Partners Capital Investment Group, LLP

Firm Brochure PARTNERS CAPITAL INVESTMENT GROUP, LLP 600 Atlantic Avenue, 30th Floor Boston, MA 02210 +1 617-292-2570 (Phone) +1 617-292-2571 (Fax) www.partners-cap.com SEC File Number: 801-61234 This brochure provides information about the qualifications and business practices of Partners Capital Investment Group, LLP. If you have any questions about the contents of this brochure, please contact us at +1 617-292-2570. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission, or by any state securities authority. Additional information about Partners Capital Investment Group, LLP is available on the SEC’s website at www.adviserinfo.sec.gov. April 28, 2026  Item 2. Material Changes Material Changes Since the Last Update This brochure, dated April 28, 2026, updates our brochure dated March 31, 2026. This brochure contains the following update: • Appendix 1: Capacity Allocation policy has been updated to disclose the approach and methodology by which secondaries investment opportunities will be allocated among Clients. Full Brochure Available The Firm Brochure for Partners Capital is available by contacting +1 617-292-2570  Item 3. Table of Contents Contents Item 2. Material Changes ...................................................................................................................................... 2 Material Changes Since the Last Update ................................................................................................... 2 Full Brochure Available .............................................................................................................................. 2 Item 3. Table of Contents ...................................................................................................................................... 3 Item 4. Advisory Business ...................................................................................................................................... 6 Firm Description ......................................................................................................................................... 6 Types of Advisory Services ......................................................................................................................... 6 Tailored Relationships ................................................................................................................................ 6 Investment Vehicles ................................................................................................................................... 7 Principal Services Provided ........................................................................................................................ 7 Assets Under Management ....................................................................................................................... 7 Item 5. Fees and Compensation ............................................................................................................................ 7 Description ................................................................................................................................................. 7 Fee Billing ................................................................................................................................................... 8 Other Fees and Expenses ........................................................................................................................... 8 Item 6. Performance-Based Fees ........................................................................................................................... 9 Sharing of Capital Gains ............................................................................................................................. 9 Item 7. Types of Clients ......................................................................................................................................... 9 Description ................................................................................................................................................. 9 Account Minimums .................................................................................................................................. 10 Item 8. Methods of Analysis, Investment Strategies and Risk of Loss ................................................................. 10 Methods of Analysis ................................................................................................................................. 10 Investment Strategies .............................................................................................................................. 10 Risk of Loss ............................................................................................................................................... 10 General Investment Risks (not specific to any one asset class) .................................................................... 11 Market and Economic Risk ....................................................................................................................... 11 Pandemic Disease .................................................................................................................................... 11 Economic and Political Risk ..................................................................................................................... 11 Non-U.S. Trade Policy .............................................................................................................................. 11 U.S. -China Relations ............................................................................................................................... 12 Currency Risk ........................................................................................................................................... 12 Inflation Risk ............................................................................................................................................ 13 Interest Rate Risk ..................................................................................................................................... 13 Availability of Investment Opportunities ................................................................................................. 13 Counterparty Risk .................................................................................................................................... 14 Regulatory Risk ........................................................................................................................................ 14 Cybersecurity Risk ................................................................................................................................... 15 Artificial Intelligence Technologies .......................................................................................................... 15 Risks related to Investments in Private Funds, Fund-of-Fund or Multi-Manager Strategy .......................... 16 Limited Operating History ........................................................................................................................ 17 No or Limited Rights or Control ............................................................................................................... 17 Limited Diversification ............................................................................................................................. 17 Limited Liquidity Risk ............................................................................................................................... 17 Limited Regulatory Oversight .................................................................................................................. 17 Management fraud .................................................................................................................................. 17 Operational or Organizational risk ........................................................................................................... 18  Multiple Level of Fees Risk ....................................................................................................................... 18 Valuation Risk .......................................................................................................................................... 18 Side Letters .............................................................................................................................................. 18 Asset Class-Specific Risks .............................................................................................................................. 19 Private Equity ........................................................................................................................................... 19 Real Estate ............................................................................................................................................... 19 Commodities and Commodities-Related Derivatives .............................................................................. 20 Distressed Debt and Related Securities .................................................................................................... 20 Special Situations ..................................................................................................................................... 20 Digital Asset Risks ..................................................................................................................................... 21 Short Selling ............................................................................................................................................. 21 Protection of Intellectual Property Rights ................................................................................................ 21 Investment Longer than Term .................................................................................................................. 22 Private Seed and Early Stage Investments ............................................................................................... 22 Volatility ................................................................................................................................................... 22 Risks related to Equity Instruments .............................................................................................................. 22 Hedging Transactions ............................................................................................................................... 22 Derivatives ............................................................................................................................................... 23 Smaller Capitalization Stocks ................................................................................................................... 24 Risks related to Fixed Income Instruments ................................................................................................... 24 High Yield Securities ................................................................................................................................. 24 Item 9. Disciplinary Information .......................................................................................................................... 24 Legal and Disciplinary ............................................................................................................................... 24 Item 10. Other Financial Industry Activities and Affiliations ................................................................................ 24 Financial Industry Activities ..................................................................................................................... 24 Affiliations ................................................................................................................................................ 25 Item 11. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ......................... 25 Code of Ethics .......................................................................................................................................... 25 Participation or Interest in Client Transactions ....................................................................................... 26 Other Conflicts of Interest ....................................................................................................................... 27 Gifts and Entertainment .......................................................................................................................... 27 Service as a Director or Member of Investment Committee ................................................................... 