34pt;position:var(--position)">1.23<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span><span style="left:56.17pt;position:var(--position)">%</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:107.25pt;width:399.75pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:399.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Interest Payments on Borrowings</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:136.13pt;position:var(--position);text-decoration:none;top:-5.051pt;vertical-align:super;white-space:pre">(6)</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:143.7pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">  </span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:148.7pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.6pt;font-style:normal;font-weight:normal;left:149.28pt;position:var(--position);top:-0.158pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.32pt;font-style:normal;font-weight:normal;left:149.43pt;position:var(--position);top:-0.084pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.16pt;font-style:normal;font-weight:normal;left:149.51pt;position:var(--position);top:-0.042pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:149.54999999999998pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">...................................................................................................</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:107.25pt;width:65.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:42.84pt;position:var(--position)"></span><span style="left:42.84pt;position:var(--position)">—<span style="display:inline-block;height:6.93pt;width:11.66pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:121.5pt;width:399.75pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:399.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Acquired Fund Fees and Expenses</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:140.85pt;position:var(--position);text-decoration:none;top:-5.051pt;vertical-align:super;white-space:pre">(7)</span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:148.42pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:1.18pt;font-style:normal;font-weight:normal;left:149pt;position:var(--position);top:-0.31pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.6pt;font-style:normal;font-weight:normal;left:149.29pt;position:var(--position);top:-0.158pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.32pt;font-style:normal;font-weight:normal;left:149.44pt;position:var(--position);top:-0.084pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:149.51999999999998pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">...................................................................................................</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:121.5pt;width:65.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:35.34pt;position:var(--position)"></span><span style="left:35.34pt;position:var(--position)">0.11<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span><span style="left:56.17pt;position:var(--position)">%</span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:135.75pt;width:399.75pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:399.75pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Total Annual Expenses</span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:95.86pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:1.18pt;font-style:normal;font-weight:normal;left:96.44pt;position:var(--position);top:-0.31pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.6pt;font-style:normal;font-weight:normal;left:96.72999999999999pt;position:var(--position);top:-0.158pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.32pt;font-style:normal;font-weight:normal;left:96.88pt;position:var(--position);top:-0.084pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.16pt;font-style:normal;font-weight:normal;left:96.96pt;position:var(--position);top:-0.042pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.08pt;font-style:normal;font-weight:normal;left:97pt;position:var(--position);top:-0.021pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:97.02pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">........................................................................................................................</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:402.75pt;position:var(--position);top:135.75pt;width:65.25pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:65.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:35.34pt;position:var(--position)"></span><span style="left:35.34pt;position:var(--position)">4.18<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span><span style="left:56.17pt;position:var(--position)">%</span></span></div></div></div></td></tr></tbody></table></div></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:466.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">__________________</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:476.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company estimates that it will incur one-time expenses of approximately $4.2 million (approximately 2.12% of the gross proceeds) in </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:485.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">connection with this offering, assuming 8 million Shares are sold in this offering. These expenses include registration fees, FINRA (as </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:495.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">defined later in this Prospectus) filing fees, exchange listing fees, printing expenses, legal fees and expenses and accounting fees and </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:505.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">expenses. The offering costs will immediately reduce the NAV of each Share purchased in this offering. See “Underwriting.” Any offering </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:514.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">costs incurred prior to the closing of the initial public offering paid by Robinhood will be reimbursed by the Company. The Company will </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:524.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">reimburse Robinhood promptly following the offering out of the offering proceeds.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:533.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(2)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company pays the Adviser a Base Management Fee calculated and payable quarterly at an annual rate of 2.00% of the Company’s Net </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:543.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Assets determined quarterly as of the end of each quarter (before the accrual of the Base Management Fee for that quarter). “Net Assets” </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:553.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">means the total assets of the Company minus the Company’s liabilities. For purposes of determining the Base Management Fee payable to </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:562.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">the Adviser, the Company’s Net Assets will be calculated prior to any reduction for the accrual of the Base Management Fee for that </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:572.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">quarter.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:581.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(3)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Based on the Company’s current business plan, it anticipates that substantially all of the net proceeds of this offering will be invested within </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:591.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">36 months depending on the availability of investment opportunities that are consistent with the Company’s investment objective and other </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:601.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">market conditions. As a result, during the Company’s first year of operations following consummation of this offering the Company expects </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:610.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">that it will not have any capital gains. The Incentive Fee on Capital Gains, payable at the end of each fiscal year (or upon termination of the </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:620.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Investment Advisory Agreement) in arrears, equals 20.00% of cumulative realized capital gains from inception to the end of each fiscal </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:629.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">year, less cumulative realized capital losses and unrealized capital depreciation from inception to the end of each fiscal year, less the </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:639.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">aggregate amount of any previously paid Incentive Fee on Capital Gains for prior periods.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:649.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(4)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Other Expenses are based on estimated amounts for the current fiscal year, and include organizational costs incurred since inception.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:658.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(5)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company entered into an Organizational Costs Support and Reimbursement Letter Agreement with Robinhood and the Adviser, dated </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:668.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">June 29, 2026, which was approved by the Board. Pursuant to this agreement, Robinhood agreed to pay all organizational costs incurred by </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:677.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">the Company or incurred by Robinhood on the Company’s behalf prior to the initial public offering of its common shares of beneficial </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:687.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">interest. In the event the Company does not consummate the initial public offering of its Shares, Robinhood irrevocably forbears its right to </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:697.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">seek reimbursement from the Company for such organizational costs. As a result of this agreement, organizational costs of $1.7 million </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:706.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">incurred for periods through the date of the initial public offering are borne by Robinhood until the initial public offering. In the event that </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">the Company consummates the initial public offering of its Shares, the organizational costs will be charged to the Company by Robinhood </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:81.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">immediately upon the consummation of the initial public offering, and the Company will reimburse Robinhood for such organizational costs </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:91.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">from the proceeds received by the Company from the initial public offering. As a result, the organizational costs will immediately reduce </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:100.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">the NAV of each Share purchased in this offering.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:110.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(6)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company does not currently anticipate incurring indebtedness on its portfolio or paying any interest during the current fiscal year.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(7)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year.</span></div> 0.0200 0 0.0084 0.0123 0 0.0011 0.0418 <span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company estimates that it will incur one-time expenses of approximately $4.2 million (approximately 2.12% of the gross proceeds) in </span><div style="font-size:12pt;line-height:8pt;position:var(--position);top:485.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">connection with this offering, assuming 8 million Shares are sold in this offering. These expenses include registration fees, FINRA (as </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:495.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">defined later in this Prospectus) filing fees, exchange listing fees, printing expenses, legal fees and expenses and accounting fees and </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:505.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">expenses. The offering costs will immediately reduce the NAV of each Share purchased in this offering. See “Underwriting.” Any offering </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:514.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">costs incurred prior to the closing of the initial public offering paid by Robinhood will be reimbursed by the Company. The Company will </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:524.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">reimburse Robinhood promptly following the offering out of the offering proceeds.</span></div> <span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Based on the Company’s current business plan, it anticipates that substantially all of the net proceeds of this offering will be invested within </span><div style="font-size:12pt;line-height:8pt;position:var(--position);top:591.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">36 months depending on the availability of investment opportunities that are consistent with the Company’s investment objective and other </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:601.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">market conditions. As a result, during the Company’s first year of operations following consummation of this offering the Company expects </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:610.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">that it will not have any capital gains. The Incentive Fee on Capital Gains, payable at the end of each fiscal year (or upon termination of the </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:620.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Investment Advisory Agreement) in arrears, equals 20.00% of cumulative realized capital gains from inception to the end of each fiscal </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:629.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">year, less cumulative realized capital losses and unrealized capital depreciation from inception to the end of each fiscal year, less the </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:639.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">aggregate amount of any previously paid Incentive Fee on Capital Gains for prior periods.</span></div> <span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Other Expenses are based on estimated amounts for the current fiscal year, and include organizational costs incurred since inception.</span><div style="font-size:12pt;line-height:8pt;position:var(--position);top:658.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(5)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company entered into an Organizational Costs Support and Reimbursement Letter Agreement with Robinhood and the Adviser, dated </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:668.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">June 29, 2026, which was approved by the Board. Pursuant to this agreement, Robinhood agreed to pay all organizational costs incurred by </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:677.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">the Company or incurred by Robinhood on the Company’s behalf prior to the initial public offering of its common shares of beneficial </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:687.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">interest. In the event the Company does not consummate the initial public offering of its Shares, Robinhood irrevocably forbears its right to </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:697.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">seek reimbursement from the Company for such organizational costs. As a result of this agreement, organizational costs of $1.7 million </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:706.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">incurred for periods through the date of the initial public offering are borne by Robinhood until the initial public offering. In the event that </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">the Company consummates the initial public offering of its Shares, the organizational costs will be charged to the Company by Robinhood </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:81.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">immediately upon the consummation of the initial public offering, and the Company will reimburse Robinhood for such organizational costs </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:91.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">from the proceeds received by the Company from the initial public offering. As a result, the organizational costs will immediately reduce </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:100.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">the NAV of each Share purchased in this offering.</span></div> <span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The following example illustrates the expenses (including the sales load of 4.50%) that you would pay on a </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:150.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">$1,000 investment in Shares, assuming (1) total annual expenses of 4.18% of net assets attributable to Shares and (2) </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:162.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">a 5% annual </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:123.89pt;position:var(--position);text-decoration:none;white-space:pre">return</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:147.75pt;position:var(--position);text-decoration:none;white-space:pre">:</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:150.51999999999998pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">(1)</span></div><div style="position:var(--position);top:183.6pt;width:612pt"><div style="font-size:0pt;left:72pt;position:var(--position);width:468pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:114.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:114.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:114.75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:114.75pt"></td></tr><tr style="height:12pt"><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:114.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.37pt;width:114.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:45.94pt;position:var(--position);text-decoration:none;white-space:pre">1 Year</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:117.75pt;position:var(--position);width:114.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.37pt;width:114.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:44.38pt;position:var(--position);text-decoration:none;white-space:pre">3 Years</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:235.5pt;position:var(--position);width:114.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.37pt;width:114.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:44.38pt;position:var(--position);text-decoration:none;white-space:pre">5 Years</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:353.25pt;position:var(--position);width:114.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.37pt;width:114.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:42.38pt;position:var(--position);text-decoration:none;white-space:pre">10 Years</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:12pt;width:114.75pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:114.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.93pt;width:93.04pt"></span></span><span style="left:100.67pt;position:var(--position)">85<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:117.75pt;position:var(--position);top:12pt;width:114.75pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:114.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.93pt;width:88.04pt"></span></span><span style="left:95.67pt;position:var(--position)">166<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:235.5pt;position:var(--position);top:12pt;width:114.75pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:114.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.93pt;width:88.04pt"></span></span><span style="left:95.67pt;position:var(--position)">249<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:353.25pt;position:var(--position);top:12pt;width:114.75pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:114.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.93pt;width:88.04pt"></span></span><span style="left:95.67pt;position:var(--position)">461<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:223.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The example should not be considered a representation of future expenses. Actual expenses may be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:235.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">higher or lower.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:259.476pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;top:-2.101pt;white-space:pre">(1)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;top:-2.101pt;white-space:pre">T</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:94.88pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">he example assumes that the estimated Total Annual Expenses set forth in the Annual Expenses table are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:268.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">accurate, and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:280.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">than those assumed. Moreover, the Company’s actual rate of return may be greater or less than the hypothetical </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:292.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">5% return shown in the example. The example assumes that the Company will not realize any capital gains </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:304.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">(computed net of all realized capital losses and unrealized capital depreciation) in any of the indicated time </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:316.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">periods. If the Company achieves sufficient returns on its investments to trigger an Incentive Fee on Capital </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:328.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Gains of a material amount, the Company’s expenses, and returns to the Company’s investors, would be higher.</span></div> 85 166 249 461 <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:201.47pt;position:var(--position);text-decoration:none;white-space:pre">INVESTMENT OBJECTIVE AND STRATEGY<span id="i2b04de74938f4cf1826182ed5c88a248_36817"></span></span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:93pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Investment Objective</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:114pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company’s investment objective is to seek long-term capital appreciation. The investment objective of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:126pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company is not a fundamental policy of the Company and may be changed by the Board without the vote of a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">majority of the Company’s outstanding voting securities (as defined by the 1940 Act). There can be no assurance </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:150pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that the Company will achieve its investment objective.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:171pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Investment Strategies</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In pursuing its investment objective, the Company will primarily invest, under normal circumstances, in a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">diversified portfolio of early-stage and growth-stage private companies, with a focus on private companies that are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">current or previous participants in the Y Combinator startup accelerator program or companies with a founder or co-</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">founder that has participated in the Y Combinator startup accelerator program (collectively, “YC Companies”). </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">A</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:79.22pt;position:var(--position);text-decoration:none;white-space:pre">pproximately 500-700 companies join Y Combinator each year.</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:334.51pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">1</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:337.76pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:340.26pt;position:var(--position);text-decoration:none;white-space:pre">The Company may, however, also invest in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:252pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies that are not YC Companies.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Y Combinator is a leading startup accelerator that helps launch and scale early-stage technology companies by </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">providing seed funding, mentorship, and access to a global founder and investor network. “Y Combinator” is a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:297pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">registered trademark of Y Combinator Management, LLC or its affiliates and is used by the Company with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:309pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">permission. Y Combinator does not sponsor, endorse, or promote the Company and has no responsibility for the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:321pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">management or performance of the Company.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:342pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser will seek to invest in YC Companies and other early-stage and growth-stage private companies </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that, in the view of the Adviser, demonstrate significant growth potential (each, a “Promising Company”). In </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:366pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">identifying Promising Companies, the Adviser considers a variety of factors that may include the experience and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">track record of the founding team, market size, industry trends, product differentiation, commercial traction, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:390pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">business model. The Adviser bases its evaluation on information available at the time of investment, which may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:402pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">include pitch presentations, publicly available materials, the Adviser’s own research and analysis, and references </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:414pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">from parties familiar with the company or its founders.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The specific Promising Companies in which the Company focuses its investments may change over time, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">including if a Promising Company becomes a public company or is acquired in the future and the Company elects to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">sell its investment in such company.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:480pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">As a BDC, at least 70% of the Company’s assets must be the type of “qualifying” assets listed in Section 55(a) </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the 1940 Act, as described herein, which are generally privately offered securities issued by U.S. private or thinly </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">traded companies. The Company may also invest up to 30% of its portfolio opportunistically in “non-qualifying” </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">portfolio investments, such as investments in non-U.S. companies and private vehicles that rely on an exclusion </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">from the definition of investment company in Section 3(c) of the 1940 Act.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:549pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company will make direct investments in Promising Companies, including follow-on investments, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">will typically be in the form of non-controlling equity and equity-related securities, including, but not limited to, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">SAFEs, common stock, warrants, convertible preferred stock, other equity or equity-linked securities or ownership </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">interests in business enterprises, other forms of senior equity, which may or may not be convertible into a company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:597pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">common equity, and preferred stock and convertible debt securities.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company expects that a significant portion of its investments may be in the form of SAFEs. A SAFE is an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">agreement between an investor and a company in which the company generally agrees that the investor’s investment </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in the company will be converted into equity in the company upon certain trigger events. For example, the investor’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">SAFE investment would typically be converted into convertible preferred stock in the company’s next priced equity </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">financing round, at the valuation that is set in the company’s next priced equity financing round. In addition, a SAFE </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may be triggered if the company is acquired by or merged with another company. Other triggers may be an initial </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">public offering of securities by the company.</span></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Although the Company will principally seek to invest directly in Promising Companies, the Company may also </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">make indirect investments in Promising Companies by purchasing units or shares of special purpose vehicles </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(“SPVs”), venture funds and private equity funds, limited liability companies, limited partnerships, pooled </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment vehicles, including venture capital funds, that would be investment companies but for Section 3(c)(1) or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Section 3(c)(7) of the 1940 Act, and other vehicles (each, a “Private Vehicle”) that provide the Company with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">economic exposure to the equity of one or more Promising Companies. The SPVs in which the Company expects to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">invest will be private investment vehicles managed by unaffiliated managers that are designed to provide the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company and other accredited investors access to concentrated economic exposure to one or more specific private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies through a private offering of securities exempt from registration under the Securities Act pursuant to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Regulation D. An SPV may source its investments in underlying private companies through a variety of methods, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">including through existing investment, business or other relationships that the manager of the SPV may have with a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">private company or its founders and/or key employees. Individual SPVs that the Company expects to invest in may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">have different terms and structures, which may present unique risks and a different economic experience than if the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company were to hold interests in the underlying private companies directly. The types of SPVs in which the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company expects to invest may charge upfront sales charges as well as management fees and/or carried interest-type </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:252pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">fees that will impact the value of the Company’s investment and the Company’s investment return. All investors in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:264pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">an SPV typically will have similar rights, which are documented in the governing documents of the SPV, subject to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:276pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the terms of any side letters entered into between an investor (including the Company) and the manager of the SPV </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:288pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that may alter such rights and/or provide certain benefits to individual SPV investors. It is expected that the SPVs in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:300pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">which the Company invests will not provide the Company with voting rights with respect to the SPVs or underlying </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">private companies. Private Vehicles will typically not be controlled by the Company and will not be subsidiaries of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company. Such investments may include investments made through “secondary transactions,” in which the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company acquires an interest in an existing Private Vehicle from another investor. The Company also may seek </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">indirect economic exposure to Promising Companies in other ways, including through special situations, other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">equity or credit investments, equity-related and equity-linked investments such as forward contracts for future </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">delivery of stock, swaps, and other synthetic equity agreements that provide it with economic exposure to the equity </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of a Promising Company. To the extent the Company enters into forward contracts or other derivatives with respect </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to a Promising Company, the Company intends to do so only with reputable counterparties that have received (or the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:408pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">guarantors of the obligations of which have received) a credit rating of A-1 or P-1 by S&amp;P or Moody’s, or that have </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">an equivalent rating from another NRSRO, or that are determined to be of equivalent credit quality by the Adviser.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:441pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Private Vehicles that rely on an exclusion from the definition of investment company in Section 3(c) of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:453pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">1940 Act would not be qualifying assets for purposes of compliance with the requirement of Section 55(a) of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:465pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">1940 Act to invest at least 70% of the Company’s total assets in qualifying assets. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company will publicly disclose information regarding its exposure to the holdings of Private Vehicles and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">will make such information available on the Company’s website (robinhood.com/us/en/ventures/rvii) on at least a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">quarterly basis and will post this information contemporaneously with its Form 10-K and Form 10-Q filings.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:531pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In seeking to achieve its investment objective, the Company will invest, without limit, in privately placed or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:543pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:555pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">institutional buyers), illiquid securities and securities in which no secondary market is readily available, of private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:567pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies. Issuers of these securities are not expected to have a class of securities registered, or be subject to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">periodic reporting, pursuant to the Exchange Act.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company generally intends to hold its investments as a long-term investor, consistent with its investment </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">objective and strategies, and, accordingly, the Company does not expect to divest investments on any particular </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">timeline or upon the occurrence of any particular event. For example, the Company expects generally to continue to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">hold investments in a company after future rounds of financing or an initial public offering. However, the Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may divest of some or all of an investment as the Adviser determines to be appropriate and consistent with the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s investment objective or strategies. This may occur in connection with a future round of financing, an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:672pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">initial public offering or acquisition of a company, in the event the Adviser determines it is appropriate to rebalance </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:684pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the portfolio, where the Adviser determines that the investment is no longer performing in line with expectations, or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:696pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">for any other reason in the Adviser’s discretion. In addition, if an investment is held in a Private Vehicle, the Private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:708pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicle may dispose of a Promising Company.</span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Under normal circumstances, substantially all of the Company’s assets will be invested in direct or indirect </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments in Promising Companies (except that the Company may continue to hold investments in a Promising </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company after future rounds of financing or the initial public offering of such Promising Companies). However, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">consistent with the Company’s BDC election and its election to be taxed as a RIC, the Company may also invest, to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">a lesser extent (including while it is seeking to build its position in one or more Promising Companies or to manage </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">cash) in other investments, including listed companies, mutual funds, BDCs, ETFs, money market funds, U.S. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">government securities and other fixed income obligations, and cash equivalents (such as bankers’ acceptances, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">certificates of deposit, commercial paper, short-term government and corporate obligations and repurchase </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">agreements), and crypto or digital assets, and may at times hold a significant percentage of its assets in such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments. To the extent that a significant portion of the Company’s assets are invested in such instruments for an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">extended period of time, the Company may not achieve its investment objective.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company does not have fixed guidelines for diversification by industry or type of security, and investments </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may be concentrated in only a few industries or types of securities. The Company may, for example, invest </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significantly in aerospace and defense, artificial intelligence (“AI”), computer software, consumer products, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">consumer technology, enterprise software, Fintech, technology, and robotics-related companies.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company is permitted to borrow money or issue debt securities in an amount up to 66 2/3% of its total </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">assets in accordance with the 1940 Act. The Company may establish one or more credit lines to borrow money for a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">range of purposes, including for the purpose of funding investments, to satisfy the Company’s liabilities or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">obligations, or other specified purposes. The Company may pledge its assets to secure any such borrowings. There is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:318pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">no assurance, however, that the Company will be able to enter into a credit line or that it will be able to timely repay </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:330pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">any borrowings under such credit line, which may result in the Company incurring leverage on its portfolio </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:342pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments from time to time. The Company’s use of leverage may increase or decrease from time to time in its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">discretion and the Company may, in the future, determine not to use leverage.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company may make investments directly or indirectly through one or more Subsidiaries, and references </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">herein to the Company’s investments also refer to any Subsidiary’s investments.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:408pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">If the Company uses one or more Subsidiaries to make investments, the Company and its Shareholders will bear </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the respective organizational and operating fees, costs, expenses and liabilities of those Subsidiaries. The Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and its Subsidiaries will have the same investment strategies and will be subject to the same investment restrictions </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and limitations on a consolidated basis. The Adviser will serve as investment adviser to the Company and each </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Subsidiary. The Subsidiaries will comply with the provisions of the 1940 Act relating to affiliated transactions and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">custody. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:489pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser will not cause the Company to engage in certain negotiated investments alongside affiliates unless </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:501pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company has received an order from the SEC granting an exemption from Sections 17 and 57 of the 1940 Act, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:513pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or unless such investments are not prohibited by Section 17(d) of the 1940 Act or interpretations thereof, as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:525pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">expressed in SEC no-action letters or other available guidance. The Adviser and the Company have applied for an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:537pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">exemptive order from the SEC that, if granted, would expand the Company’s ability to invest alongside its affiliates </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:549pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in privately placed investments that involve the negotiation of certain terms of the securities to be purchased (other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">than price-related terms).</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:582pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Additional Information on SAFEs</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:603pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:underline;white-space:pre">Background on SAFEs</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In 2013, Y Combinator introduced the SAFE, which stands for Simple Agreement for Future Equity. At the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">time of introduction, startups and investors were primarily using convertible notes for early-stage fundraising.</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:511.25pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">2</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:514.5pt;position:var(--position);text-decoration:none;white-space:pre"> The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">SAFE was intended to be a replacement for convertible notes to streamline the early-stage fundraising process, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">has generally been successful in doing so. As a one-document security without numerous terms to negotiate, SAFEs </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:672pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">save startups and investors money in legal fees and reduce the time spent negotiating the terms of the investment. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:684pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Founders and investors will usually only have to negotiate one item: the conversion price, which is determined based </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:696pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">on either a valuation cap or valuation discount rate.</span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:underline;white-space:pre">SAFE Terms</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:93pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In general, SAFEs automatically convert into equity securities or a right to receive cash upon three types of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">events: (1) a priced equity financing of the company that issued the SAFE; (2) a liquidity event of the company that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:117pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">issued the SAFE, such as a sale of the company or an initial public offering of the company; and (3) a dissolution </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">event, such as the issuer of the SAFE declaring bankruptcy or going out of business.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:150pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Priced Equity Financing</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:192.12pt;position:var(--position);text-decoration:none;white-space:pre">. A SAFE will convert automatically into equity of the issuer of the SAFE when the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">issuer of the SAFE closes a priced equity financing. A SAFE will convert into the equity security that is being issued </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to other investors in the priced equity financing, which is most typically shares of convertible preferred stock. In </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:186pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">general, a SAFE will convert into a number of shares of convertible preferred stock that is equal to the dollar amount </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:198pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the SAFE investment, divided by a price per share determined based on the valuation cap of the SAFE or a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:210pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">discount rate relative to the price per share of the convertible preferred stock in the priced equity financing. In other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:222pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">words, a SAFE represents an investment into the issuer of the SAFE at the next priced equity financing at, or more </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">typically at a discount to, the valuation implied by the priced equity financing round.  </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:255pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">Valuation Cap.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:169.07pt;position:var(--position);text-decoration:none;white-space:pre"> The Company may invest in a SAFE in which the conversion of the SAFE into equity of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:267pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">the issuer of the SAFE is based on  a valuation cap. A valuation cap imposes a cap on the valuation of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:279pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">issuer implied by the price per share at which the SAFE would convert into equity in a priced round. If the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:291pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">issuer of the SAFE closes an equity financing at an implied valuation that exceeds the valuation cap, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:303pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">SAFE would convert into convertible preferred stock at the price per share implied by the valuation cap </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">stated in the SAFE, rather than at the price per share of the convertible preferred stock in the priced equity </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">financing, effectively resulting in a discount to the price per share of the implied valuation of the priced </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">equity financing.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">Valuation Discount Rate</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:206.79000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. The Company may invest in a SAFE in which the conversion of the SAFE into </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">equity of the issuer of the SAFE is based on a fixed discount rate to the valuation implied by the issuer’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">next priced equity financing, resulting in a fixed discount to the price per share of the implied valuation of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">the priced equity financing. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:417pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">Most Favored Nation Provisions</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:239.28pt;position:var(--position);text-decoration:none;white-space:pre">. The Company may invest in a SAFE that contains a provision that allows </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">the SAFE holder to amend the SAFE at a later date to include any more advantageous terms that are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:441pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">subsequently provided to holders of other SAFEs of that issuer. In other words, if the issuer of the SAFE </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:453pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">subsequently issues a SAFE that contains a valuation cap or a valuation discount rate that is more </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:465pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">advantageous to the SAFE holder, the investor may elect to amend its SAFE to include the terms that were </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">offered in the later-issued SAFE. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In other words, regardless of whether a SAFE has a valuation cap, a valuation discount, a most favored nation </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">provision, or any combination of the foregoing, the SAFE will convert into convertible preferred stock at the issuer’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">next priced equity financing at or at a discount to the implied valuation of the priced equity financing. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:543pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Liquidity Event</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:153.52pt;position:var(--position);text-decoration:none;white-space:pre">. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:158.51999999999998pt;position:var(--position);text-decoration:none;white-space:pre">Typically, if the issuer of a SAFE undergoes a “Liquidity Event,” which includes events such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:555pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">as a sale of the company, an initial public offering, or a direct listing, the SAFE will convert into a right to receive </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:567pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">cash. In the event of a Liquidity Event, the SAFE holder will typically be entitled to receive a portion of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">proceeds equal to the greater of (1) the amount that the SAFE holder invested when it purchased the SAFE from the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:591pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">company, and (2) the proceeds that the SAFE holder would be entitled to if the SAFE converted into common stock </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:603pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the company in connection with the Liquidity Event at the implied valuation of the Liquidity Event, taking into </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:615pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">account any terms such as a valuation cap or a valuation discount rate that the SAFE might be entitled to and the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:627pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">company’s overall capitalization. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Dissolution Event</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:163.55pt;position:var(--position);text-decoration:none;white-space:pre">.  If the issuer of the SAFE goes out of business (a “Dissolution Event”), the holder of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">SAFE is typically entitled to receive cash equal to the amount that the holder invested, subject to the issuer having </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:672pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">sufficient assets. However, a SAFE holder’s claim would be junior to the claims of other creditors, such as the SAFE </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:684pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">issuer’s trade creditors and holders of the issuer’s outstanding indebtedness (including convertible notes). The SAFE </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:696pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">holder’s right to receive cash would have the same priority as other SAFEs and standard non-participating preferred </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:708pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">stock, and be senior to payments for common stock. </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Involvement in our Portfolio Companies</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:93pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">As a BDC, the Company will be obligated to offer t</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:296.73pt;position:var(--position);text-decoration:none;white-space:pre">o provide significant managerial assistance to certain of its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">portfolio companies and to provide it if requested. In fact, the Company may seek investments where such assistance </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:117pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">is appropriate. Making available significant managerial assistance means, among other things, any arrangement </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">whereby the BDC, through its directors, officers or employees, offers to provide, and, if accepted, does so provide, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significant guidance and counsel concerning the management, operations or business objectives and policies of a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">portfolio company.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Non-Fundamental Policies</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:195pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">None of the Company’s investment policies are fundamental, and thus may be changed without Shareholder </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:207pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">approval.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Portfolio Turnover</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">While the Adviser pursues a long-term investment strategy and does not typically engage in short-term trading </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in the shares of portfolio companies in which it invests, portfolio turnover generally involves some expense to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company, including finders, placement, brokerage, or other similar fees (or an allocable portion thereof) and other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">transaction costs on the sale of securities and reinvestment in other securities. The Company’s portfolio turnover rate </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:297pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may vary from year to year. Higher portfolio turnover may decrease the investment return to individual investors in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:309pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:330pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">_________________</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:339.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Source: Startup Directory (last visited June 25, 2026), available at https://www.ycombinator.com/companies.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:349.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(2)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Source: Safe User Guide (last visited June 26, 2026), available at https://www.ycombinator.com/documents.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:367.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Market Opportunity</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:388.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Venture investing has historically been one of the most powerful engines of wealth creation in the American </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:400.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">economy — generating many of the companies that have defined modern life, employed millions of Americans, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:412.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">produced extraordinary returns. Yet the opportunity to share in that wealth creation has been systematically denied </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:424.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to the vast majority of Americans, reserved instead for a small and self-reinforcing circle of institutional investors </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:436.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and well-connected insiders. That exclusion is not an accident of market structure. It is a consequence of rules and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:448.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">access barriers that have never been designed to provide access to ordinary Americans. The Company is designed to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:460.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">change that — by investing in YC Companies and other early-stage or growth-stage companies whose technology, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:472.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">markets, and competitive position demonstrate, in the view of the Adviser, compelling potential, providing the access </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:484.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and the diversification that are unavailable to most investors.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:505.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">I.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:108pt;position:var(--position);text-decoration:none;white-space:pre">The Private Venture Market: Size, Growth, and Returns</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:526.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The U.S. venture capital market has grown dramatically over the past decade and a half. U.S. venture capital </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:538.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">reached $320.0 billion deployed in 2025 — the second-highest annual total ever recorded, behind only the 2021 </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:550.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">peak of $358.2 billion.</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:162.76999999999998pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">1</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:166.01999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> Even the relative trough of 2023, at $168.8 billion, exceeded every pre-2018 annual total in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:562.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">U.S. history. The U.S. venture capital industry now manages $1.38 trillion in total assets under management — </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:574.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">comprising $1.08 trillion in net asset value and $299.3 billion in dry powder awaiting deployment into the next </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:586.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">generation of companies.</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:172.70999999999998pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">1</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:175.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:607.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Equally significant is a structural shift in when companies choose to access public markets — and therefore in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:619.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">where their most significant appreciation occurs. The median time from a company’s founding to its IPO was 5 </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:631.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">years in 1999; by 2024, that figure had reached 14 years.</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:299.01pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">2</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:302.26pt;position:var(--position);text-decoration:none;white-space:pre"> A company that remains private for 14 years may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:643.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">complete its foundational growth arc — from idea, to product-market fit, to scaling — entirely within the private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:655.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">markets, entirely out of reach of most of the investing public. The investors who participate in that arc earn returns </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:667.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">commensurate with bearing that risk. Often, by the time a company reaches its IPO, the most significant wealth </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:679.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">creation has already occurred, and it has occurred exclusively for the small group of insiders who were allowed to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:691.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">invest early on.</span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">As of year-end 2025, approximately 859 venture-backed private companies globally were valued at $1 billion or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">more, representing an aggregate estimated value of approximately $4.34 trillion.</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:393.26pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">3</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:396.51pt;position:var(--position);text-decoration:none;white-space:pre"> Whether that value is ultimately </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">realized through an acquisition, a public offering, or a secondary transaction, most of the returns will flow to those </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">who were permitted to invest during the private phase — the same endowments, sovereign wealth funds, and ultra-</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">high-net-worth individuals who have always had access.