LSP INVESTMENT ADVISORS, LLC

LS Power Equity Advisors, LLC (the “Management Company”) manages assets on a discretionary basis on behalf of private pooled investment vehicles. The Management Company operates as a single advisory business together with its affiliated general partners (each a “General Partner” and together with the Management Company and their affiliated entities, “LSPE” or the “Company”). LSPE's investment professionals review all Fund portfolio investments on a regular basis and closely monitor and review the valuations of all Fund portfolio investments. LSPE furnishes audited financial statements for the Funds to all investors on an annual basis. The Funds’ financial statements are audited annually by independent certified public accountants registered with the Public Company Accounting Oversight Board. The General Partner of each Fund intends to retain affiliated and non-affiliated marketing consultants and agents. As part of these agreements, and in accordance with applicable regulation, the consultants and/or agents are paid a fee related to the amount of capital raised for each Fund. Fees paid by the Funds for marketing or fund raising are offset by a reduction of management fees due to LSPE. As an SEC-registered investment adviser, the Management Company is subject to the requirements of the Advisers Act and the rules promulgated thereunder. Increased regulation and regulatory oversight of private funds and their managers imposes administrative and compliance burdens on LSPE, including, without limitation, implementing policies and procedures to ensure compliance with new or amended rules and responding to examinations and other regulatory inquiries.

The Funds primarily invest in securities issued by privately held companies, particularly in the power and energy infrastructure industries. They aim to make a limited number of investments, concentrating their portfolio within a specific industry or segment. This strategy, while potentially yielding high returns, also carries the risk of significant losses due to lack of diversification and the performance of a few key holdings. The Funds actively engage with portfolio companies to promote their strategies and maximize returns upon disposition. However, economic uncertainty and downturns can slow investment activity, leading to longer holding periods and potentially impacting portfolio companies' performance. The Funds also incorporate ESG factors into their investment decisions, aiming to positively impact the financial, climate, and ESG performance of their portfolio companies. This strategy, while potentially beneficial, may involve higher compliance costs and the forgoing of certain opportunities, potentially impacting the Funds' overall performance compared to funds that do not consider ESG factors.

(Subscription Required)

(Subscription Required)

(Subscription Required)