GLOBAL ENDOWMENT MANAGEMENT, LP

Global Endowment Management, LP (“GEM” or the “Firm”) is a limited partnership organized under the laws of the State of Delaware. The Firm was founded in March 2007 by former partner Thruston B. Morton, III, with partner Stephanie S. Lynch, current Managing Partner, and former partner Hugh N. Wrigley. Other partners include Michael D. Smith, Co-Chief Investment Officer; Jay Ripley, Head of Investments and Deputy Managing Partner; Matt Bank, Head of the Client Portfolio Management Group and Co-Chief Investment Officer; and Meredith Heimburger, Head of Impact. Our Chief Compliance Officer is Richard S. Abraham. The Firm is approximately 96% partner and employee[1]owned, and is a registered investment adviser with the SEC. 

GEM provides investment management services to private investment funds (collectively the “Funds” and each a “Fund”), as well asto separately managed accounts(structured asfunds or asindividual accounts). Collectively, the Funds and any separately managed accounts are referred to as “clients.” GEM’s chief strategy invests using an endowment-style approach, which means investing in a broad array of securities and assets, using multiple strategies to balance risk and seek to achieve modest, consistent returns over a perpetual time horizon. GEM[1]managed Funds that invest using the endowment-style approach include: GEM Endowment Fund, LP (“Endowment Fund”); GEM Endowment Fund Offshore, Ltd. (“Offshore Fund”); GEM Green Endowment Fund, LP (“Green Fund”); GEM Impact Endowment Fund, LP (“Impact Fund”); and several bespoke funds-of-one. 

The Impact Fund seeks to outperform a passive mix of stocks and bonds on a risk-adjusted basis and generate a 5% return afterinflation over the long-term, while evaluating investments for Positive Impact (as defined below), which is assessed based on GEM’s adaptation of the Impact Management Project Framework (for additional information, see https://impactfrontiers.org/norms/). GEM’s application of the IMP Framework categorizes investments as follows: “T” (traditional); “A” (acting to avoid harm); “B” (benefitting stakeholders); or “C” (contributing to solutions). GEM evaluates investments that it believes fall into categories A, B and/or C above at the time of investment, and investments that fall into one or more of these three categories are deemed by GEM to generate positive impact (“Positive Impact” and such investments, “Positive Impact Investments”). That said, the Impact Fund may make certain investments without regard to their Positive Impact, including the following: (i) a limited amount of derivative exposure, or other exposure through the GEM’s hedges and overlays program; (ii) exposure through basket trades recommended by a third-party; and (iii) cash and cash equivalents or other short-term liquid investments (including exchange-traded funds (“ETFs”)). For the avoidance of doubt, GEM has no obligation to sell, cross trade or otherwise remove exposure to investments that do not generate Positive Impact (“Traditional Investments”), and the Impact Fund may retain certain exposures to Traditional Investments in sub-accounts as needed. GEM reserves the right to modify its application of the IMP Framework and uses its judgment in identifying and assessing Positive Impact Investments. 

In addition to GEM’s endowment-style approach, investors have the opportunity to invest in the GEM Growth Fund, LP (“Growth Fund”). The Growth Fund’s investment program reflects a multi-asset class, growth-oriented strategy with a long-term investment objective to outperform a passive mix of global stocks with less volatility. The Growth Fund’s investment program generally results in a higher exposure to private equity and private real assets, which means that more of the Growth Fund’s investments are illiquid. Determination of each investor’s subscription amount into each of the above Funds is at the discretion of the Funds’ General Partner or Directors; there is no stated minimum investment amount. 

In addition, the Firm has GEM Endowment Access Funds, GAF-BO, LP (“Buyout Access Fund”), and GAF-BO II, LP (“Buyout Access Fund II”); GAF-VC, LP (“Venture Capital Access Fund”), GAF-VC II, LP (“Venture Capital Access Fund II”), GAF-VC22A, LP, and GAF-VC24A, LP; GAF-RE, LP (“Real Estate Access Fund”), and GAF-RE II, LP (“Real Estate Access Fund II”); and GEM IS Fund, LP (“Independent Sponsors Fund”). Collectively known as the “Access Funds”, these funds are platforms of private investment funds, each of which focuses on a particular investment strategy: buyout, venture capital, or real estate. Specifically, the Buyout Access Funds generally target investments in mature and growth-stage lower middle market and middle market companies in the US and Europe, including the Independent Sponsors Fund which focuses on independent sponsor and small buyout fund co-investment opportunities; the Venture Capital Access Funds generally target investments in small private companies that are early in their development lifecycle in the US, China or Europe, including GAF-VC22A and GAF-VC24A funds which focus on opportunities with specific investment managers; and the Real Estate Access Funds which generally target investments in physical property or land in the US. The investment objective of each Access Fund is to achieve attractive risk-adjusted returns that are not highly correlated with traditional asset classes. Each Access Fund generally requires a minimum capital commitment of at least $250,000, which may be reduced by the General Partner in its sole discretion. GEM may launch additional Access Funds from time-to-time based on market opportunities. 

Investors in the GEM Funds that retain the endowment-style approach to investing maintain the ability to redeem annually up to 7% of the value of their interests/shares in the Endowment Fund/Offshore Fund via a standing redemption liquidity election. An annual standing redemption request of 2% of the value of investor interests is available to the Growth Fund investors. Investment in an Access Fund is illiquid, and as a result an investor may not voluntarily withdraw capital from an Access Fund. Distributions by each Access Fund generally will be made, but are not required to be made, on a quarter-end basis following the end of such Access Fund’s commitment period, and at such other times and in such manner as the General Partner may determine, to the extent that distribution proceeds are available; provided, however, that the General Partner does not anticipate making distributions at a quarter-end if the amount of available distribution proceeds, as of such quarter-end, is less than 5% of the aggregate capital commitments to such Access Fund. 

Our Fund clients have investors which include: family offices, qualified individuals and partnerships, pension and profit-sharing plans, trusts and estates, foundations/endowments and other educational and charitable organizations, sovereign wealth funds and corporations and business entities. We are not engaged in financial planning or other personal investment advisory services. Fund clients typically invest in pooled assets, the allocation of which may vary depending upon investor needs. In general, GEM has full investment authority and discretion within the bounds of the relevant investment policy statements. Our services are typically offered for a management fee equal to a certain percentage of Assets Under Management (“AUM”). Certain funds also have a carried interest component. Further fee information is outlined below. 

GEM also manages GEM Liquid Markets Fund A, LP (“LMF Fund”) which is structured to provide greater investment liquidity for investors than the other Funds. To the extent necessary or desired, cash for short-term needs is managed by GEM through a short-term liquidity fund, GEF STL Fund, a Series of Global Endowment Targeted Strategy Fund, LP (“STL Fund”), which invests principally in high quality, short term fixed income instruments which are issued and payable in U.S. dollars. Determination of each investor’s subscription amount into LMF Fund and STL Fund is at the discretion of the Funds’ General Partner; there is no stated minimum investment amount.