27 Client Asset Manager Investments .......................................................................................................... 27 GA Transaction ........................................................................................................................................ 28 Item 12. Brokerage Practices ............................................................................................................................... 28 Selecting Brokerage Firms ....................................................................................................................... 28 Directed Brokerage .................................................................................................................................. 29 Trade Aggregation ................................................................................................................................... 29 Cross Trades ............................................................................................................................................ 29 Principal and Agency Cross Transactions ................................................................................................ 29 Item 13. Review of Accounts ............................................................................................................................... 29 Periodic Reviews ...................................................................................................................................... 29 Regular Reports ....................................................................................................................................... 30 Trade Errors ............................................................................................................................................. 30 Item 14. Client Referrals and Other Compensation ............................................................................................. 30 Client Referrals ......................................................................................................................................... 30 Item 15. Custody ................................................................................................................................................. 30 Account Statements ................................................................................................................................. 30 Financial Statements ................................................................................................................................ 30 Item 16. Investment Discretion ........................................................................................................................... 31 Discretionary Authority for Trading ......................................................................................................... 31  Item 17. Voting Client Securities.......................................................................................................................... 31 Item 18. Financial Information ............................................................................................................................ 32 Financial Condition .................................................................................................................................. 32 Appendix 1: Capacity Allocation Policy ................................................................................................................. 33 Appendix 2: Partners Capital Client Privacy Policy............................................................................................... 36  Item 4. Advisory Business Firm Description Partners Capital Investment Group, LLP (“Partners Capital” or the “Firm”), a Delaware limited liability partnership, is an investment adviser based in London, New York City, Boston, San Francisco, Dallas, Singapore, Hong Kong, Paris, Dubai and Switzerland. Partners Capital was founded in 2001 to deliver an institutional investment approach to endowments, foundations, and sophisticated families. We provide advice on asset allocation and what we believe to be the best of breed asset manager selection across all asset classes and geographic markets. In July 2024, certain investment funds controlled by affiliates General Atlantic Service Company, L.P. (“GA”) acquired a minority stake in the Partners Capital group by buying a portion of the equity then held by some of Partners Capital’s long-standing external shareholders and certain founding generation partners (the “Transaction”). Although (1) the Transaction did not result in any changes to the day-to-day business or operations of Partners Capital, the services Partners Capital provides or the fees Partners Capital charges to its clients, and (2) as part of the Transaction, Partners Capital and GA agreed to continue to conduct their businesses independently from one another (provided that certain employees of GA serve on the board of Partners Capital), certain information in this brochure reflects the change in ownership resulting from and other disclosures relating to the Transaction and/or Partners Capital’s ongoing relationship with GA. Types of Advisory Services Partners Capital provides investment advice related to overall asset allocation, asset allocation within asset classes and investment product recommendations. Partners Capital advises clients and serves as the general partner of privately offered domestic funds and as the investment manager to privately offered offshore funds (each a “Fund” and together the “Funds”) as well as sub-adviser to investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”) (each a “Registered Fund”, and together the “Registered Funds”). We primarily allocate assets of clients to other pooled vehicles or separate accounts managed by third-party professional fund managers, including hedge fund managers, private equity managers, and other asset class managers (collectively, “Investment Managers”) that utilize a wide variety of strategies. Tailored Relationships We aim to provide our clients with highly customized investment advice which diversifies their portfolios across all asset classes including but not limited to public equity, private equity, property, commodities, fixed income, credit and hedge funds. Our mandates range from full discretion to purely advisory. The engagement is driven by each client’s specific circumstances and internal governance model. Clients have the ability to place limitations and restrictions on securities purchased or sold or other investments made in their account.  Investment Vehicles Typical investment vehicles we advise on generally include, but are not limited to, public registered investment companies including mutual funds, closed-end funds and business development companies, private placement vehicles (e.g., hedge funds or private equity funds), other private investments, separately managed accounts, unit trusts and exchange-traded funds. In general, we are not advising clients on individual stocks or bonds, except in the context of overall asset allocation or with respect to the co-invest strategies. The Funds, Registered Funds, and other clients (e.g., individuals, trusts, separately managed accounts, etc. referred to as “Other Clients”) are together referred to as our “Clients”. The Funds are designed as pooled vehicles and invest in certain limited partnerships or other investments. Partners Capital has the discretion to cause the Funds to invest in investments as described in each of the respective Fund’s private placement memorandum, prospectus or registration statement, advisory agreement, or limited partnership agreements. Although the Firm serves as sub-adviser to Registered Funds, most of the Funds are (a) privately placed, (b) not registered under the 1940 Act, and (c) may or may not be continuously offered. Principal Services Provided The main services provided to Clients include but are not limited to: • Research, identify, monitor, evaluate and meet with potential Investment Managers; • Select Investment Managers and/or their investment vehicles or opportunities for Clients; • Advise Other Clients as to the availability of opportunities to invest funds with particular Investment Managers; • Assess the performance of Investment Managers managing assets of Clients and make periodic recommendations to Clients with respect to such performance; and • Maintain records for Clients relating to their recommendations, retention, performance and services of Investment Managers selected and recommended by Partners Capital. Assets Under Management Partners Capital manages Client assets on a discretionary and a non-discretionary basis. As of December 31, 2025, assets under management for US Clients were: USD $31,415,782,709 $19,091,386,581 $50,507,169,290 Discretionary Non-Discretionary Total (US Clients only) Item 5. Fees and Compensation Description Partners Capital does not have a standardized fee schedule. Partners Capital usually charges an advisory fee in arrears on the Client’s Assets Under Management (“AUM”). In general, we charge an annual management fee that can range up to 1% per annum on time-weighted AUM, payable quarterly. Where permitted by applicable law, Clients can elect to be charged only an advisory fee or both an advisory and a performance-based fee, or both an advisory or a relative performance- based fee. Partners Capital may receive performance based compensation of generally up to 7.5%, and relative performance based compensation of generally up to 15%, payable annually or semi- annually. Fees may vary by Client size, complexity and other factors deemed appropriate by Partners  Capital. Performance-based fees for liquid products are described below in the “Performance-Based Fees” section. In some cases, a fixed annual fee may also apply. We may also charge an administrative fee on FX Hedges, which are 0.02% of the notional amount. This fee is generally charged at the inception of the hedge or when the hedge is rolled. Following termination of an agreement, in respect of each illiquid asset advised by Partners Capital, Clients may have the obligation to pay to Partners Capital a one-time only fee equal to 2% of the aggregate amount of all original commitments to those illiquid assets in which Clients still have a material interest less management fees paid to date for such illiquid assets. Partners Capital receives a portion of the Registered Funds’ management fees that are payable to the Registered Funds’ primary adviser. Partners Capital charges the Funds a management fee and, in some cases, a performance fee that is disclosed in detail in each Fund’s private placement memorandum, prospectus or registration statement, advisory agreement, limited partnership agreement and/or other documentation received by each investor prior to investment in a Fund. Fees may differ from one Fund to another, as well as among investors in the same Fund. The Funds also bear their share of expenses as set forth in the “Other Fees and Expenses” section below. Fee Billing Client fees may be collected from the Client’s custodial account with the Client’s authorization, collected via an invoice sent to the Client, or collected directly from the Funds as permitted by the relevant Fund’s private placement memorandum, prospectus or registration statement. Some Clients may have fees collected from a combination of these three sources, i.e. custody account, direct invoice and/or domestic or offshore fund entities. Other Fees and Expenses Clients may be charged fees or commissions in addition to the management fee paid to Partners Capital. These may include brokerage commissions and other custodial fees charged by third-party organizations. Clients may also be charged expenses (e.g. legal costs) incurred in relation to their direct co-investments. The Funds generally bear their own expenses set forth below: • Organizational Expenses: costs, fees and expenses incurred by or on behalf of a general partner and/or the Partners Capital in connection with the formation and organization of the Fund. • Direct Operating Expenses: legal, administrative, audit, insurance, regulatory, bookkeeping and accounting, brokerage fees, compliance service provider fees; all filing and similar fees; interest on borrowed money, real property or personal property  taxes on investments; costs and expenses incurred in the purchase, holding, sale or exchange of investments, fees incurred with the maintenance of bank or custodian accounts; expenses incurred by a general partner (or its designee) in serving as a “partnership representative"; out-of-pocket expenses of preparing and distributing reports and other communications to investors or associated with any Fund meetings, including, but not limited to, printing, postage, communication and travel