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">II.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:108pt;position:var(--position);text-decoration:none;white-space:pre">The Closed Door: How Ordinary Americans Are Locked Out</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The private venture market has delivered significant returns and generated much of the economic dynamism of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the past generation. Generally, private venture investments have not been accessible to most ordinary Americans. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:186pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The exclusion operates at two levels — a legal barrier erected by the SEC’s accredited investor rules, and a practical </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:198pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">barrier rooted in the insular network dynamics of venture capital.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:219pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Accredited Investor Threshold</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:229.02pt;position:var(--position);text-decoration:none;white-space:pre">. Under the Securities Act of 1933, most private securities offerings — </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:231pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">including interests in venture capital funds and direct investments in private companies — may be sold only to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:243pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">“accredited investors,” defined by minimum thresholds for income, net worth, or professional certification.</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:499.83pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">4</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:503.08pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:255pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">According to a June 2025 study published by the SEC’s Office of the Investor Advocate (the “2025 OIAD study”), </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:267pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">approximately 12.6% of U.S. individuals qualify as accredited investors.</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:362.26pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">5</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:365.51pt;position:var(--position);text-decoration:none;white-space:pre"> More than eight in ten Americans may be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:279pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">legally prohibited from investing in the types of private venture investments that have generated some of the most </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:291pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significant wealth in modern economic history because they do not meet the accredited investor threshold.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Network Barrier</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:173.8pt;position:var(--position);text-decoration:none;white-space:pre">. For the minority of Americans who clear the legal threshold, a second wall awaits. Even </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">among those who are legally eligible to participate, only 4.3% of accredited investors actually own private market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">securities.</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:112.21000000000001pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">5</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:115.46000000000001pt;position:var(--position);text-decoration:none;white-space:pre"> The most successful private venture funds are chronically oversubscribed and allocate capacity almost </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">entirely to a fixed circle of institutional investors and high-net-worth individuals whose relationships were </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">established over decades. Top-tier founders typically raise money through introductions from trusted networks, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">resulting in many of the best opportunities going to the same people they always have.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:393pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The result is a compounding exclusion. Only 12.6% of Americans are legally eligible to participate. Of those, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:405pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">only 4.3% actually own private market securities. Meanwhile, among the vast majority of Americans who are not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:417pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">accredited investors, only 1.1% own private market securities. Collectively, approximately 1.3% of the total U.S. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">population holds any private market investment at all.</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:287.28999999999996pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">5</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:290.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre"> However, the same 2025 OIAD study found that 5.2% of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:441pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">total U.S. population — four times the number who actually own such securities — express interest in investing in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:453pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">new or private companies.</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:177.43pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">5</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:180.68pt;position:var(--position);text-decoration:none;white-space:pre"> We believe that the gap between what such Americans want and what they are permitted </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:465pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to access may be the defining inequity of modern capital markets. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">III.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:108pt;position:var(--position);text-decoration:none;white-space:pre">The Diversification Dilemma</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:507pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The structural exclusion described above does more than deny ordinary Americans access to individual </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:519pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">opportunities. It prevents them from investing in early-stage and growth-stage companies in one of the only ways </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:531pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that we believe makes economic sense.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Early-stage and growth-stage investing is defined by the power law: the distribution of outcomes is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">extraordinarily skewed, with the large majority of companies returning little or no capital and a small number of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">exceptional outcomes driving virtually all aggregate returns.</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:313.07pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">6</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:316.32pt;position:var(--position);text-decoration:none;white-space:pre"> This is not a flaw in the asset class — it is its defining </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">characteristic, and it is precisely what produces venture-scale returns for those who can capture it. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:465.64pt;position:var(--position);text-decoration:none;white-space:pre">Historical data </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">shows that, as an asset class, seed and Series A investing has delivered the highest returns of any stage in U.S. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">venture capital, even accounting for higher company failures.</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:317.52pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">8</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:320.77pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:322.39pt;position:var(--position);text-decoration:none;white-space:pre">But capturing it requires a portfolio broad enough to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">include the outliers. An investor who participates in only a handful of early-stage or growth-stage companies faces </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">binary concentration risk with no structural mechanism to offset failures. The expected return of a small, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">undiversified portfolio of early-stage and growth-stage investments is materially lower than the expected return of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the asset class itself, because the probability of holding the handful of companies that drive aggregate returns </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:672pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">decreases sharply as portfolio size declines. Institutional venture funds are constructed with this dynamic explicitly </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:684pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in mind — deploying capital across large numbers of companies precisely because breadth of exposure is the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:696pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">instrument through which the power law works in investors’ favor rather than against them.</span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">It generally is not possible for ordinary Americans to obtain this type of diversified exposure to early- and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">growth-stage companies on their own. The legal and network barriers described above do not merely limit retail </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">access to individual transactions — they make it structurally impossible for typical retail investors to assemble the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">kind of diversified portfolio of early-stage and growth-stage companies that we believe the asset class calls for. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Minimum investment sizes in private rounds — even where access exists — are typically far beyond what retail </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investors can deploy across a sufficient number of companies to achieve meaningful diversification. Deal flow itself </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">is the binding constraint: building a diversified early-stage and growth-stage portfolio requires consistent access to a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">large volume of high-quality opportunities, which in turn requires the kind of established institutional relationships </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that retail investors generally do not have. A retail investor who overcomes the accredited investor legal threshold </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and secures access to one or two early-stage investments has not solved the access problem — he or she has simply </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">taken on the risk profile of early-stage investing without the broad portfolio construction that makes that risk rational </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to bear. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The inability to diversify is not a secondary limitation. It is a core reason that retail participation in early-stage </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and growth-stage investing, absent a professionally managed, broadly diversified structure, fails to deliver the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">returns that make the asset class worth pursuing. Solving the access problem means solving the diversification </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">problem — and doing so at a scale and with a sourcing capability that retail investors generally cannot replicate on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">their own.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">IV.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:108pt;position:var(--position);text-decoration:none;white-space:pre">RVII: Built to End the Exclusion</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">RVII is purpose-built to address the barriers and limitations described above.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">RVII has no investment minimums, no income threshold, no net worth test, and no accredited investor </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">requirement. The wealth barrier that largely defines the private market does not apply to RVII.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:369pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">RVII will be listed and freely tradable on the NYSE. Investors may buy or sell Shares on the NYSE without </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:381pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">lockup periods, redemption gates, or capital call obligations, although an active market may not develop, while the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:393pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company generally expects to hold its investments through their natural private-phase arc and seeks to realize value </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:405pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">at natural exit — through acquisition, public offering, or secondary transaction.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Diversification is a structural feature of RVII. Over time, RVII expects to invest across a portfolio of a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:438pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significant number of companies, applying the construction discipline that institutional venture funds use to manage </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">single-company failure risk. The existing seed portfolio already includes investments in 80 private companies. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Individual retail investors generally cannot replicate this structure independently: private investing requires deal </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">sourcing, underwriting capacity, and portfolio scale that are generally operationally out of reach for individuals </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">acting alone.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:507pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser believes it is situated to develop a pipeline of investment opportunities that are generally accessible </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:519pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">only to institutional insiders. The Adviser’s relationships across venture capital include investors, founders, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:531pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">institutional participants who are active in venture markets, both within and beyond the YC Company ecosystem. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:543pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">These relationships provide the Adviser with visibility into financing rounds, access to investment opportunities that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:555pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">are not broadly marketed, and the credibility to participate in competitive rounds alongside established institutional </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:567pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investors. Early-stage and growth-stage investing is, by its nature, a relationship-driven activity: the most attractive </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">opportunities are allocated through trusted networks, and access is a function of reputation and prior engagement. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:591pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser’s position within those networks is a strategic advantage that individual retail investors — and many </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:603pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">new market entrants — generally cannot replicate independently.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">V.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:108pt;position:var(--position);text-decoration:none;white-space:pre">Why Y Combinator: Leading Incubator with a Strong Track Record</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:401.46pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">(7)</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:645pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Y Combinator has funded over 5,000 companies with a combined value of over $1.3 trillion, including 100 </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:657pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">“unicorns” with valuations over $1 billion, since 2005. Some notable companies previously funded by Y </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:669pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Combinator include:</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">Aerospace: Boom</span></div></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">Consumer &amp; Marketplaces: Airbnb, DoorDash, Instacart, Reddit, Twitch</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:93pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">Enterprise &amp; AI: Cruise, Deel, Dropbox, PagerDuty, OpenAI, Scale AI</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:114pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:108pt;position:var(--position);text-decoration:none;white-space:pre">Fintech: Brex, Coinbase, Gusto, Stripe</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:135pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">See “Risks—YC Companies Risk.”</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Although many private companies have created value for investors, many more private companies have not. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The Company and the Adviser do not guarantee any level of return or protection against loss on investments and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">there can be no assurance that the Company’s investment objective will be achieved or that the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment program will be successful.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">__________________</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:222.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(1)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Source: NVCA 2026 Yearbook (National Venture Capital Association / PitchBook Data, Inc., 2026); data as of December 31, 2025.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:232.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(2)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Source: Jay R. Ritter, “Initial Public Offerings: Median Age of IPOs Through 2025,” University of Florida IPO Initiative, updated </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:241.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">December 31, 2025. Based on 9,343 IPOs from 1980–2025.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:251.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(3)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Source: NVCA 2026 Yearbook (National Venture Capital Association / PitchBook Data, Inc., 2026); data as of December 31, 2025.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(4)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Source: 17 C.F.R. § 230.501(a).</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:270.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(5)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Source: Katherine Carman, Alycia Chin, Steven Nash &amp; Brian Scholl, “Exploring Accredited Investors and Private Market Securities </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:280.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Ownership,” SEC Office of the Investor Advocate, OIAD Working Paper 2025 No. 1 (June 2025). Numbers included were provided by</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:289.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the study and may not arithmetically reconcile.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:299.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(6)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Source: See e.g., Chris Dixon, Performance Data and the 'Babe Ruth' Effect in Venture Capital, Andreessen Horowitz (June 8, 2015), </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:309pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">https://a16z.com/performance-data-and-the-babe-ruth-effect-in-venture-capital/. Past performance is not indicative of future results.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:318.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(7)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Data from Y Combinator website. Past performance is not indicative of future results. The performance results for Y Combinator presented </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:328.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">above are not intended to predict or suggest the future returns of the Company. The performance data shown above should not be </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:337.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">considered a substitute for the Company’s own performance information.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:347.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(8)</span><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Source: Kaidi Gao, VC Returns by Series: Part IV, PitchBook Data, Inc. (Aug. 27, 2024), data as of June 6, 2024. Past performance is not </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:357pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">indicative of future results. Seed-stage investments, in aggregate across the full cohort of companies that raised a seed round, generated the </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:366.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">highest annualized returns of any series, at 25.5%, compared with 19.2% for Series A, roughly 13% for Series B and C, and 14.5% for </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:376.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Series D+. Seed-stage companies fail at a rate as high as 38.6% by company count, nearly triple the roughly 13% failure rate seen at Series </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:385.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">D and beyond. Failure rates and annualized returns are historical, aggregate figures derived from a cohort of US-headquartered, venture-</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:395.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">backed companies that raised their first round of institutional VC financing between 2009 and 2018, and reflect PitchBook's proprietary </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:405pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">methodology, including estimated assumptions for companies presumed to have failed based on an extended period without a subsequent </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:414.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">financing round. These figures do not represent the actual or projected returns of the Company or any portfolio company, and there can be </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:424.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">no assurance that the Company will achieve comparable, or any, returns.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:277.96pt;position:var(--position);text-decoration:none;white-space:pre">LEVERAGE<span id="i65f7df2133ad41848e63e69be47117c0_4179"></span></span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:93pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company is permitted to borrow money or issue debt securities in an amount up to 66 2/3% of its total </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">assets in accordance with the 1940 Act. The Company may establish one or more credit lines to borrow money for a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:117pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">range of purposes, including for the purpose of funding investments, to satisfy the Company’s liabilities or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">obligations, or other specified purposes. The Company may pledge its assets to secure any such borrowings. There is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">no assurance, however, that the Company will be able to enter into a credit line or that it will be able to timely repay </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">any borrowings under such credit line, which may result in the Company incurring leverage on its portfolio </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments from time to time. The Company’s use of leverage may increase or decrease from time to time in its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">discretion and the Company may, in the future, determine not to use leverage.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:198pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Certain types of leverage used by the Company may result in the Company being subject to covenants relating </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:210pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to asset coverage and portfolio composition requirements. The Company may be subject to certain restrictions on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:222pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments imposed by one or more lenders or by guidelines of one or more rating agencies, which may issue </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">ratings for any short-term debt securities or preferred shares issued by the Company. These guidelines may impose </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:267pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Preferred Shares</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:288pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company’s organizational documents provide that the Board may authorize and issue preferred shares with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:300pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or without rights as determined by the Board, by action of the Board without prior approval of the holders of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Shares. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:103.64pt;position:var(--position);text-decoration:none;white-space:pre">Shareholders have no preemptive right to purchase any preferred shares that might be issued. Any such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">preferred share offering would be subject to the limits imposed by the 1940 Act. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:395.28pt;position:var(--position);text-decoration:none;white-space:pre">In addition, the Company generally </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">is not permitted to declare any cash dividend or other distribution on the Shares, or purchase any such Shares, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unless, at the time of such declaration, the Company would have asset coverage of at least 150% after deducting the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">amount of such dividend or other distribution. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:258.52pt;position:var(--position);text-decoration:none;white-space:pre">The 1940 Act grants to the holders of senior securities representing </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">shares issued by the Company certain voting rights, including the right to elect two trustees of the Board. Failure to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">maintain certain asset coverage requirements under the 1940 Act could entitle the holders of preferred shares to elect </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">a majority of the Board.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:417pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Borrowings</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:438pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company is permitted, without prior approval of the Shareholders, to borrow money. The Company may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">issue notes or other evidence of indebtedness (including bank borrowings or commercial paper) and may secure any </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">such borrowings by mortgaging, pledging or otherwise subjecting the Company’s assets as security. In connection </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">with such borrowings, the Company may be required to maintain minimum average balances with the lender or to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">pay a commitment or other fee to maintain a line of credit. Any such requirements will increase the cost of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">borrowing over the stated interest rate. There can be no assurance that the Company will be able to utilize leverage </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">on terms that the Adviser deems favorable at any given time.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:531pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Borrowings by the Company are subject to certain limitations under the 1940 Act, including the amount of asset </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:543pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">coverage required. In addition, agreements related to the borrowings may also impose certain requirements, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:555pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may be more stringent than those imposed by the 1940 Act.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The rights of lenders to the Company to receive interest on, and repayment of, principal of any such borrowings </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">will be senior to those of the Shareholders and the holders of any preferred shares, and the terms of any such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">borrowings may contain provisions that limit certain activities of the Company, including the payment of dividends </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to Shareholders and the holders of preferred shares, if any, in certain circumstances.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:633pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Credit Facility</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company may establish one or more credit lines to borrow money for a range of purposes, including for the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">purpose of funding investments and to otherwise satisfy the Company’s liabilities or obligations.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company is permitted to borrow money or issue debt securities in an amount up to 66 2/3% of its total </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">assets in accordance with the 1940 Act. The Company may establish one or more credit lines to borrow money for a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:117pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">range of purposes, including for the purpose of funding investments, to satisfy the Company’s liabilities or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">obligations, or other specified purposes. The Company may pledge its assets to secure any such borrowings. There is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">no assurance, however, that the Company will be able to enter into a credit line or that it will be able to timely repay </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">any borrowings under such credit line, which may result in the Company incurring leverage on its portfolio </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments from time to time. The Company’s use of leverage may increase or decrease from time to time in its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">discretion and the Company may, in the future, determine not to use leverage.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Preferred Shares</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:103.64pt;position:var(--position);text-decoration:none;white-space:pre">Shareholders have no preemptive right to purchase any preferred shares that might be issued. Any such </span>preferred share offering would be subject to the limits imposed by the 1940 Act. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:395.28pt;position:var(--position);text-decoration:none;white-space:pre">In addition, the Company generally </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">is not permitted to declare any cash dividend or other distribution on the Shares, or purchase any such Shares, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unless, at the time of such declaration, the Company would have asset coverage of at least 150% after deducting the </span></div>amount of such dividend or other distribution. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:258.52pt;position:var(--position);text-decoration:none;white-space:pre">The 1940 Act grants to the holders of senior securities representing </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">shares issued by the Company certain voting rights, including the right to elect two trustees of the Board. Failure to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">maintain certain asset coverage requirements under the 1940 Act could entitle the holders of preferred shares to elect </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">a majority of the Board.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:291pt;position:var(--position);text-decoration:none;white-space:pre">RISKS</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:93pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">AN INVESTMENT IN THE COMPANY INVOLVES A HIGH DEGREE OF RISK AND THEREFORE </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">SHOULD ONLY BE UNDERTAKEN BY INVESTORS WHO UNDERSTAND THE POTENTIAL RISK OF </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:117pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">CAPITAL LOSS, FOR WHOM AN INVESTMENT IN THE COMPANY IS A PART OF A DIVERSIFIED </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">INVESTMENT PROGRAM, AND WHOSE FINANCIAL RESOURCES ARE SUFFICIENT TO ENABLE THEM </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">TO ASSUME THESE RISKS AND TO BEAR THE LOSS OF ALL OR PART OF THEIR INVESTMENT. THE </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">FOLLOWING IS NOT AN EXHAUSTIVE LISTING OF ALL OF THE POTENTIAL RISKS ASSOCIATED </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">WITH AN INVESTMENT IN THE COMPANY. PRIOR TO INVESTING IN THE COMPANY, INVESTORS </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">SHOULD CONSULT WITH THEIR OWN FINANCIAL, LEGAL, INVESTMENT AND TAX ADVISERS IN </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">EVALUATING THE MERITS AND RISKS OF INVESTING IN THE COMPANY.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:210pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">An investment in the Company is suitable only for those persons who have such knowledge and experience in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:222pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">financial and business matters that they are capable of evaluating the merits and risks of their proposed investment. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">An investment in the Company is speculative and involves a high degree of risk. Therefore, you should consider the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">risks of investing in the Company, including the principal risk factors described below, prior to making an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:258pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment in the Company. The following information is a discussion of the known material risk factors associated </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">with an investment in the Shares specifically. These risks may be directly applicable to the Company or may be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">indirectly applicable through the Company’s investments. Additional risks and uncertainties not currently known to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company or that the Company currently deems to be immaterial also may materially adversely affect the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s business, financial condition and/or operating results.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The value of your investment in the Company, as well as the amount of return you receive on your investment </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in the Company, may fluctuate significantly. You may lose all or part of your investment in the Company. There is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">no assurance that the Company will meet its investment objective. Each risk summarized below is considered a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">“principal risk” of investing in the Company, regardless of the order in which it appears, and such order is not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">intended to provide any indication as to the likelihood of their occurrence or of their magnitude or significance.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Early-Stage Companies Risks</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:417pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The types of investments that the Company anticipates making involve a high degree of risk. In general, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">financial and operating risks confronting portfolio companies can be significant. While targeted returns should </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:441pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">reflect the perceived level of risk in any investment situation, there can be no assurance that the Company will be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:453pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">adequately compensated for risks taken. A loss of the Company’s entire investment is possible. The timing of profit </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:465pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">realization is highly uncertain. Losses are likely to occur early in the Company’s term, while successes often require </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">a long maturation period.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Early-stage companies often experience unexpected problems in the areas of product development, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">manufacturing, marketing, financing and general management, which, in some cases, cannot be adequately solved. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In addition, such companies may require substantial amounts of financing, which may not be available through </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">institutional private placements or the public markets. In addition, the markets that such companies target are highly </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:546pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">competitive and in many cases the competition consists of larger companies with access to greater resources. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:558pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">percentage of companies that survive and prosper can be small. Given the rapid timelines often associated with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:570pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">accelerator programs such as Y Combinator, and the inherently limited information available on early-stage </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:582pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies, the Adviser’s evaluation of a given opportunity is generally conducted on an expedited basis, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">creates heightened risk for investors in such early-stage companies.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:615pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">YC Companies Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Because the Company focuses its investments in YC Companies, it may be more concentrated in certain types </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of businesses (such as high-growth or technology-oriented companies) and may perform differently than funds that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">invest in a broader range of companies or have a less focused investment approach. The Company is not a party to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:672pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">any agreement with Y Combinator with respect to access to YC Companies. Any limitation imposed by Y </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:684pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Combinator on the Company’s access to YC Companies could have a material adverse effect on the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:696pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">business, financial condition or results of operations.</span></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">SAFEs Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:93pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">SAFEs do not represent an equity ownership interest at the time of investment, and it is uncertain if SAFEs will </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">provide such exposure in the future. They are designed for early-stage, high-growth startup companies that are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:117pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">expected to raise additional capital in the future. If such growth or financing does not occur, the economic </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">assumptions underlying the investment may not be realized. Unlike common stock, SAFEs do not provide holders </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">with any current ownership rights, including voting rights or rights to dividends, and instead represent only a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">contractual right to receive equity in the future upon the occurrence of specified triggering events, such as a future </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">equity financing, acquisition, or initial public offering, which may not occur. If such triggering events do not occur, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company may never receive equity securities and could lose its entire investment. In certain circumstances, a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">portfolio company may raise additional capital through alternative financing structures that do not trigger </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">conversion. Even if a triggering event occurs, the terms governing conversion may be complex and highly variable, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">including valuation caps, discounts, or other mechanisms, such as most favored nation or pro rata provisions, that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may significantly affect the amount and value of equity ultimately received.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The valuation for the company used in the conversion of the SAFEs will be determined by the investors </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:258pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investing in the next priced equity financing round that triggers conversion of the SAFEs, which valuation may not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">be known by the Company or an accurate reflection of the valuation of the company at that time.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:291pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">A SAFE investment’s value may not change for an extended period of time, for example, until a conversion is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:303pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">triggered. Upon conversion, the Company’s investment in the company that issued the SAFE may change </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significantly, impacting the Company’s NAV per share and potentially the trading price for the Shares. Because </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">SAFEs are valued based on estimates of future contingent events, their reported fair value may differ materially </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">from realized outcomes.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Equity Securities Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:381pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The prices of equity securities fluctuate based on changes in a company’s financial condition and overall market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:393pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and economic conditions. Equity securities of companies that operate in certain sectors or industries tend to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:405pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">experience greater volatility than companies that operate in other sectors or industries or the broader equity markets. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:417pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">For example, publicly traded equity securities of private equity funds and private equity firms tend to experience </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">greater volatility than other companies in the financial services industry and the broader equity markets. An adverse </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:441pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">event, such as an unfavorable earnings report, may depress the value of equity securities held by the Company. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:453pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">value of equity securities may also decline due to factors which affect a particular industry or industries, such as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:465pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">labor shortages or increased production costs and competitive conditions within an industry. The value of the equity </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">securities held by the Company may decline for a number of other reasons which directly relate to the issuer, such as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:489pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">management performance, financial leverage, the issuer’s historical and prospective earnings, the value of its assets </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:501pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and reduced demand for its goods and services. Also, equity securities and equity-related securities may be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:513pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">particularly sensitive to general movements in the stock market, and a drop in the stock market may depress the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:525pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">price of any equity securities to which the Company has exposure. The value of the equity securities the Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:537pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">holds may also fluctuate because of changes in investors’ perceptions of the financial condition of an issuer or the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:549pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">general condition of the relevant stock market, or when political or economic events affecting the issuers occur. In </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">borrowing costs increase. Common equity securities in which the Company may invest are structurally subordinated </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to preferred stock, bonds and other debt instruments in a company’s capital structure in terms of priority to corporate </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:597pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">income, and are therefore inherently more risky than preferred stock or debt instruments of such issuers.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The equity interests the Company invests in may not appreciate in value and, in fact, may decline in value or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">lose all value. Accordingly, the Company may not be able to realize gains from its equity interests, and any gains </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that it does realize on the disposition of any equity interests may not be sufficient to offset any other losses it </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">experiences.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:675pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Technological Innovations</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:696pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Current trends in the market generally have been toward disrupting a traditional approach to an industry with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:708pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technological innovation, and multiple young companies have been successful where this trend toward disruption in </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">markets and market practices has been critical to their success. In this period of rapid technological and commercial </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">innovation, new businesses and approaches may be created that could affect the Company and/or its portfolio </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments or alter the market practices the Company’s strategy has been designed to function within and on which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company’s strategy depends for investment return. Moreover, given the pace of innovation in recent years, such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technological innovation may adversely impact the Company and/or its portfolio companies in a manner that may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">not have been foreseen, or foreseeable, at the time the Company made any applicable investment. Any of these </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technological innovations could damage the Company’s investments, significantly disrupt the market in which it </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">operates and subject it to increased competition, which could materially and adversely affect its business, financial </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">condition and results of investments. Additionally, the Adviser could base investment decisions on views about the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">direction or degree of innovation that prove inaccurate and lead to losses.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Seed Relationships </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:222pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company may occasionally enter into an agreement with a single entrepreneur or team of entrepreneurs </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(each, an “Entrepreneur”), pursuant to which the Company will provide seed funding to one or more companies </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">founded or otherwise sponsored by such Entrepreneur. It is the Company’s belief that such arrangements may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:258pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">benefit the Company by creating opportunities for the Company to secure favorable terms with respect to such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments, and that the Company’s relationships with Entrepreneurs may benefit the Company by creating earlier </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">access to portfolio companies with promising founders. It is possible, however, that as a result of any such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">arrangement, the Company will make investments in portfolio companies in which it otherwise would not have </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">invested. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Reliance on Portfolio Company Management Team</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Each portfolio company’s day-to-day operations will be the responsibility of such company’s management </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">team. Certain of the Company’s investments will be in portfolio companies that have not had significant operations </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and may have founders and management teams with less operational experience than a more established company. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">While the Company seeks to invest in companies operated by strong management or build strong management teams </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">at each of them, there can be no assurance that the existing management team, or any successor, will be able to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:408pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">operate the portfolio company as expected by the Company. The success of each portfolio investment depends in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">substantial part upon the skill and expertise of each portfolio company’s management team. Additionally, portfolio </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies will need to attract, retain, and develop executives and members of their management teams. The market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">for executive talent is, notwithstanding general unemployment levels or developments within a particular industry, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">extremely competitive. There can be no assurance that a portfolio company will be able to attract, develop, integrate, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and retain suitable members of its management team, and, as a result, the Company may be adversely affected </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:480pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">thereby.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:501pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Private Investments Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Investments in private companies involve a high degree of business and financial risk that can result in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">substantial losses. Less information is available with respect to private companies compared to public companies </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:546pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and private company investments offer limited liquidity. Private companies are generally not subject to SEC </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:558pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">reporting requirements, are not required to maintain their accounting records in accordance with generally accepted </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:570pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">accounting principles, and are not required to maintain effective internal controls over financial reporting. As a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:582pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">result, the Adviser may not have timely or accurate information about the business, financial condition and results of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">operations of the private companies in which the Company invests. There is a risk that the Company may invest on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:606pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the basis of incomplete or inaccurate information, and will not be able to adequately monitor the performance of its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments, which may adversely affect the Company’s investment performance. It also is more difficult to value </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">private investments compared to public investments because there is less information available about private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies. Private companies in which the Company may invest may have limited financial resources, shorter </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">operating histories, more asset concentration risk, narrower product lines and smaller market shares than larger </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">businesses, which tend to render such private companies more vulnerable to competitors’ actions and market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">conditions, as well as general economic downturns. These companies generally have less predictable operating </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:702pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">subject to a substantial risk of obsolescence, and may require substantial additional capital to support their </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">operations, finance expansion or maintain their competitive position. Private company investments are more difficult </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to value than investments in public companies due to less information being available and valuations may fluctuate </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">more dramatically than those of public companies. As a result, the Company’s NAV could significantly increase or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">decrease if the Company learns of new material information regarding a private company, particularly if the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">company comprises a significant portion of the Company’s portfolio. Additionally, the Company will only value its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments on a periodic basis. To the extent that new material information regarding a private company in which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company has invested becomes public, the trading price of the Shares could fluctuate significantly, including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">potentially causing the Shares to trade at a discount or premium to the most recently published NAV. These </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies may have difficulty accessing the capital markets to meet future capital needs, which may limit their </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">ability to grow or to repay their outstanding indebtedness upon maturity.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Typically, investments in private companies are in restricted securities that are not traded in public markets and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">subject to transfer restrictions and substantial holding periods, so that the Company may not be able to resell some of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">its holdings for extended periods, which may be several years. There can be no assurance that the Company will be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">able to realize the value of private company investments in a timely manner. There also is no assurance that the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">private companies in which the Company invests will ever have a liquidity event.  </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, the types of private companies in which the Company expects to invest may be dependent on key </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">personnel for their future success. If a company is unable to hire and retain qualified personnel, or if the company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">loses a founder or any key member of its management team, its performance may be significantly impaired.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Historical returns for private company investments have often been dependent on investment selection with a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">limited number of companies having an outsized impact on the return profile of the asset class. Private companies </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">typically control which investors are permitted to invest in their company, including through a consent right over </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">which investors are permitted to purchase shares from existing investors in that company. There can be no assurance </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that the companies that the Company targets will permit the Company to become an investor. The Company may not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">be able to deploy all of its capital in companies that fit its investment mandate.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company’s private investments may be subject to risks associated with an unaffiliated lead investor. Due </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:408pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">diligence will be conducted on private investment opportunities. However, due diligence will necessarily be limited </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">by, among other things, information that the Company is able to obtain, and the Company expects that substantially </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">less information will be available about the Company’s private investments than information that would be available </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">for publicly traded investments. The Company may in its sole discretion make the determination to invest without </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">having access to the detailed information necessary for a full evaluation of the investment opportunity, including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">where the Company believes that such level of due diligence is either not possible or not practicable given the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:480pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">circumstances of the proposed portfolio investment (such as when the window of opportunity is short and/or the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">demand by other investors is high). In such circumstances, there therefore may be a shorter due diligence process. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The Company expects to make minority investments where it may have little to no opportunity to negotiate the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">terms of a particular private investment or to require a specific private company in which the Company invests to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">disclose any particular type of information to the Company, either in connection with diligence or as ongoing </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">reporting. Where the Company invests alongside an unaffiliated lead investor, the Adviser may rely to some extent </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">on the lead investor’s diligence on the relevant investment and to negotiate certain terms of the investment. In </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">addition, the Adviser may rely upon independent consultants or advisers in connection with their evaluation of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">proposed investments and may consider the diligence of potential co-investors or strategic partners. There can be no </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">assurance that these consultants, advisers, co-investors or strategic partners will accurately evaluate such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments, and such involvement of third-party consultants, advisers, co-investors or strategic partners may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">present a number of risks primarily relating to the Adviser’s reduced control of the functions that are outsourced. As </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">a result of any or all of these circumstances, the due diligence investigation that the Company carries out with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">respect to any such investment opportunity may not reveal or highlight all material risks associated with such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment opportunity, which may have otherwise been discovered with a more thorough process, especially when </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">there is a compressed diligence timeframe and/or heightened competition for an investment, where there may be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:672pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">limited publicly available information with respect to a particular company or its executives, where because of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:684pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">size or other aspects of an investment limited information is made available to the Adviser by the prospective </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:696pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">portfolio company, or in circumstances where all or a portion of such due diligence is conducted remotely.</span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In connection with some of the Company’s investments in private companies, the Company may pledge some </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or all voting rights in a private company to management or another third-party investor. The Adviser may determine </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in its sole discretion that a pledge of such voting rights for a specific investment opportunity is in the best interests </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the Company, and if the Adviser determines that the Company should not agree to pledge such voting rights, it </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may result in the Company being excluded from the investment opportunity.