VERGER CAPITAL MANAGEMENT

The Company

Verger Capital Management LLC (“Verger Capital” or “the Firm”) is a Delaware limited liability company formed in 2013 and registered with the SEC as an investment adviser in 2014. Verger Capital is principally owned by Wake Forest University, a private, coeducational university located in Winston-Salem, North Carolina.

Assets Under Management

As of December 31, 2025, Verger Capital’s assets under management (“AUM”) were as follows:

• Discretionary: $3,271,503,603
• Non-Discretionary: $12,219,886
• Total AUM: $3,283,723,489
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Investment Services

Verger Capital acts as an Outsourced Chief Investment Officer (“OCIO”) providing investment advisory services to private funds and institutional investors, including charitable institutions, foundations, and endowments. Verger Capital primarily provides discretionary investment advisory services to private investment funds through a Master-Feeder structure (“Verger Funds”).

Verger Capital serves as the investment adviser to:

• Verger Fund I LLC (“Verger Fund I”), a single investor fund formed and maintained for the purpose of investing certain assets of Wake Forest University
• Verger Capital Fund LLC (“Verger Capital Fund”), a master fund into which Verger Fund I and Verger Fund II LLC (“Verger Fund II”) invest all or substantially all of their assets
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The Verger Funds are exempt from registration under the Investment Company Act of 1940 (“the Investment Company Act”), as amended, and the Securities Act of 1933, as amended (“the Securities Act”).

We also provide discretionary and non-discretionary advisory services, including recommendations concerning portfolio construction, allocation among asset classes, and allocation among unaffiliated investment managers, to institutional investors such as charitable institutions, private foundations, and endowment funds (“Custom Accounts”).

Verger Capital provides advice regarding a wide variety of securities, including interests in both private investment funds and registered investment companies managed by unaffiliated investment advisers (“underlying funds”).

We enter into sub-advisory relationships where investment discretion is exercised by a diversified group of unaffiliated investment advisers (“sub-advisers”) who invest capital of the Verger Funds and the Custom Accounts in a wide variety of securities and other instruments, including derivative instruments.

Underlying funds, sub-advised accounts, and any assets invested directly by Verger Capital on behalf of a client are referred to collectively as the “Portfolios,” and each a “Portfolio.” Interests in Verger Funds will be offered and sold only to qualified investors on a private placement basis.

Verger Capital provides investment advice directly to the Verger Funds, subject to the oversight of the applicable managing entity or board, and not individually to the investors in the Verger Funds.

We manage Verger Capital clients’ assets according to investment guidelines discussed and agreed upon. These guidelines are tailored to reflect the client’s investment restrictions or limitations. We make investment decisions consistent with the terms in the investment management agreements with Verger Capital clients and, where applicable, each Verger Fund’s organizational and offering documents.

Limitations on Verger Capital’s discretionary authority can result in client accounts that perform differently (and potentially less successfully) than other accounts with similar strategies managed by Verger Capital that do not have such limitations.

In managing the Custom Accounts, Verger Capital will execute investments on behalf of the client. Accordingly, we can purchase, sell, convert, and otherwise acquire or dispose of all forms of securities and other investments permitted by the investment guidelines, including without limitation: mutual funds, exchange-traded funds (“ETFs”), exchange-traded notes (“ETNs”), derivatives, digital assets such as crypto-currency or assets linked to digital assets, and portfolios managed by sub-advisers or other external investment advisers.