and accommodation costs; services and expenses incurred in researching, investing, and evaluating investment opportunities, including the cost of books, databases, periodical subscriptions, research platforms, travel and accommodation costs and other research resources; services and expenses related to monitoring investments; expenses related to software acquired, licenses or otherwise obtained by a Fund or Partners Capital for use in respect of a Fund, to track investments; litigation or other extraordinary expenses relating to a Fund and its activities; costs and expenses arising out of a Fund’s indemnification obligations and cost of insurance against potential indemnification liabilities; (if any) director’s fees and expenses. • Broken Deal Expenses: all out-of-pocket fees, costs and expenses, if any, incurred in developing, negotiating and structuring prospective investments that are not ultimately made, including any legal, accounting, advisory, market research, consulting or other third- party expenses in connection therewith and any travel and accommodation expenses. Please refer to a Fund’s limited partnership agreement, investment management agreement, or Registered Fund’s prospectus or registration statement for details regarding the Fund’s or Registered Fund’s treatment of fees and expenses. Accounts that are part of the Partners Capital Equity Portfolios are charged a yearly expense reimbursement to cover incremental costs directly relating to the investment program, including but not limited to costs of third party providers specializing in: trade order and execution and proxy voting services. Item 6. Performance-Based Fees Sharing of Capital Gains Partners Capital may charge performance-based fees subject to a high-water mark. Generally, a 5% performance fee is charged on gains after adjusting for the management fee. Performance fees are charged in accordance with Rule 205-3 under the Investment Advisors Act. Generally, every six months, Partners Capital will receive 5% of the net new profits, if any, attributable to each investor in the Funds, and after taking account of a high-water mark, if applicable. Certain conflicts of interest may arise when managing accounts that are charged a performance- based fee as compared to another type of fee, such as a fixed-rate/asset-based fee. There is an incentive to favor accounts from which performance-based fees are received. Partners Capital has policies and procedures in place for an annual review by the Client manager's supervisor, of Client trading, investment objectives and possible conflicts of interest. Our policies and procedures have been developed to ensure that all Clients are treated fairly and equally, and without the influence of performance-based fees on trade allocation. See Appendix 1 for detailed allocation procedures. Item 7. Types of Clients Description  Our Clients consist of the Funds, Registered Funds, and Other Clients. The Other Clients include individuals, foundations, endowments, family offices, pension funds and other types of institutions. We may organize additional investment entities in the future. Account Minimums Partners Capital new client minimum account size is $100 million. We reserve the right to waive the minimum in certain circumstances. Item 8. Methods of Analysis, Investment Strategies and Risk of Loss Methods of Analysis Partners Capital obtains general information through meetings with Investment Managers, independent and third-party research, the internet, and periodicals and journals. Investment Strategies Partners Capital deploys an investment philosophy that embraces many of the powerful diversification benefits of the so-called “endowment model” of investing, but with a more dynamic approach to risk and asset allocation which seeks to clearly delineate between performance to be derived from market factors as opposed to the skill of individual managers. Partners Capital may utilize margin transactions to implement investment advice given to Clients. Since we are engaged primarily in seeking, monitoring, understanding and evaluating Investment Managers and their strategies, general categories of securities analysis methods for direct investment in individual securities are typically not applicable. Instead, we seek to understand the strategies and approaches of Investment Managers by interviewing Investment Managers and generally considering numerous factors including, but not limited to: • Management team's reputation and integrity • Depth and continuity of the investment team • Demonstrated superior investment skills • Review of past performance • Ability to implement investment strategies • Consistency of investment strategies and processes • Reviewing and corroborating their professional records • Operational systems and capabilities • Risk controls • Significant personal investment • Legal terms and conditions • Fees and other costs Partners Capital may request certain records of these Investment Managers, as well as corroborating information received from independent sources, in order to reach conclusions as to the Investment Manager’s potential performance characteristics. Risk of Loss Although the Firm makes every effort to preserve a Client’s capital and achieve real growth of wealth, investing involves risk of loss that each Client should be prepared to bear. Certain instruments and strategies, including those involving futures, options, and high yield securities, give  rise to substantial risk and are not suitable for all investors. Many investments described herein are speculative, involve significant risk and are suitable only for investors of substantial net worth who are willing and have the financial capacity to purchase high-risk investments which may not provide any immediate cash return and may result in the loss of all or a substantial part of their investment. An investor should be able to bear a complete loss in connection with any investment. General Investment Risks (not specific to any one asset class) Market and Economic Risk Every investment strategy and style are based explicitly or implicitly on a premise as to how the markets work and on certain conditions being met. The stability and persistence of these premises, assuming they are intrinsically valid, is rarely if ever perfect and depend on the markets working in the expected way. Changes in market and economic factors like interest rates, inflation, monetary policy, economic growth, investor sentiment and time horizons and exogenous events (like terrorism or pandemic) can undermine the investment premise temporarily or for a long period. Pandemic Disease Events such as health pandemics or outbreaks of disease (such as the “COVID-19” coronavirus) may lead to government-imposed closures and restrictions of certain travel and businesses, as well as both increased short-term market volatility and adverse long-term effects on the U.S. and world economies and markets generally. This could have an adverse impact on Partners Capital’s ability to carry out investment strategies and objectives on behalf of its Clients, as well as on the business of Investment Managers selected by Partners Capital. Pandemics and similar events could also have an acute effect on individual issuers or related groups of issuers and could adversely affect securities markets, interest rates, auctions, secondary trading, ratings, credit risk, inflation, deflation and other factors Client portfolios or the operations of Investment Managers. Additionally, the risks related to health pandemics or outbreaks of disease are heightened due to uncertainty as to whether such an event would qualify as a force majeure event. If a force majeure event is determined to have occurred, a Client and/or a Client’s investments may be relieved of its obligations under certain contracts to which it is a party, or, alternatively, the Client may be required to meet its contractual obligations, despite potential constraints on operations and/or financial stability. Either outcome could adversely impact the performance of Client Portfolios. Economic and Political Risk To the extent the Partners Capital make investments in companies organized, headquartered, or having substantial assets, outside of the United States, such investments may be subject to additional economic and political risks. Governments of many foreign countries have exercised and continue to exercise substantial influence over many aspects of the private sector. Accordingly, future government or military actions could have a significant effect on the economic environment in such countries, which could affect the availability, purchase price, and returns of portfolio investments of companies affected by such governments. For example, investments reliant on operating centers in Russia or Ukraine will be negatively impacted by ongoing military action and may be unable to relocate resources and staff. Non-U.S. Trade Policy If the U.S. federal government continues to make significant changes in U.S. trade policy, including imposing tariffs on certain goods and raw materials imported into the United States, such actions  may trigger retaliatory actions by the affected countries, resulting in “trade wars,” which may cause increased costs for goods and raw materials imported into the United States, or in trading partners limiting their trade with businesses in the United States, either of which may have material adverse effects on the Investment Managers and companies in which they invest. Such “trade wars” may cause significant losses for Partners Capital Clients and/or the Investment Managers in which their assets are invested. U.S. -China Relations If U.S.-China relations remain a persistent and evolving source of policy volatility affecting trade, investment flows, technology supply chains, and access to capital markets. The U.S. has imposed, and may continue to impose, tariffs and other trade restrictions on a broad range of Chinese imports, and China has responded with retaliatory measures, which can increase input costs, disrupt supply chains, and adversely impact portfolio company operations and valuations. These dynamics can result in sector-wide tariff escalation, impairing profitability and exit outcomes for affected businesses. Regulatory scrutiny over Chinese issuers and China-related exposures in U.S. capital markets also continues to evolve. Heightened audit and disclosure requirements and the potential for additional listing, trading, or investment restrictions could affect the liquidity, valuation, or availability of certain securities, funds, or co-investment opportunities. This includes the risk that U.S. authorities could impose further investment limitations or diligence requirements on U.S. institutions with respect to Chinese equities or debt, which could constrain investment strategies of Investment Managers or necessitate repositioning of Client holdings. If U.S.-China tensions intensify—through renewed tariff escalation, expansion of export controls, or additional limitations on market access—the broader economy and equity markets may be adversely affected, Partners Capital Clients and/or the Investment Managers in which their assets are invested could experience higher costs, reduced opportunity sets, valuation pressure, or delays in realizations, any of which could materially and adversely affect the performance of Client Portfolios. Currency Risk Clients may invest portions of their assets in securities denominated in non-US Dollars, whereas the values of their accounts are denominated in US Dollars. Clients will be subject to currency market risks associated with fluctuations in the value of the foreign currencies in which their investments are denominated. Fluctuations in the value of a country’s currency could have an adverse impact on the profitability of the Client account. To the extent that the US Dollar appreciates relative to these currencies, the US Dollar value of these investments is likely to be adversely affected. In addition, if the currency in which a Client receives dividends, interest or other types of payments (such as liquidating payments) declines in value against the US Dollar before such payments are distributed, the US Dollar value of these payments could be adversely affected if not sufficiently hedged. Furthermore, the ability of a Client companies in which they invest to convert freely between the US Dollar and the local currencies may be restricted or limited and, in a number of instances, exchange rates and currency conversion are controlled directly or indirectly by governments or related entities. Many of the currencies of emerging markets have been subject to large fluctuations in value in the last five years and may be subject to significant fluctuations in the future. The economies of many emerging markets have been characterized by high inflation rates. Inflation in the countries where Clients may make investments may adversely affect the Client account’s results and value.  