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company has the discretion to make follow-on investments, subject to the availability of capital resources </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and the availability of securities in the applicable portfolio company. The Company may elect not to make follow-on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments in a portfolio company and it may lack sufficient funds to make those investments. The failure to make </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company’s initial investment, or may result in a missed opportunity for the Company to increase its participation </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in a successful operation. Even if the Company has sufficient capital to make a desired follow-on investment, it may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">elect not to do so in order not to increase its concentration of risk, because it prefers other opportunities, or because </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">it is inhibited by compliance with regulatory or other requirements.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Private Vehicle Risks</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:267pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company’s investments in Private Vehicles are subject to a number of risks. Private Vehicle interests are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:279pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">expected to be illiquid and subject to restricted marketability, and the realization of investments from them may take </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:291pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">considerable time and/or be costly. In addition, certain private companies may impose broad transfer restrictions on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:303pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">their equity securities. These restrictions may extend to the ability of a Private Vehicle that invests in such private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">company to admit new investors, meaning that the Company may be unable to invest in a Private Vehicle without </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the consent of the underlying private company. There can be no assurance that such consent will be granted, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may limit the Company’s ability to gain exposure to certain private companies. The Company expects to primarily </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">invest in Private Vehicles, including SPVs, that provide exposure focused on the same Promising Companies that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company invests in directly. Some of the Private Vehicles in which the Company invests may have only limited </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">operating histories. Although the Adviser will seek to receive detailed information from each Private Vehicle </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">regarding its business strategy and any performance history, including audited financial statements, in most cases the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Adviser will have little or no means of independently verifying this information. The Company may in its sole </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">discretion make the determination to invest without having access to the detailed information necessary for a full </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:423pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">evaluation of the investment opportunity, including where the Company believes that such level of due diligence is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">either not possible or not practicable given the circumstances of the proposed portfolio investment (such as where </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the window of opportunity is short and/or the demand by other investors is high). In such circumstances, there </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">therefore may be a shorter due diligence process. In addition, the Adviser may rely upon independent consultants or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:471pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">advisers in connection with their evaluation of proposed investments and may consider the diligence of potential co-</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:483pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investors or strategic partners. There can be no assurance that these consultants, advisers, co-investors or strategic </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:495pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">partners will accurately evaluate such investments, and such involvement of third-party consultants, advisers, co-</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:507pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investors or strategic partners may present a number of risks primarily relating to the Adviser’s reduced control of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:519pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the functions that are outsourced. As a result of any or all of these circumstances, the due diligence investigation that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:531pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company carries out with respect to any such investment opportunity may not reveal or highlight all material </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:543pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">risks associated with such investment opportunity, which may have otherwise been discovered with a more thorough </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:555pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">process, especially when there is a compressed diligence timeframe and/or heightened competition for an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:567pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment, where there may be limited publicly available information with respect to a particular company or its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">executives, where because of the size or other aspects of an investment limited information is made available to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:591pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Adviser by the prospective portfolio company, or in circumstances where all or a portion of such due diligence is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:603pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">conducted remotely. Lastly, Private Vehicles may have little or no near-term cash flow available to distribute to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:615pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investors, including the Company. Due to the pattern of cash flows in Private Vehicles and the illiquid nature of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:627pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">their investments, investors typically will see negative returns in the early stages of Private Vehicles. Then, as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:639pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments are able to realize liquidity events, such as a sale or initial public offering, positive returns will be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:651pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">realized if the Private Vehicle’s investments are successful.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:672pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Private Vehicle interests are ordinarily valued based upon valuations provided by the Private Vehicle Manager, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:684pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">which may be received on a delayed basis. Certain securities in which the Private Vehicles invest may not have a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:696pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">readily ascertainable market price and are fair valued by the Private Vehicle Managers. A Private Vehicle Manager </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:708pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may face a conflict of interest in valuing such securities because their values may have an impact on the Private </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicle Manager’s compensation. The Adviser will review and perform due diligence on the valuation procedures </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">used by each Private Vehicle Manager and monitor the returns provided by the Private Vehicles. No assurances can </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">be given regarding the valuation methodology or the sufficiency of systems utilized by any Private Vehicle </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Manager, the accuracy of the valuations provided by the Private Vehicle Managers, that the Private Vehicle </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Managers will comply with their own internal policies or procedures for keeping records or making valuations, or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that the Private Vehicle Managers’ policies and procedures and systems will not change without notice to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company. As a result, a Private Vehicle Manager’s valuation of the securities may fail to match the amount </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">ultimately realized with respect to the disposition of such securities. A Private Vehicle Manager’s information could </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">also be inaccurate due to fraudulent activity, mis-valuation or inadvertent error. The Company may not uncover </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">errors in valuation for a significant period of time, if ever. Inaccurate valuations provided by Private Vehicles could </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">materially adversely affect the value of Shares.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company will pay asset-based or commitment-based fees, and, in most cases, will be subject to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">performance-based fees in respect of its interests in Private Vehicles. Such fees and performance-based </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">compensation are in addition to the Company’s own Management Fee. In addition, performance-based fees charged </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">by Private Vehicle Managers may create incentives for the Private Vehicle Managers to make risky investments, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may be payable by the Company to a Private Vehicle Manager based on a Private Vehicle’s positive returns even if </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company’s overall returns are negative. Shareholders will indirectly bear a proportionate share of the fees and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">expenses of the Private Vehicles, in addition to a proportionate share of the expenses of the Company.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company may be precluded from acquiring an interest in certain Private Vehicles due to regulatory </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:318pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">implications under the 1940 Act or other laws, rules and regulations or may be limited in the amount it can invest in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:330pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">voting securities of Private Vehicles. The Adviser also may refrain from including a Private Vehicle in the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:342pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s portfolio in order to address adverse regulatory implications that would arise under the 1940 Act for the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company if such an investment was made. In addition, the SEC has adopted Rule 18f-4 under the 1940 Act, which, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:366pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">among other things, may impact the ability of the Company to enter into unfunded commitment agreements, if any, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">such as a capital commitment to a Private Vehicle or as part of a direct investment. In addition, the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:390pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">ability to invest may be affected by considerations under other laws, rules or regulations. Such regulatory </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:402pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">restrictions, including those arising under the 1940 Act, may cause the Company to invest in different Private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:414pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicles or direct investments than other clients of the Adviser. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">If the Company fails to satisfy capital calls to a Private Vehicle in a timely manner then, generally, it will be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">subject to significant penalties, including the complete forfeiture of the Company’s investment in the Private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicle. Any failure by the Company to make timely capital contributions may impair the ability of the Company to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:471pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">pursue its investment program, cause the Company to be subject to certain penalties from the Private Vehicles or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:483pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">otherwise impair the value of the Company’s investments.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The governing documents of a Private Vehicle generally are expected to include provisions that would enable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the general partner, the manager, or a majority in interest (or higher percentage) of its limited partners or members, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">under certain circumstances, to terminate the Private Vehicle prior to the end of its stated term. Early termination of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">a Private Vehicle in which the Company is invested may result in the Company having distributed to it a portfolio of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">immature and illiquid securities, or the Company’s inability to invest all of its capital as anticipated, either of which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">could have a material adverse effect on the performance of the Company.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Although the Company will be an investor in a Private Vehicle, Shareholders will not themselves be equity </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:597pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">holders of that Private Vehicle and will not be entitled to enforce any rights directly against the Private Vehicle or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:609pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Private Vehicle Manager or assert claims directly against any Private Vehicles, the Private Vehicle Managers or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:621pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">their respective affiliates. Shareholders will have no right to receive the information issued by the Private Vehicles </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:633pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that may be available to the Company as an investor in the Private Vehicles. In addition, Private Vehicles generally </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:645pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">are not registered as investment companies under the 1940 Act; therefore, the Company, as an investor in Private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:657pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicles, will not have the benefit of the protections afforded by the 1940 Act. Private Vehicle Managers may not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:669pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">be registered as investment advisers under the Advisers Act, in which case the Company, as an investor in Private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:681pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicles managed by such Private Vehicle Managers, will not have the benefit of certain of the protections afforded </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">by the Advisers Act.</span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Commitments to Private Vehicles generally are not immediately invested. Instead, committed amounts are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">drawn down by Private Vehicles and invested over time, as underlying investments are identified—a process that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may take a period of several years, with limited ability to predict with precision the timing and amount of each </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Private Vehicle’s drawdowns. During this period, investments made early in a Private Vehicle’s life are often </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">realized (generating distributions) even before the committed capital has been fully drawn. In addition, many Private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicles do not draw down 100% of committed capital, and historic trends and practices can inform the Adviser as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to when it can expect to no longer need to fund capital calls for a particular Private Vehicle. Accordingly, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Adviser may make investments and commitments based, in part, on anticipated future capital calls and distributions </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">from Private Vehicles. This may result in the Company making commitments to Private Vehicles in an aggregate </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">amount that exceeds the total amounts invested by Shareholders in the Company at the time of such commitment </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:75.33pt;position:var(--position);text-decoration:none;white-space:pre">i.e.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:87.53pt;position:var(--position);text-decoration:none;white-space:pre">, to “over-commit”). To the extent that the Company engages in an “over-commitment” strategy, the risk </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">associated with the Company defaulting on a commitment to a Private Vehicle will increase. The Company will </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">maintain cash, cash equivalents, borrowings or other liquid assets in sufficient amounts, in the Adviser’s judgment, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to satisfy capital calls from Private Vehicles.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company is subject to the risks associated with its Private Vehicles’ underlying investments. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments made by Private Vehicles will entail a high degree of risk and in most cases be highly illiquid and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">difficult to value. Unless and until those investments are sold or mature into marketable securities they will remain </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">illiquid. As a general matter, companies in which the Private Vehicle invests may face intense competition, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:297pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">including competition from companies with far greater financial resources; more extensive research, development, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:309pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technological, marketing and other capabilities; and a larger number of qualified managerial and technical personnel.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:330pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In connection with making an investment in a Private Vehicle, the Company may decide to pledge some or all </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:342pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">voting rights in a Private Vehicle to management or another third-party investor. The Adviser may determine in its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">sole discretion that a pledge of such voting rights for a specific investment opportunity is in the best interests of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:366pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company, and if the Adviser determines that the Company should not agree to pledge such voting rights, it may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">result in the Company being excluded from the investment opportunity.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">A Private Vehicle Manager may focus on a particular industry or sector, which may subject the Private Vehicle, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and thus the Company, to greater risk and volatility than if investments had been made in issuers in a broader range </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:423pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of industries. Likewise, a Private Vehicle Manager may focus on a particular country or geographic region, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may subject the Private Vehicle, and thus the Company, to greater risk and volatility than if investments had been </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">made in issuers in a broader range of geographic regions. In addition, Private Vehicles may establish positions in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">different geographic regions or industries that, depending on market conditions, could experience offsetting returns.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:480pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company will not obtain or seek to obtain any control over the management of any portfolio company in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">which any Private Vehicle may invest. The success of each investment made by a Private Vehicle will largely </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">depend on the ability and success of the management of the portfolio companies in addition to economic and market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">factors.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:537pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company may make secondary investments in Private Vehicles by acquiring the interests in the Private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:549pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicles from existing investors in such Private Vehicles (and not from the issuers of such investments). In such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">instances, as the Company will not be acquiring such interests directly from the Private Vehicle, it is generally not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">expected that the Company will have the opportunity to negotiate the terms of the interests being acquired, other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">than the purchase price, or other special rights or privileges. There can be no assurance as to the number of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:597pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">secondary investment opportunities that will be presented to the Company.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In addition, valuation of secondary investments in Private Vehicles may be difficult, as there generally will be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">no established market for such investments or for the privately held portfolio companies in which such Private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicles may own securities. Moreover, the purchase price of secondary investments in such Private Vehicles </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">generally will be subject to negotiation with the sellers of the interests and there is no assurance that the Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">will be able to purchase secondary investments in Private Vehicles at attractive discounts to their respective net asset </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">value, or at all. The overall performance of the Company will depend in large part on the acquisition price paid by </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company for its secondary investments, the structure of such acquisitions and the overall success of the Private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:702pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicle.</span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Secondary investments in a Private Vehicle may be acquired at a discount to that Private Vehicle’s NAV. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Because those secondary investments will be valued by the Company at the most recent NAV reported by the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Private Vehicle’s Manager, the Company will have an unrealized gain with respect to those investments (and a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">corresponding increase in NAV and performance) equal to the difference between the most recent reported NAV of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Private Vehicle and the Company’s purchase price. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">To maintain the Company’s status as a RIC and preserve the tax benefits to the Company of that status, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company intends to distribute to Shareholders capital gain dividends in the amount of the Company’s net capital </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">gain. Distribution of the Company’s net capital gain (which is generally the excess of the Company’s realized net </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">long-term capital gains over the Company’s realized net short-term capital losses) properly reported by the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company as “capital gain dividends” will be taxable to a U.S. Shareholder as long-term capital gains, regardless of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the U.S. Shareholder’s holding period for his, her or its common stock and regardless of whether paid in cash or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">reinvested in additional common shares. Distributions of the Company’s net capital gain to a non-U.S. Shareholder, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">generally will not be subject to U.S. federal withholding tax and will not be subject to U.S. federal income tax unless </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the distributions are effectively connected with a U.S. trade or business of the non-U.S. Shareholder (and, if an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">income tax treaty applies, are attributable to a permanent establishment maintained by the non-U.S. Shareholder in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the United States).</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Conversely, a secondary investment in a Private Vehicle sold by the Company at a discount will result in a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">realized loss, and a corresponding decrease in the Company’s NAV and performance equal to the difference </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">between the value of the secondary investment as reflected in the books and records of the Company and the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:318pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">negotiated sale price.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The valuation of the Company’s secondary investments in Private Vehicles is ordinarily determined based upon </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">valuations provided by the Private Vehicle Managers, when available, and is subject to the same risks associated </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">with the reliance on valuations provided by the Private Vehicle Managers as the primary investments in Private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicles.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">There is significant competition for secondary investments. Many institutional investors, including fund-of- </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:408pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">funds entities, as well as existing investors of Private Vehicles may seek to purchase secondary investments of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">same Private Vehicle which the Company may also seek to purchase. In addition, some Private Vehicle Managers </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">have become more selective by adopting policies or practices that exclude certain types of investors, such as fund-</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of-funds. These Private Vehicle Managers also may be partial to secondary investments being purchased by existing </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investors of their Private Vehicles. In addition, some secondary opportunities may be conducted pursuant to a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">specified methodology (such as a right of first refusal granted to existing investors or a so-called “Dutch auction,” </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:480pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">where the price of the investment is lowered until a bidder bids and that first bidder purchases the investment, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">thereby limiting a bidder’s ability to compete for price) which can restrict the availability of those opportunities for </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company. No assurance can be given that the Company will be able to identify secondary investments that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">satisfy the Company’s investment objective or, if the Company is successful in identifying such secondary </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments, that the Company will be permitted to invest, or invest in the amounts desired, in such secondary </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">At times, the Company may have the opportunity to acquire a portfolio of Private Vehicle interests from a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">seller, on an “all or nothing” basis. In some such cases, certain of the Private Vehicle interests may be less attractive </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">than others, and certain of the Private Vehicle Managers may be more familiar to the Adviser than others or may be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:597pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">more experienced or highly regarded than others. In such cases, it may not be possible for the Company to carve out </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:609pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">from such purchases those secondary investments which the Adviser considers (for commercial, tax legal or other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:621pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">reasons) less attractive.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In the cases where the Company acquires an interest in a Private Vehicle through a secondary investment, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company may acquire contingent liabilities of the seller of such interest. More specifically, where the seller has </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">received distributions from the Private Vehicle and, subsequently, that Private Vehicle recalls one or more of these </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">distributions, the Company (as the purchaser of the interest to which such distributions are attributable and not the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">seller) may be obligated to return the monies equivalent to such distribution to the Private Vehicle. While the </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company may, in turn, make a claim against the seller for any such monies so paid, there can be no assurances that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company would prevail on such claim.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Legal, tax and regulatory changes could occur that may adversely affect or impact the Company at any time. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:117pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The legal, tax and regulatory environment for private equity funds is evolving, and changes in the regulation and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">market perception of such funds, including changes to existing laws and regulations and increased criticism of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">private equity and alternative asset industry by regulators and politicians and market commentators, may materially </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">adversely affect the ability of Private Vehicles to pursue their investment strategies. In recent years, market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">disruptions and the dramatic increase in capital allocated to alternative investment strategies have led to increased </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">governmental, regulatory and self-regulatory scrutiny of the private equity and alternative investment fund industry </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in general, and certain legislation proposing greater regulation of the private equity and alternative investment fund </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">industry periodically is being and may in the future be considered or acted upon by governmental or self-regulatory </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">bodies of both U.S. and non-U.S. jurisdictions. It is impossible to predict what, if any, changes might be made in the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">future to the regulations affecting: private equity funds generally; the Private Vehicles; the Private Vehicle </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Managers; the markets in which they operate and invest; and/or the counterparties with which they do business. It is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">also impossible to predict what the effect of any such legislative or regulatory changes might be. Any regulatory </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">changes that adversely affect a Private Vehicle’s ability to implement its investment strategies could have a material </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">adverse impact on the Private Vehicle’s performance, and thus on the Company’s performance.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Adviser Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company does not and will not have any internal management capacity or employees and depends on the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">experience, diligence, skill and network of business contacts of the investment professionals the Adviser currently </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">employs, or may subsequently retain, to identify, evaluate, negotiate, structure, close, monitor and manage the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s investments. The Adviser will evaluate, negotiate, structure, close and monitor the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments in accordance with the terms of the Investment Advisory Agreement. The Company’s future success </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">will depend to a significant extent on the continued service and coordination of the Adviser’s senior investment </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">professionals. The departure of any of the Adviser’s key personnel, including the portfolio managers, or of a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significant number of the investment professionals of the Adviser, could have a material adverse effect on the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s business, financial condition or results of operations. In addition, the Company cannot assure investors </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:423pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that the Adviser will remain the Company’s investment adviser. The Company may not be able to find a suitable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">replacement adviser, resulting in a disruption in its operations that could adversely affect its financial condition, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">business and results of operations. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Concentration Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:489pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company does not have fixed guidelines for diversification by industry or type of security, and investments </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:501pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may be concentrated in only a few industries or types of securities. The Company may, for example, invest </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:513pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significantly in aerospace and defense,  artificial intelligence (“AI”), computer software, consumer products, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:525pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">consumer technology, enterprise software, Fintech, technology, and robotics-related companies. While these sectors </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:537pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in which the Company may invest can offer high growth potential, they also come with heightened risk. Companies </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:549pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in these sectors are often highly dependent on innovation, research and development, and consumer adoption, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">can be significantly impacted by legislative and regulatory changes, adverse market conditions and competition, all </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of which can lead to significant price volatility. The Company’s concentrated exposure to these sectors could result </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in greater losses during periods of market volatility or sector-specific downturns. By focusing on a group of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:597pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">industries, the Company carries much greater risks of adverse developments and price movements in such industries </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:609pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">than a fund that invests in a wider variety of industries. The Company’s concentration of risk in these sectors may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:621pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">increase the losses suffered by the Company or reduce its ability to dispose of depreciating assets. If the Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:633pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">concentrates in a group of industries, there is also the risk that the Company will perform poorly during a slump in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:645pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">demand for securities of companies in such industries. Concentration could expose the Company to losses </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:657pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">disproportionate to those incurred by the market in general if the areas in which the Company’s investments are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:669pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">concentrated are disproportionately adversely affected by price movements in those financial instruments or assets. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:681pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The Company is subject to the risks associated with the sectors in which it may invest, and the risk that the securities </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">conditions and/or increased competition affecting these sectors. The risks associated with the sectors in which the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company may invest are further described below.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Technology Sector Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:126pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The market prices of technology-related securities tend to exhibit a greater degree of market risk and sharp price </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">fluctuations than other types of securities. These securities may fall in and out of favor with investors rapidly, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:150pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may cause sudden selling and dramatically lower market prices. Technology securities may be affected by intense </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">competition, obsolescence of existing technology, general economic conditions and government regulation and may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">have limited product lines, markets, financial resources, or personnel. Technology companies may experience </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:186pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">dramatic and often unpredictable changes in growth rates and competition for qualified personnel. These companies </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:198pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">are also heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:210pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">impact a company’s profitability. A small number of companies represent a large portion of the technology industry. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:222pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In addition, a rising interest rate environment tends to negatively affect technology companies. Those technology </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies seeking to finance expansion would have increased borrowing costs, which may negatively impact </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">earnings. Technology companies having high market valuations may appear less attractive to investors, which may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:258pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">cause sharp decreases in their market prices.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:279pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Many technology companies depend on third-party platforms and products, and policy changes or technical </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:291pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">issues in such systems could impair monetization. Reliance on third-party cloud and data-center providers can also </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:303pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">increase exposure to outages, capacity shortfalls and cost increases. Any disruption or damage to, or failure of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">third-party platform, products, systems or providers relied upon by technology companies could result in service </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">interruptions and harm the companies’ businesses. As technology companies increase their reliance on these third </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">parties, particularly with respect to third-party cloud computing platforms, their exposure to damage from service </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">interruptions or other performance or quality issues may increase. Service interruptions or other performance or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">quality issues may cause technology companies to issue credits or pay penalties, cause customers to make warranty </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or other claims against the companies or to terminate their subscriptions, and adversely affect technology </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies’ attrition rates and their ability to attract new customers, all of which would reduce technology </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies’ revenue. Technology companies’ business and reputation would also be harmed if their customers and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">potential customers believe the companies’ services are unreliable.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In addition, hardware and device makers are exposed to a limited number of contract manufacturers with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">geopolitically sensitive supply chains, which amplifies disruptions from trade restrictions, natural disasters or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">public-health events. Where global trade controls apply, export restrictions can abruptly curtail market access, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">depress demand or force costly re-engineering. Many technology company suppliers and contract manufacturers are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:480pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in locations that are prone to earthquakes and other natural disasters. Global climate change is resulting in certain </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">types of natural disasters and extreme weather occurring more frequently or with more intense effects. In addition, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">many suppliers’ operations and facilities are subject to the risk of interruption by fire, power shortages, nuclear </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">power plant accidents and other industrial accidents, terrorist attacks and other hostile acts, ransomware and other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">cybersecurity attacks, labor disputes, public health issues and other events beyond the suppliers’ control. Global </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">supply chains can be highly concentrated and geopolitical tensions or conflict could result in significant disruptions. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Such events can make it difficult or impossible for the contract manufacturers to manufacture and deliver products </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to its customers, create delays and inefficiencies in the supply and manufacturing chain, result in slowdowns and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">outages to the technology companies’ service offerings, increase costs, and negatively impact consumer spending </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and demand in affected areas.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:609pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Technology company operations are also subject to the risks of industrial accidents at its suppliers and contract </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:621pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">manufacturers. While many suppliers are required to maintain safe working environments and operations, an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:633pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">industrial accident could occur and could result in serious injuries or loss of life, disruption to the technology </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:645pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies’ business, and harm to the technology companies’ reputation. Major public health issues, including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:657pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">pandemics, have adversely affected, and could in the future materially adversely affect, technology companies due </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:669pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to their impact on the global economy and demand for consumer products. The imposition of protective public </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:681pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">safety measures, such as stringent employee travel restrictions and limitations on freight services and the movement </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of products between regions, can disrupt technology companies’ operations, supply chain and sales and distribution </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">channels, resulting in interruptions to the supply of current products and offering of existing services, and delays in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">production ramps of new products and development of new services.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">AI Industry Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:126pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Companies involved in AI-related businesses may have limited product lines, markets, financial resources or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">personnel. These companies face intense competition and potentially rapid product obsolescence, and many depend </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:150pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significantly on retaining and growing the consumer base of their respective products and services. Many of these </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies are also reliant on the end-user demand of products and services in various industries that may in part </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">utilize AI and/or data services. Further, many companies involved in AI-related businesses may be substantially </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:186pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">exposed to the market and business risks of other industries or sectors, and the Company may be adversely affected </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:198pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">by negative developments impacting those companies, industries or sectors. In addition, these companies are heavily </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:210pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:222pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">can be no assurance that companies involved in the AI industry will be able to successfully protect their intellectual </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">property to prevent the misappropriation of their technology, or that competitors will not develop technology that is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">substantially similar or superior to such companies’ technology. AI companies also face risks specific to training </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:258pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">data and model development, including allegations that third-party models or datasets used to develop or enhance </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">products lacked proper licenses or consents, challenges obtaining or maintaining access to high-quality models, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">datasets, or specialized hardware, and higher operating costs driven by compute-intensive training and inference.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:303pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Moreover, due to challenges in detecting patent infringement pertaining to generative AI technologies, it may be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">more difficult to protect generative AI and related innovations with patents. Further, the laws of some foreign </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">countries do not provide the same level of intellectual property protection as U.S. laws and courts and could fail to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">adequately protect AI companies’ intellectual property rights. If unauthorized disclosure of source code occurs </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">through security breach, cyber-attack or otherwise, AI companies could lose future trade secret protection for that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">source code. Such loss could make it easier for third parties to compete with AI products by copying functionality, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">which could cause AI companies to lose customers and could adversely affect their revenue and operating margins. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If AI companies cannot protect their intellectual property against unauthorized copying, use, or other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">misappropriation, their businesses could be harmed.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">AI companies are potential targets for cyberattacks, which can have a materially adverse impact on the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">performance of these companies. In addition, the collection of data from consumers and other sources could face </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI companies may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">face regulatory fines and penalties, including potential forced break-ups, that could hinder the ability of these </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies to operate on an ongoing basis. Compliance with evolving regulatory obligations specific to AI, such as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:480pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the EU AI Act, California’s Transparency in Frontier Artificial Intelligence Act, and emerging United States federal </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and state oversight of model transparency, safety and privacy, may require significant changes to products, practices </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and business models, which may adversely affect AI companies subject to such regulations. For example, the EU AI </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Act came into force on August 1, 2024, and will generally become fully applicable after a two-year transitional </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">period (although certain obligations will take effect at an earlier or later time). The EU AI Act introduces various </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">requirements for AI systems and models placed on the market or put into service in the EU, including specific </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">transparency and other requirements for general purpose AI systems and the models on which those systems are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">based. In the U.S., there is increasing uncertainty as to the federal government’s approach to AI regulation going </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">forward, as the continued applicability of the White House’s 2023 Executive Order on the Safe, Secure, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Trustworthy Development and Use of AI, which lays out a framework for the U.S. government, among other things, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to monitor private sector development of certain foundation models, remains subject to regulatory development. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Several states are considering enacting or have already enacted regulations concerning the use of AI technologies, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">including those focused on consumer protection, and depending on the scope of AI regulation at the federal level, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">some states may move to regulate AI model development and deployment. Further, at the federal and state level, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">there have been various proposals (and in some cases laws enacted) addressing “deepfakes” and other AI-generated </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">synthetic media.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:681pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Many AI companies also depend on third-party cloud infrastructures operated by a small number of service </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">providers to host and deliver their offerings; interruptions, price increases or preferential treatment of competitors by </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:705pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">those service providers, or any cyberattacks on those providers, could materially and adversely affect the operations </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of such AI companies. Supply-chain attacks have increased in frequency and severity, and there can be no guarantee </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that third parties and infrastructure in the AI companies’ supply chain or third-party partners’ supply chains have not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">been compromised or that they do not contain exploitable defects or bugs that could result in a breach of or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">disruption to AI companies’ information technology systems (including AI companies’ products) or the third-party </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">information technology systems that support AI companies and their services. Other issues arising from the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">development and use of AI, such as bias, safety defects or inaccurate outputs, may result in brand, reputational, or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">competitive harm, regulatory action or legal liability. For example, AI algorithms or training methodologies may be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">flawed. Datasets may be overbroad, insufficient, or contain biased or inaccurate information. Content generated by </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">AI systems may be offensive, illegal, inaccurate, or otherwise harmful. Ineffective or inadequate AI development or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">deployment practices by AI companies could result in incidents that impair the acceptance of AI solutions, cause </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">harm to individuals, customers, or society, or result in their products and services not working as intended. Human </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">review of certain inputs and outputs may be required, including for agentic AI systems that can take actions </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">autonomously. These risks may stem from issues related to intellectual property, data privacy, and other claims </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">associated with AI training and outputs.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">AI companies typically engage in significant research and development spending, and there is no guarantee that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the products or services produced by these companies will be successful. AI companies, especially smaller </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies, tend to be more volatile than companies that do not rely heavily on technology. AI could face increasing </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:297pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies that develop and/or utilize this technology.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:318pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Aerospace and Defense Industry Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The aerospace and defense industry may be significantly affected by government aerospace and defense </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">regulations, spending policies, and geopolitical stability because companies involved in this industry rely to a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significant extent on U.S. (and other) government demand for their products and services. The financial condition of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and investor interest in aerospace and defense companies will be negatively influenced by governmental defense </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">spending policies that, outside the occurrence of certain events, such as terrorist attacks, war, and other geopolitical </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">events, are typically under pressure from efforts to control the U.S. (and other) government budgets. The sector also </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">depends on a globally dispersed supply chain, where supplier distress, quality issues and retrofit campaigns can </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:423pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">disrupt deliveries and raise costs. Emerging laws and increasing regulatory requirements aimed at global supply </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">chains may impact aerospace and defense companies’ ability to access certain materials and components, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">otherwise adversely affect their business, and they may not only be held responsible for their compliance, but for </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that of their suppliers. In recent years, global supply chain disruptions have impacted, and may continue to impact in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:471pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the future, aerospace and defense companies’ ability to procure raw materials, microelectronics, and certain </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:483pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">commodities. Such disruptions may be driven by supply chain market constraints and macroeconomic conditions, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:495pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">including inflation and labor market shortages. Current geopolitical conditions, including conflicts and other causes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:507pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of strained intercountry relations, as well as sanctions and other trade restrictive activities, may in the future </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:519pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">contribute to these issues. Supply costs can be increased due to the above factors.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The industry’s reliance on the successful development and implementation of new defense and aerospace </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technologies may result in limited product lines, markets, financial resources, customers, or personnel, all of which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may have an adverse effect on profit margins. Products and technologies may face obsolescence due to rapid </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technological developments and frequent new product introduction and, as such, companies may face unpredictable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">changes in growth rates, competition for the services of qualified personnel and competition from foreign </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">competitors with lower production costs.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:621pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Fintech Sector Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Fintech companies may face competition from larger and more established firms, and a Fintech company may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">not currently or in the future derive any revenue from disruptive technologies. In addition, Fintech companies may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">not be able to capitalize on their disruptive technologies if they face political and/or legal attacks from competitors, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">industry groups or local and national governments. Additionally, many Fintech companies operate under complex </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">financial regulatory regimes, which can force product changes, add cost and result in fines. Regulators and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:702pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">legislators globally have been establishing, evolving, and increasing their regulatory authority, oversight, and </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">enforcement in a manner that impacts Fintech companies. As Fintech companies introduce new products and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">services and expand into new markets, including through acquisitions, they are expected to become subject to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">additional regulations, restrictions, and requirements. Any failure or perceived failure to comply with existing or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">new laws, regulations, or orders of any government authority (including changes to or expansion of their </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">interpretation) may subject Fintech companies to significant fines, penalties, monetary damages, injunctive relief, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">criminal and civil lawsuits, forfeiture of significant assets, and enforcement actions in one or more jurisdictions; </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">result in additional compliance requirements; increase regulatory scrutiny of their business; divert management’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">time and attention from the business; restrict companies’ operations; lead to increased friction for customers; force </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies to make changes to their business practices, products, or operations; require companies to engage in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">remediation activities; or delay planned transactions, product launches, or improvements. Any of the foregoing </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">could, individually or in the aggregate, harm Fintech companies’ reputation, damage their brands and business, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">adversely affect their results of operations and financial condition.