CAPRICORN INVESTMENT GROUP LLC

Capricorn Investment Group, LLC seeks to generate returns by investing in a diversified global portfolio of leading private funds and making proprietary direct investments. They aim to minimize permanent capital loss risk at the portfolio level and employ a scenario-based and mean variance approach for capital allocation and risk management. Capricorn's vision is to deliver consistently strong investment performance and risk management with a principled investment approach. They believe that superior investment returns can be achieved while maintaining ethical and fair practices, aligning with client interests, and prioritizing long-term orientation. Their people, processes, and underlying investments are of uncompromising quality and strive to avoid harm to the world or its people.

Capricorn employs a scenario-based model to determine the appropriate long-term strategic asset allocation for each client. This approach considers the client's risk, return, and liquidity parameters, as well as Capricorn's subjective investment perspectives on future opportunities. The asset allocation strategies are long-term targets and not expected to be fixed or static at the target levels due to factors like investment ramp-up, asset valuation volatility, and capital flows. These strategic targets will function as objectives guiding the overall portfolio exposures. Capricorn's investment strategy provides diversified exposure to various asset classes. The specific list of investment strategies may be modified from time to time, taking into account factors such as portfolio investment, legal, tax and regulatory considerations, the availability of other investment opportunities, and client relationships. Methods of allocating investment opportunities may also change over time.

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