Inflation Risk Inflation and rapid fluctuations in inflation rates have had in the past, and may in the future have, negative effects on the economies and financial markets, particularly in emerging economies, but also in more developed economies, including in the U.S. economy where inflationary conditions can arise and persist for extended periods. For example, wages and prices of inputs increase during periods of inflation, which can negatively impact returns on investments, and increases in energy prices will have a ripple effect through the economy. In an attempt to stabilize inflation, countries may impose wage and price controls or otherwise intervene in the economy. Governmental efforts to curb inflation often have negative effects on the level of economic activity. There can be no assurance that inflation will not become a serious problem in the future and have an adverse impact on the returns of the Investment Managers or the portfolios of Partners Capital Clients. Interest Rate Risk Changes in interest rates may adversely affect the investments of Partners Capital Clients. Investment Managers holding debt securities are subject to interest rate risk; changes in prevailing market interest rates could negatively affect the value of credit investments in an Investment Manager’s portfolio. The ability of companies or businesses in which an Investment Managermay invest to refinance debt instruments or repay debt obligations (including making payments an Investment Manager as a creditor with respect thereto) may depend on their ability to obtain financing, including by selling new securities or instruments in the high yield debt or bank financing markets, which at certain points have been extraordinarily difficult to access at favorable rates. Volatility and instability in the credit or securities markets may also increase the risks inherent in an Investment Manager’sinvestments. Interest rate changes may affect the value of a debt instrument indirectly (especially in the case of fixed rate securities and other instruments) and directly (especially in the case of instruments whose rates are adjustable). In general, rising interest rates will negatively impact the price of a fixed rate credit instrument and falling interest rates will have a positive effect on price. Adjustable rate instruments also react to interest rate changes in a similar manner, although generally to a lesser degree. Interest rate sensitivity is generally more pronounced and less predictable in instruments with uncertain payment or prepayment schedules. Additional factors that may affect market interest rates include inflation, slow or stagnant economic growth or recession, unemployment, and instability in domestic and foreign financial markets. An Investment Manager may periodically experience imbalances in its assets and liabilities as a result of changes in interest rates. In a changing interest rate environment, an Investment Manager may not be able to manage this risk effectively. Increased interest rates could impact the ability of Investment Managers or their underlying portfolio companies or their underlying portfolio companies to obtain leverage in a manner initially contemplated and may impact the ability of an Investment Manager to execute its investment strategy. If an Investment Manager is unable to manage interest rate risk effectively, the Investment Manager’s performance could be adversely affected, which could in turn negatively impact the returns of Partners Capital Clients Availability of Investment Opportunities The identification of investment opportunities involves a high degree of uncertainty and is based on a subjective decision-making process. Thus, there can be no assurance that Partners Capital will be able to identify suitable investment opportunities or select Investment Managers with access to such opportunities and, even when an opportunity is identified, there is a risk that the opportunity will not achieve targeted rates of return. Registered Funds are subject to certain regulatory limitations relating to joint transactions with affiliates and co-investments, which in some  instances will limit the Registered Funds’ ability to invest or engage in transactions alongside other Clients. There can be no assurance that these regulatory restrictions will not affect the Registered Funds’ investment opportunities or those of other Clients. The business of identifying, structuring and completing private market transactions is highly competitive and involves a high degree of uncertainty, particularly with respect to timing. Investment Managers selected by Partners Capital will be competing for investments with other private investment vehicles, strategic buyers and other institutional investors. The size and number of private investment vehicles have grown dramatically, and it is likely that these trends will continue in the future. Some competitors of Investment Managers may have more relevant experience, greater financial resources, a greater willingness to take on risks, or more personnel, which may reduce the number of investment opportunities available to such Investment Managers and adversely affect the terms upon which investments can be made. To the extent that Investment Managers encounter increased competition for investments, returns to Partners Capital’s Clients may decrease, including as a result of higher pricing, foregone opportunities, or negotiating fewer transactional protections in order to remain competitive. Partners Capital and its affiliated Investment Managers also seek to maintain strong relationships with the general partners and managers of investment funds who may provide opportunities for direct investments, co-investments and secondary market transactions; however, there can be no assurance that Partners Capital will be able to secure access to all investment opportunities it identifies on behalf of its Clients. Registered Funds are subject to certain additional regulatory limitations relating to joint transactions with affiliates and co-investments, which in some instances may further limit their ability to participate alongside other Clients in certain opportunities. Counterparty Risk Client assets may be exposed to the credit risk of the counterparties with which, or the dealers, brokers and exchanges through which, Partners Capital deals, whether in exchange-traded or off- exchange transactions. Clients may be subject to risk of loss of assets on deposit or being settled or cleared with a counterparty in the event of the counterparty's bankruptcy, the bankruptcy of any clearing broker through which the broker executes and clears transactions, or the bankruptcy of an exchange clearing house or the bankruptcy of any other counterparty. In the case of any such bankruptcy, Clients might recover, even in respect of property specifically traceable to the Client, only a pro rata share of all property available for distribution to all of the counterparty's customers and counterparties. Such an amount may be less than the amount owed to the Clients. Such events would have an adverse effect on the net asset value of the Clients’ accounts. Regulatory Risk The investment management industry is subject to continual scrutiny by the U.S. Congress, the SEC and other regulators, and changes in applicable laws and regulations could adversely affect Partners Capital and its Clients. The regulatory environment for investment advisers, private funds and registered investment companies continues to evolve, and Partners Capital cannot predict the form that any additional new laws or regulations may take or their impact on Clients or the Investment Managers in which their assets are invested. The effect of any future regulatory change on Partners Capital or its Clients could be substantial and adverse. Registered Funds are subject to significant regulations. These regulations may have a negative impact on the Registered Funds including, without limitation, restricting the investments the  Registered Fund can make, requiring the Registered Fund to disclose certain shareholders, requiring the Registered Fund to waive its voting rights and/or to “mirror vote” its securities with respect to certain investments, and imposing limitations regarding the use of derivatives and obtaining leverage. These regulations may become more burdensome in the future. Cybersecurity Risk As part of its business, the Partners Capital processes, stores and transmits large amounts of electronic information, including information relating to the transactions of a Client and personally identifiable information of the limited partners. Similarly, service providers of the Partners Capital, a Client, especially a Client’s administrator, may process, store and transmit such information. The Adviser has procedures and systems in place that it believes are reasonably designed to protect such information and prevent data loss and security breaches. However, such measures cannot provide absolute security. The techniques used to obtain unauthorized access to data, disable or degrade service, or sabotage systems change frequently and may be difficult to detect for long periods of time. Hardware or software acquired from third parties may contain defects in design or manufacture or other problems that could unexpectedly compromise information security. Network connected services provided by third parties to Partners Capital may be susceptible to compromise, leading to a breach of the Firm’s network. The Firm’s systems or facilities may be susceptible to employee error or malfeasance, government surveillance, or other security threats. Online services provided by Partners Capital to the limited partners may also be susceptible to compromise. Breach of the Firm’s information systems may cause information relating to the transactions of a Client and personally identifiable information of the limited partners to be lost or improperly accessed, used or disclosed. The service providers to Partners Capital or a Client are subject to the same electronic information security threats as Partners Capital. If a service provider fails to adopt or adhere to adequate data security policies, or in the event of a breach of its networks, information relating to the transactions of a Client and personally identifiable information of the limited partners may be lost or improperly accessed, used or disclosed. The loss or improper access, use or disclosure of the Firm’s or a Client’s proprietary information may cause the Firm or a Client to suffer, among other things, financial loss, the disruption of its business, liability to third parties, regulatory intervention or reputational damage. Any of the foregoing events could have a material adverse effect on a Client and the limited partners’ investments therein. In addition, Partners Capital’s increasing reliance on data, algorithms and artificial intelligence technoli9ges in connection with its business and investment activities may heighten cybersecurity risks, as the volume of data processed and the complexity of systems utilized creates additional vulnerabilities to unauthorized access, data corruption or system compromise. See “Artificial Intelligence Technologies” below. Artificial Intelligence Technologies Recent technological advances in artificial intelligence and machine learning technologies and systems, including programs and systems that utilize artificial intelligence, machine learning, probabilistic modeling and other decision science technologies (collectively, “AI Technologies” including, for example, the OpenAI ChatGPT application), create opportunities for Partners Capital and its Clients, as well as risks. Partners Capital utilizes AI Technologies in connection with its business, operating and investment activities, and it also expects certain of its Investment Managers will use such technologies. Actual usage of such AI Technologies will vary across Partners Capital  business. Partners Capital has adopted and expects from time to time to adopt and adjust usage policies and procedures governing the use of AI Technologies by its personnel, there is a risk of misuse of such AI Technologies. Further, AI Technologies are highly reliant on the collection and analysis of large amounts of data and complex algorithms, but it is not possible or practicable to incorporate all relevant data into models that AI Technologies utilize to operate, nor does the Investment Manager generally expect to be involved in the collection of such data or development of such algorithms in the ordinary course. Therefore, it is expected that data in such models will contain a degree of inaccuracy and error, and potentially materially so, and that such data as well as algorithms in use could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of