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Financial services companies are subject to extensive governmental regulation and intervention, which may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">liquid assets they must maintain and their size, among other things. Financial services companies also may be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">credit rating downgrades, adverse public perception, exposure concentration and counterparty risk. Changes in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect Fintech </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:297pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies. Interest rates may change as a result of a variety of factors, and the change may be sudden and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:309pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significant, with unpredictable impacts on the financial markets and Fintech companies. Changes in fiscal, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:321pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:333pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">risks associated with changing interest rates.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Fintech companies can be subject to operational and information security risks resulting from cybersecurity </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:366pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">incidents. A cybersecurity incident refers to both intentional and unintentional events that may cause Fintech </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies or their respective service providers to lose or compromise confidential information, suffer data </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:390pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">corruption or lose operational capacity. Cybersecurity incidents include stealing or corrupting data maintained online </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:402pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or digitally, denial of service attacks on websites, the unauthorized release of confidential information and various </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:414pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">other operational disruptions. There is no guarantee that Fintech companies and/or their respective service providers </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">will be successful in protecting against cybersecurity incidents. The failure to protect against cybersecurity incidents </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:438pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">could cause significant interruptions in Fintech companies’ operations and result in a failure to maintain the security, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">confidentiality or privacy of sensitive data, including personal information relating to customers. Such a failure or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unauthorized disclosure of data could harm the Fintech companies’ reputation, subject them to legal claims, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">increased costs, financial losses, data privacy breaches, regulatory intervention and otherwise affect their business </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and financial performance. The costs related to cyber or other security threats or disruptions may not be fully insured </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or indemnified by other means. In addition, Fintech companies may incur substantial costs related to forensic </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">analysis of the origin and scope of a cybersecurity breach, increased and upgraded cybersecurity, identity theft, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unauthorized use of proprietary information, adverse investor reaction or litigation.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:543pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Computer Software Industry Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Computer software companies can be significantly affected by competitive pressures, aggressive pricing, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technological developments, changing domestic demand, the ability to attract and retain skilled employees and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">availability and price of components. The market for products produced by computer software companies is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">industry standards and frequent new product introductions. The success of computer software companies depends in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">substantial part on the timely and successful introduction of new products and the ability to service such products. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">An unexpected change in one or more of the technologies affecting an issuer’s products or in the market for products </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">based on a particular technology could have a material adverse effect on a participant’s operating results.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:669pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Consumer Goods Industry Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Companies in the consumer goods industry include companies involved in the design, production or distribution </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:702pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of goods for consumers, including food, household, home, personal and office products, clothing and textiles. The </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">success of the consumer goods industry is tied closely to the performance of the domestic and international </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">economy, interest rates, exchange rates, competition, consumer confidence and consumer disposable income. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">consumer goods industry may be affected by trends, marketing campaigns and other factors affecting consumer </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">demand. Governmental regulation affecting the use of various food additives may affect the profitability of certain </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies in the consumer goods industry. Moreover, international events may affect food and beverage companies </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that derive a substantial portion of their net income from foreign countries. In addition, tobacco companies may be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">adversely affected by new laws, regulations and litigation. Many consumer goods may be marketed globally, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">consumer goods companies may be affected by the demand and market conditions in other countries and regions. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Companies in the consumer goods industry may be subject to severe competition, which may also have an adverse </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">impact on their profitability. Changes in demographics and consumer preferences may affect the success of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">consumer products.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Consumer Technology Industry Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Consumer technology companies produce a wide range of products and services for general consumers, such as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">smartphones, computers, home electronics, and software. The operations and performance of consumer technology </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:258pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies depend significantly on global and regional economic conditions. Adverse economic conditions can </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">materially adversely affect a consumer technology company’s business. The global supply chain for consumer </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technology companies is large and complex, and many supplier facilities, including manufacturing and assembly </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">sites, are located outside the United States. Adverse macroeconomic conditions, including slow growth or recession, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">high unemployment, inflation, tighter credit, higher interest rates, changes in fiscal and monetary policy, financial </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:318pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">markets volatility and currency fluctuations, can adversely impact consumer confidence and spending and materially </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:330pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">adversely affect demand for consumer technology companies’ products and services. Geopolitical tensions, military </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:342pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">conflicts, political unrest, terrorism, trade and other international disputes, changes in trade laws or regulations, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">tariffs and customs controls, natural disasters, public health issues, industrial accidents, industry consolidation, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:366pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">component constraints or shortages, shipping or transportation interruptions or slowdowns, business interruptions </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and other factors can have an adverse impact on consumer technology companies’ business and supply chains.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The market for consumer technology products and services is highly competitive and subject to rapid </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technological change. Consumer technology companies may hold patents, trademarks and copyrights, and many </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:423pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">competitors may seek to compete primarily by imitating the products and infringing on intellectual property. If a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">consumer technology company is unable to continue to develop and sell innovative new products with attractive </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">margins, or if competitors infringe on its intellectual property, that company’s ability to maintain a competitive </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">advantage could be materially adversely affected.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:480pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Consumer technology companies may be required to use, store and share confidential information, including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">personal information with respect to their customers. Data security measures cannot provide absolute security, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">losses or unauthorized access to or releases of confidential information can occur and could materially adversely </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">affect a company’s business and reputation.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:537pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Consumer technology companies are subject to complex and changing laws and regulations relating to, among </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:549pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">other areas, antitrust; privacy, data security and data localization; consumer protection; advertising; product liability; </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and intellectual property ownership and infringement. Compliance with these laws and regulations is onerous and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">expensive. New and changing laws and regulations can adversely affect a consumer technology company’s business </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">by increasing the costs of compliance, limiting the company’s ability to offer a product, service or feature to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:597pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">customers, imposing changes to the design of the company’s products and services, or impacting customer demand </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:609pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">for the company’s products and services. If any consumer technology company is found to have violated laws and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:621pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">regulations, it could materially adversely affect the company’s business and reputation.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Enterprise Software Industry Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:663pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Enterprise software companies develop and provide specialized software solutions for enterprises, rather than </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:675pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">individual consumers, to streamline business operations and improve productivity. The industry in which enterprise </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:687pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">software companies operate is characterized by rapid technological advances, intense competition, changing delivery </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:699pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">models, evolving standards in communications infrastructure, increasingly sophisticated customer needs and </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">frequent new product introductions and enhancements. If enterprise software companies are unable to develop new </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or sufficiently differentiated products and services, enhance and improve their product offerings and support </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">services in a timely manner or position and price their products and services to meet demand, customers may not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">purchase, subscribe to or renew their license, hardware support or cloud offerings. Enterprise software companies </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">rely on copyright, trademark, patent and trade secret laws, confidentiality procedures, controls and contractual </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">commitments to protect their intellectual property. Despite such efforts, these protections may be limited, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unauthorized third parties may try to copy or reverse engineer their products or otherwise infringe on their </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">intellectual property. If enterprise software companies cannot protect their intellectual property against unauthorized </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">copying or use, or other misappropriation, they may not remain competitive.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Enterprise software companies depend on suppliers to develop, manufacture and deliver on a timely basis the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">necessary technologies to their customers. Enterprise software companies’ supply chain operations can be affected </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">by geopolitical tensions, military conflicts, political unrest, terrorism, trade and other international disputes, changes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in trade laws or regulations, tariffs and customs controls, natural disasters, public health issues, industrial accidents, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">industry consolidation, component constraints or shortages, shipping or transportation interruptions or slowdowns, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">business interruptions and other factors affecting the countries or regions where the vendors or products are located </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or where the products are being shipped. If disruption caused by one or more of the risks described above occurs, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">enterprise software companies’ business and related operating results could be materially and adversely affected. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Many enterprise software companies rely on computer hardware purchased or leased from, software licensed from, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:297pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and cloud computing platforms provided by third parties in order to offer their services. Any disruption or damage </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:309pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to, or failure of their third-party platform providers, could result in interruptions in their services and harm their </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:321pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">business.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:342pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Because enterprise software companies’ services are complex and incorporate a variety of hardware, proprietary </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">software, third-party and open-source software, their services may have errors or defects that could result in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:366pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unanticipated downtime for their subscribers and harm to their reputation and business.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Many enterprise software companies have been and are targets for computer hackers, cyberattacks and other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">perpetrators or threat actors because these companies store and process large amounts of data, including sensitive </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">data. Enterprise software companies and their third-party vendors are regularly subject to attempts by third parties to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:423pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">identify and exploit product and service vulnerabilities, penetrate or bypass their security measures, and gain </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unauthorized access to their or their customers’, partners’ and suppliers’ software, hardware and cloud offerings, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">networks and systems. Such malicious attacks can lead, and have led, to the compromise of confidential information </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and harm to enterprise software companies’ reputation and business.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:480pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Robotics Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:501pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Risks associated with companies in the robotics industry include many of the same risks as companies in the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:513pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technology sector (see “</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:168.26pt;position:var(--position);text-decoration:none;white-space:pre">Technology Sector Risk</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:262.59000000000003pt;position:var(--position);text-decoration:none;white-space:pre">”). Securities of robotics companies, especially smaller, start-up </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:525pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies, tend to be more volatile than securities of companies that do not rely heavily on technology. Companies </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:537pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:549pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">proprietary rights in their products and technologies. There can be no assurance that the steps taken by these </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that competitors will not independently develop technologies that are substantially equivalent or superior to such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies’ technology.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:606pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Companies focused on humanoid robotics face challenges specific to the complex and unproven nature of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technology. Such operations often require a significant allocation of capital to design, test, and scale viable robotic </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">solutions, and may not produce meaningful revenue during the life of the Company. Even if technical progress is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">made, broader adoption of humanoid robotics could take longer than expected due to limited demand, workflow </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">integration issues, or operational barriers. There is also the possibility that key technological breakthroughs may not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">occur during the life of the Company, or that competing solutions will emerge that render current approaches </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">obsolete before they reach meaningful scale.</span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Companies involved in AI-driven humanoid robotics may face regulatory scrutiny in the future, which may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">limit the development of this technology and impede the growth of companies that develop and/or utilize this </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">regulators consider how the data is collected, stored, safeguarded and used. There is also the risk of trade disputes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">between countries that develop these technologies and countries in which customers of these technologies are based. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Lack of resolution or potential imposition of, or an increase in existing trade tariffs, may adversely affect such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies’ ability to produce or integrate AI-driven hardware and/or software, as applicable. Any adverse event </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">affecting a particular country, region or industry to which a number of these companies are significantly exposed </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may have a negative impact on their performance, and ultimately on your Shares.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Digital Assets Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:210pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Digital assets are assets designed to act as a medium of exchange, though some arguably have not achieved that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:222pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">purpose, and digital assets represent an emerging asset class. There are thousands of digital assets, with Bitcoin </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">being one of the most well-known. Digital assets generally operate without a central authority (such as a bank) and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">are not backed by any government. Digital assets are not legal tender. Federal, state and/or foreign governments may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:258pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">restrict the use and exchange of digital assets, and regulation in the United States is still developing. The market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">price of digital assets has been subject to extreme fluctuations. Similar to fiat currencies (i.e., a currency that is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">backed by a central bank or a national, supranational or quasi-national organization), digital assets are susceptible to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">theft, loss, and destruction. Digital asset trading platforms and other trading venues on which digital assets trade are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">relatively new and, in most cases, largely unregulated and may therefore be more exposed to fraud and failure than </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:318pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">established, regulated exchanges for securities, derivatives and other fiat currencies. Digital asset trading platforms </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:330pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may stop operating or permanently shut down due to fraud, technical glitches, hackers, or malware, which may also </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:342pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">affect volatility.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">General Risks of Investing in the Company</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">BDC Qualifying Assets </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:405pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">As a BDC, the 1940 Act prohibits the Company from acquiring any assets other than certain qualifying assets </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:417pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unless, at the time of and after giving effect to such acquisition, at least 70% of the Company’s total assets are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">qualifying assets. Therefore, the Company may be precluded from investing in what the Adviser believes are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:441pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">attractive investments if such investments are not qualifying assets. Similarly, these rules could prevent the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:453pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company from making additional investments in existing portfolio companies, which could result in the dilution of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:465pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company’s position or could require the Company to dispose of investments at an inopportune time to comply </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">with the 1940 Act. If the Company is forced to sell non-qualifying investments in the portfolio for compliance </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:489pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">purposes, the proceeds from such sale could be significantly less than the current value of such investments. If the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:501pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company does not remain a BDC, it may be regulated as a closed-end investment company under the 1940 Act, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:513pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">which could subject it to substantially more regulatory restrictions and decrease its operational flexibility. See </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:525pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">“</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:76.43pt;position:var(--position);text-decoration:none;white-space:pre">Business Development Company Regulations</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:257.64pt;position:var(--position);text-decoration:none;white-space:pre">” for additional information.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:546pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Growth Company Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:567pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">2012 (the “JOBS Act”). As a result, the Company intends to take advantage of certain exemptions for emerging </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:591pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">growth companies allowing it to temporarily forgo the auditor attestation requirements of Section 404(b) of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:603pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Sarbanes-Oxley Act. The Company cannot predict if investors will find its Shares less attractive because it relies on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:615pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">this exemption. If some investors find the Shares less attractive as a result, there may be a less active trading market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:627pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">for the Shares and its share price may be more volatile. The Company will remain an emerging growth company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:639pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the completion of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:651pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s initial public offering, (ii) in which the Company has total annual gross revenue of at least $1.235 </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:663pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">billion, or (iii) in which the Company is deemed to be a large accelerated filer, which means the market value of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:675pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s common shares of beneficial interest that is held by non-affiliates exceeds $700 million as of the end of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:687pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company’s prior second fiscal quarter, and (b) the date on which the Company has issued more than $1 billion </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:699pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in non-convertible debt during the prior three-year period.</span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">accounting standards until those standards would otherwise apply to private companies. The Company will take </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">advantage of the extended transition period for complying with new or revised accounting standards, which may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">make it more difficult for investors and securities analysts to evaluate the Company since the Company’s financial </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">statements may not be comparable to companies that comply with public company effective dates and may result in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">less investor confidence.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Because of the exemptions from various reporting requirements provided to the Company as an “emerging </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">growth company” and because the Company will have an extended transition period for complying with new or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">revised financial accounting standards, the Company may be less attractive to investors and it may be difficult for </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company to raise additional capital as and when it needs it. Investors may be unable to compare the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">business with other companies in the same industry if they believe that the Company’s financial accounting is not as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">transparent as other companies in the same industry. If the Company is unable to raise additional capital as and when </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">it needs it, the Company’s financial condition and results of operations may be materially and adversely affected.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Incentive Fee on Capital Gains</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:291pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Incentive Fee on Capital Gains may create an incentive for the Adviser to make investments on the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:303pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s behalf that are risky or more speculative than would be the case in the absence of such a compensation </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">arrangement, which could result in higher investment losses, particularly during cyclical economic downturns. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">As a result of the operation of the cumulative method of calculating the Incentive Fee on Capital Gains that the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company pays to the Adviser, the cumulative aggregate Incentive Fee on Capital Gains received by the Adviser </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">could be effectively greater than 20%, depending on the timing and extent of subsequent net realized capital losses </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or net unrealized depreciation. The Company cannot predict whether, or to what extent, this anticipated payment </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">calculation would affect your investment in the Company.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:405pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Trading at a Discount/Premium.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Shares of BDCs such as the Company frequently trade at a discount to their NAV per share. There can be no </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:438pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">assurance that the Shares will trade at a price equal to or higher than the NAV. Also, the NAV will be reduced </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">immediately following this offering by the Company’s offering costs.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:471pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The possibility that the Shares may trade at a discount to NAV is separate and distinct from the risk that the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:483pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">NAV may not accurately reflect the true value of the Company’s investments and the risk that the NAV may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:495pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">decline.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In addition to NAV, the market price of the Shares may be affected by such factors as distributions that the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company may make to the Shareholders or significant trading in one or more of the Company’s portfolio securities </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">immediately prior to their initial public offering, at times causing the market price to rise and, at times the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">completion of certain initial public offerings of shares that the Company owns causing the market price to decrease; </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in each case, such events are, in turn, further affected by expenses, the stability of the Company’s distributions, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">liquidity and market supply and demand. Any issuance of additional Shares may have an adverse effect on prices in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the secondary market for the Shares by increasing the number of Shares available, which may create downward </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">pressure on the market price for the Shares. The Company cannot predict whether the Shares will trade above, at, or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">below their NAV.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:633pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Other Risks Relating to Share Price</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">If the Company, Robinhood or the Employee Fund sells additional Shares after this offering or is perceived by </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the public as intending to sell additional Shares, including pursuant to the expiration of the respective lock-up </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">periods, the market price of the Shares could decline.  </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company has entered into a lock-up agreement with the Underwriters, pursuant to which it has agreed, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">subject to certain exceptions, for a period of 180 days from the date of this Prospectus, not to offer, sell, contract to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">sell, pledge, grant any option to purchase, make any short sale or otherwise transfer or dispose of, directly or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">indirectly, any Shares, or enter into any swap or other agreement that transfers, in whole or in part, any of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">economic consequences of ownership of the Shares, without the prior written consent of Goldman Sachs &amp; Co. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">LLC.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Robinhood and the Employee Fund have entered into lock-up agreements with the Underwriters, pursuant to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">which they have agreed, subject to certain exceptions, not to offer, sell, contract to sell, pledge, grant any option, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">right or warrant to purchase, purchase any option or contract to sell, lend or otherwise transfer or dispose of or hedge </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">any Shares for 30 days from the date of this Prospectus, except with the prior written consent of Goldman Sachs &amp; </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Co. LLC. Notwithstanding the foregoing, if the reported closing price of the Shares on the New York Stock </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Exchange is at least 20% greater than the initial public offering price per share set forth on the cover page of this </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Prospectus on or after the 15</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:186.62pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">th</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:191.67000000000002pt;position:var(--position);text-decoration:none;white-space:pre"> day (or, if such 15</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:267.18pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">th</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:272.23pt;position:var(--position);text-decoration:none;white-space:pre"> day is not a trading day, then the first trading day after such 15</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:525.5799999999999pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">th</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:530.63pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">day), the lock-up period shall automatically expire beginning at the opening of trading on the first trading day </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">thereafter with respect to all Shares held by Robinhood and the Employee Fund.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">As a result, all of the outstanding Shares of the Company that are not sold in the offering will be subject to a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">lock-up agreement during the lock-up period.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:303pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Upon the expiration of the lock-up agreements at the end of the Robinhood Lock-Up Period as described above, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">all of the Shares that are subject to the lock-up agreements will be eligible for resale in the public market, subject to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">volume, manner of sale and other limitations applicable under Rule 144 of the Securities Act. In connection with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">seed capital investments by Robinhood, the Company entered into a registration rights agreement (the “RRA”) with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Robinhood. Pursuant to the RRA, the Company agreed to file a resale registration statement to register the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">“Registrable Securities” covered by the RRA. See “</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:278.93pt;position:var(--position);text-decoration:none;white-space:pre">Description of Shares—Registration Rights</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:452.39pt;position:var(--position);text-decoration:none;white-space:pre">” for additional </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">information. Registration of the Shares would result in Shares becoming freely tradable without compliance with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Rule 144, upon effectiveness of the registration statement.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:408pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Exchange Listing</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">An active, liquid and orderly market for the Shares may not develop or be sustained. Investors may be unable to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:441pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">sell their shares at or above the price initially paid for those shares.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Competition for Investment Opportunities</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:483pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company operates in a highly competitive market for investment opportunities. A number of entities, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:495pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">including venture capital firms and funds, public and private investment funds (including hedge funds), BDCs, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:507pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">commercial and investment banks, commercial financing companies, and internal venture capital arms of various </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:519pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies will compete with the Company to make the types of investments that the Company plans to make. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:531pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Robinhood and its affiliates also may compete with the Company for certain types of investments, including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:543pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">acquisitions of companies in which the Company might otherwise have considered for investment. Many of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:555pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s competitors are substantially larger than the Company and have considerably greater financial, technical </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:567pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and marketing resources than the Company does. The Company may be at a competitive disadvantage with the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s competitors in a particular sector or investment, as some of them have greater capital, a greater </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:591pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">willingness to take on risk, more personnel or greater sector or investment strategy specific expertise. The Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:603pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may be unable to find a sufficient number of attractive opportunities to meet its investment objective and there is no </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:615pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">assurance as to the timing of investments. The Adviser expects the Company to benefit from its relationships; </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:627pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">however, there can be no assurance that the Adviser will be able to maintain or draw upon such relationships, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:639pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">could have an adverse effect on the Company’s ability to find suitable investments and otherwise achieve its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:651pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment objective.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:672pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Non-U.S. Investments Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company may make non-U.S. investments, which are subject to additional risks.</span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company, either directly or indirectly, may invest in companies that are organized or headquartered or have </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">substantial sales or operations outside of the United States, its territories, and possessions. Such investments may be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">subject to certain additional risks due to, among other things, potentially unsettled points of applicable governing </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">law, the risks associated with fluctuating currency exchange rates, capital repatriation regulations (as such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">regulations may be given effect during the term of the Company or client portfolio), the application of complex U.S. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and non-U.S. tax rules to cross-border investments, possible imposition of non-U.S. taxes on investors with respect </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to the income, and possible non-U.S. tax return filing requirements. The foregoing factors may increase transaction </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">costs and adversely affect the value of the Company’s portfolio investments.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Additional risks of non-U.S. investments include but are not limited to: (a) economic dislocations in the host </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">country; (b) less publicly available information; (c) less well-developed regulatory institutions; (d) greater difficulty </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of enforcing legal rights in a non-U.S. jurisdiction, (e) economic, social and political risks, including potential </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">exchange control regulations and restrictions on foreign investment (e.g., national security reviews by U.S. foreign </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment review authorities can extend timelines, increase costs, and even prevent closings) and repatriation of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">capital, the risks of political, economic or social instability and the possibility of expropriation or confiscatory </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">taxation, and (f) the possible imposition of foreign taxes on income and gains recognized with respect to such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">securities. Moreover, non-U.S. portfolio investments and companies may not be subject to uniform accounting, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">auditing and financial reporting standards, practices and disclosure requirements comparable to those that apply to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">U.S. portfolio investments and companies. In addition, laws and regulations of foreign countries may impose </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:297pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">restrictions that would not exist in the United States and may require financing and structuring alternatives that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:309pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">differ significantly from those customarily used in the United States. No assurance can be given that a change in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:321pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">political or economic climate, or particular legal or regulatory risks, including changes in regulations regarding </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:333pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">foreign ownership of assets or repatriation of funds or changes in taxation might not adversely affect an investment </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:345pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">by the Company.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:366pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company may be subject to risks related to changes in foreign currency exchange rates.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Because the Company may have exposure to securities denominated or quoted in currencies other than the U.S. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">dollar, changes in foreign currency exchange rates may affect the value of securities held by the Company and the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:423pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may affect the value of securities denominated in such currencies, which means that the Company’s NAV could </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Adviser </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may, but is not required to, elect for the Company to seek to protect itself from changes in currency exchange rates </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">through hedging transactions depending on market conditions. In addition, certain countries, particularly emerging </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:471pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">market countries, may impose foreign currency exchange controls or other restrictions on the transferability, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:483pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">repatriation or convertibility of currency.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Initial Public Offering Proceeds</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:525pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company anticipates that, depending on market conditions, it may take the Company a substantial period of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:537pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">time to invest substantially all of the net proceeds of this initial public offering, or any follow-on offering, in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:549pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">securities meeting its investment objective. Delays in investing the net proceeds raised in this initial public offering </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or any follow-on offering of Shares by the Company may cause the Company’s performance to be worse than that of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">other fully invested BDCs or other lenders or investors pursuing comparable investment strategies. The Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">cannot assure you that it will be able to identify any investments that meet the Company’s investment objective or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:597pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that any investment that the Company makes will produce a positive return. The Company may be unable to invest </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:609pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the net proceeds of this initial public offering or any follow-on offering on acceptable terms within the time period </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:621pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that it anticipates or at all, which could harm the Company’s financial condition and operating results. In addition, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:633pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">until such time as the net proceeds of this initial public offering or any follow-on offering are invested in securities </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:645pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">meeting the Company’s investment objective, the market price for the Shares may decline. Thus, the return on your </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:657pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment may be lower than when, if ever, the Company’s portfolio is fully invested in securities meeting its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:669pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment objective.</span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Limited Operating History</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:93pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company is a newly organized, diversified, closed-end management investment company with limited </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">operating history that has elected to be regulated as a BDC under the 1940 Act. While members of the Adviser who </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:117pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">will be active in managing the Company’s investments have experience in private market investments, the Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">was recently formed, has limited operating history and has made limited investments using the proceeds of a seed </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">capital investment by Robinhood. Further, the Adviser and its management have no experience managing BDCs.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Future Growth</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:183pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company will need additional capital to grow and to fund growth in its investments, and the Company may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:195pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">issue additional equity securities in order to obtain this additional capital. The inability to obtain new capital or a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:207pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">reduction in the availability of new capital could limit the Company’s ability to grow or pursue business </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:219pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">opportunities, which may have an adverse effect on the value of the Shares. In addition, regulations governing the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:231pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s operations as a BDC affect its ability to raise additional capital and the way in which it does so. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:243pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">raising of debt capital may expose the Company to risk, including the typical risks associated with leverage.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:264pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Follow-On Investments </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company may be offered the opportunity to participate in a subsequent funding round of an existing </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:297pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">portfolio investment of the Company. There can be no assurance that the Company will make follow-on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:309pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments, or that the Company will have sufficient cash to make all or any of such investments. Any decision by </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:321pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company not to make follow-on investments or its inability to make such investments may have a substantial </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:333pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">negative impact on a portfolio company in need of such an investment (including an event of default under </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:345pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">applicable debt documents in the event an equity cure cannot be made), result in a lost opportunity for the Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:357pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to increase its participation in a successful operation or the dilution of the Company’s ownership in a portfolio </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:369pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">company.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:390pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Valuation</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The vast majority of the Company’s portfolio investments are expected to be in the form of securities that are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:423pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">not publicly traded, and that will accordingly be recorded at fair value as determined in good faith pursuant to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s valuation policies under the oversight of the Board. The Board has designated the Adviser as its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Valuation Designee. Because the Company’s assets will largely be fair valued, there will be uncertainty as to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">value of its portfolio investments. The fair value of securities and other investments that are not publicly traded may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:471pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">not be readily determinable. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company will value its securities at fair value according to its written valuation procedures and as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">determined in good faith by the Adviser under the oversight of the Board. The Adviser may use the services of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">nationally recognized independent valuation firm(s) to aid it in determining the fair value of the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">securities. The methods for valuing these securities may include: observable, company-specific hard events, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">including priced financings, tender/secondary transactions with determinable pricing, signed merger and acquisition </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">agreements, initial public offerings/direct listings, liquidation events, or other objectively verifiable transactions with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">clear pricing implications; significant events and other issuer-specific information that may reasonably indicate a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">material change in value; company actions and communications that may inform value, such as board-approved </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">recapitalizations, stock splits, or issuer-published tender prices, evaluated in light of the full information set </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">available to the Adviser; credible third-party indications (e.g., large and recent secondary prints or other market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">participant data) where sufficiently reliable and relevant to the Company’s security and the issuer’s circumstances; </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">model-based approaches and/or third-party valuation support, together with company performance indicators, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">comparable company data, and other reasonably reliable information when transactions are unavailable, not readily </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">comparable to the Company’s security, or are deemed stale, or where significant events indicate transaction inputs </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may no longer be representative. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:681pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In determining fair value, the Company considers the specific contractual terms of the SAFE, including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">valuation caps, discounts (where applicable), and other economic features, and evaluates the implied value of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:705pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">resulting equity interest across a range of scenarios. Where applicable, the Company may reference observable </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">transaction data (including priced financing rounds or other transactions, or “Hard Events”) and may derive an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">implied as-converted value, adjusted as appropriate for the terms of the SAFE and other relevant considerations.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">A SAFE investment’s value may not change for an extended period of time, for example, until a conversion is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:117pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">triggered. Upon conversion, the Company’s investment in the company that issued the SAFE may change </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significantly, impacting the Company’s NAV per share and potentially the trading price for the Shares. Because </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">SAFEs are valued based on estimates of future contingent events, their reported fair value may differ materially </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">from realized outcomes.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The value of the Company’s investments in Private Vehicles generally will be based on values provided by the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:186pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">applicable Private Vehicle Managers and, when such information is not available or, in the view of the Adviser, does </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:198pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">not reflect fair value, the Adviser will fair value the investments in Private Vehicles with the assistance of any </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:210pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">independent valuation firm(s). </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:231pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The value at which the Company’s investments can be liquidated may differ, sometimes significantly, from the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:243pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">valuations assigned by the Company. In addition, the timing of liquidations may also affect the values obtained on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:255pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">liquidation. The Company will invest a significant amount of its assets in private market investments for which no </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:267pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">public market exists. There can be no guarantee that the Company’s investments could ultimately be realized at the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:279pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s valuation of such investments.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:300pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company’s NAV is a critical component in several operational matters including computation of the Base </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Management Fee. Consequently, variance in the valuation of the Company’s investments will impact, positively or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">negatively, the fees and expenses the Company will pay. For more information regarding the Company’s calculation </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of its NAV, see “</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:141.1pt;position:var(--position);text-decoration:none;white-space:pre">Net Asset Valuation</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:220.45pt;position:var(--position);text-decoration:none;white-space:pre">.”</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:357pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Liquidity</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Substantially all of the Company’s investments will be illiquid. The Company invests primarily in private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:390pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies, both directly and indirectly. Substantially all of these securities will be subject to legal and other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:402pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">restrictions on resale/transfer or will otherwise be less liquid than publicly traded securities. There is no assurance </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:414pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that the private companies in which the Company invests will ever have a liquidity event and, even if a private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">company does have a liquidity event, such as an initial public offering or a merger or acquisition transaction, such a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:438pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">liquidity event may be at a lower valuation than the valuation at which the Company invested. The illiquidity of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s investments will generally make it more difficult for the Company to sell such investments if the need </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">arises. In addition, if the Company is required to liquidate all or a portion of its investments quickly, the Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may realize significantly less than the value at which it has previously recorded those investments. To the extent the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company or the Adviser receives material non-public information regarding an investment, the Company could face </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">other restrictions on its ability to liquidate that investment.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:519pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Leverage</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">On May 21, 2026, our Board and sole shareholder approved the adoption of an asset coverage requirement, as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">described in Section 61(a)(2) of the 1940 Act, of 150%. Such election became effective on May 21, 2026.