ABDIEL CAPITAL ADVISORS, LP

The Adviser provides investment supervisory services to each Fund in accordance with the limited partnership agreement (or analogous organizational document) of such Fund or separate investment and advisory, investment management or portfolio management agreements. Investment advice is provided directly to the Funds, subject to the discretion and control of the applicable general partner, and not individually to the investors in the Funds. Services are provided to the Funds in accordance with the Advisory Agreements with the Funds and/or organizational documents of the applicable Fund. Investment restrictions for the Funds, if any, are generally established in the organizational or offering documents of the applicable Fund, Advisory Agreements and/or side letter agreements negotiated with investors in the applicable Fund. The Adviser seeks to deliver attractive absolute returns and to outperform the U.S. equity markets while minimizing the likelihood of permanent impairment of the Funds’ capital.

The Adviser aims to achieve attractive absolute returns and outperform U.S. equity markets over a three- to five-year period while minimizing the risk of permanent capital loss. This is primarily achieved by investing long-term in a concentrated portfolio of high-quality businesses, with the Funds' ten largest investments often representing over 75% of invested capital. The Adviser looks for businesses with durable earnings streams, understandable competitive advantages, the ability to increase market share, recurring revenue, and management with significant personal investment in the company. While the primary strategy focuses on long-term investments in high-quality businesses, the Funds have the flexibility to invest in other securities or assets that the Adviser believes offer attractive opportunities. The Funds are not restricted to specific geographies, industries, or asset classes, and may utilize any investment techniques deemed advisable, regardless of whether they are specifically described. The Funds may make investments other than in equity securities and other than in good businesses held for the long term. The Funds’ propensity to do so will depend on the attractiveness of specific opportunities in other asset classes.

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