AI Technologies and could adversely impact Partners Capital or its Clients, to the extent they rely on the work product of such AI Technologies. The volume and reliance on data and algorithms also make AI Technologies, and in turn the Partners Capital and its Clients more susceptible to cybersecurity threats. In addition, Partners Capital and its Clients could be exposed to risks to the extent third-party service providers or any counterparties use AI Technologies in their business activities. Partners Capital will not be in a position to control the manner in which third-party products are developed or maintained or the manner in which third-party services utilizing AI Technologies are provided. In addition, AI Technologies may be competitive with the business of Investment Managers or increase the potential for obsolescence of a portfolio company of an Investment Manager’s products or services (particularly as the capabilities of AI Technologies improve), and accordingly the increased adoption and use of AI Technologies may have an adverse effect on Investment Managers or their respective businesses. A number of the AI Technologies which may be used by Partners Capital may be predictive in nature, which has inherent risks. Even where the data set used by a predictive AI Technology is completely accurate and complete, the inherent volatility and unpredictability of financial markets limits forecasting and the predictive nature of applicable AI Technologies. Moreover, use of AI Technologies could include the input of confidential information of the Firm (including material non-public information) by third parties in contravention of non-disclosure agreements or by Partners Capital’s personnel or other related parties in contravention of the Firm’s policies and procedures (or by any such parties in accordance with the Firm’s policies, procedures and/or non-disclosure agreements), and in any case, could result in such confidential information becoming part of a dataset that is accessible by AI Technologies applications and users. AI Technologies and their current and potential future applications including in the private investment and financial sectors, as well as the legal and regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of current or future risks related thereto. Risks related to Investments in Private Funds, Fund-of-Fund or Multi-Manager Strategy The following are certain risks related to Partners Capital’s use of the Funds or other private investment funds in a fund-of-fund or multi-manager investment strategy, whereby Client assets are invested with third-party investment advisers or funds operated by independent third-party asset management companies (Investment Managers). Subjective decisions made by Partners Capital or Managers can cause Clients to incur losses or miss profit opportunities.  Limited Operating History Certain private funds have no operating or performance history for investors or Clients to consider. Their investment programs should be evaluated on the basis that there can be no assurance that Partners Capital’s assessment of the short-term or long-term prospects of investments will prove accurate or that the private fund will achieve its investment objectives. There is no guarantee that the private fund’s investment strategy will be successful. No or Limited Rights or Control An investment in a private fund should be regarded as a passive investment. Investors have no right to participate in the day-to-day operations of the private fund, nor are they entitled to receive notice of, attend or vote at general meetings of the private fund. Consequently, they have no control over the management of the private fund. Limited Diversification Private funds may not be limited in the amount of capital that may be invested in any one industry, sector, geography, or similar category or asset class. As a result, an investment in a private fund may not be a diversified investment. Although the Firm allocates to multiple private funds, there can be no assurance that adequate diversification will be achieved. Non-diversification would increase the risk of loss if there was a decline in the market value of any security, category or asset class in which a private fund has invested a large percentage of their assets. Limited Liquidity Risk Many investments, especially those held by private funds, are not readily liquid. Many private equity funds, hedge funds, property funds, and even some long-only equity and bond funds may lock up capital for several years. Illiquid investments (e.g. private equity) can sometimes see Client funds not returned in full for more than 10 years. Clients may not be able to dispose of investments in underlying funds at the time that is most advantageous to them because of limited withdrawal rights, which could result in significant loss of capital. Additionally, from time to time, Partners Capital may separately agree to lock up portions of a Fund’s portfolio in a particular investment or investments. Limited Regulatory Oversight Private funds are likely not to be registered as investment companies. Therefore, investors in private funds will not be provided the protections associated with the 1940 Act. Further, certain Investment Managers may not be registered under the Investment Advisers Act of 1940 (the “Advisers Act”). As a result, Clients will not be provided various protections (which, among other things, may include limitations on leverage or transactions between investment company affiliates) offered to more regulated or registered funds. Management fraud Investment Managers can commit fraud. It is our job to try and avoid those that appear to have the potential to commit fraud or otherwise misappropriate Client funds. Larger more established financial institutions with well practiced internal controls and independent audit firms would seem to pose less risk and as a result attract our greatest attention for investing. However, even established Investment Managers may commit fraud and it is not always ascertainable from any amount of due diligence.  Operational or Organizational risk All Investment Managers bring some risk that they will fail to execute their investment strategies effectively due to an array of possible dysfunctionalities, including: loss of skilled investment or operational employees, poorly motivated teams, inadequate systems, internal controls and risk management processes, misalignment of compensation, antagonism among top management, IT systems which fall behind the business needs, and regulatory problems. Some of the best performing Investment Managers have new unproven teams. The past performance of an Investment Manager is not indicative of future results and no assurance can be made that profits will be realized or that losses will not occur. Multiple Level of Fees Risk Paying excessive fees is a significant risk in any asset class. Clients generally use a “multi-manager” strategy where assets are invested with Investment Managers. Investment management fees and performance or incentive fees are sometimes charged by both Partners Capital and Investment Managers. As a result, Clients might bear multiple levels of fees. Further, such compensation arrangements could create an incentive to make investments that are riskier or more speculative. Valuation Risk Valuation of the securities and other investments may involve uncertainties and judgmental determinations. If a valuation is incorrect, the value of a fund or Client account may be adversely affected. Independent pricing information about some of the securities and other investments may not always be available. Investment Managers value their respective investments at estimated fair values. Due to the generally illiquid nature of securities held, fair values determined may not reflect the prices that actually would be received when such investments are realized. The process for valuing securities for which reliable market quotations are not available is based on inherent uncertainties and the resulting values may differ from values that would have been determined had an active market existed for such securities and may differ from the prices at which such securities may ultimately be sold. With respect to the Funds, the exercise of discretion in valuation by Partners Capital may give rise to conflicts of interest, as management fees and carried interest in certain Funds are calculated based, in part, on these valuations and such valuations affect performance return calculations. Side Letters Private funds and Investment Managers may enter into agreements (“Side Letters”) with certain prospective or existing investors, under which those investors receive advantages. Such variations may have the effect of establishing rights under, or altering or supplementing, the economic or other terms applicable to certain investors, with the result that not all investors in a fund will invest on the same terms and some investors may enjoy more favorable terms than others. A Side Letter with a prospective or existing investor may, for example give that investor: (i) special rights to make future investments in the private fund, other investment vehicles or managed accounts; (ii) special redemption rights relating to frequency, period of notice, redemption fees payable (whether in the form of a reduction or rebate) or other terms, or any combination of these; (iii) rights to receive reports from the private fund on a more frequent basis or that include information not provided to other investors (including, without limitation, more detailed information regarding  (iv) reduced or waived management fees or performance-based portfolio positions); compensation; or (v) such other rights as may be negotiated by the private fund and that investor. Partners Capital and its Clients may be subject to the terms and consequences of Side Letters entered into by Investment Managers with other investors, which may in certain circumstances adversely affect the relative position of Partners Capital’s Clients within those funds. Asset Class-Specific Risks Private Equity Private equity investments involve a high degree of business and financial risk and can result in substantial or complete losses. Many of the underlying portfolio companies of the private equity funds will have limited operating histories and, in some cases, will not have generated profits prior to the private equity funds’ investments. The success of private equity funds is subject to risks related to (i) the ability of the asset manager to successfully select investment opportunities, (ii) the quality of the management of the portfolio companies in which the private equity funds invest, (iii) general economic conditions, and (iv) the ability of the private equity funds to realize their interests in the portfolio companies at a favorable value and in a favorable period of time. The percentage of companies that survive and prosper can be small. In addition, losses are likely to occur early while the successes often require long maturation. There may be a significant period of time before private equity funds have completed their investments in portfolio companies. Such investments may take a significant period of time from the date of initial investment to reach a state of maturity when realization of the investments may be achieved. Partners Capital generally will not have influence over the timing of distributions made by private equity funds to their investors, which may affect the timing of returns to Partners Capital’s Clients. All or a substantial portion of the investments made by private equity funds will consist of securities that may not be sold publicly except pursuant to offerings registered under applicable federal and state securities laws or if an exemption from such registration is available. Real Estate Property investment returns are exposed to wide cyclical swings usually exacerbated by economic conditions. To the extent Partners Capital’s Clients are invested with Investment Managers that invest in real estate, such investments may be subject to certain risks associated with the ownership of real estate and the real estate industry in general, including: property values may fall due to increasing vacancies or declining rents resulting from economic, legal, regulatory, zoning or technological developments; the financial condition of tenants, buyers and sellers of properties; changes in interest rates and the availability of mortgage funds which may render the sale or refinancing of properties difficult or impracticable; changes in environmental laws and regulations, planning laws and other governmental rules and fiscal and monetary policies; environmental claims arising in respect of properties acquired with undisclosed or unknown environmental problems or as to which inadequate reserves have been established; changes