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company may borrow money, which may magnify the potential for gain or loss and may increase the risk </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of investing in the Company. The use of leverage is speculative and involves certain risks. Although leverage will </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:597pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">increase the Company’s investment return if the Company’s interest in an asset purchased with borrowed funds </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:609pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">earns a greater return than the interest expense the Company pays for the use of those funds, the use of leverage will </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:621pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">decrease the return of the Company if the Company fails to earn as much on its investment purchased with borrowed </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:633pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">funds as it pays for the use of those funds. The use of leverage will in this way magnify the volatility of changes in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:645pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the value of an investment in the Company, especially in times of a “credit crunch” or during general market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:657pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">turmoil. The Company may be required to pledge its assets as collateral for its borrowings and to maintain minimum </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:669pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">average balances in connection with its borrowings or to pay a commitment or other fee to maintain a line of credit; </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:681pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">either of these requirements would increase the cost of borrowing over the stated interest rate. In addition, a lender </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to the Company may terminate or refuse to renew any credit facility into which the Company has entered. If the </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company is unable to access additional credit, it may be forced to sell its investments at inopportune times, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may further depress the returns of the Company.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Conflicts</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:126pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company is subject to conflicts of interest. RHV and its affiliates will be permitted to market, organize, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">sponsor, act as general partner or as the primary source for transactions for other pooled investment vehicles and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:150pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">other accounts, which may be offered on a public or private placement basis, and to engage in other investment and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">business activities. Some of these funds and accounts will have investment strategies that overlap with the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment strategies of the Company. Robinhood and its affiliates also may compete with the Company for certain </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:186pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">types of investments, including acquisitions of companies in which the Company might otherwise have considered </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:198pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">for investment. Such activities may raise conflicts of interest for which the resolution may not be determinable.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:219pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In order to address potential conflicts of interest, the Adviser has adopted an investment allocation policy that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:231pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">governs the allocation of investment opportunities among the investment funds and other accounts managed by the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:243pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Adviser. To the extent an investment opportunity is appropriate for either or both of the Company and/or any other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:255pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment fund or other account managed by the Adviser, and co-investment is not possible, the Adviser will </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:267pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">adhere to its investment allocation policy in order to determine to which account to allocate the opportunity.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:288pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Although the Adviser will endeavor to allocate investment opportunities in a fair and equitable manner over </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:300pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">time, the Company and Shareholders can be adversely affected to the extent investment opportunities are allocated </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">among the Company and other investment vehicles managed by the Adviser.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:333pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The investment allocation policy will also be designed to manage and mitigate the conflicts of interest </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:345pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">associated with the allocation of investment opportunities if the Company is able to co-invest, either pursuant to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:357pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">SEC interpretive positions or an exemptive order, with other accounts managed by the Adviser. Generally, under the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:369pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment allocation policy, co-investments will be allocated pursuant to the conditions of an exemptive order. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:381pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Under the investment allocation policy, a portion of each opportunity that is appropriate for the Company and any </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:393pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">affiliated fund or other account, which may vary based on asset class and liquidity, among other factors, will </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:405pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">generally be offered to the Company and such other eligible accounts, as determined by the Adviser. If there is a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:417pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">sufficient amount of securities to satisfy all participants, each order will be fulfilled as placed. If there is an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">insufficient amount of securities to satisfy all participants, the securities will generally be allocated at the discretion </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:441pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the Adviser.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser will seek to treat all clients fairly and equitably over time in a manner consistent with its fiduciary </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">duty to each of them; however, in some instances, especially in instances of limited investment supplies, the factors </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may not result in pro rata allocations or may result in situations where certain accounts receive allocations where </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">others do not. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:519pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Affiliated Transactions Restrictions</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Certain provisions of the 1940 Act prohibit the Company from engaging in transactions with the Adviser and its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">affiliates. Any funds managed by the Adviser or its affiliates that are not registered under the 1940 Act would not be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">prohibited from participating in those transactions. The 1940 Act also imposes significant limits on investments in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">certain privately placed securities in aggregated transactions with affiliates of the Company. The Adviser will not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">cause the Company to engage in investments alongside affiliates in private placement securities that involve the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">negotiation of certain terms of the private placement securities to be purchased (other than price-related terms) </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unless the Company has received an order granting an exemption from Sections 17 and 57 of the 1940 Act or unless </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">such investments are not prohibited by Section 17(d) or 57(a)(4) of the 1940 Act or interpretations of Section 17(d) </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or 57(a)(4) as expressed in SEC no-action letters or other available guidance. The Adviser and the Company have </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">applied for an exemptive order from the SEC that, once received, would permit the Company to, among other things </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and subject to the conditions of the order, invest in certain privately placed securities in aggregated transactions </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:672pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">alongside the Adviser and/or other funds advised by the Adviser, or potentially Robinhood and its affiliates, where </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:684pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Adviser negotiates certain terms of the private placement securities to be purchased (in addition to price-related </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:696pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">terms). The conditions contained in the exemptive order may limit or restrict the Company’s ability to participate in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:708pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">such negotiated investments. In addition, other conflicts may be present in a particular investment that may limit or </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">restrict the Company’s ability to participate, notwithstanding the exemptive order. An exemptive order would not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">apply to all investments or to all affiliates of the Adviser. As a result, the Company may be limited or restricted from </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">participating in certain investment opportunities, notwithstanding the exemptive order, including in investments in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">which affiliates of the Adviser not covered by the exemptive order participate. An inability to acquire the desired </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">allocation to potential investments may affect the Company’s ability to achieve the desired investment returns.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company, together with interests held by other advisory clients of the Adviser, may be limited from </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">owning or controlling, directly or indirectly, interests in Private Vehicles or other issuers that equal or exceed 5% of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">such issuer’s outstanding voting securities. In addition, the Company may seek to invest in a Private Vehicle’s non-</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">voting securities and, together with interests held by other advisory clients of the Adviser, may be limited in the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">amount it can invest. Such limitations are intended to ensure that an underlying Private Vehicle not be deemed an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">“affiliated person” of the Company for purposes of the 1940 Act, which may impose limits on the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">dealings with the Private Vehicle and its affiliated persons. As a general matter, however, the Private Vehicles in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">which the Company will invest do not typically provide their shareholders with an ability to vote to appoint, remove </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or replace the general partner of the Private Vehicle (except under quite limited circumstances that are not presently </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">exercisable). Notwithstanding these limitations, under certain circumstances the Company could become an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">affiliated person of a Private Vehicle or another issuer. In such circumstances, the Company may be restricted from </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">transacting with the Private Vehicle or its portfolio companies absent an applicable exemption (whether by rule or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">otherwise).</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Other Funds Advised by the Adviser </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Portfolio companies of the Company may be in, or come into, competition with other companies in which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">affiliates of the Company have an interest via different investment funds or other means. In addition, the Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">could pursue a transaction with an entity in which another fund advised by the Adviser has a pre-existing </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment, or another fund advised by the Adviser could pursue a transaction with an entity in which the Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">has a pre-existing investment. For example, another fund advised by the Adviser could lead or participate in a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">recapitalization of a portfolio company in which the Company has a pre-existing investment, or invest in a later-</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">stage equity issuance by a portfolio company in which the Company has a pre-existing investment. Such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments could give rise to conflicts of interest to the extent that the Adviser takes into account the interests of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:423pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">such other funds advised by the Adviser in its consideration of certain actions by the Company in respect of such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments. In certain circumstances, the pre-existing interests of other funds advised by the Adviser in a portfolio </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">company could preclude the Company from taking actions it would otherwise have taken or could otherwise be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">detrimental to the Company, or alternatively, such other funds advised by the Adviser could benefit from actions </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:471pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">taken on behalf of the Company. For example, if another fund advised by the Adviser makes an investment in an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:483pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">existing portfolio company of the Company at a valuation that is below (or in excess of) the valuation implied by the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:495pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s original investment in such portfolio company, such other funds’ investment could be dilutive (or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:507pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">accretive) to the Company’s existing investment. Additionally, another fund advised by the Adviser that participates </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:519pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in a follow-on opportunity in a portfolio company of the Company will benefit from the initial evaluation, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:531pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investigation and due diligence undertaken by the Company in connection with the initial investment, but the other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:543pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">participating fund advised by the Adviser will not be required to reimburse the Company for any expenses incurred </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:555pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in connection with making or holding the investment.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In addition, the timing of entry into or exit from an investment in a portfolio company may vary among the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">various funds advised by the Adviser for reasons such as differences in strategy, timeline, existing portfolio or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">liquidity needs. There can be no assurance that the terms of, or the return on, the Company’s investment will be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">equivalent to, or better than, the terms of, or the returns obtained by, a different fund advised by the Adviser with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">respect to the same portfolio company, nor can there be any assurance that such other fund advised by the Adviser </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">will hold the same positions in such portfolio company.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:657pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Regulatory Environment</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Changes in laws or regulations governing the Company’s operations may adversely affect its business. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company and its portfolio companies are subject to regulation at the local, state, and U.S. federal (or foreign) levels. </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">These laws and regulations, as well as their interpretation, may be changed from time to time. Any change in these </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">laws or regulations could materially and adversely affect the Company’s business.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Change in Investment Objective or Strategies</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:126pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Board may change the Company’s investment objective and strategies or modify or waive certain of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s operating policies and strategies without shareholder approval (except as required by the 1940 Act or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:150pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">other applicable laws). The Company cannot predict the effects that any changes to its current operating policies and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">strategies would have on the Company’s business, operating results and value of its Shares. Nevertheless, the effects </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may adversely affect the Company’s business and impact its ability to make distributions.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:195pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Active Management</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company is subject to management risk because it is an actively managed investment portfolio. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s ability to achieve its investment objective depends upon the Adviser’s skill in determining the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s allocation of its assets and in selecting the best mix of investments. There is a risk that the Adviser’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:252pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">evaluation and assumptions regarding investments may be incorrect in view of actual market conditions. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:264pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Adviser will apply investment techniques and risk analyses in making investment decisions for the Company, but </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:276pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">there can be no guarantee that these will produce the desired results. The Company may be subject to a relatively </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:288pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">high level of management risk because the Company invests in private market investments, which are highly </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:300pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">specialized instruments that require investment techniques and risk analyses different from those associated with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investing in public equities and bonds. The Company’s allocation of its investments across direct investments, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">including Private Vehicles, and other portfolio investments representing various strategies, geographic regions, asset </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">classes and sectors may vary significantly over time based on the Adviser’s analysis and judgment. As a result, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">particular risks most relevant to an investment in the Company, as well as the overall risk profile of the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">portfolio, may vary over time.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:381pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Anti-Takeover Provisions Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:402pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Declaration of Trust includes provisions that could have the effect of limiting the ability of other entities or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:414pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">persons to acquire control of the Company, to change the composition of the Board or convert the Company to open-</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">end status. These provisions may have the effect of discouraging attempts to acquire control of the Company, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:438pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">attempts could have the effect of increasing the expenses of the Company and interfering with the normal operation </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the Company. Such provisions also could limit the ability of Shareholders to sell their Shares at a premium over </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the then-current market prices by discouraging a third party from seeking to obtain control of the Company. See </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">“</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:76.43pt;position:var(--position);text-decoration:none;white-space:pre">Certain Provisions in the Declaration of Trust - Anti-Takeover and Other Provisions</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:415.84pt;position:var(--position);text-decoration:none;white-space:pre">” for additional information. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:495pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Required Distributions Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Although the Company focuses on achieving capital gains from its investments, in certain cases it may receive </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">current income, such as interest or dividends, on its investments. Because in certain cases the Company may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">recognize such current income before or without receiving cash representing such income, it may have difficulty </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">satisfying the annual distribution requirement applicable to RICs. Accordingly, in order for the Company to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">maintain its qualification as a RIC, it may have to sell some of its investments at times it would not consider </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">advantageous, raise debt or equity capital or reduce new investments to meet these distribution requirements. If the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company is not able to obtain cash from other sources, it may fail to qualify as a RIC and thus would be subject to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">corporate-level U.S. federal income tax. See “</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:255.9pt;position:var(--position);text-decoration:none;white-space:pre">Material U.S. Federal Income Tax Considerations—Taxation as a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Regulated Investment Company</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:199.07999999999998pt;position:var(--position);text-decoration:none;white-space:pre">.” </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:633pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Taxation of Shareholders on Distributions in Company’s Own Stock</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company may distribute a portion of its taxable distributions in the form of shares of its stock. In </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">accordance with certain applicable U.S. Treasury Regulations and other related administrative pronouncements </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">issued by the IRS, a RIC may be eligible to treat a distribution of its own stock as fulfilling its RIC distribution </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">requirements if each Shareholder is permitted to elect to receive its entire distribution in either cash or stock of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:702pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">RIC, subject to the satisfaction of certain guidelines. If too many Shareholders elect to receive cash, each </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Shareholder electing to receive cash must receive a pro rata amount of cash (with the balance of the distribution paid </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in stock). If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">distribution paid in stock generally will be equal to the amount of cash that could have been received instead of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">stock. Taxable Shareholders receiving such distributions will be required to include the full amount of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">distribution as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">capital gain dividend) to the extent of their share of the Company’s current and accumulated earnings and profits for </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">U.S. federal income tax purposes. As a result, a U.S. Shareholder may be subject to tax with respect to such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">distributions in excess of any cash received. If a U.S. Shareholder sells the stock it receives as a distribution in order </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to pay this tax, the sales proceeds may be less than the amount included in income with respect to the distribution, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">depending on the market price of the Company’s stock at the time of the sale, which would result in a capital loss, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the deductibility of which is subject to limitations. Furthermore, with respect to non-U.S. Shareholders, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company may be required to withhold U.S. tax with respect to such distributions, including in respect of all or a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">portion of any such distribution that is payable in stock. In addition, if a significant number of the Shareholders </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">determine to sell shares of the Company’s stock in order to pay taxes owed on distributions, such sales may put </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">downward pressure on the trading price of the Company’s stock.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Failure to Qualify as a Regulated Investment Company Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company intends to elect to be treated as a RIC for federal income tax purposes as of the Company’s First </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Post-IPO Tax Year. If the Company qualifies to be treated as a RIC, the Company generally will not pay corporate-</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">level federal income tax on any ordinary income or capital gains that the Company distributes to Shareholders as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:318pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">dividends. To obtain and maintain the federal income tax benefits of RIC status, the Company must meet specified </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:330pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">source-of-income and asset diversification requirements and distribute annually an amount equal to at least 90% of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:342pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the sum of the Company’s net ordinary income and realized net short-term capital gains in excess of realized net </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">long-term capital losses, if any, out of assets legally available for distribution. In addition, the Company must </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:366pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">maintain its status as a BDC under the 1940 Act. If any of these requirements are not met, the favorable tax </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">treatment described above may not be available to the Company. In addition, as a RIC, the Company could be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:390pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">subject to tax on any unrealized net built-in gains in the assets held by the Company during the period in which the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:402pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company was not a RIC that are recognized within the five-year period beginning on the first day of its first taxable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:414pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">year as a RIC, unless either the Company made a special election to pay corporate-level tax on such built-in gain at </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the time of the Company’s RIC election or an exception applies. At the time of the Company’s RIC election, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:438pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company intends to elect to recognize all of its built-in gain at the time of its conversion and pay tax currently on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the built-in gain. See “</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:162.16pt;position:var(--position);text-decoration:none;white-space:pre">Material U.S. Federal Income Tax Consequences—Conversion to Regulated Investment </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:110.31pt;position:var(--position);text-decoration:none;white-space:pre">.” If the Company fails to qualify for the federal income tax benefits allowable to RICs for any reason and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">remains or becomes subject to a corporate-level income tax, the resulting taxes could substantially reduce the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s net assets, the amount of income available for distribution to Shareholders and the actual amount of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s distributions. Such a failure would have a material adverse effect on the Company, the net asset value of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Shares and the total return, if any, obtainable from Shareholders’ investment in Shares. For additional </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">information regarding the Company’s tax requirements, see “</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:317.27pt;position:var(--position);text-decoration:none;white-space:pre">Material U.S. Federal Income Tax Considerations</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:519.04pt;position:var(--position);text-decoration:none;white-space:pre">.” </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Any net operating losses that the Company incurs in periods during which the Company qualifies as a RIC will not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:546pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">offset net capital gains (</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:167.97pt;position:var(--position);text-decoration:none;white-space:pre">i.e.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:180.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre">, net realized long-term capital gains in excess of net short-term capital losses) that the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:558pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company is otherwise required to distribute, and the Company cannot pass such net operating losses through to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:570pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Shareholders. In addition, net operating losses that the Company carries over to a taxable year in which the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:582pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company qualifies as a RIC normally cannot offset ordinary income or capital gains.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:603pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Additional Tax Liabilities Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company is subject to complex tax laws and regulations of the multiple jurisdictions in which it operates. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">These laws and regulations are subject to uncertain interpretation. The Company’s interpretation and application of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">these laws and regulations, as well as the Company’s compliance with certain other requirements, require significant </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">judgment and the use of assumptions and estimates.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:681pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">As a result, the Company will be exposed to the risk that tax authorities in any of the jurisdictions in which the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company operates could disagree with the Company’s interpretations of the applicable laws and regulations or the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:705pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s tax calculations and methodologies, including the classification of the Company’s revenues or the </span></div></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">determination of the jurisdictions to which profits are attributed. Accordingly, the Company may be subject to tax </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">audits and other similar proceedings with tax authorities in a number of jurisdictions. In certain cases, the applicable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">tax authority may challenge one or more tax positions of the Company. Any such audits and other similar </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">proceedings could result in additional taxes, including interest and penalties, which could, in turn, adversely affect </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company’s investment returns.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In addition, laws and regulations are changing on an ongoing basis, and these changes may apply with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">retroactive effect. New legislation and any U.S. Treasury Regulations, administrative interpretations or court </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">decisions interpreting such legislation could significantly and negatively affect the Company’s ability to qualify for </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">tax treatment as a RIC or the U.S. federal income tax consequences to the Company and its Shareholders of such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">qualification, or could have other adverse consequences. In addition, the effective tax rate of the portfolio companies </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in which the Company invests could materially increase as a result of changes in tax law, tax treaties or the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">interpretation thereof.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">On July 4, 2025, the bill referred to as the One Big Beautiful Bill Act (the “OBBBA”) was enacted into law in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the United States. The OBBBA introduced broad changes to the Code, including changes to the taxation of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:258pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">businesses. The Company believes the recent changes to the Code under the OBBBA do not materially impact the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:291pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Investors are urged to consult with their tax advisors regarding tax legislative, regulatory or administrative </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:303pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">developments and proposals and their potential effect on an investment in the Company’s securities.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The DRIP May Create a Taxable Event for Shareholders</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:345pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Distributions on the Shares will be automatically reinvested into additional Shares pursuant to the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:357pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">DRIP absent a Shareholder electing otherwise. Each Shareholder that does not so elect otherwise will be treated for </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:369pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">U.S. federal income tax purposes as if such Shareholder had received the applicable dividend. For a discussion of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:381pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the tax consequences to Shareholders of receiving dividends, see “</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:337.8pt;position:var(--position);text-decoration:none;white-space:pre">Material U.S. Federal Income Tax </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:393pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Considerations</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:133.07pt;position:var(--position);text-decoration:none;white-space:pre">.”</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:414pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Other Risks Related to this Offering</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Shares offered by this Prospectus may be purchased from Robinhood Financial or TradePMR, each an affiliate </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of RHV, acting in its capacity as a selling group member in this offering. Any negative experiences Robinhood </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Financial’s customers, or TradePMR’s investment adviser customers, have in connection with their participation or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:471pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">attempted participation in this offering may harm the Company’s brand and reputation. In addition, participation in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:483pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">this offering by retail customers through Robinhood Financial could result in increased volatility in the trading price </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:495pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the Shares.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Robinhood Financial and TradePMR, each a broker-dealer affiliated with the Company’s Adviser, are members </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the selling group for this offering. It is anticipated that a portion of the Shares offered by this Prospectus will be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">offered through Robinhood Financial, acting as a selling group member, to allocate for sale to its customers through </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">its IPO Access feature on the Robinhood platform. It is further anticipated that a portion of the Shares offered by this </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Prospectus will be offered through TradePMR, acting as a selling group member, to allocate for sale to its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment adviser customers and their clients through its Advisor IPO Access feature on the Fusion platform. Any </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">such sales will be made at the same initial public offering price, and at the same time, as any other purchases in this </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">offering, including purchases by institutions and other large investors, and in accordance with customary broker-</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">dealer practices and procedures. Robinhood Financial and TradePMR will not retain any fees or other amounts </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">received in connection with this service to the Company.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Early-Stage Companies Risks</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:417pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The types of investments that the Company anticipates making involve a high degree of risk. In general, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">financial and operating risks confronting portfolio companies can be significant. While targeted returns should </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:441pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">reflect the perceived level of risk in any investment situation, there can be no assurance that the Company will be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:453pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">adequately compensated for risks taken. A loss of the Company’s entire investment is possible. The timing of profit </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:465pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">realization is highly uncertain. Losses are likely to occur early in the Company’s term, while successes often require </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">a long maturation period.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Early-stage companies often experience unexpected problems in the areas of product development, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">manufacturing, marketing, financing and general management, which, in some cases, cannot be adequately solved. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In addition, such companies may require substantial amounts of financing, which may not be available through </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">institutional private placements or the public markets. In addition, the markets that such companies target are highly </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:546pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">competitive and in many cases the competition consists of larger companies with access to greater resources. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:558pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">percentage of companies that survive and prosper can be small. Given the rapid timelines often associated with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:570pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">accelerator programs such as Y Combinator, and the inherently limited information available on early-stage </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:582pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies, the Adviser’s evaluation of a given opportunity is generally conducted on an expedited basis, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">creates heightened risk for investors in such early-stage companies.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">YC Companies Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Because the Company focuses its investments in YC Companies, it may be more concentrated in certain types </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of businesses (such as high-growth or technology-oriented companies) and may perform differently than funds that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">invest in a broader range of companies or have a less focused investment approach. The Company is not a party to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:672pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">any agreement with Y Combinator with respect to access to YC Companies. Any limitation imposed by Y </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:684pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Combinator on the Company’s access to YC Companies could have a material adverse effect on the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:696pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">business, financial condition or results of operations.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">SAFEs Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:93pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">SAFEs do not represent an equity ownership interest at the time of investment, and it is uncertain if SAFEs will </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">provide such exposure in the future. They are designed for early-stage, high-growth startup companies that are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:117pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">expected to raise additional capital in the future. If such growth or financing does not occur, the economic </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">assumptions underlying the investment may not be realized. Unlike common stock, SAFEs do not provide holders </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">with any current ownership rights, including voting rights or rights to dividends, and instead represent only a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">contractual right to receive equity in the future upon the occurrence of specified triggering events, such as a future </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">equity financing, acquisition, or initial public offering, which may not occur. If such triggering events do not occur, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company may never receive equity securities and could lose its entire investment. In certain circumstances, a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">portfolio company may raise additional capital through alternative financing structures that do not trigger </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">conversion. Even if a triggering event occurs, the terms governing conversion may be complex and highly variable, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">including valuation caps, discounts, or other mechanisms, such as most favored nation or pro rata provisions, that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may significantly affect the amount and value of equity ultimately received.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The valuation for the company used in the conversion of the SAFEs will be determined by the investors </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:258pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investing in the next priced equity financing round that triggers conversion of the SAFEs, which valuation may not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">be known by the Company or an accurate reflection of the valuation of the company at that time.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:291pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">A SAFE investment’s value may not change for an extended period of time, for example, until a conversion is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:303pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">triggered. Upon conversion, the Company’s investment in the company that issued the SAFE may change </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significantly, impacting the Company’s NAV per share and potentially the trading price for the Shares. Because </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">SAFEs are valued based on estimates of future contingent events, their reported fair value may differ materially </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">from realized outcomes.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Equity Securities Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:381pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The prices of equity securities fluctuate based on changes in a company’s financial condition and overall market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:393pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and economic conditions. Equity securities of companies that operate in certain sectors or industries tend to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:405pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">experience greater volatility than companies that operate in other sectors or industries or the broader equity markets. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:417pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">For example, publicly traded equity securities of private equity funds and private equity firms tend to experience </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">greater volatility than other companies in the financial services industry and the broader equity markets. An adverse </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:441pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">event, such as an unfavorable earnings report, may depress the value of equity securities held by the Company. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:453pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">value of equity securities may also decline due to factors which affect a particular industry or industries, such as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:465pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">labor shortages or increased production costs and competitive conditions within an industry. The value of the equity </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">securities held by the Company may decline for a number of other reasons which directly relate to the issuer, such as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:489pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">management performance, financial leverage, the issuer’s historical and prospective earnings, the value of its assets </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:501pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and reduced demand for its goods and services. Also, equity securities and equity-related securities may be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:513pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">particularly sensitive to general movements in the stock market, and a drop in the stock market may depress the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:525pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">price of any equity securities to which the Company has exposure. The value of the equity securities the Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:537pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">holds may also fluctuate because of changes in investors’ perceptions of the financial condition of an issuer or the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:549pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">general condition of the relevant stock market, or when political or economic events affecting the issuers occur. In </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">borrowing costs increase. Common equity securities in which the Company may invest are structurally subordinated </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to preferred stock, bonds and other debt instruments in a company’s capital structure in terms of priority to corporate </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:597pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">income, and are therefore inherently more risky than preferred stock or debt instruments of such issuers.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The equity interests the Company invests in may not appreciate in value and, in fact, may decline in value or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">lose all value. Accordingly, the Company may not be able to realize gains from its equity interests, and any gains </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that it does realize on the disposition of any equity interests may not be sufficient to offset any other losses it </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">experiences.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Technological Innovations</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:696pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Current trends in the market generally have been toward disrupting a traditional approach to an industry with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:708pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technological innovation, and multiple young companies have been successful where this trend toward disruption in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">markets and market practices has been critical to their success. In this period of rapid technological and commercial </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">innovation, new businesses and approaches may be created that could affect the Company and/or its portfolio </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments or alter the market practices the Company’s strategy has been designed to function within and on which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company’s strategy depends for investment return. Moreover, given the pace of innovation in recent years, such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technological innovation may adversely impact the Company and/or its portfolio companies in a manner that may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">not have been foreseen, or foreseeable, at the time the Company made any applicable investment. Any of these </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technological innovations could damage the Company’s investments, significantly disrupt the market in which it </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">operates and subject it to increased competition, which could materially and adversely affect its business, financial </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">condition and results of investments. Additionally, the Adviser could base investment decisions on views about the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">direction or degree of innovation that prove inaccurate and lead to losses.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Seed Relationships </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:222pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company may occasionally enter into an agreement with a single entrepreneur or team of entrepreneurs </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(each, an “Entrepreneur”), pursuant to which the Company will provide seed funding to one or more companies </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">founded or otherwise sponsored by such Entrepreneur. It is the Company’s belief that such arrangements may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:258pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">benefit the Company by creating opportunities for the Company to secure favorable terms with respect to such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments, and that the Company’s relationships with Entrepreneurs may benefit the Company by creating earlier </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">access to portfolio companies with promising founders. It is possible, however, that as a result of any such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">arrangement, the Company will make investments in portfolio companies in which it otherwise would not have </span></div>invested. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Reliance on Portfolio Company Management Team</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Each portfolio company’s day-to-day operations will be the responsibility of such company’s management </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">team. Certain of the Company’s investments will be in portfolio companies that have not had significant operations </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and may have founders and management teams with less operational experience than a more established company. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">While the Company seeks to invest in companies operated by strong management or build strong management teams </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">at each of them, there can be no assurance that the existing management team, or any successor, will be able to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:408pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">operate the portfolio company as expected by the Company. The success of each portfolio investment depends in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">substantial part upon the skill and expertise of each portfolio company’s management team. Additionally, portfolio </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies will need to attract, retain, and develop executives and members of their management teams. The market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">for executive talent is, notwithstanding general unemployment levels or developments within a particular industry, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">extremely competitive. There can be no assurance that a portfolio company will be able to attract, develop, integrate, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and retain suitable members of its management team, and, as a result, the Company may be adversely affected </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:480pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">thereby.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Private Investments Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Investments in private companies involve a high degree of business and financial risk that can result in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">substantial losses. Less information is available with respect to private companies compared to public companies </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:546pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and private company investments offer limited liquidity. Private companies are generally not subject to SEC </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:558pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">reporting requirements, are not required to maintain their accounting records in accordance with generally accepted </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:570pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">accounting principles, and are not required to maintain effective internal controls over financial reporting. As a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:582pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">result, the Adviser may not have timely or accurate information about the business, financial condition and results of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">operations of the private companies in which the Company invests. There is a risk that the Company may invest on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:606pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the basis of incomplete or inaccurate information, and will not be able to adequately monitor the performance of its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments, which may adversely affect the Company’s investment performance. It also is more difficult to value </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">private investments compared to public investments because there is less information available about private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies. Private companies in which the Company may invest may have limited financial resources, shorter </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">operating histories, more asset concentration risk, narrower product lines and smaller market shares than larger </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">businesses, which tend to render such private companies more vulnerable to competitors’ actions and market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">conditions, as well as general economic downturns. These companies generally have less predictable operating </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:702pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">subject to a substantial risk of obsolescence, and may require substantial additional capital to support their </span></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">operations, finance expansion or maintain their competitive position. Private company investments are more difficult </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to value than investments in public companies due to less information being available and valuations may fluctuate </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">more dramatically than those of public companies. As a result, the Company’s NAV could significantly increase or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">decrease if the Company learns of new material information regarding a private company, particularly if the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">company comprises a significant portion of the Company’s portfolio. Additionally, the Company will only value its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments on a periodic basis. To the extent that new material information regarding a private company in which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company has invested becomes public, the trading price of the Shares could fluctuate significantly, including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">potentially causing the Shares to trade at a discount or premium to the most recently published NAV. These </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies may have difficulty accessing the capital markets to meet future capital needs, which may limit their </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">ability to grow or to repay their outstanding indebtedness upon maturity.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Typically, investments in private companies are in restricted securities that are not traded in public markets and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">subject to transfer restrictions and substantial holding periods, so that the Company may not be able to resell some of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">its holdings for extended periods, which may be several years. There can be no assurance that the Company will be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">able to realize the value of private company investments in a timely manner. There also is no assurance that the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">private companies in which the Company invests will ever have a liquidity event.  </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Additionally, the types of private companies in which the Company expects to invest may be dependent on key </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">personnel for their future success. If a company is unable to hire and retain qualified personnel, or if the company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">loses a founder or any key member of its management team, its performance may be significantly impaired.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Historical returns for private company investments have often been dependent on investment selection with a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">limited number of companies having an outsized impact on the return profile of the asset class. Private companies </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">typically control which investors are permitted to invest in their company, including through a consent right over </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">which investors are permitted to purchase shares from existing investors in that company. There can be no assurance </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that the companies that the Company targets will permit the Company to become an investor. The Company may not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">be able to deploy all of its capital in companies that fit its investment mandate.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company’s private investments may be subject to risks associated with an unaffiliated lead investor. Due </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:408pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">diligence will be conducted on private investment opportunities. However, due diligence will necessarily be limited </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">by, among other things, information that the Company is able to obtain, and the Company expects that substantially </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">less information will be available about the Company’s private investments than information that would be available </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">for publicly traded investments. The Company may in its sole discretion make the determination to invest without </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">having access to the detailed information necessary for a full evaluation of the investment opportunity, including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">where the Company believes that such level of due diligence is either not possible or not practicable given the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:480pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">circumstances of the proposed portfolio investment (such as when the window of opportunity is short and/or the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">demand by other investors is high). In such circumstances, there therefore may be a shorter due diligence process. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The Company expects to make minority investments where it may have little to no opportunity to negotiate the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">terms of a particular private investment or to require a specific private company in which the Company invests to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">disclose any particular type of information to the Company, either in connection with diligence or as ongoing </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">reporting. Where the Company invests alongside an unaffiliated lead investor, the Adviser may rely to some extent </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">on the lead investor’s diligence on the relevant investment and to negotiate certain terms of the investment. In </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">addition, the Adviser may rely upon independent consultants or advisers in connection with their evaluation of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">proposed investments and may consider the diligence of potential co-investors or strategic partners. There can be no </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">assurance that these consultants, advisers, co-investors or strategic partners will accurately evaluate such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments, and such involvement of third-party consultants, advisers, co-investors or strategic partners may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">present a number of risks primarily relating to the Adviser’s reduced control of the functions that are outsourced. As </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">a result of any or all of these circumstances, the due diligence investigation that the Company carries out with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">respect to any such investment opportunity may not reveal or highlight all material risks associated with such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment opportunity, which may have otherwise been discovered with a more thorough process, especially when </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">there is a compressed diligence timeframe and/or heightened competition for an investment, where there may be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:672pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">limited publicly available information with respect to a particular company or its executives, where because of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:684pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">size or other aspects of an investment limited information is made available to the Adviser by the prospective </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:696pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">portfolio company, or in circumstances where all or a portion of such due diligence is conducted remotely.</span></div></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In connection with some of the Company’s investments in private companies, the Company may pledge some </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or all voting rights in a private company to management or another third-party investor. The Adviser may determine </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in its sole discretion that a pledge of such voting rights for a specific investment opportunity is in the best interests </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the Company, and if the Adviser determines that the Company should not agree to pledge such voting rights, it </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may result in the Company being excluded from the investment opportunity.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company has the discretion to make follow-on investments, subject to the availability of capital resources </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and the availability of securities in the applicable portfolio company. The Company may elect not to make follow-on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments in a portfolio company and it may lack sufficient funds to make those investments. The failure to make </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company’s initial investment, or may result in a missed opportunity for the Company to increase its participation </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in a successful operation. Even if the Company has sufficient capital to make a desired follow-on investment, it may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">elect not to do so in order not to increase its concentration of risk, because it prefers other opportunities, or because </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">it is inhibited by compliance with regulatory or other requirements.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Private Vehicle Risks</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:267pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company’s investments in Private Vehicles are subject to a number of risks. Private Vehicle interests are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:279pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">expected to be illiquid and subject to restricted marketability, and the realization of investments from them may take </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:291pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">considerable time and/or be costly. In addition, certain private companies may impose broad transfer restrictions on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:303pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">their equity securities. These restrictions may extend to the ability of a Private Vehicle that invests in such private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">company to admit new investors, meaning that the Company may be unable to invest in a Private Vehicle without </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the consent of the underlying private company. There can be no assurance that such consent will be granted, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may limit the Company’s ability to gain exposure to certain private companies. The Company expects to primarily </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">invest in Private Vehicles, including SPVs, that provide exposure focused on the same Promising Companies that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company invests in directly. Some of the Private Vehicles in which the Company invests may have only limited </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">operating histories. Although the Adviser will seek to receive detailed information from each Private Vehicle </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">regarding its business strategy and any performance history, including audited financial statements, in most cases the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Adviser will have little or no means of independently verifying this information. The Company may in its sole </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">discretion make the determination to invest without having access to the detailed information necessary for a full </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:423pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">evaluation of the investment opportunity, including where the Company believes that such level of due diligence is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">either not possible or not practicable given the circumstances of the proposed portfolio investment (such as where </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the window of opportunity is short and/or the demand by other investors is high). In such circumstances, there </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">therefore may be a shorter due diligence process. In addition, the Adviser may rely upon independent consultants or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:471pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">advisers in connection with their evaluation of proposed investments and may consider the diligence of potential co-</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:483pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investors or strategic partners. There can be no assurance that these consultants, advisers, co-investors or strategic </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:495pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">partners will accurately evaluate such investments, and such involvement of third-party consultants, advisers, co-</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:507pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investors or strategic partners may present a number of risks primarily relating to the Adviser’s reduced control of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:519pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the functions that are outsourced. As a result of any or all of these circumstances, the due diligence investigation that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:531pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company carries out with respect to any such investment opportunity may not reveal or highlight all material </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:543pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">risks associated with such investment opportunity, which may have otherwise been discovered with a more thorough </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:555pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">process, especially when there is a compressed diligence timeframe and/or heightened competition for an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:567pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment, where there may be limited publicly available information with respect to a particular company or its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">executives, where because of the size or other aspects of an investment limited information is made available to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:591pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Adviser by the prospective portfolio company, or in circumstances where all or a portion of such due diligence is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:603pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">conducted remotely. Lastly, Private Vehicles may have little or no near-term cash flow available to distribute to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:615pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investors, including the Company. Due to the pattern of cash flows in Private Vehicles and the illiquid nature of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:627pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">their investments, investors typically will see negative returns in the early stages of Private Vehicles. Then, as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:639pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments are able to realize liquidity events, such as a sale or initial public offering, positive returns will be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:651pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">realized if the Private Vehicle’s investments are successful.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:672pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Private Vehicle interests are ordinarily valued based upon valuations provided by the Private Vehicle Manager, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:684pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">which may be received on a delayed basis. Certain securities in which the Private Vehicles invest may not have a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:696pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">readily ascertainable market price and are fair valued by the Private Vehicle Managers. A Private Vehicle Manager </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:708pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may face a conflict of interest in valuing such securities because their values may have an impact on the Private </span></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicle Manager’s compensation. The Adviser will review and perform due diligence on the valuation procedures </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">used by each Private Vehicle Manager and monitor the returns provided by the Private Vehicles. No assurances can </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">be given regarding the valuation methodology or the sufficiency of systems utilized by any Private Vehicle </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Manager, the accuracy of the valuations provided by the Private Vehicle Managers, that the Private Vehicle </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Managers will comply with their own internal policies or procedures for keeping records or making valuations, or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that the Private Vehicle Managers’ policies and procedures and systems will not change without notice to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company. As a result, a Private Vehicle Manager’s valuation of the securities may fail to match the amount </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">ultimately realized with respect to the disposition of such securities. A Private Vehicle Manager’s information could </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">also be inaccurate due to fraudulent activity, mis-valuation or inadvertent error. The Company may not uncover </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">errors in valuation for a significant period of time, if ever. Inaccurate valuations provided by Private Vehicles could </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">materially adversely affect the value of Shares.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company will pay asset-based or commitment-based fees, and, in most cases, will be subject to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">performance-based fees in respect of its interests in Private Vehicles. Such fees and performance-based </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">compensation are in addition to the Company’s own Management Fee. In addition, performance-based fees charged </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">by Private Vehicle Managers may create incentives for the Private Vehicle Managers to make risky investments, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may be payable by the Company to a Private Vehicle Manager based on a Private Vehicle’s positive returns even if </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company’s overall returns are negative. Shareholders will indirectly bear a proportionate share of the fees and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">expenses of the Private Vehicles, in addition to a proportionate share of the expenses of the Company.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company may be precluded from acquiring an interest in certain Private Vehicles due to regulatory </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:318pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">implications under the 1940 Act or other laws, rules and regulations or may be limited in the amount it can invest in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:330pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">voting securities of Private Vehicles. The Adviser also may refrain from including a Private Vehicle in the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:342pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s portfolio in order to address adverse regulatory implications that would arise under the 1940 Act for the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company if such an investment was made. In addition, the SEC has adopted Rule 18f-4 under the 1940 Act, which, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:366pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">among other things, may impact the ability of the Company to enter into unfunded commitment agreements, if any, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">such as a capital commitment to a Private Vehicle or as part of a direct investment. In addition, the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:390pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">ability to invest may be affected by considerations under other laws, rules or regulations. Such regulatory </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:402pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">restrictions, including those arising under the 1940 Act, may cause the Company to invest in different Private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:414pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicles or direct investments than other clients of the Adviser. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">If the Company fails to satisfy capital calls to a Private Vehicle in a timely manner then, generally, it will be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">subject to significant penalties, including the complete forfeiture of the Company’s investment in the Private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicle. Any failure by the Company to make timely capital contributions may impair the ability of the Company to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:471pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">pursue its investment program, cause the Company to be subject to certain penalties from the Private Vehicles or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:483pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">otherwise impair the value of the Company’s investments.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The governing documents of a Private Vehicle generally are expected to include provisions that would enable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the general partner, the manager, or a majority in interest (or higher percentage) of its limited partners or members, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">under certain circumstances, to terminate the Private Vehicle prior to the end of its stated term. Early termination of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">a Private Vehicle in which the Company is invested may result in the Company having distributed to it a portfolio of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">immature and illiquid securities, or the Company’s inability to invest all of its capital as anticipated, either of which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">could have a material adverse effect on the performance of the Company.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Although the Company will be an investor in a Private Vehicle, Shareholders will not themselves be equity </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:597pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">holders of that Private Vehicle and will not be entitled to enforce any rights directly against the Private Vehicle or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:609pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Private Vehicle Manager or assert claims directly against any Private Vehicles, the Private Vehicle Managers or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:621pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">their respective affiliates. Shareholders will have no right to receive the information issued by the Private Vehicles </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:633pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that may be available to the Company as an investor in the Private Vehicles. In addition, Private Vehicles generally </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:645pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">are not registered as investment companies under the 1940 Act; therefore, the Company, as an investor in Private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:657pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicles, will not have the benefit of the protections afforded by the 1940 Act. Private Vehicle Managers may not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:669pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">be registered as investment advisers under the Advisers Act, in which case the Company, as an investor in Private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:681pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicles managed by such Private Vehicle Managers, will not have the benefit of certain of the protections afforded </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">by the Advisers Act.</span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Commitments to Private Vehicles generally are not immediately invested. Instead, committed amounts are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">drawn down by Private Vehicles and invested over time, as underlying investments are identified—a process that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may take a period of several years, with limited ability to predict with precision the timing and amount of each </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Private Vehicle’s drawdowns. During this period, investments made early in a Private Vehicle’s life are often </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">realized (generating distributions) even before the committed capital has been fully drawn. In addition, many Private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicles do not draw down 100% of committed capital, and historic trends and practices can inform the Adviser as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to when it can expect to no longer need to fund capital calls for a particular Private Vehicle. Accordingly, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Adviser may make investments and commitments based, in part, on anticipated future capital calls and distributions </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">from Private Vehicles. This may result in the Company making commitments to Private Vehicles in an aggregate </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">amount that exceeds the total amounts invested by Shareholders in the Company at the time of such commitment </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:75.33pt;position:var(--position);text-decoration:none;white-space:pre">i.e.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:87.53pt;position:var(--position);text-decoration:none;white-space:pre">, to “over-commit”). To the extent that the Company engages in an “over-commitment” strategy, the risk </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">associated with the Company defaulting on a commitment to a Private Vehicle will increase. The Company will </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">maintain cash, cash equivalents, borrowings or other liquid assets in sufficient amounts, in the Adviser’s judgment, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to satisfy capital calls from Private Vehicles.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company is subject to the risks associated with its Private Vehicles’ underlying investments. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments made by Private Vehicles will entail a high degree of risk and in most cases be highly illiquid and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">difficult to value. Unless and until those investments are sold or mature into marketable securities they will remain </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">illiquid. As a general matter, companies in which the Private Vehicle invests may face intense competition, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:297pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">including competition from companies with far greater financial resources; more extensive research, development, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:309pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technological, marketing and other capabilities; and a larger number of qualified managerial and technical personnel.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:330pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In connection with making an investment in a Private Vehicle, the Company may decide to pledge some or all </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:342pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">voting rights in a Private Vehicle to management or another third-party investor. The Adviser may determine in its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">sole discretion that a pledge of such voting rights for a specific investment opportunity is in the best interests of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:366pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company, and if the Adviser determines that the Company should not agree to pledge such voting rights, it may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">result in the Company being excluded from the investment opportunity.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">A Private Vehicle Manager may focus on a particular industry or sector, which may subject the Private Vehicle, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and thus the Company, to greater risk and volatility than if investments had been made in issuers in a broader range </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:423pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of industries. Likewise, a Private Vehicle Manager may focus on a particular country or geographic region, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may subject the Private Vehicle, and thus the Company, to greater risk and volatility than if investments had been </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">made in issuers in a broader range of geographic regions. In addition, Private Vehicles may establish positions in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">different geographic regions or industries that, depending on market conditions, could experience offsetting returns.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:480pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company will not obtain or seek to obtain any control over the management of any portfolio company in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">which any Private Vehicle may invest. The success of each investment made by a Private Vehicle will largely </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">depend on the ability and success of the management of the portfolio companies in addition to economic and market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">factors.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:537pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company may make secondary investments in Private Vehicles by acquiring the interests in the Private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:549pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicles from existing investors in such Private Vehicles (and not from the issuers of such investments). In such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">instances, as the Company will not be acquiring such interests directly from the Private Vehicle, it is generally not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">expected that the Company will have the opportunity to negotiate the terms of the interests being acquired, other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">than the purchase price, or other special rights or privileges. There can be no assurance as to the number of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:597pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">secondary investment opportunities that will be presented to the Company.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In addition, valuation of secondary investments in Private Vehicles may be difficult, as there generally will be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">no established market for such investments or for the privately held portfolio companies in which such Private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicles may own securities. Moreover, the purchase price of secondary investments in such Private Vehicles </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">generally will be subject to negotiation with the sellers of the interests and there is no assurance that the Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">will be able to purchase secondary investments in Private Vehicles at attractive discounts to their respective net asset </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">value, or at all. The overall performance of the Company will depend in large part on the acquisition price paid by </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company for its secondary investments, the structure of such acquisitions and the overall success of the Private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:702pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicle.</span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Secondary investments in a Private Vehicle may be acquired at a discount to that Private Vehicle’s NAV. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Because those secondary investments will be valued by the Company at the most recent NAV reported by the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Private Vehicle’s Manager, the Company will have an unrealized gain with respect to those investments (and a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">corresponding increase in NAV and performance) equal to the difference between the most recent reported NAV of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Private Vehicle and the Company’s purchase price. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">To maintain the Company’s status as a RIC and preserve the tax benefits to the Company of that status, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company intends to distribute to Shareholders capital gain dividends in the amount of the Company’s net capital </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">gain. Distribution of the Company’s net capital gain (which is generally the excess of the Company’s realized net </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">long-term capital gains over the Company’s realized net short-term capital losses) properly reported by the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company as “capital gain dividends” will be taxable to a U.S. Shareholder as long-term capital gains, regardless of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the U.S. Shareholder’s holding period for his, her or its common stock and regardless of whether paid in cash or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">reinvested in additional common shares. Distributions of the Company’s net capital gain to a non-U.S. Shareholder, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">generally will not be subject to U.S. federal withholding tax and will not be subject to U.S. federal income tax unless </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the distributions are effectively connected with a U.S. trade or business of the non-U.S. Shareholder (and, if an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">income tax treaty applies, are attributable to a permanent establishment maintained by the non-U.S. Shareholder in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the United States).</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Conversely, a secondary investment in a Private Vehicle sold by the Company at a discount will result in a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">realized loss, and a corresponding decrease in the Company’s NAV and performance equal to the difference </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">between the value of the secondary investment as reflected in the books and records of the Company and the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:318pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">negotiated sale price.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The valuation of the Company’s secondary investments in Private Vehicles is ordinarily determined based upon </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">valuations provided by the Private Vehicle Managers, when available, and is subject to the same risks associated </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">with the reliance on valuations provided by the Private Vehicle Managers as the primary investments in Private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Vehicles.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">There is significant competition for secondary investments. Many institutional investors, including fund-of- </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:408pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">funds entities, as well as existing investors of Private Vehicles may seek to purchase secondary investments of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">same Private Vehicle which the Company may also seek to purchase. In addition, some Private Vehicle Managers </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">have become more selective by adopting policies or practices that exclude certain types of investors, such as fund-</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of-funds. These Private Vehicle Managers also may be partial to secondary investments being purchased by existing </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investors of their Private Vehicles. In addition, some secondary opportunities may be conducted pursuant to a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">specified methodology (such as a right of first refusal granted to existing investors or a so-called “Dutch auction,” </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:480pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">where the price of the investment is lowered until a bidder bids and that first bidder purchases the investment, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">thereby limiting a bidder’s ability to compete for price) which can restrict the availability of those opportunities for </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company. No assurance can be given that the Company will be able to identify secondary investments that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">satisfy the Company’s investment objective or, if the Company is successful in identifying such secondary </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments, that the Company will be permitted to invest, or invest in the amounts desired, in such secondary </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">At times, the Company may have the opportunity to acquire a portfolio of Private Vehicle interests from a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">seller, on an “all or nothing” basis. In some such cases, certain of the Private Vehicle interests may be less attractive </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">than others, and certain of the Private Vehicle Managers may be more familiar to the Adviser than others or may be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:597pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">more experienced or highly regarded than others. In such cases, it may not be possible for the Company to carve out </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:609pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">from such purchases those secondary investments which the Adviser considers (for commercial, tax legal or other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:621pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">reasons) less attractive.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In the cases where the Company acquires an interest in a Private Vehicle through a secondary investment, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company may acquire contingent liabilities of the seller of such interest. More specifically, where the seller has </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">received distributions from the Private Vehicle and, subsequently, that Private Vehicle recalls one or more of these </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">distributions, the Company (as the purchaser of the interest to which such distributions are attributable and not the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">seller) may be obligated to return the monies equivalent to such distribution to the Private Vehicle. While the </span></div></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company may, in turn, make a claim against the seller for any such monies so paid, there can be no assurances that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company would prevail on such claim.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Legal, tax and regulatory changes could occur that may adversely affect or impact the Company at any time. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:117pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The legal, tax and regulatory environment for private equity funds is evolving, and changes in the regulation and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">market perception of such funds, including changes to existing laws and regulations and increased criticism of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">private equity and alternative asset industry by regulators and politicians and market commentators, may materially </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">adversely affect the ability of Private Vehicles to pursue their investment strategies. In recent years, market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">disruptions and the dramatic increase in capital allocated to alternative investment strategies have led to increased </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">governmental, regulatory and self-regulatory scrutiny of the private equity and alternative investment fund industry </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in general, and certain legislation proposing greater regulation of the private equity and alternative investment fund </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">industry periodically is being and may in the future be considered or acted upon by governmental or self-regulatory </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">bodies of both U.S. and non-U.S. jurisdictions. It is impossible to predict what, if any, changes might be made in the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">future to the regulations affecting: private equity funds generally; the Private Vehicles; the Private Vehicle </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Managers; the markets in which they operate and invest; and/or the counterparties with which they do business. It is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">also impossible to predict what the effect of any such legislative or regulatory changes might be. Any regulatory </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">changes that adversely affect a Private Vehicle’s ability to implement its investment strategies could have a material </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">adverse impact on the Private Vehicle’s performance, and thus on the Company’s performance.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Adviser Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company does not and will not have any internal management capacity or employees and depends on the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">experience, diligence, skill and network of business contacts of the investment professionals the Adviser currently </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">employs, or may subsequently retain, to identify, evaluate, negotiate, structure, close, monitor and manage the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s investments. The Adviser will evaluate, negotiate, structure, close and monitor the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments in accordance with the terms of the Investment Advisory Agreement. The Company’s future success </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">will depend to a significant extent on the continued service and coordination of the Adviser’s senior investment </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">professionals. The departure of any of the Adviser’s key personnel, including the portfolio managers, or of a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significant number of the investment professionals of the Adviser, could have a material adverse effect on the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s business, financial condition or results of operations. In addition, the Company cannot assure investors </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:423pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that the Adviser will remain the Company’s investment adviser. The Company may not be able to find a suitable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">replacement adviser, resulting in a disruption in its operations that could adversely affect its financial condition, </span></div>business and results of operations. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Concentration Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:489pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company does not have fixed guidelines for diversification by industry or type of security, and investments </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:501pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may be concentrated in only a few industries or types of securities. The Company may, for example, invest </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:513pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significantly in aerospace and defense,  artificial intelligence (“AI”), computer software, consumer products, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:525pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">consumer technology, enterprise software, Fintech, technology, and robotics-related companies. While these sectors </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:537pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in which the Company may invest can offer high growth potential, they also come with heightened risk. Companies </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:549pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in these sectors are often highly dependent on innovation, research and development, and consumer adoption, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">can be significantly impacted by legislative and regulatory changes, adverse market conditions and competition, all </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of which can lead to significant price volatility. The Company’s concentrated exposure to these sectors could result </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in greater losses during periods of market volatility or sector-specific downturns. By focusing on a group of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:597pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">industries, the Company carries much greater risks of adverse developments and price movements in such industries </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:609pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">than a fund that invests in a wider variety of industries. The Company’s concentration of risk in these sectors may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:621pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">increase the losses suffered by the Company or reduce its ability to dispose of depreciating assets. If the Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:633pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">concentrates in a group of industries, there is also the risk that the Company will perform poorly during a slump in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:645pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">demand for securities of companies in such industries. Concentration could expose the Company to losses </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:657pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">disproportionate to those incurred by the market in general if the areas in which the Company’s investments are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:669pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">concentrated are disproportionately adversely affected by price movements in those financial instruments or assets. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:681pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The Company is subject to the risks associated with the sectors in which it may invest, and the risk that the securities </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">conditions and/or increased competition affecting these sectors. The risks associated with the sectors in which the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company may invest are further described below.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Technology Sector Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:126pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The market prices of technology-related securities tend to exhibit a greater degree of market risk and sharp price </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">fluctuations than other types of securities. These securities may fall in and out of favor with investors rapidly, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:150pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may cause sudden selling and dramatically lower market prices. Technology securities may be affected by intense </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">competition, obsolescence of existing technology, general economic conditions and government regulation and may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">have limited product lines, markets, financial resources, or personnel. Technology companies may experience </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:186pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">dramatic and often unpredictable changes in growth rates and competition for qualified personnel. These companies </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:198pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">are also heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:210pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">impact a company’s profitability. A small number of companies represent a large portion of the technology industry. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:222pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In addition, a rising interest rate environment tends to negatively affect technology companies. Those technology </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies seeking to finance expansion would have increased borrowing costs, which may negatively impact </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">earnings. Technology companies having high market valuations may appear less attractive to investors, which may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:258pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">cause sharp decreases in their market prices.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:279pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Many technology companies depend on third-party platforms and products, and policy changes or technical </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:291pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">issues in such systems could impair monetization. Reliance on third-party cloud and data-center providers can also </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:303pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">increase exposure to outages, capacity shortfalls and cost increases. Any disruption or damage to, or failure of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">third-party platform, products, systems or providers relied upon by technology companies could result in service </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">interruptions and harm the companies’ businesses. As technology companies increase their reliance on these third </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">parties, particularly with respect to third-party cloud computing platforms, their exposure to damage from service </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">interruptions or other performance or quality issues may increase. Service interruptions or other performance or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">quality issues may cause technology companies to issue credits or pay penalties, cause customers to make warranty </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or other claims against the companies or to terminate their subscriptions, and adversely affect technology </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies’ attrition rates and their ability to attract new customers, all of which would reduce technology </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies’ revenue. Technology companies’ business and reputation would also be harmed if their customers and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">potential customers believe the companies’ services are unreliable.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In addition, hardware and device makers are exposed to a limited number of contract manufacturers with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">geopolitically sensitive supply chains, which amplifies disruptions from trade restrictions, natural disasters or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">public-health events. Where global trade controls apply, export restrictions can abruptly curtail market access, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">depress demand or force costly re-engineering. Many technology company suppliers and contract manufacturers are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:480pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in locations that are prone to earthquakes and other natural disasters. Global climate change is resulting in certain </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">types of natural disasters and extreme weather occurring more frequently or with more intense effects. In addition, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">many suppliers’ operations and facilities are subject to the risk of interruption by fire, power shortages, nuclear </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">power plant accidents and other industrial accidents, terrorist attacks and other hostile acts, ransomware and other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">cybersecurity attacks, labor disputes, public health issues and other events beyond the suppliers’ control. Global </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">supply chains can be highly concentrated and geopolitical tensions or conflict could result in significant disruptions. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Such events can make it difficult or impossible for the contract manufacturers to manufacture and deliver products </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to its customers, create delays and inefficiencies in the supply and manufacturing chain, result in slowdowns and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">outages to the technology companies’ service offerings, increase costs, and negatively impact consumer spending </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and demand in affected areas.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:609pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Technology company operations are also subject to the risks of industrial accidents at its suppliers and contract </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:621pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">manufacturers. While many suppliers are required to maintain safe working environments and operations, an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:633pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">industrial accident could occur and could result in serious injuries or loss of life, disruption to the technology </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:645pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies’ business, and harm to the technology companies’ reputation. Major public health issues, including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:657pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">pandemics, have adversely affected, and could in the future materially adversely affect, technology companies due </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:669pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to their impact on the global economy and demand for consumer products. The imposition of protective public </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:681pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">safety measures, such as stringent employee travel restrictions and limitations on freight services and the movement </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of products between regions, can disrupt technology companies’ operations, supply chain and sales and distribution </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">channels, resulting in interruptions to the supply of current products and offering of existing services, and delays in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">production ramps of new products and development of new services.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">AI Industry Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:126pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Companies involved in AI-related businesses may have limited product lines, markets, financial resources or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">personnel. These companies face intense competition and potentially rapid product obsolescence, and many depend </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:150pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significantly on retaining and growing the consumer base of their respective products and services. Many of these </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies are also reliant on the end-user demand of products and services in various industries that may in part </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">utilize AI and/or data services. Further, many companies involved in AI-related businesses may be substantially </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:186pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">exposed to the market and business risks of other industries or sectors, and the Company may be adversely affected </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:198pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">by negative developments impacting those companies, industries or sectors. In addition, these companies are heavily </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:210pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:222pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">can be no assurance that companies involved in the AI industry will be able to successfully protect their intellectual </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">property to prevent the misappropriation of their technology, or that competitors will not develop technology that is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">substantially similar or superior to such companies’ technology. AI companies also face risks specific to training </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:258pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">data and model development, including allegations that third-party models or datasets used to develop or enhance </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">products lacked proper licenses or consents, challenges obtaining or maintaining access to high-quality models, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">datasets, or specialized hardware, and higher operating costs driven by compute-intensive training and inference.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:303pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Moreover, due to challenges in detecting patent infringement pertaining to generative AI technologies, it may be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">more difficult to protect generative AI and related innovations with patents. Further, the laws of some foreign </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">countries do not provide the same level of intellectual property protection as U.S. laws and courts and could fail to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">adequately protect AI companies’ intellectual property rights. If unauthorized disclosure of source code occurs </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">through security breach, cyber-attack or otherwise, AI companies could lose future trade secret protection for that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">source code. Such loss could make it easier for third parties to compete with AI products by copying functionality, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">which could cause AI companies to lose customers and could adversely affect their revenue and operating margins. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">If AI companies cannot protect their intellectual property against unauthorized copying, use, or other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">misappropriation, their businesses could be harmed.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">AI companies are potential targets for cyberattacks, which can have a materially adverse impact on the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">performance of these companies. In addition, the collection of data from consumers and other sources could face </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI companies may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">face regulatory fines and penalties, including potential forced break-ups, that could hinder the ability of these </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies to operate on an ongoing basis. Compliance with evolving regulatory obligations specific to AI, such as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:480pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the EU AI Act, California’s Transparency in Frontier Artificial Intelligence Act, and emerging United States federal </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and state oversight of model transparency, safety and privacy, may require significant changes to products, practices </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and business models, which may adversely affect AI companies subject to such regulations. For example, the EU AI </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Act came into force on August 1, 2024, and will generally become fully applicable after a two-year transitional </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">period (although certain obligations will take effect at an earlier or later time). The EU AI Act introduces various </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">requirements for AI systems and models placed on the market or put into service in the EU, including specific </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">transparency and other requirements for general purpose AI systems and the models on which those systems are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">based. In the U.S., there is increasing uncertainty as to the federal government’s approach to AI regulation going </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">forward, as the continued applicability of the White House’s 2023 Executive Order on the Safe, Secure, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Trustworthy Development and Use of AI, which lays out a framework for the U.S. government, among other things, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to monitor private sector development of certain foundation models, remains subject to regulatory development. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Several states are considering enacting or have already enacted regulations concerning the use of AI technologies, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">including those focused on consumer protection, and depending on the scope of AI regulation at the federal level, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">some states may move to regulate AI model development and deployment. Further, at the federal and state level, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">there have been various proposals (and in some cases laws enacted) addressing “deepfakes” and other AI-generated </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">synthetic media.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:681pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Many AI companies also depend on third-party cloud infrastructures operated by a small number of service </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">providers to host and deliver their offerings; interruptions, price increases or preferential treatment of competitors by </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:705pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">those service providers, or any cyberattacks on those providers, could materially and adversely affect the operations </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of such AI companies. Supply-chain attacks have increased in frequency and severity, and there can be no guarantee </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that third parties and infrastructure in the AI companies’ supply chain or third-party partners’ supply chains have not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">been compromised or that they do not contain exploitable defects or bugs that could result in a breach of or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">disruption to AI companies’ information technology systems (including AI companies’ products) or the third-party </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">information technology systems that support AI companies and their services. Other issues arising from the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">development and use of AI, such as bias, safety defects or inaccurate outputs, may result in brand, reputational, or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">competitive harm, regulatory action or legal liability. For example, AI algorithms or training methodologies may be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">flawed. Datasets may be overbroad, insufficient, or contain biased or inaccurate information. Content generated by </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">AI systems may be offensive, illegal, inaccurate, or otherwise harmful. Ineffective or inadequate AI development or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">deployment practices by AI companies could result in incidents that impair the acceptance of AI solutions, cause </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">harm to individuals, customers, or society, or result in their products and services not working as intended. Human </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">review of certain inputs and outputs may be required, including for agentic AI systems that can take actions </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">autonomously. These risks may stem from issues related to intellectual property, data privacy, and other claims </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">associated with AI training and outputs.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">AI companies typically engage in significant research and development spending, and there is no guarantee that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the products or services produced by these companies will be successful. AI companies, especially smaller </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies, tend to be more volatile than companies that do not rely heavily on technology. AI could face increasing </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:297pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies that develop and/or utilize this technology.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Aerospace and Defense Industry Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The aerospace and defense industry may be significantly affected by government aerospace and defense </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">regulations, spending policies, and geopolitical stability because companies involved in this industry rely to a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significant extent on U.S. (and other) government demand for their products and services. The financial condition of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and investor interest in aerospace and defense companies will be negatively influenced by governmental defense </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">spending policies that, outside the occurrence of certain events, such as terrorist attacks, war, and other geopolitical </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">events, are typically under pressure from efforts to control the U.S. (and other) government budgets. The sector also </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">depends on a globally dispersed supply chain, where supplier distress, quality issues and retrofit campaigns can </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:423pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">disrupt deliveries and raise costs. Emerging laws and increasing regulatory requirements aimed at global supply </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">chains may impact aerospace and defense companies’ ability to access certain materials and components, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">otherwise adversely affect their business, and they may not only be held responsible for their compliance, but for </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that of their suppliers. In recent years, global supply chain disruptions have impacted, and may continue to impact in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:471pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the future, aerospace and defense companies’ ability to procure raw materials, microelectronics, and certain </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:483pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">commodities. Such disruptions may be driven by supply chain market constraints and macroeconomic conditions, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:495pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">including inflation and labor market shortages. Current geopolitical conditions, including conflicts and other causes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:507pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of strained intercountry relations, as well as sanctions and other trade restrictive activities, may in the future </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:519pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">contribute to these issues. Supply costs can be increased due to the above factors.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The industry’s reliance on the successful development and implementation of new defense and aerospace </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technologies may result in limited product lines, markets, financial resources, customers, or personnel, all of which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may have an adverse effect on profit margins. Products and technologies may face obsolescence due to rapid </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technological developments and frequent new product introduction and, as such, companies may face unpredictable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">changes in growth rates, competition for the services of qualified personnel and competition from foreign </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">competitors with lower production costs.