in real property tax rates; changes in energy prices; negative developments in the economy that depress travel activity, uninsured casualties; force majeure acts, terrorist events, underinsured or uninsurable losses, and other factors beyond the reasonable control of Investment Managers. The price of real estate company shares can also be adversely affected because of the failure of borrowers to pay their loans and poor management, and as recent experience has demonstrated, real estate assets are subject to longer-term cyclical trends that give rise to volatility in values. Many real estate companies utilize leverage, which increases investment risk and could adversely affect a company’s operations and market value in periods of rising interest rates, as well as risks  normally associated with debt financing. The yields available from investments in real estate depend on the amount of income and capital appreciation generated by the related properties. The returns of Partners Capital’s Clients would be adversely affected if a significant number of tenants were unable to pay rent or if properties could not be rented on favorable terms. The cost of complying with governmental laws or regulations and the cost of availability of third-party borrowings may also affect the market value of and returns from such investments. Real property investments are also subject to risks which are specific to the investment sector or type of property in which the real estate companies are investing. For example, retail and office properties can be affected by a downturn in the businesses operated by their tenants, obsolescence and non-competitiveness. Hotel properties are affected by the demand from travelers and tourism and tend to be more sensitive to adverse economic conditions and competition than many other commercial properties. Commodities and Commodities-Related Derivatives Commodities are among the most volatile of asset classes. Private funds may trade in stock index futures and options on stock index futures, which are commodity interests, in an attempt to enhance performance. Commodity futures markets are highly volatile and are influenced by factors such as changing supply and demand relationships, governmental programs and policies and political and economic events and changes in interest rates. In addition, because of the low margin deposits normally required in commodity futures trading, a high degree of leverage is typical of a commodity futures trading account. As a result, a relatively small price movement in a commodity futures contract may result in substantial losses to the trader. Distressed Debt and Related Securities Partners Capital’s Clients, through their investments with Investment Managers, may invest in securities and other obligations of companies that are experiencing significant financial or business distress, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Acquired investments may include convertible securities, senior or subordinated debt securities, bank loans, promissory notes and other evidence of indebtedness, as well as payables to trade creditors. While such purchases may result in significant returns, they involve a substantial degree of risk. In fact, debt securities generally do not pay any interest while the company is in bankruptcy and the amount owed may not ultimately be paid unless and until the company reorganizes and/or emerges from bankruptcy proceedings. The level of analytical sophistication, both financial and legal, necessary for successful investment in companies experiencing significant business and financial distress is high. There is no assurance that an Investment Manager pursuing such opportunities will correctly assess the attractiveness of an investment in a security issued by a company operating in a distressed environment. In any reorganization or liquidation proceeding, the Investment Manager may lose its entire investment or may be required to accept cash or securities with a value less than the Investment Manager’s original investment, which could adversely affect the returns of Partners Capital’s Clients. Special Situations Partners Capital’s Clients, through their investments with Investment Managers, may invest in situations involving acquisition attempts or tender offers or in companies involved in work-outs, liquidations, spin-offs, reorganizations, bankruptcies and similar transactions. In any investment opportunity involving any such type of special situation, there exists the risk that the contemplated transaction either may be unsuccessful, take considerable time or result in a distribution of cash or a new security the value of which is less than the purchase price to the Investment Manager of the  security or other financial instrument in respect of which such distribution is received. Similarly, if an anticipated transaction does not in fact occur, the Investment Manager may be required to sell its investment at a loss. Because there is substantial uncertainty concerning the outcome of transactions involving such special situations, there is a potential risk of loss to Client portfolios. Digital Asset Risks Partners Capital’s Clients, through their investments with Investment Managers, may obtain exposure to cryptocurrencies, decentralized application tokens, protocol tokens and other cryptofinance coins, tokens and digital assets and instruments that are based on blockchain, distributed ledger or similar technologies, as well as investments in equity, equity-based securities or convertible securities in companies operating in such industries (“Digital Assets”). Digital Assets are loosely regulated and there is no central marketplace for currency exchange. Supply is determined by a computer code, not by a central bank, and prices have been extremely volatile. Digital Asset exchanges have been closed due to fraud, failure or security breaches. Any assets that reside on an exchange that shuts down may be lost. Several factors may affect the price of Digital Assets, including, but not limited to: supply and demand, investors’ expectation with respect to the rate of inflation, interest rates, currency exchange rates, overall market sentiment or future regulatory measures that restrict the trading of Digital Assets or the use of Digital Assets as a form of payment. There is no assurance that Digital Assets will maintain their long-term value in terms of purchasing power in the future, or that acceptance of Digital Asset payments by mainstream retail merchants and commercial businesses will continue to grow. Digital Assets represent a speculative investment and involve a high degree of risk. As relatively new products and technologies, Digital Assets have not been widely adopted as means of payment for goods and services by major retail and commercial outlets. The overall regulatory environment for Digital Assets remains uncertain. Numerous U.S. federal agencies have asserted whole or partial regulatory authority over Digital Assets, including, but not limited to, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Trade Commission and the Financial Crimes Enforcement Network. Whether and to what extent Digital Assets will be regulated by any existing federal agencies or by new legislation passed by the U.S. Congress is unknown, and the effect on the market value of Digital Assets overall is unknown. Regulatory activity in any of these areas may restrict the ability of any Investment Manager to make investments in Digital Assets and to realize the value of any investments by restricting the conversion of any such value into U.S. dollar- based assets. Short Selling Investment Managers may sell securities short, which exposes them to theoretically unlimited risk due to the lack of an upper limit on the price to which the security may rise. Short selling also involves the sale of borrowed stock, so that if the stock loan is called, the short seller may be forced to repurchase the stock at a loss. Such activities may also involve so-called “naked” shorts which could subject the Investment Manager to even greater risk than short selling covered by borrowed stock. These risks could adversely affect the returns of Partners Capital’s Clients. Protection of Intellectual Property Rights Proprietary rights, particularly in the form of copyrights, trademarks, patents and trade secrets, will be important to the success and competitive position of portfolio companies held by Investment Managers. Any actions by such portfolio companies to protect such intellectual property rights may be inadequate. In addition, effective intellectual property right protection may be unenforceable or limited in certain countries or due to ambiguities regarding a portfolio company’s ownership of such  rights. The global nature of the Internet may render it difficult or impossible for some of the portfolio companies to control the dissemination of their work and use of their services. Any claims on behalf of or against a portfolio company relating to infringement of intellectual rights could subject such portfolio company to costly litigation and the diversion of their technical and management personnel even if such claims have no merit, which could adversely affect the value of Client portfolios. Investment Longer than Term Investment Managers may make investments that may not be fully realized prior to the date on which such Investment Manager’s fund will be dissolved, either by expiration of the fund term or otherwise. Although Investment Managers generally expect that investments will have matured sufficiently by the time of dissolution of the fund, they may have to sell, distribute or otherwise investments (including pursuant to one or more secondary transactions) at a dispose of disadvantageous time for a price that is less than the price that could have been obtained if the investments were held for a longer period of time, or alternatively may be required to hold unrealized investments for a period beyond the scheduled term of the fund and incur administrative and other expenses during this period, either of which could adversely affect the returns of Partners Capital’s Clients. Private Seed and Early Stage Investments Seed and early stage venture capital investments entail the highest degree of risk within the already- risky private equity business. Typically, seed and early stage companies have no operating history, unproven technology, untested management, undeveloped product and services markets, and unknown future capital requirements. Such companies usually face intense competition, often from established companies with much greater financial and technical resources, more marketing and service capabilities, more experienced management, and a greater number of qualified personnel. To the extent Partners Capital selects Investment Managers that pursue seed or early stage strategies, Clients should be aware that such strategies carry a heightened risk of loss, including the loss of a substantial portion or all of the capital invested with such Investment Managers. Volatility Hedging activities employed by Investment Managers may entail a higher than normal level of volatility, which could adversely affect Client portfolio performance. Similarly, direct investments in private and public companies made by Investment Managers on behalf of, or alongside, Partners Capital’s Clients, may entail a higher than normal level of volatility. There can be no assurance that the future performance of such investments will be positive or result in rates of return that are consistent with historical performance. Risks related to Equity Instruments Investments in equity securities are subject to market risks that could cause their prices to fluctuate over time. The value of equity securities could be more volatile over time than other types of financial instruments. Investing in certain developing or underdeveloped economies’ equity markets generally involves even greater risk and higher volatility than for developed markets like the US. The economies are often more cyclical, and capital can flow in and out in large sums relative to the size of the markets, resulting in even larger annual losses. Hedging Transactions The use of hedging techniques can involve a variety of derivative transactions, including transactions  in forward foreign currency exchange contracts, currency and interest rate swaps, options and short sales. While these transactions can reduce the risks associated with particular investments, the transactions themselves entail risks that are different than the other investment strategies employed by a private fund. Thus, while a hedging strategy can be overall beneficial to the performance of a particular private fund, the use of hedging instruments, unanticipated changes in interest rates, securities prices or currency exchange rates could also result in a poorer overall performance for the private fund than if it had not entered into any hedging transactions. If there is an imperfect correlation between a hedging instrument position and a portfolio position that is intended to be protected, the desired protection may not be obtained, and result in greater risk of loss to Client portfolios. In addition, to the extent one seeks to take advantage of observed relationships between the market behavior of private and public companies as a proxy for exposure to such companies, there can be no assurance that such relationships observed in the past will continue in future periods, which could cause hedging strategies to perform differently than expected. Derivatives A derivative is a security or other instrument, which derives its value from the value or performance of other instruments or assets, interest or currency exchange rates, or indices. Derivative products include futures contracts, options, forward contracts, swaps, structured notes and various other over-the-counter instruments. The risks associated with investing in derivatives may be greater than investing in the underlying assets or securities. The primary risk of derivatives is that changes in the market value of securities held, and of derivatives relating to those securities, might not correlate perfectly. In addition, the market to sell a derivative could be illiquid, which could result in difficulty closing a particular position. Certain derivatives also magnify the extent of losses incurred due to changes in the market value of the securities to which they relate. The derivatives market is, in general, a relatively new market and there are uncertainties as to how it will perform during periods of unusual price volatility or instability, market illiquidity or credit distress. Substantial risks are also involved in borrowing and lending against derivatives. Some derivative instruments, such as those traded over the counter, are also subject to counterparty credit risk, as most such instruments are not traded on exchanges but rather through an informal network of banks and dealers that have no obligation to make markets in them and can apply essentially discretionary margin and credit requirements. Derivatives prices can be volatile, market movements are difficult to predict, and financing sources and related interest rates are subject to rapid change. Price movements of futures contracts, forward contracts and other derivative contracts in which a fund utilizing derivatives invest are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments and national and international political and economic events and policies. In addition, governments from time to time intervene, directly and by regulation, in certain markets, particularly those in currencies and interest rate-related futures and options. Such intervention often is intended directly to influence prices and, together with other factors, could cause all of such markets to move rapidly in the same direction because of, among other things, interest rate fluctuations. Many unforeseeable events, such as government policies, can have significant effects on interest and exchange rates, which in turn can have large and sudden effects on prices of derivative instruments. Registered Funds are subject to regulatory limitations on their use of derivatives. Any of the foregoing could adversely affect the performance of Investment Managers and, in turn, the returns of Partners Capital Clients.  Smaller Capitalization Stocks Securities of small and mid-capitalization and/or financially distressed companies tend to be more volatile than the securities of larger and more stable companies. Such companies have limited product lines, geographic reach distribution channels, financial and managerial resources less depth in management, and can face more intense competition than larger companies. Information regarding smaller companies may also be less available, incomplete or inaccurate, which can make it more difficult for Investment Managers to conduct thorough due diligence. The securities of such companies are also generally less liquid, which may make it difficult to execute transactions at desired prices or to exit positions in a timely manner. To the extent Partners Capital selects Investment Managers that focus on or invest in smaller or mid-capitalization companies, Clients should be aware that such strategies may result in greater volatility and risk of loss than strategies focused on larger, more established issuers. Risks related to Fixed Income Instruments High Yield Securities Funds may invest in high yield bonds that are riskier than investment grade bonds. Yields and prices of high yield securities may be more volatile. Lower-rated securities may include securities that have the lowest rating or are in default. Investing in lower-rated securities involves special risks in addition to the risks associated with investments in higher-rated fixed income securities, including a high degree of credit risk. Lower-rated securities may be regarded as predominately speculative with respect to the issuer’s continuing ability to meet principal and interest payments. Analysis of the creditworthiness of issuers/issues of lower-rated securities may be more complex than for issuers/issues of higher quality debt securities. Lower-rated securities may be more susceptible to losses and real or perceived adverse economic and competitive industry conditions than higher grade securities. Securities that are in the lowest rating category are considered to have extremely poor prospects of ever attaining any real investment standing, to have a current identifiable vulnerability to default to be unlikely to have the capacity to pay interest and repay principal. The secondary markets on which lower-rated securities are traded may be less liquid than the market for higher grade securities or become illiquid altogether. Less liquidity in the secondary trading markets could adversely affect and cause large fluctuations in the value of a Fund’s portfolio. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of lower-rated securities, especially in a thinly traded market. The use of credit ratings as a method of evaluating lower-rated securities can involve certain risks. For example, credit ratings evaluate the safety of principal and interest payments, not the market value risk of lower-rated securities. Also, credit rating agencies may fail to change credit ratings in a timely fashion to reflect events since the security was rated. Item 9. Disciplinary Information Legal and Disciplinary There have been no legal or disciplinary events related to Partners Capital or Partners Capital employees or any affiliate of Partners Capital. Item 10. Other Financial Industry Activities and Affiliations Financial Industry Activities  Partners Capital is registered as a commodity pool operator and a commodity trading advisor with the Commodity Futures Trading Commission and is a member of the National Futures Association. Additionally, the following entities are affiliated with Partners Capital: • Pacific Way Capital Management, LLC is an investment adviser registered with the SEC, and a member of the National Futures Association; • Partners Capital LLP is authorized and regulated by the Financial Conduct Authority in the United Kingdom; • Partners Capital Asia Limited is licensed with the Securities and Futures Commission, located in Hong Kong; • Partners Capital Investment Group (Asia) Pte Ltd is regulated by the Monetary Authority of Singapore as a holder of a Capital Markets Services license for Fund Management under the Securities and Futures Act and as an exempt financial adviser; and • Partners Capital Europe SAS is regulated by the Authorité des Marchés Financiers. Partners Capital has signed a Participating Affiliates Agreement with Partners Capital LLP, Partners Capital Investment Group (Asia) Pte Ltd, Partners Capital Asia Limited and Partners Capital Europe S.A.S (each a “Participating Affiliate”). Under this agreement, Participating Affiliates provide expertise and resources to Partners Capital in reliance on positions of the SEC staff and related guidance to the effect that a non-U.S. advisory affiliate of a U.S. registered investment adviser may share personnel with, and provide certain services to U.S. clients through, the registered investment adviser without such Participating Affiliate registering as an investment adviser under the Advisers Act. Affiliations One or more affiliates of Partners Capital serve as general partner or managing members of the Funds that are not Registered Funds. From time to time, Partners Capital receives compensation from its various subsidiaries’ asset management activities (e.g. Pacific Way Capital Management, LLC), including compensation generated from direct or indirect asset management activities performed for Clients of Partners Capital. These arrangements may present a conflict for Partners Capital to promote or recommend products or services managed by Partners Capital’s subsidiaries. However, Partners Capital maintains policies and procedures designed to ensure investment recommendations are made in the best interest of Clients, and Clients do not bear additional fees relating to Funds managed by Partners Capital or its subsidiaries. Other Related Persons GA is a related person of ours. We do not believe that our relationship with GA would negatively impact Clients when considering the services provided and the compensation paid versus available and potentially comparable providers. For a description of potential material conflicts of interest created by the relationship among us and GA, as well as a description of how such conflicts are addressed, please see Item 11 below. Item 11. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics  limits personal trading by employees and their Partners Capital has a Code of Ethics that summarizes the Firm’s standards of conducts and fiduciary duties, and monitors and immediate family/household members. Among other things, we require all employees and immediate family/household members to submit periodic reporting on their personal transactions and holdings and to pre-clear personal investments certain types of securities including Reportable Securities, IPOs and private placements. The Code of Ethics also requires employees to promptly report suspected violations of the Code of Ethics or any applicable law and that they certify their compliance with the Code of Ethics periodically. Partners Capital has implemented various policies and procedures based on principles contained in the Code of Ethics, several of which are described in the “Other Conflicts of Interests” section below. Additionally, all of our personnel are subject to policies and procedures regarding the use of confidential information, market abuse and other prohibited activities. It is our policy that personnel involved in investment decision-making must act in the best interest of the Funds and Other Clients. A copy of the Code of Ethics is available upon request. Participation or Interest in Client Transactions Partners Capital serves as the general partner, investment manager, or sub-adviser of the Funds or Registered Funds. We are entitled to receive the management fees, performance-based fees and set-up fees, as described above under Fees and Compensation and Performance-Based Fees. Partners Capital may recommend Clients invest in the Funds or Registered Funds if it is appropriate for the Clients’ overall investment strategy. Clients are provided with private placement memoranda or prospectuses that provide full disclosure of terms for the Funds and other relevant matters. Certain of the Funds may charge fees, including advisory and performance fees. Where applicable, Partners Capital will credit the management and performance fees collected through the Funds or Registered Funds against fees otherwise owed to Partners Capital by Clients invested in the Funds or Registered Funds. Certain Clients, including Registered Funds, are subject to regulatory limitations on their ability to invest in the same issuer as other Clients. As a result, it is possible that a Client will not be able to participate in part or at all in an investment where other Clients are able to participate. Similarly, there could be certain circumstances in which Clients participate in the same transaction and, due to subsequent events, certain of such Clients (e.g., Registered Funds) cannot participate in follow- on investments in the same issuer. Additionally, the Firm and its affiliates have applied for an order (the "Co-Investment Order") from the Securities and Exchange Commission that would permit certain Registered Funds to co-invest in portfolio investments with certain other Clients. If granted, to the extent specific investment opportunities are appropriate for a Client and a Registered Fund