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Fintech Sector Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Fintech companies may face competition from larger and more established firms, and a Fintech company may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">not currently or in the future derive any revenue from disruptive technologies. In addition, Fintech companies may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">not be able to capitalize on their disruptive technologies if they face political and/or legal attacks from competitors, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">industry groups or local and national governments. Additionally, many Fintech companies operate under complex </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">financial regulatory regimes, which can force product changes, add cost and result in fines. Regulators and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:702pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">legislators globally have been establishing, evolving, and increasing their regulatory authority, oversight, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">enforcement in a manner that impacts Fintech companies. As Fintech companies introduce new products and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">services and expand into new markets, including through acquisitions, they are expected to become subject to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">additional regulations, restrictions, and requirements. Any failure or perceived failure to comply with existing or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">new laws, regulations, or orders of any government authority (including changes to or expansion of their </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">interpretation) may subject Fintech companies to significant fines, penalties, monetary damages, injunctive relief, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">criminal and civil lawsuits, forfeiture of significant assets, and enforcement actions in one or more jurisdictions; </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">result in additional compliance requirements; increase regulatory scrutiny of their business; divert management’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">time and attention from the business; restrict companies’ operations; lead to increased friction for customers; force </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies to make changes to their business practices, products, or operations; require companies to engage in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">remediation activities; or delay planned transactions, product launches, or improvements. Any of the foregoing </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">could, individually or in the aggregate, harm Fintech companies’ reputation, damage their brands and business, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">adversely affect their results of operations and financial condition.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Financial services companies are subject to extensive governmental regulation and intervention, which may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">liquid assets they must maintain and their size, among other things. Financial services companies also may be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">credit rating downgrades, adverse public perception, exposure concentration and counterparty risk. Changes in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect Fintech </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:297pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies. Interest rates may change as a result of a variety of factors, and the change may be sudden and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:309pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significant, with unpredictable impacts on the financial markets and Fintech companies. Changes in fiscal, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:321pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:333pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">risks associated with changing interest rates.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Fintech companies can be subject to operational and information security risks resulting from cybersecurity </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:366pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">incidents. A cybersecurity incident refers to both intentional and unintentional events that may cause Fintech </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies or their respective service providers to lose or compromise confidential information, suffer data </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:390pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">corruption or lose operational capacity. Cybersecurity incidents include stealing or corrupting data maintained online </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:402pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or digitally, denial of service attacks on websites, the unauthorized release of confidential information and various </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:414pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">other operational disruptions. There is no guarantee that Fintech companies and/or their respective service providers </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">will be successful in protecting against cybersecurity incidents. The failure to protect against cybersecurity incidents </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:438pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">could cause significant interruptions in Fintech companies’ operations and result in a failure to maintain the security, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">confidentiality or privacy of sensitive data, including personal information relating to customers. Such a failure or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unauthorized disclosure of data could harm the Fintech companies’ reputation, subject them to legal claims, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">increased costs, financial losses, data privacy breaches, regulatory intervention and otherwise affect their business </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and financial performance. The costs related to cyber or other security threats or disruptions may not be fully insured </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or indemnified by other means. In addition, Fintech companies may incur substantial costs related to forensic </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">analysis of the origin and scope of a cybersecurity breach, increased and upgraded cybersecurity, identity theft, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unauthorized use of proprietary information, adverse investor reaction or litigation.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Computer Software Industry Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Computer software companies can be significantly affected by competitive pressures, aggressive pricing, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technological developments, changing domestic demand, the ability to attract and retain skilled employees and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">availability and price of components. The market for products produced by computer software companies is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">industry standards and frequent new product introductions. The success of computer software companies depends in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">substantial part on the timely and successful introduction of new products and the ability to service such products. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">An unexpected change in one or more of the technologies affecting an issuer’s products or in the market for products </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">based on a particular technology could have a material adverse effect on a participant’s operating results.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Consumer Goods Industry Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Companies in the consumer goods industry include companies involved in the design, production or distribution </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:702pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of goods for consumers, including food, household, home, personal and office products, clothing and textiles. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">success of the consumer goods industry is tied closely to the performance of the domestic and international </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">economy, interest rates, exchange rates, competition, consumer confidence and consumer disposable income. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">consumer goods industry may be affected by trends, marketing campaigns and other factors affecting consumer </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">demand. Governmental regulation affecting the use of various food additives may affect the profitability of certain </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies in the consumer goods industry. Moreover, international events may affect food and beverage companies </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that derive a substantial portion of their net income from foreign countries. In addition, tobacco companies may be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">adversely affected by new laws, regulations and litigation. Many consumer goods may be marketed globally, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">consumer goods companies may be affected by the demand and market conditions in other countries and regions. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Companies in the consumer goods industry may be subject to severe competition, which may also have an adverse </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">impact on their profitability. Changes in demographics and consumer preferences may affect the success of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">consumer products.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Consumer Technology Industry Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Consumer technology companies produce a wide range of products and services for general consumers, such as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">smartphones, computers, home electronics, and software. The operations and performance of consumer technology </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:258pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies depend significantly on global and regional economic conditions. Adverse economic conditions can </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">materially adversely affect a consumer technology company’s business. The global supply chain for consumer </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technology companies is large and complex, and many supplier facilities, including manufacturing and assembly </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">sites, are located outside the United States. Adverse macroeconomic conditions, including slow growth or recession, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">high unemployment, inflation, tighter credit, higher interest rates, changes in fiscal and monetary policy, financial </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:318pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">markets volatility and currency fluctuations, can adversely impact consumer confidence and spending and materially </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:330pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">adversely affect demand for consumer technology companies’ products and services. Geopolitical tensions, military </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:342pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">conflicts, political unrest, terrorism, trade and other international disputes, changes in trade laws or regulations, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">tariffs and customs controls, natural disasters, public health issues, industrial accidents, industry consolidation, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:366pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">component constraints or shortages, shipping or transportation interruptions or slowdowns, business interruptions </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and other factors can have an adverse impact on consumer technology companies’ business and supply chains.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The market for consumer technology products and services is highly competitive and subject to rapid </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technological change. Consumer technology companies may hold patents, trademarks and copyrights, and many </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:423pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">competitors may seek to compete primarily by imitating the products and infringing on intellectual property. If a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">consumer technology company is unable to continue to develop and sell innovative new products with attractive </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">margins, or if competitors infringe on its intellectual property, that company’s ability to maintain a competitive </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">advantage could be materially adversely affected.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:480pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Consumer technology companies may be required to use, store and share confidential information, including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">personal information with respect to their customers. Data security measures cannot provide absolute security, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">losses or unauthorized access to or releases of confidential information can occur and could materially adversely </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">affect a company’s business and reputation.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:537pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Consumer technology companies are subject to complex and changing laws and regulations relating to, among </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:549pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">other areas, antitrust; privacy, data security and data localization; consumer protection; advertising; product liability; </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and intellectual property ownership and infringement. Compliance with these laws and regulations is onerous and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">expensive. New and changing laws and regulations can adversely affect a consumer technology company’s business </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">by increasing the costs of compliance, limiting the company’s ability to offer a product, service or feature to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:597pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">customers, imposing changes to the design of the company’s products and services, or impacting customer demand </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:609pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">for the company’s products and services. If any consumer technology company is found to have violated laws and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:621pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">regulations, it could materially adversely affect the company’s business and reputation.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Enterprise Software Industry Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:663pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Enterprise software companies develop and provide specialized software solutions for enterprises, rather than </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:675pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">individual consumers, to streamline business operations and improve productivity. The industry in which enterprise </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:687pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">software companies operate is characterized by rapid technological advances, intense competition, changing delivery </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:699pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">models, evolving standards in communications infrastructure, increasingly sophisticated customer needs and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">frequent new product introductions and enhancements. If enterprise software companies are unable to develop new </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or sufficiently differentiated products and services, enhance and improve their product offerings and support </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">services in a timely manner or position and price their products and services to meet demand, customers may not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">purchase, subscribe to or renew their license, hardware support or cloud offerings. Enterprise software companies </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">rely on copyright, trademark, patent and trade secret laws, confidentiality procedures, controls and contractual </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">commitments to protect their intellectual property. Despite such efforts, these protections may be limited, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unauthorized third parties may try to copy or reverse engineer their products or otherwise infringe on their </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">intellectual property. If enterprise software companies cannot protect their intellectual property against unauthorized </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">copying or use, or other misappropriation, they may not remain competitive.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Enterprise software companies depend on suppliers to develop, manufacture and deliver on a timely basis the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">necessary technologies to their customers. Enterprise software companies’ supply chain operations can be affected </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">by geopolitical tensions, military conflicts, political unrest, terrorism, trade and other international disputes, changes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in trade laws or regulations, tariffs and customs controls, natural disasters, public health issues, industrial accidents, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">industry consolidation, component constraints or shortages, shipping or transportation interruptions or slowdowns, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">business interruptions and other factors affecting the countries or regions where the vendors or products are located </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or where the products are being shipped. If disruption caused by one or more of the risks described above occurs, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">enterprise software companies’ business and related operating results could be materially and adversely affected. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Many enterprise software companies rely on computer hardware purchased or leased from, software licensed from, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:297pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and cloud computing platforms provided by third parties in order to offer their services. Any disruption or damage </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:309pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to, or failure of their third-party platform providers, could result in interruptions in their services and harm their </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:321pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">business.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:342pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Because enterprise software companies’ services are complex and incorporate a variety of hardware, proprietary </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">software, third-party and open-source software, their services may have errors or defects that could result in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:366pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unanticipated downtime for their subscribers and harm to their reputation and business.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Many enterprise software companies have been and are targets for computer hackers, cyberattacks and other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">perpetrators or threat actors because these companies store and process large amounts of data, including sensitive </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">data. Enterprise software companies and their third-party vendors are regularly subject to attempts by third parties to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:423pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">identify and exploit product and service vulnerabilities, penetrate or bypass their security measures, and gain </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unauthorized access to their or their customers’, partners’ and suppliers’ software, hardware and cloud offerings, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">networks and systems. Such malicious attacks can lead, and have led, to the compromise of confidential information </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and harm to enterprise software companies’ reputation and business.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Robotics Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:501pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Risks associated with companies in the robotics industry include many of the same risks as companies in the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:513pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technology sector (see “</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:168.26pt;position:var(--position);text-decoration:none;white-space:pre">Technology Sector Risk</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:262.59000000000003pt;position:var(--position);text-decoration:none;white-space:pre">”). Securities of robotics companies, especially smaller, start-up </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:525pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies, tend to be more volatile than securities of companies that do not rely heavily on technology. Companies </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:537pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:549pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">proprietary rights in their products and technologies. There can be no assurance that the steps taken by these </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that competitors will not independently develop technologies that are substantially equivalent or superior to such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies’ technology.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:606pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Companies focused on humanoid robotics face challenges specific to the complex and unproven nature of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technology. Such operations often require a significant allocation of capital to design, test, and scale viable robotic </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">solutions, and may not produce meaningful revenue during the life of the Company. Even if technical progress is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">made, broader adoption of humanoid robotics could take longer than expected due to limited demand, workflow </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">integration issues, or operational barriers. There is also the possibility that key technological breakthroughs may not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">occur during the life of the Company, or that competing solutions will emerge that render current approaches </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">obsolete before they reach meaningful scale.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Companies involved in AI-driven humanoid robotics may face regulatory scrutiny in the future, which may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">limit the development of this technology and impede the growth of companies that develop and/or utilize this </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">regulators consider how the data is collected, stored, safeguarded and used. There is also the risk of trade disputes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">between countries that develop these technologies and countries in which customers of these technologies are based. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Lack of resolution or potential imposition of, or an increase in existing trade tariffs, may adversely affect such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies’ ability to produce or integrate AI-driven hardware and/or software, as applicable. Any adverse event </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">affecting a particular country, region or industry to which a number of these companies are significantly exposed </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may have a negative impact on their performance, and ultimately on your Shares.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Digital Assets Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:210pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Digital assets are assets designed to act as a medium of exchange, though some arguably have not achieved that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:222pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">purpose, and digital assets represent an emerging asset class. There are thousands of digital assets, with Bitcoin </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">being one of the most well-known. Digital assets generally operate without a central authority (such as a bank) and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">are not backed by any government. Digital assets are not legal tender. Federal, state and/or foreign governments may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:258pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">restrict the use and exchange of digital assets, and regulation in the United States is still developing. The market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">price of digital assets has been subject to extreme fluctuations. Similar to fiat currencies (i.e., a currency that is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">backed by a central bank or a national, supranational or quasi-national organization), digital assets are susceptible to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">theft, loss, and destruction. Digital asset trading platforms and other trading venues on which digital assets trade are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">relatively new and, in most cases, largely unregulated and may therefore be more exposed to fraud and failure than </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:318pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">established, regulated exchanges for securities, derivatives and other fiat currencies. Digital asset trading platforms </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:330pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may stop operating or permanently shut down due to fraud, technical glitches, hackers, or malware, which may also </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:342pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">affect volatility.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">BDC Qualifying Assets </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:405pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">As a BDC, the 1940 Act prohibits the Company from acquiring any assets other than certain qualifying assets </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:417pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unless, at the time of and after giving effect to such acquisition, at least 70% of the Company’s total assets are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">qualifying assets. Therefore, the Company may be precluded from investing in what the Adviser believes are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:441pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">attractive investments if such investments are not qualifying assets. Similarly, these rules could prevent the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:453pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company from making additional investments in existing portfolio companies, which could result in the dilution of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:465pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company’s position or could require the Company to dispose of investments at an inopportune time to comply </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">with the 1940 Act. If the Company is forced to sell non-qualifying investments in the portfolio for compliance </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:489pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">purposes, the proceeds from such sale could be significantly less than the current value of such investments. If the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:501pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company does not remain a BDC, it may be regulated as a closed-end investment company under the 1940 Act, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:513pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">which could subject it to substantially more regulatory restrictions and decrease its operational flexibility. See </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:525pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">“</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:76.43pt;position:var(--position);text-decoration:none;white-space:pre">Business Development Company Regulations</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:257.64pt;position:var(--position);text-decoration:none;white-space:pre">” for additional information.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Emerging Growth Company Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:567pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">2012 (the “JOBS Act”). As a result, the Company intends to take advantage of certain exemptions for emerging </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:591pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">growth companies allowing it to temporarily forgo the auditor attestation requirements of Section 404(b) of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:603pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Sarbanes-Oxley Act. The Company cannot predict if investors will find its Shares less attractive because it relies on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:615pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">this exemption. If some investors find the Shares less attractive as a result, there may be a less active trading market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:627pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">for the Shares and its share price may be more volatile. The Company will remain an emerging growth company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:639pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the completion of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:651pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s initial public offering, (ii) in which the Company has total annual gross revenue of at least $1.235 </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:663pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">billion, or (iii) in which the Company is deemed to be a large accelerated filer, which means the market value of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:675pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s common shares of beneficial interest that is held by non-affiliates exceeds $700 million as of the end of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:687pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company’s prior second fiscal quarter, and (b) the date on which the Company has issued more than $1 billion </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:699pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in non-convertible debt during the prior three-year period.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">accounting standards until those standards would otherwise apply to private companies. The Company will take </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">advantage of the extended transition period for complying with new or revised accounting standards, which may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">make it more difficult for investors and securities analysts to evaluate the Company since the Company’s financial </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">statements may not be comparable to companies that comply with public company effective dates and may result in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">less investor confidence.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Because of the exemptions from various reporting requirements provided to the Company as an “emerging </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">growth company” and because the Company will have an extended transition period for complying with new or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">revised financial accounting standards, the Company may be less attractive to investors and it may be difficult for </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company to raise additional capital as and when it needs it. Investors may be unable to compare the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">business with other companies in the same industry if they believe that the Company’s financial accounting is not as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">transparent as other companies in the same industry. If the Company is unable to raise additional capital as and when </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">it needs it, the Company’s financial condition and results of operations may be materially and adversely affected.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Incentive Fee on Capital Gains</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:291pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Incentive Fee on Capital Gains may create an incentive for the Adviser to make investments on the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:303pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s behalf that are risky or more speculative than would be the case in the absence of such a compensation </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">arrangement, which could result in higher investment losses, particularly during cyclical economic downturns. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">As a result of the operation of the cumulative method of calculating the Incentive Fee on Capital Gains that the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company pays to the Adviser, the cumulative aggregate Incentive Fee on Capital Gains received by the Adviser </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">could be effectively greater than 20%, depending on the timing and extent of subsequent net realized capital losses </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or net unrealized depreciation. The Company cannot predict whether, or to what extent, this anticipated payment </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">calculation would affect your investment in the Company.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Trading at a Discount/Premium.</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Shares of BDCs such as the Company frequently trade at a discount to their NAV per share. There can be no </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:438pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">assurance that the Shares will trade at a price equal to or higher than the NAV. Also, the NAV will be reduced </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">immediately following this offering by the Company’s offering costs.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:471pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The possibility that the Shares may trade at a discount to NAV is separate and distinct from the risk that the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:483pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">NAV may not accurately reflect the true value of the Company’s investments and the risk that the NAV may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:495pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">decline.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In addition to NAV, the market price of the Shares may be affected by such factors as distributions that the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company may make to the Shareholders or significant trading in one or more of the Company’s portfolio securities </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">immediately prior to their initial public offering, at times causing the market price to rise and, at times the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">completion of certain initial public offerings of shares that the Company owns causing the market price to decrease; </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in each case, such events are, in turn, further affected by expenses, the stability of the Company’s distributions, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">liquidity and market supply and demand. Any issuance of additional Shares may have an adverse effect on prices in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the secondary market for the Shares by increasing the number of Shares available, which may create downward </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">pressure on the market price for the Shares. The Company cannot predict whether the Shares will trade above, at, or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">below their NAV.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Other Risks Relating to Share Price</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">If the Company, Robinhood or the Employee Fund sells additional Shares after this offering or is perceived by </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the public as intending to sell additional Shares, including pursuant to the expiration of the respective lock-up </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">periods, the market price of the Shares could decline.  </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company has entered into a lock-up agreement with the Underwriters, pursuant to which it has agreed, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">subject to certain exceptions, for a period of 180 days from the date of this Prospectus, not to offer, sell, contract to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">sell, pledge, grant any option to purchase, make any short sale or otherwise transfer or dispose of, directly or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">indirectly, any Shares, or enter into any swap or other agreement that transfers, in whole or in part, any of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">economic consequences of ownership of the Shares, without the prior written consent of Goldman Sachs &amp; Co. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">LLC.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Robinhood and the Employee Fund have entered into lock-up agreements with the Underwriters, pursuant to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">which they have agreed, subject to certain exceptions, not to offer, sell, contract to sell, pledge, grant any option, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">right or warrant to purchase, purchase any option or contract to sell, lend or otherwise transfer or dispose of or hedge </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">any Shares for 30 days from the date of this Prospectus, except with the prior written consent of Goldman Sachs &amp; </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Co. LLC. Notwithstanding the foregoing, if the reported closing price of the Shares on the New York Stock </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Exchange is at least 20% greater than the initial public offering price per share set forth on the cover page of this </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Prospectus on or after the 15</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:186.62pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">th</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:191.67000000000002pt;position:var(--position);text-decoration:none;white-space:pre"> day (or, if such 15</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:267.18pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">th</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:272.23pt;position:var(--position);text-decoration:none;white-space:pre"> day is not a trading day, then the first trading day after such 15</span><span style="font-family:'Times New Roman', serif;font-size:6.5pt;font-style:normal;font-weight:normal;left:525.5799999999999pt;position:var(--position);text-decoration:none;top:-2.425pt;vertical-align:super;white-space:pre">th</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:530.63pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">day), the lock-up period shall automatically expire beginning at the opening of trading on the first trading day </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">thereafter with respect to all Shares held by Robinhood and the Employee Fund.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">As a result, all of the outstanding Shares of the Company that are not sold in the offering will be subject to a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">lock-up agreement during the lock-up period.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:303pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Upon the expiration of the lock-up agreements at the end of the Robinhood Lock-Up Period as described above, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">all of the Shares that are subject to the lock-up agreements will be eligible for resale in the public market, subject to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">volume, manner of sale and other limitations applicable under Rule 144 of the Securities Act. In connection with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">seed capital investments by Robinhood, the Company entered into a registration rights agreement (the “RRA”) with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Robinhood. Pursuant to the RRA, the Company agreed to file a resale registration statement to register the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">“Registrable Securities” covered by the RRA. See “</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:278.93pt;position:var(--position);text-decoration:none;white-space:pre">Description of Shares—Registration Rights</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:452.39pt;position:var(--position);text-decoration:none;white-space:pre">” for additional </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">information. Registration of the Shares would result in Shares becoming freely tradable without compliance with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Rule 144, upon effectiveness of the registration statement.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Exchange Listing</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">An active, liquid and orderly market for the Shares may not develop or be sustained. Investors may be unable to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:441pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">sell their shares at or above the price initially paid for those shares.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Competition for Investment Opportunities</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:483pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company operates in a highly competitive market for investment opportunities. A number of entities, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:495pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">including venture capital firms and funds, public and private investment funds (including hedge funds), BDCs, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:507pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">commercial and investment banks, commercial financing companies, and internal venture capital arms of various </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:519pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies will compete with the Company to make the types of investments that the Company plans to make. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:531pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Robinhood and its affiliates also may compete with the Company for certain types of investments, including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:543pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">acquisitions of companies in which the Company might otherwise have considered for investment. Many of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:555pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s competitors are substantially larger than the Company and have considerably greater financial, technical </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:567pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and marketing resources than the Company does. The Company may be at a competitive disadvantage with the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:579pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s competitors in a particular sector or investment, as some of them have greater capital, a greater </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:591pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">willingness to take on risk, more personnel or greater sector or investment strategy specific expertise. The Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:603pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may be unable to find a sufficient number of attractive opportunities to meet its investment objective and there is no </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:615pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">assurance as to the timing of investments. The Adviser expects the Company to benefit from its relationships; </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:627pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">however, there can be no assurance that the Adviser will be able to maintain or draw upon such relationships, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:639pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">could have an adverse effect on the Company’s ability to find suitable investments and otherwise achieve its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:651pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment objective.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Non-U.S. Investments Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company may make non-U.S. investments, which are subject to additional risks.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company, either directly or indirectly, may invest in companies that are organized or headquartered or have </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">substantial sales or operations outside of the United States, its territories, and possessions. Such investments may be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">subject to certain additional risks due to, among other things, potentially unsettled points of applicable governing </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">law, the risks associated with fluctuating currency exchange rates, capital repatriation regulations (as such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">regulations may be given effect during the term of the Company or client portfolio), the application of complex U.S. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and non-U.S. tax rules to cross-border investments, possible imposition of non-U.S. taxes on investors with respect </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to the income, and possible non-U.S. tax return filing requirements. The foregoing factors may increase transaction </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">costs and adversely affect the value of the Company’s portfolio investments.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Additional risks of non-U.S. investments include but are not limited to: (a) economic dislocations in the host </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">country; (b) less publicly available information; (c) less well-developed regulatory institutions; (d) greater difficulty </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of enforcing legal rights in a non-U.S. jurisdiction, (e) economic, social and political risks, including potential </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">exchange control regulations and restrictions on foreign investment (e.g., national security reviews by U.S. foreign </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment review authorities can extend timelines, increase costs, and even prevent closings) and repatriation of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">capital, the risks of political, economic or social instability and the possibility of expropriation or confiscatory </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">taxation, and (f) the possible imposition of foreign taxes on income and gains recognized with respect to such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">securities. Moreover, non-U.S. portfolio investments and companies may not be subject to uniform accounting, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">auditing and financial reporting standards, practices and disclosure requirements comparable to those that apply to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">U.S. portfolio investments and companies. In addition, laws and regulations of foreign countries may impose </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:297pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">restrictions that would not exist in the United States and may require financing and structuring alternatives that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:309pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">differ significantly from those customarily used in the United States. No assurance can be given that a change in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:321pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">political or economic climate, or particular legal or regulatory risks, including changes in regulations regarding </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:333pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">foreign ownership of assets or repatriation of funds or changes in taxation might not adversely affect an investment </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:345pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">by the Company.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:366pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company may be subject to risks related to changes in foreign currency exchange rates.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Because the Company may have exposure to securities denominated or quoted in currencies other than the U.S. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">dollar, changes in foreign currency exchange rates may affect the value of securities held by the Company and the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:423pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may affect the value of securities denominated in such currencies, which means that the Company’s NAV could </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Adviser </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may, but is not required to, elect for the Company to seek to protect itself from changes in currency exchange rates </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">through hedging transactions depending on market conditions. In addition, certain countries, particularly emerging </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:471pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">market countries, may impose foreign currency exchange controls or other restrictions on the transferability, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:483pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">repatriation or convertibility of currency.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Initial Public Offering Proceeds</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:525pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company anticipates that, depending on market conditions, it may take the Company a substantial period of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:537pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">time to invest substantially all of the net proceeds of this initial public offering, or any follow-on offering, in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:549pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">securities meeting its investment objective. Delays in investing the net proceeds raised in this initial public offering </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or any follow-on offering of Shares by the Company may cause the Company’s performance to be worse than that of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">other fully invested BDCs or other lenders or investors pursuing comparable investment strategies. The Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">cannot assure you that it will be able to identify any investments that meet the Company’s investment objective or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:597pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that any investment that the Company makes will produce a positive return. The Company may be unable to invest </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:609pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the net proceeds of this initial public offering or any follow-on offering on acceptable terms within the time period </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:621pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that it anticipates or at all, which could harm the Company’s financial condition and operating results. In addition, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:633pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">until such time as the net proceeds of this initial public offering or any follow-on offering are invested in securities </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:645pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">meeting the Company’s investment objective, the market price for the Shares may decline. Thus, the return on your </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:657pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment may be lower than when, if ever, the Company’s portfolio is fully invested in securities meeting its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:669pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment objective.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Limited Operating History</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:93pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company is a newly organized, diversified, closed-end management investment company with limited </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">operating history that has elected to be regulated as a BDC under the 1940 Act. While members of the Adviser who </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:117pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">will be active in managing the Company’s investments have experience in private market investments, the Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">was recently formed, has limited operating history and has made limited investments using the proceeds of a seed </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">capital investment by Robinhood. Further, the Adviser and its management have no experience managing BDCs.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Future Growth</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:183pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company will need additional capital to grow and to fund growth in its investments, and the Company may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:195pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">issue additional equity securities in order to obtain this additional capital. The inability to obtain new capital or a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:207pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">reduction in the availability of new capital could limit the Company’s ability to grow or pursue business </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:219pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">opportunities, which may have an adverse effect on the value of the Shares. In addition, regulations governing the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:231pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s operations as a BDC affect its ability to raise additional capital and the way in which it does so. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:243pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">raising of debt capital may expose the Company to risk, including the typical risks associated with leverage.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Follow-On Investments </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company may be offered the opportunity to participate in a subsequent funding round of an existing </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:297pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">portfolio investment of the Company. There can be no assurance that the Company will make follow-on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:309pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments, or that the Company will have sufficient cash to make all or any of such investments. Any decision by </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:321pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company not to make follow-on investments or its inability to make such investments may have a substantial </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:333pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">negative impact on a portfolio company in need of such an investment (including an event of default under </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:345pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">applicable debt documents in the event an equity cure cannot be made), result in a lost opportunity for the Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:357pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to increase its participation in a successful operation or the dilution of the Company’s ownership in a portfolio </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:369pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">company.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Valuation</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The vast majority of the Company’s portfolio investments are expected to be in the form of securities that are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:423pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">not publicly traded, and that will accordingly be recorded at fair value as determined in good faith pursuant to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s valuation policies under the oversight of the Board. The Board has designated the Adviser as its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Valuation Designee. Because the Company’s assets will largely be fair valued, there will be uncertainty as to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">value of its portfolio investments. The fair value of securities and other investments that are not publicly traded may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:471pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">not be readily determinable. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company will value its securities at fair value according to its written valuation procedures and as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">determined in good faith by the Adviser under the oversight of the Board. The Adviser may use the services of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">nationally recognized independent valuation firm(s) to aid it in determining the fair value of the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">securities. The methods for valuing these securities may include: observable, company-specific hard events, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">including priced financings, tender/secondary transactions with determinable pricing, signed merger and acquisition </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">agreements, initial public offerings/direct listings, liquidation events, or other objectively verifiable transactions with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">clear pricing implications; significant events and other issuer-specific information that may reasonably indicate a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">material change in value; company actions and communications that may inform value, such as board-approved </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">recapitalizations, stock splits, or issuer-published tender prices, evaluated in light of the full information set </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">available to the Adviser; credible third-party indications (e.g., large and recent secondary prints or other market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">participant data) where sufficiently reliable and relevant to the Company’s security and the issuer’s circumstances; </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">model-based approaches and/or third-party valuation support, together with company performance indicators, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">comparable company data, and other reasonably reliable information when transactions are unavailable, not readily </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">comparable to the Company’s security, or are deemed stale, or where significant events indicate transaction inputs </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may no longer be representative. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:681pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In determining fair value, the Company considers the specific contractual terms of the SAFE, including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">valuation caps, discounts (where applicable), and other economic features, and evaluates the implied value of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:705pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">resulting equity interest across a range of scenarios. Where applicable, the Company may reference observable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">transaction data (including priced financing rounds or other transactions, or “Hard Events”) and may derive an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">implied as-converted value, adjusted as appropriate for the terms of the SAFE and other relevant considerations.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">A SAFE investment’s value may not change for an extended period of time, for example, until a conversion is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:117pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">triggered. Upon conversion, the Company’s investment in the company that issued the SAFE may change </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">significantly, impacting the Company’s NAV per share and potentially the trading price for the Shares. Because </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">SAFEs are valued based on estimates of future contingent events, their reported fair value may differ materially </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">from realized outcomes.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The value of the Company’s investments in Private Vehicles generally will be based on values provided by the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:186pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">applicable Private Vehicle Managers and, when such information is not available or, in the view of the Adviser, does </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:198pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">not reflect fair value, the Adviser will fair value the investments in Private Vehicles with the assistance of any </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:210pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">independent valuation firm(s). </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:231pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The value at which the Company’s investments can be liquidated may differ, sometimes significantly, from the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:243pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">valuations assigned by the Company. In addition, the timing of liquidations may also affect the values obtained on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:255pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">liquidation. The Company will invest a significant amount of its assets in private market investments for which no </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:267pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">public market exists. There can be no guarantee that the Company’s investments could ultimately be realized at the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:279pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s valuation of such investments.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:300pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company’s NAV is a critical component in several operational matters including computation of the Base </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Management Fee. Consequently, variance in the valuation of the Company’s investments will impact, positively or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">negatively, the fees and expenses the Company will pay. For more information regarding the Company’s calculation </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of its NAV, see “</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:141.1pt;position:var(--position);text-decoration:none;white-space:pre">Net Asset Valuation</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:220.45pt;position:var(--position);text-decoration:none;white-space:pre">.”</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Liquidity</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Substantially all of the Company’s investments will be illiquid. The Company invests primarily in private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:390pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">companies, both directly and indirectly. Substantially all of these securities will be subject to legal and other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:402pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">restrictions on resale/transfer or will otherwise be less liquid than publicly traded securities. There is no assurance </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:414pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">that the private companies in which the Company invests will ever have a liquidity event and, even if a private </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">company does have a liquidity event, such as an initial public offering or a merger or acquisition transaction, such a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:438pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">liquidity event may be at a lower valuation than the valuation at which the Company invested. The illiquidity of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s investments will generally make it more difficult for the Company to sell such investments if the need </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">arises. In addition, if the Company is required to liquidate all or a portion of its investments quickly, the Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may realize significantly less than the value at which it has previously recorded those investments. To the extent the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company or the Adviser receives material non-public information regarding an investment, the Company could face </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">other restrictions on its ability to liquidate that investment.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Leverage</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">On May 21, 2026, our Board and sole shareholder approved the adoption of an asset coverage requirement, as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">described in Section 61(a)(2) of the 1940 Act, of 150%. Such election became effective on May 21, 2026.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company may borrow money, which may magnify the potential for gain or loss and may increase the risk </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of investing in the Company. The use of leverage is speculative and involves certain risks. Although leverage will </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:597pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">increase the Company’s investment return if the Company’s interest in an asset purchased with borrowed funds </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:609pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">earns a greater return than the interest expense the Company pays for the use of those funds, the use of leverage will </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:621pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">decrease the return of the Company if the Company fails to earn as much on its investment purchased with borrowed </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:633pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">funds as it pays for the use of those funds. The use of leverage will in this way magnify the volatility of changes in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:645pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the value of an investment in the Company, especially in times of a “credit crunch” or during general market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:657pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">turmoil. The Company may be required to pledge its assets as collateral for its borrowings and to maintain minimum </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:669pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">average balances in connection with its borrowings or to pay a commitment or other fee to maintain a line of credit; </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:681pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">either of these requirements would increase the cost of borrowing over the stated interest rate. In addition, a lender </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to the Company may terminate or refuse to renew any credit facility into which the Company has entered. If the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company is unable to access additional credit, it may be forced to sell its investments at inopportune times, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may further depress the returns of the Company.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Conflicts</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:126pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company is subject to conflicts of interest. RHV and its affiliates will be permitted to market, organize, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">sponsor, act as general partner or as the primary source for transactions for other pooled investment vehicles and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:150pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">other accounts, which may be offered on a public or private placement basis, and to engage in other investment and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">business activities. Some of these funds and accounts will have investment strategies that overlap with the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment strategies of the Company. Robinhood and its affiliates also may compete with the Company for certain </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:186pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">types of investments, including acquisitions of companies in which the Company might otherwise have considered </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:198pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">for investment. Such activities may raise conflicts of interest for which the resolution may not be determinable.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:219pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In order to address potential conflicts of interest, the Adviser has adopted an investment allocation policy that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:231pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">governs the allocation of investment opportunities among the investment funds and other accounts managed by the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:243pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Adviser. To the extent an investment opportunity is appropriate for either or both of the Company and/or any other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:255pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment fund or other account managed by the Adviser, and co-investment is not possible, the Adviser will </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:267pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">adhere to its investment allocation policy in order to determine to which account to allocate the opportunity.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:288pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Although the Adviser will endeavor to allocate investment opportunities in a fair and equitable manner over </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:300pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">time, the Company and Shareholders can be adversely affected to the extent investment opportunities are allocated </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">among the Company and other investment vehicles managed by the Adviser.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:333pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The investment allocation policy will also be designed to manage and mitigate the conflicts of interest </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:345pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">associated with the allocation of investment opportunities if the Company is able to co-invest, either pursuant to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:357pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">SEC interpretive positions or an exemptive order, with other accounts managed by the Adviser. Generally, under the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:369pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment allocation policy, co-investments will be allocated pursuant to the conditions of an exemptive order. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:381pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Under the investment allocation policy, a portion of each opportunity that is appropriate for the Company and any </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:393pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">affiliated fund or other account, which may vary based on asset class and liquidity, among other factors, will </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:405pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">generally be offered to the Company and such other eligible accounts, as determined by the Adviser. If there is a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:417pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">sufficient amount of securities to satisfy all participants, each order will be fulfilled as placed. If there is an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">insufficient amount of securities to satisfy all participants, the securities will generally be allocated at the discretion </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:441pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the Adviser.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser will seek to treat all clients fairly and equitably over time in a manner consistent with its fiduciary </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">duty to each of them; however, in some instances, especially in instances of limited investment supplies, the factors </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may not result in pro rata allocations or may result in situations where certain accounts receive allocations where </span></div>others do not. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Affiliated Transactions Restrictions</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Certain provisions of the 1940 Act prohibit the Company from engaging in transactions with the Adviser and its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">affiliates. Any funds managed by the Adviser or its affiliates that are not registered under the 1940 Act would not be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">prohibited from participating in those transactions. The 1940 Act also imposes significant limits on investments in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">certain privately placed securities in aggregated transactions with affiliates of the Company. The Adviser will not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">cause the Company to engage in investments alongside affiliates in private placement securities that involve the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">negotiation of certain terms of the private placement securities to be purchased (other than price-related terms) </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unless the Company has received an order granting an exemption from Sections 17 and 57 of the 1940 Act or unless </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">such investments are not prohibited by Section 17(d) or 57(a)(4) of the 1940 Act or interpretations of Section 17(d) </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or 57(a)(4) as expressed in SEC no-action letters or other available guidance. The Adviser and the Company have </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">applied for an exemptive order from the SEC that, once received, would permit the Company to, among other things </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and subject to the conditions of the order, invest in certain privately placed securities in aggregated transactions </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:672pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">alongside the Adviser and/or other funds advised by the Adviser, or potentially Robinhood and its affiliates, where </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:684pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Adviser negotiates certain terms of the private placement securities to be purchased (in addition to price-related </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:696pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">terms). The conditions contained in the exemptive order may limit or restrict the Company’s ability to participate in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:708pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">such negotiated investments. In addition, other conflicts may be present in a particular investment that may limit or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">restrict the Company’s ability to participate, notwithstanding the exemptive order. An exemptive order would not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">apply to all investments or to all affiliates of the Adviser. As a result, the Company may be limited or restricted from </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">participating in certain investment opportunities, notwithstanding the exemptive order, including in investments in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">which affiliates of the Adviser not covered by the exemptive order participate. An inability to acquire the desired </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">allocation to potential investments may affect the Company’s ability to achieve the desired investment returns.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company, together with interests held by other advisory clients of the Adviser, may be limited from </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">owning or controlling, directly or indirectly, interests in Private Vehicles or other issuers that equal or exceed 5% of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">such issuer’s outstanding voting securities. In addition, the Company may seek to invest in a Private Vehicle’s non-</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">voting securities and, together with interests held by other advisory clients of the Adviser, may be limited in the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">amount it can invest. Such limitations are intended to ensure that an underlying Private Vehicle not be deemed an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">“affiliated person” of the Company for purposes of the 1940 Act, which may impose limits on the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">dealings with the Private Vehicle and its affiliated persons. As a general matter, however, the Private Vehicles in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:225pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">which the Company will invest do not typically provide their shareholders with an ability to vote to appoint, remove </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or replace the general partner of the Private Vehicle (except under quite limited circumstances that are not presently </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">exercisable). Notwithstanding these limitations, under certain circumstances the Company could become an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:261pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">affiliated person of a Private Vehicle or another issuer. In such circumstances, the Company may be restricted from </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">transacting with the Private Vehicle or its portfolio companies absent an applicable exemption (whether by rule or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">otherwise).</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Other Funds Advised by the Adviser </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Portfolio companies of the Company may be in, or come into, competition with other companies in which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">affiliates of the Company have an interest via different investment funds or other means. In addition, the Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">could pursue a transaction with an entity in which another fund advised by the Adviser has a pre-existing </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment, or another fund advised by the Adviser could pursue a transaction with an entity in which the Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:375pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">has a pre-existing investment. For example, another fund advised by the Adviser could lead or participate in a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">recapitalization of a portfolio company in which the Company has a pre-existing investment, or invest in a later-</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">stage equity issuance by a portfolio company in which the Company has a pre-existing investment. Such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments could give rise to conflicts of interest to the extent that the Adviser takes into account the interests of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:423pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">such other funds advised by the Adviser in its consideration of certain actions by the Company in respect of such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investments. In certain circumstances, the pre-existing interests of other funds advised by the Adviser in a portfolio </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">company could preclude the Company from taking actions it would otherwise have taken or could otherwise be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">detrimental to the Company, or alternatively, such other funds advised by the Adviser could benefit from actions </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:471pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">taken on behalf of the Company. For example, if another fund advised by the Adviser makes an investment in an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:483pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">existing portfolio company of the Company at a valuation that is below (or in excess of) the valuation implied by the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:495pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s original investment in such portfolio company, such other funds’ investment could be dilutive (or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:507pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">accretive) to the Company’s existing investment. Additionally, another fund advised by the Adviser that participates </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:519pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in a follow-on opportunity in a portfolio company of the Company will benefit from the initial evaluation, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:531pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investigation and due diligence undertaken by the Company in connection with the initial investment, but the other </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:543pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">participating fund advised by the Adviser will not be required to reimburse the Company for any expenses incurred </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:555pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in connection with making or holding the investment.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In addition, the timing of entry into or exit from an investment in a portfolio company may vary among the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">various funds advised by the Adviser for reasons such as differences in strategy, timeline, existing portfolio or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">liquidity needs. There can be no assurance that the terms of, or the return on, the Company’s investment will be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">equivalent to, or better than, the terms of, or the returns obtained by, a different fund advised by the Adviser with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">respect to the same portfolio company, nor can there be any assurance that such other fund advised by the Adviser </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">will hold the same positions in such portfolio company.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Regulatory Environment</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Changes in laws or regulations governing the Company’s operations may adversely affect its business. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company and its portfolio companies are subject to regulation at the local, state, and U.S. federal (or foreign) levels. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">These laws and regulations, as well as their interpretation, may be changed from time to time. Any change in these </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">laws or regulations could materially and adversely affect the Company’s business.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Change in Investment Objective or Strategies</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:126pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Board may change the Company’s investment objective and strategies or modify or waive certain of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s operating policies and strategies without shareholder approval (except as required by the 1940 Act or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:150pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">other applicable laws). The Company cannot predict the effects that any changes to its current operating policies and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">strategies would have on the Company’s business, operating results and value of its Shares. Nevertheless, the effects </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may adversely affect the Company’s business and impact its ability to make distributions.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Active Management</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company is subject to management risk because it is an actively managed investment portfolio. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s ability to achieve its investment objective depends upon the Adviser’s skill in determining the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s allocation of its assets and in selecting the best mix of investments. There is a risk that the Adviser’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:252pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">evaluation and assumptions regarding investments may be incorrect in view of actual market conditions. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:264pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Adviser will apply investment techniques and risk analyses in making investment decisions for the Company, but </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:276pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">there can be no guarantee that these will produce the desired results. The Company may be subject to a relatively </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:288pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">high level of management risk because the Company invests in private market investments, which are highly </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:300pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">specialized instruments that require investment techniques and risk analyses different from those associated with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investing in public equities and bonds. The Company’s allocation of its investments across direct investments, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">including Private Vehicles, and other portfolio investments representing various strategies, geographic regions, asset </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">classes and sectors may vary significantly over time based on the Adviser’s analysis and judgment. As a result, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">particular risks most relevant to an investment in the Company, as well as the overall risk profile of the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">portfolio, may vary over time.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Anti-Takeover Provisions Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:402pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Declaration of Trust includes provisions that could have the effect of limiting the ability of other entities or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:414pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">persons to acquire control of the Company, to change the composition of the Board or convert the Company to open-</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">end status. These provisions may have the effect of discouraging attempts to acquire control of the Company, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:438pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">attempts could have the effect of increasing the expenses of the Company and interfering with the normal operation </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the Company. Such provisions also could limit the ability of Shareholders to sell their Shares at a premium over </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the then-current market prices by discouraging a third party from seeking to obtain control of the Company. See </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">“</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:76.43pt;position:var(--position);text-decoration:none;white-space:pre">Certain Provisions in the Declaration of Trust - Anti-Takeover and Other Provisions</span>” for additional information. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Required Distributions Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Although the Company focuses on achieving capital gains from its investments, in certain cases it may receive </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">current income, such as interest or dividends, on its investments. Because in certain cases the Company may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">recognize such current income before or without receiving cash representing such income, it may have difficulty </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">satisfying the annual distribution requirement applicable to RICs. Accordingly, in order for the Company to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">maintain its qualification as a RIC, it may have to sell some of its investments at times it would not consider </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">advantageous, raise debt or equity capital or reduce new investments to meet these distribution requirements. If the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company is not able to obtain cash from other sources, it may fail to qualify as a RIC and thus would be subject to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">corporate-level U.S. federal income tax. See “</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:255.9pt;position:var(--position);text-decoration:none;white-space:pre">Material U.S. Federal Income Tax Considerations—Taxation as a </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Regulated Investment Company</span>.” <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Taxation of Shareholders on Distributions in Company’s Own Stock</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company may distribute a portion of its taxable distributions in the form of shares of its stock. In </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">accordance with certain applicable U.S. Treasury Regulations and other related administrative pronouncements </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">issued by the IRS, a RIC may be eligible to treat a distribution of its own stock as fulfilling its RIC distribution </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">requirements if each Shareholder is permitted to elect to receive its entire distribution in either cash or stock of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:702pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">RIC, subject to the satisfaction of certain guidelines. If too many Shareholders elect to receive cash, each </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Shareholder electing to receive cash must receive a pro rata amount of cash (with the balance of the distribution paid </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in stock). If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">distribution paid in stock generally will be equal to the amount of cash that could have been received instead of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">stock. Taxable Shareholders receiving such distributions will be required to include the full amount of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">distribution as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">capital gain dividend) to the extent of their share of the Company’s current and accumulated earnings and profits for </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">U.S. federal income tax purposes. As a result, a U.S. Shareholder may be subject to tax with respect to such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">distributions in excess of any cash received. If a U.S. Shareholder sells the stock it receives as a distribution in order </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to pay this tax, the sales proceeds may be less than the amount included in income with respect to the distribution, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">depending on the market price of the Company’s stock at the time of the sale, which would result in a capital loss, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the deductibility of which is subject to limitations. Furthermore, with respect to non-U.S. Shareholders, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company may be required to withhold U.S. tax with respect to such distributions, including in respect of all or a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">portion of any such distribution that is payable in stock. In addition, if a significant number of the Shareholders </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">determine to sell shares of the Company’s stock in order to pay taxes owed on distributions, such sales may put </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">downward pressure on the trading price of the Company’s stock.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Failure to Qualify as a Regulated Investment Company Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company intends to elect to be treated as a RIC for federal income tax purposes as of the Company’s First </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:294pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Post-IPO Tax Year. If the Company qualifies to be treated as a RIC, the Company generally will not pay corporate-</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">level federal income tax on any ordinary income or capital gains that the Company distributes to Shareholders as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:318pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">dividends. To obtain and maintain the federal income tax benefits of RIC status, the Company must meet specified </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:330pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">source-of-income and asset diversification requirements and distribute annually an amount equal to at least 90% of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:342pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the sum of the Company’s net ordinary income and realized net short-term capital gains in excess of realized net </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">long-term capital losses, if any, out of assets legally available for distribution. In addition, the Company must </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:366pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">maintain its status as a BDC under the 1940 Act. If any of these requirements are not met, the favorable tax </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:378pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">treatment described above may not be available to the Company. In addition, as a RIC, the Company could be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:390pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">subject to tax on any unrealized net built-in gains in the assets held by the Company during the period in which the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:402pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company was not a RIC that are recognized within the five-year period beginning on the first day of its first taxable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:414pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">year as a RIC, unless either the Company made a special election to pay corporate-level tax on such built-in gain at </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the time of the Company’s RIC election or an exception applies. At the time of the Company’s RIC election, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:438pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company intends to elect to recognize all of its built-in gain at the time of its conversion and pay tax currently on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the built-in gain. See “</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:162.16pt;position:var(--position);text-decoration:none;white-space:pre">Material U.S. Federal Income Tax Consequences—Conversion to Regulated Investment </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:110.31pt;position:var(--position);text-decoration:none;white-space:pre">.” If the Company fails to qualify for the federal income tax benefits allowable to RICs for any reason and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">remains or becomes subject to a corporate-level income tax, the resulting taxes could substantially reduce the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s net assets, the amount of income available for distribution to Shareholders and the actual amount of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s distributions. Such a failure would have a material adverse effect on the Company, the net asset value of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Shares and the total return, if any, obtainable from Shareholders’ investment in Shares. For additional </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">information regarding the Company’s tax requirements, see “</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:317.27pt;position:var(--position);text-decoration:none;white-space:pre">Material U.S. Federal Income Tax Considerations</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:519.04pt;position:var(--position);text-decoration:none;white-space:pre">.” </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Any net operating losses that the Company incurs in periods during which the Company qualifies as a RIC will not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:546pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">offset net capital gains (</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:167.97pt;position:var(--position);text-decoration:none;white-space:pre">i.e.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:180.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre">, net realized long-term capital gains in excess of net short-term capital losses) that the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:558pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company is otherwise required to distribute, and the Company cannot pass such net operating losses through to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:570pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Shareholders. In addition, net operating losses that the Company carries over to a taxable year in which the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:582pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company qualifies as a RIC normally cannot offset ordinary income or capital gains.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Additional Tax Liabilities Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company is subject to complex tax laws and regulations of the multiple jurisdictions in which it operates. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">These laws and regulations are subject to uncertain interpretation. The Company’s interpretation and application of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">these laws and regulations, as well as the Company’s compliance with certain other requirements, require significant </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:660pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">judgment and the use of assumptions and estimates.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:681pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">As a result, the Company will be exposed to the risk that tax authorities in any of the jurisdictions in which the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:693pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company operates could disagree with the Company’s interpretations of the applicable laws and regulations or the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:705pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s tax calculations and methodologies, including the classification of the Company’s revenues or the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">determination of the jurisdictions to which profits are attributed. Accordingly, the Company may be subject to tax </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">audits and other similar proceedings with tax authorities in a number of jurisdictions. In certain cases, the applicable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">tax authority may challenge one or more tax positions of the Company. Any such audits and other similar </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">proceedings could result in additional taxes, including interest and penalties, which could, in turn, adversely affect </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company’s investment returns.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">In addition, laws and regulations are changing on an ongoing basis, and these changes may apply with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">retroactive effect. New legislation and any U.S. Treasury Regulations, administrative interpretations or court </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">decisions interpreting such legislation could significantly and negatively affect the Company’s ability to qualify for </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">tax treatment as a RIC or the U.S. federal income tax consequences to the Company and its Shareholders of such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">qualification, or could have other adverse consequences. In addition, the effective tax rate of the portfolio companies </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">in which the Company invests could materially increase as a result of changes in tax law, tax treaties or the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">interpretation thereof.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">On July 4, 2025, the bill referred to as the One Big Beautiful Bill Act (the “OBBBA”) was enacted into law in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the United States. The OBBBA introduced broad changes to the Code, including changes to the taxation of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:258pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">businesses. The Company believes the recent changes to the Code under the OBBBA do not materially impact the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:291pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Investors are urged to consult with their tax advisors regarding tax legislative, regulatory or administrative </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:303pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">developments and proposals and their potential effect on an investment in the Company’s securities.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The DRIP May Create a Taxable Event for Shareholders</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:345pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Distributions on the Shares will be automatically reinvested into additional Shares pursuant to the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:357pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">DRIP absent a Shareholder electing otherwise. Each Shareholder that does not so elect otherwise will be treated for </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:369pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">U.S. federal income tax purposes as if such Shareholder had received the applicable dividend. For a discussion of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:381pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the tax consequences to Shareholders of receiving dividends, see “</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:337.8pt;position:var(--position);text-decoration:none;white-space:pre">Material U.S. Federal Income Tax </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:393pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Considerations</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:133.07pt;position:var(--position);text-decoration:none;white-space:pre">.”</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Other Risks Related to this Offering</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Shares offered by this Prospectus may be purchased from Robinhood Financial or TradePMR, each an affiliate </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:447pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of RHV, acting in its capacity as a selling group member in this offering. Any negative experiences Robinhood </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:459pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Financial’s customers, or TradePMR’s investment adviser customers, have in connection with their participation or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:471pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">attempted participation in this offering may harm the Company’s brand and reputation. In addition, participation in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:483pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">this offering by retail customers through Robinhood Financial could result in increased volatility in the trading price </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:495pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the Shares.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Robinhood Financial and TradePMR, each a broker-dealer affiliated with the Company’s Adviser, are members </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the selling group for this offering. It is anticipated that a portion of the Shares offered by this Prospectus will be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">offered through Robinhood Financial, acting as a selling group member, to allocate for sale to its customers through </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">its IPO Access feature on the Robinhood platform. It is further anticipated that a portion of the Shares offered by this </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Prospectus will be offered through TradePMR, acting as a selling group member, to allocate for sale to its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">investment adviser customers and their clients through its Advisor IPO Access feature on the Fusion platform. Any </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">such sales will be made at the same initial public offering price, and at the same time, as any other purchases in this </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">offering, including purchases by institutions and other large investors, and in accordance with customary broker-</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">dealer practices and procedures. Robinhood Financial and TradePMR will not retain any fees or other amounts </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">received in connection with this service to the Company.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:241.86pt;position:var(--position);text-decoration:none;white-space:pre">DESCRIPTION OF SHARES<span id="i16e38a43cb1c44daa3d62e2ebcc2dd0c_3468"></span></span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:93pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Company is a statutory trust organized under the laws of Delaware pursuant to a Certificate of Trust, dated </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">as of February 27, 2026. Pursuant to the Declaration of Trust, the Company is authorized to issue an unlimited </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:117pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">number of </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:115.86pt;position:var(--position);text-decoration:none;white-space:pre">common shares</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:178.3pt;position:var(--position);text-decoration:none;white-space:pre"> of beneficial interest, without par value. Each Share, when issued and paid for in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">accordance with the terms of this offering and the Declaration of Trust, will be fully paid and non-assessable. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Distributions may be paid to holders of the Shares if, as and when authorized by the Board and declared by the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company out of funds legally available therefor. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:269pt;position:var(--position);text-decoration:none;white-space:pre">All Shares are equal as to dividends, assets and voting privileges </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and have no conversion, preemptive or other subscription rights. Under the rules of the NYSE currently applicable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to listed companies, the Company will be required to hold an annual meeting of Shareholders in each fiscal year.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:198pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Listing and Symbol.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:169.68pt;position:var(--position);text-decoration:none;white-space:pre"> The Shares are expected to be listed on the NYSE, subject to official notice of issuance, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:210pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">under the symbol “RVII.”</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:231pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Voting Rights.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:147.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre"> Holders of Shares will vote as a single class to elect the Board and on additional matters with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:243pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">respect to which the 1940 Act mandates a vote by the Shareholders. If preferred shares are issued, holders of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:255pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">preferred shares will have a right to elect two of the Company’s Trustees, and will have certain other voting rights. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:267pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Each Share is entitled to one vote on all matters submitted to a vote of Shareholders, including the election of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:279pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">trustees. See “</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:128.86pt;position:var(--position);text-decoration:none;white-space:pre">Certain Provisions in the Declaration of Trust - Anti-Takeover and Other Provisions</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:468.27pt;position:var(--position);text-decoration:none;white-space:pre">.”</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:300pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Registration Rights</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:167.42000000000002pt;position:var(--position);text-decoration:none;white-space:pre">. Robinhood and its permitted transferees are entitled to certain rights with respect to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">registration of such Shares. In connection with seed capital investments by Robinhood, the Company entered into a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">RRA with Robinhood. Pursuant to the RRA, the Company agreed to use commercially reasonable efforts to file a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">resale registration statement to register the “Registrable Securities” covered by the RRA and to use best efforts to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">cause the registration statement to be declared effective as soon as practicable thereafter, but in no event later than </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">fifteen (15) days after the date of this Prospectus and to use commercially reasonable efforts to maintain the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">effectiveness of such registration statement, subject to the lock-up agreement applicable to Robinhood described </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">above. The registration of these shares would enable Robinhood and its permitted transferees to trade these shares </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">without restriction under the Securities Act when the applicable registration statement is declared effective, subject </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:408pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to the lock-up agreement described above. The Company will pay the registration expenses (other than any </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">underwriting discounts and selling commissions) for the shares registered for sale pursuant to the RRA.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:441pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Outstanding Securities. </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:186.3pt;position:var(--position);text-decoration:none;white-space:pre">The following are the Company’s outstanding securities as of July 31, </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:468.81pt;position:var(--position);text-decoration:none;white-space:pre">2026 (prior to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:453pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">giving effect to the stock split):</span></div><div style="position:var(--position);top:474pt;width:612pt"><div style="font-size:0pt;left:72pt;position:var(--position);width:468pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:234pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:75pt"></td></tr><tr style="height:44.25pt"><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:234pt"><div><div style="line-height:8pt;position:var(--position);top:35.62pt;width:234pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Title of Class</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:237pt;position:var(--position);width:75pt"><div><div style="line-height:8pt;position:var(--position);top:35.62pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:3.2pt;position:var(--position);text-decoration:none;white-space:pre">Amount Authorized</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:315pt;position:var(--position);width:75pt"><div><div style="line-height:8pt;position:var(--position);top:19.62pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:9.08pt;position:var(--position);text-decoration:none;white-space:pre">Amount Held by </span></div><div style="line-height:8pt;position:var(--position);top:27.62pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:3.64pt;position:var(--position);text-decoration:none;white-space:pre">Registrant or for its </span></div><div style="line-height:8pt;position:var(--position);top:35.62pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:23.29pt;position:var(--position);text-decoration:none;white-space:pre">Account</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);width:75pt"><div><div style="line-height:8pt;position:var(--position);top:3.62pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:23.51pt;position:var(--position);text-decoration:none;white-space:pre">Amount </span></div><div style="line-height:8pt;position:var(--position);top:11.62pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:16.18pt;position:var(--position);text-decoration:none;white-space:pre">Outstanding </span></div><div style="line-height:8pt;position:var(--position);top:19.62pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:16.96pt;position:var(--position);text-decoration:none;white-space:pre">Exclusive of </span></div><div style="line-height:8pt;position:var(--position);top:27.62pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:5.08pt;position:var(--position);text-decoration:none;white-space:pre">Amounts Shown in </span></div><div style="line-height:8pt;position:var(--position);top:35.62pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:7.2pt;position:var(--position);text-decoration:none;white-space:pre">Adjacent Column</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:44.25pt;width:234pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:234pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Common Shares</span><span style="font-family:'Times New Roman', serif;font-size:4.64pt;font-style:normal;font-weight:normal;left:68.97pt;position:var(--position);top:-1.219pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:70.13pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:1.18pt;font-style:normal;font-weight:normal;left:70.71pt;position:var(--position);top:-0.31pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.6pt;font-style:normal;font-weight:normal;left:71pt;position:var(--position);top:-0.158pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:71.14999999999999pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">................................................................</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:237pt;position:var(--position);top:44.25pt;width:75pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:17.25pt;position:var(--position);text-decoration:none;white-space:pre">Unlimited</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:315pt;position:var(--position);top:44.25pt;width:75pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:60.92pt;position:var(--position)"></span><span style="left:60.92pt;position:var(--position)">—<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:44.25pt;width:75pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.93pt;width:31.62pt"></span></span><span style="left:34.25pt;position:var(--position)">1,091,957</span></span></div></div></div></td></tr></tbody></table></div></div></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Shareholders; Issuance of Additional Shares<span id="ic68846c54d144b01a716a92437cafb78_19435"></span></span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:195pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">“Shareholders” shall mean as of any particular time the holders of record of outstanding Shares of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:207pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company, at such time. RHV or its affiliates have invested in the Company as a Shareholder and may do so in the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:219pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">future.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Issuance of Additional Shares.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:212.13pt;position:var(--position);text-decoration:none;white-space:pre"> The provisions of the 1940 Act generally require that the public offering price </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:252pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">(less underwriting commissions and discounts) of common shares sold by a business development company must </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:264pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">equal or exceed the net asset value of such company’s common shares (calculated within 48 hours of the pricing of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:276pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">such offering), unless such sale is made with the consent of a majority of its common shareholders. The Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:288pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may, from time to time, seek the consent of Shareholders to permit the issuance and sale by the Company of Shares </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:300pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">at a price below the Company’s then-current NAV, subject to certain conditions. If such consent is obtained, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company may, contemporaneous with and in no event more than one year following the receipt of such consent, sell </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Shares at a price below NAV in accordance with any conditions adopted in connection with the giving of such </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">consent. Additional information regarding any consent of Shareholders obtained by the Company and the applicable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">conditions imposed on the issuance and sale by the Company of Shares at a price below NAV will be disclosed in a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">prospectus supplement relating to any such offering of Shares at a price below NAV. Until such consent of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Shareholders, if any, is obtained, the Company may not sell Shares at a price below NAV.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:393pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Because the Company’s Base Management Fee is based upon the Company’s Net Assets determined quarterly </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:405pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">as of the end of each quarter (before the accrual of the Management Fee for that quarter), the Adviser’s interests in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:417pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">recommending the issuance and sale of Shares at a price below NAV may conflict with the interests of the Company </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and its Shareholders.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Each Share has one vote and, when issued and paid for in accordance with the terms of this offering, will be </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">fully paid and non-assessable. All Shares issued are equal as to distributions, assets and voting privileges and have </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">no conversion, preemptive or other subscription rights.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:115.86pt;position:var(--position);text-decoration:none;white-space:pre">common shares</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Distributions may be paid to holders of the Shares if, as and when authorized by the Board and declared by the </span>Company out of funds legally available therefor. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:269pt;position:var(--position);text-decoration:none;white-space:pre">All Shares are equal as to dividends, assets and voting privileges </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and have no conversion, preemptive or other subscription rights. Under the rules of the NYSE currently applicable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to listed companies, the Company will be required to hold an annual meeting of Shareholders in each fiscal year.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Voting Rights.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:147.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre"> Holders of Shares will vote as a single class to elect the Board and on additional matters with </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:243pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">respect to which the 1940 Act mandates a vote by the Shareholders. If preferred shares are issued, holders of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:255pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">preferred shares will have a right to elect two of the Company’s Trustees, and will have certain other voting rights. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:267pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Each Share is entitled to one vote on all matters submitted to a vote of Shareholders, including the election of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:279pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">trustees. See “</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:128.86pt;position:var(--position);text-decoration:none;white-space:pre">Certain Provisions in the Declaration of Trust - Anti-Takeover and Other Provisions</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:468.27pt;position:var(--position);text-decoration:none;white-space:pre">.”</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:186.3pt;position:var(--position);text-decoration:none;white-space:pre">The following are the Company’s outstanding securities as of July 31, </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:468.81pt;position:var(--position);text-decoration:none;white-space:pre">2026 (prior to </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:453pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">giving effect to the stock split):</span></div><div style="position:var(--position);top:474pt;width:612pt"><div style="font-size:0pt;left:72pt;position:var(--position);width:468pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:234pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:75pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:75pt"></td></tr><tr style="height:44.25pt"><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:234pt"><div><div style="line-height:8pt;position:var(--position);top:35.62pt;width:234pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Title of Class</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:237pt;position:var(--position);width:75pt"><div><div style="line-height:8pt;position:var(--position);top:35.62pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:3.2pt;position:var(--position);text-decoration:none;white-space:pre">Amount Authorized</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:315pt;position:var(--position);width:75pt"><div><div style="line-height:8pt;position:var(--position);top:19.62pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:9.08pt;position:var(--position);text-decoration:none;white-space:pre">Amount Held by </span></div><div style="line-height:8pt;position:var(--position);top:27.62pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:3.64pt;position:var(--position);text-decoration:none;white-space:pre">Registrant or for its </span></div><div style="line-height:8pt;position:var(--position);top:35.62pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:23.29pt;position:var(--position);text-decoration:none;white-space:pre">Account</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);width:75pt"><div><div style="line-height:8pt;position:var(--position);top:3.62pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:23.51pt;position:var(--position);text-decoration:none;white-space:pre">Amount </span></div><div style="line-height:8pt;position:var(--position);top:11.62pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:16.18pt;position:var(--position);text-decoration:none;white-space:pre">Outstanding </span></div><div style="line-height:8pt;position:var(--position);top:19.62pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:16.96pt;position:var(--position);text-decoration:none;white-space:pre">Exclusive of </span></div><div style="line-height:8pt;position:var(--position);top:27.62pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:5.08pt;position:var(--position);text-decoration:none;white-space:pre">Amounts Shown in </span></div><div style="line-height:8pt;position:var(--position);top:35.62pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:bold;left:7.2pt;position:var(--position);text-decoration:none;white-space:pre">Adjacent Column</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:44.25pt;width:234pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:234pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Common Shares</span><span style="font-family:'Times New Roman', serif;font-size:4.64pt;font-style:normal;font-weight:normal;left:68.97pt;position:var(--position);top:-1.219pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:70.13pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:1.18pt;font-style:normal;font-weight:normal;left:70.71pt;position:var(--position);top:-0.31pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.6pt;font-style:normal;font-weight:normal;left:71pt;position:var(--position);top:-0.158pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:71.14999999999999pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">................................................................</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:237pt;position:var(--position);top:44.25pt;width:75pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:17.25pt;position:var(--position);text-decoration:none;white-space:pre">Unlimited</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:315pt;position:var(--position);top:44.25pt;width:75pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:60.92pt;position:var(--position)"></span><span style="left:60.92pt;position:var(--position)">—<span style="display:inline-block;height:6.93pt;width:3.33pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:393pt;position:var(--position);top:44.25pt;width:75pt"><div><div style="line-height:10pt;position:var(--position);top:3.67pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.93pt;width:31.62pt"></span></span><span style="left:34.25pt;position:var(--position)">1,091,957</span></span></div></div></div></td></tr></tbody></table></div></div></div> <div style="position:var(--position);top:44.25pt;width:234pt"><div><div style="line-height:10pt;position:var(--position);top:6.296pt;width:234pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">Common Shares</span><span style="font-family:'Times New Roman', serif;font-size:4.64pt;font-style:normal;font-weight:normal;left:68.97pt;position:var(--position);top:-1.219pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:2.32pt;font-style:normal;font-weight:normal;left:70.13pt;position:var(--position);top:-0.609pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:1.18pt;font-style:normal;font-weight:normal;left:70.71pt;position:var(--position);top:-0.31pt;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:0.6pt;font-style:normal;font-weight:normal;left:71pt;position:var(--position);top:-0.158pt;white-space:pre"> </span><span style="color:#b4b4b4;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:71.14999999999999pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">................................................................</span></div></div></div> 0 1091957