subject to the order, the opportunity will also be subject to the conditions of the Co-Investment Order and other requirements, which could limit a Registered Fund’s ability to participate in a co-investment transaction. Reliance on the Co-Investment Order likely will be subject to certain terms and conditions, including, among others, internal notification of investment opportunities, independent determination by a Registered Fund’s portfolio managers as to the appropriateness of each investment, enhanced recordkeeping and, where applicable, approval of the applicable independent directors of the Registered Funds. There can be no assurance that the Co-Investment Order will facilitate the successful consummation of investment opportunities that a Registered Fund believes are available to Clients as a result of the Co-Investment Order. Investment  opportunities that would be subject to the Co-Investment Order would also be subject to additional policies and procedures as a result of the participation of Registered Funds, which could delay deal execution and adversely impact the ability of Clients to deploy capital. In addition, we have a number of Clients who are senior partners in asset management firms. Upon completion of our due diligence process, we may recommend to Clients an investment with one or more of such asset management firms as part of their overall investment program, including Twin Point Capital LLC, Bain Capital LLC, The Blackstone Group, Related Fund Management, The Davis Companies, Audax Management Company, LLC, Vida Ventures Advisors, LLC, Crestview Partners, L.P, Deerpath Capital Management, Lone Star Funds, Greenspring Associates, Gamma Real Estate, L Catterton, HPS Investment Partners, Audax Private Equity, Union Bancaire Privee, Clayton Dublier & Rice, LLC, Francisco Partners, Great Point Partners, AlpInvest Partners, Hunter Point Capital, Accel, Symbiotic Capital, HG Capital, Theleme Partners, Capula Global, Mesarete Capital, Nisa Investment Advisors. We also allocate to funds managed by those firms via the Funds and have recommended some of the funds managed by these firms to Other Clients for direct investment. Clients should note that one member of Partners Capital’s board of directors is affiliated with Apollo Global Management. One of our Partners, Richard Scarinci, has an indirect equity stakes in Magnetar Capital LLC, Leonard Green & Partners, Francisco Partners, New Mountain Capital, Rockpoint, Kohlberg Kravis Roberts & Co., Marathon Capital, Senator Investment Group, Solus Alternative Asset Management and GTCR. The fact that Partners Capital has Clients, shareholders, and Board members, who are employed by firms or are in an advisory capacity in which they make and recommend investments for the Funds and our Other Clients may create the appearance of a conflict of interest; however, Partners Capital makes investment decisions and recommendations based solely on its independent, objective due diligence and analysis and its belief that the investment is in the best interest of Clients. We believe it would be inappropriate to exclude or limit investments with asset management firms where a Client, director or shareholder of Partners Capital is employed, or otherwise affiliated, as doing so would limit the available investment universe and exclude firms that have proven over time to be, in our opinion, among the best in the industry. Other Conflicts of Interest Gifts and Entertainment Business entertainment and gifts accepted from Clients, prospective Clients, suppliers, service providers or Investment Managers are never solicited and are kept to minimal levels and must be reported to the Compliance Department. Service as a Director or Member of Investment Committee Employees who wish to serve as an officer or director of any public company, or of any organization where such duties might require involvement in investment decisions, or who wishes to serve on the investment committee of any organization, must obtain the prior consent from the Compliance Department, which shall be granted if such service shall not create a conflict with an employee’s fiduciary duty to Clients. Client Asset Manager Investments In several cases, Partners Capital’s Clients or other stakeholders operate or are otherwise employed by asset management businesses in which Partners Capital may choose to invest. In all cases, we will make it clear to investing clients that such a conflict exists. In cases where the conflict of interest is deemed to be material by the Partners Capital CIO or delegate, such funds will be  referred to an independent ‘External Conflicts Reviewer’. GA Transaction Although GA’s investment through the Transaction presents certain conflicts of interest, the day-to- day business and operations of Partners Capital are to be conducted and operated independently by Partners Capital, without any involvement from GA. In addition, GA and Partners Capital will not actively seek to participate in the same investment opportunities, nor, going forward, will Partners Capital recommend investments into GA-managed funds to its Clients. Although this limitation potentially limits the investment universe for Clients, given the limited exposure Clients have to the GA-managed funds, these restrictions are expected to have very limited impact to Clients, if any. Item 12. Brokerage Practices Selecting Brokerage Firms Partners Capital, as the general partner, investment manager, or sub-adviser of the Funds or Registered Funds, or as adviser to Other Clients, recommends the limited partnerships, other pooled investment vehicles or entities, and separately managed accounts in which the assets of the Funds or of Other Clients are invested and withdrawn, and the amounts thereof. In making such investments, we may have the authority to negotiate the commission rates paid by the Funds or by Other Clients. We also may recommend brokers to Other Clients. The factors considered by Partners Capital in suggesting such brokers may include the experience, reputation, product offering, credit worthiness, customer service, and commission pricing of the broker. The advisor may recommend that clients establish brokerage accounts with various broker-dealers, primarily Schwab Institutional and Fidelity, to maintain custody of clients’ assets and to affect trades within their accounts. Partners Capital is independently owned and operated and is not affiliated with Schwab, Fidelity, or any other broker-dealer. Clients, including Registered Funds, that have trading restrictions and/or reporting obligations with respect to principal or agency transactions with particular brokers or dealers are required to notify us in writing of those affiliations and any associated trading restrictions for their accounts. We recommend broker dealers on the basis of, but not limited to, breadth of available investment options, low cost, and customer service. Schwab and Fidelity also make available to us products and services that benefit us but may not benefit any individual client accounts. Some of these products and services assist us in managing and administering clients’ accounts. These include software and other technology that provide access to client account data; facilitate trade execution; provide research, pricing information and other market data; facilitate payment of our fees from clients’ accounts; and assist with back-office functions, record-keeping and client reporting. Many of these services generally may be used to service all or a substantial number of accounts. While as a fiduciary, Partners Capital endeavors to act in our clients’ best interests, our recommendation that clients maintain assets in accounts at Schwab and other custodians may be based in part on the benefit to Partners Capital of the availability of some of the foregoing products and services and not solely on the nature, cost or quality of custody and brokerage services provided by Schwab or other custodians, which may create a potential conflict of interest. Partners Capital does not seek to obtain or accept inducements from Investment Managers or other service providers. We will negotiate discounts in fees and rebates of commissions to achieve the lowest possible cost for Clients, and such discounts or rebates will be passed directly back to the Clients concerned.  Directed Brokerage On occasion, Clients direct that their accounts be custodied at a particular broker and/or that all trading be executed by a specific broker. Generally, the Client agrees on a commission rate or fee with that broker. Commissions paid by Client accounts in these arrangements may be higher than those obtainable from other brokers, and Clients who use directed brokerage may not be able to participate in block trades, which may offer better execution (see below). Trade Aggregation It is Partners Capital’s policy to aggregate or block-trade transactions on behalf of Clients where it is permitted and allows for a more timely and efficient execution, or reduces overall commissions charged to Clients, provided that no Client is favored over another. In these instances, Clients will receive an average share price, and transaction costs will be allocated pro-rata based on the share allotment. Cross Trades Partners Capital may cause a Client to purchase or sell investments from or to another Client, sometimes referred to as a “cross trade”. Cross trades can provide a benefit to both Clients in the form of reduced market impact and reduced transaction costs. However, not all Clients are permitted to engage in cross trades. Cross trades also create conflicts of interests. We may execute a cross trade between Client accounts when we believe that trade is appropriate for all accounts involved and consistent with applicable law and Client guidelines. Partners Capital will not directly or indirectly receive any commission or other transaction based compensation (the receipt of customary advisory fees would not constitute indirect compensation) for effecting a cross trade. Partners Capital will also not effect a cross trade for any Fund where we may be deemed to own more than 25% of such Fund, unless such transaction complies with the requirements of our principal transactions policy, as described below. Principal and Agency Cross Transactions Section 206(3)-2 of the Advisers Act generally prohibits an investment adviser from knowingly purchasing any security from a Client, or selling any security to a Client out of its own inventory (a “principal transaction”), or effecting a transaction for a Client if the adviser acts as a broker on both sides of the transaction (an “agency cross transaction”). If the adviser knowingly engages in any of these activities, the adviser, before completion of the transaction, shall make a written disclosure to the client of the capacity in which the adviser is acting and must obtain the Client’s consent to such transaction. Partners Capital has established policies and procedures to comply with the requirements of the Advisers Act as they relate to principal transactions and agency cross transactions. Item 13. Review of Accounts Periodic Reviews The composition of the Clients’ portfolios is continually reviewed by members of the Firm’s senior management. The review includes an analysis of the strategies employed by Investment Managers, including diversification, exposure to market and other risks, and performance. We also have established several internal committees, including investment committees, that are responsible for our day-to-day operations. This includes entering into advisory agreements, establishing  investment advisory fees, selecting Investment Managers and developing new products and services. Regular Reports Clients receive quarterly reports from Partners Capital concerning the performance of the investment products on which we advise. These reports include information on each product, including inflows, outflows, ending balance and performance returns. However, statements from the Client’s custodian are the official statement of record. Clients are urged to compare the Partners Capital account statement with any account statement received from custodians. If any discrepancies are identified, or if there are any questions, Clients are encouraged to contact Partners Capital promptly. Trade Errors Trade errors may occur during the investment and trading process. Partners Capital has adopted written policies and procedures to address trade errors. Partners Capital evaluates trade errors on a case-by-case basis and seeks to resolve them expeditiously, in a fair and equitable manner. Not all trade errors are considered compensable. If an error results in a loss in a Client’s account, Partners Capital will evaluate the Firm’s failure to meet the applicable standard of care agreed upon with the Client to determine whether the error is compensable. Item 14. Client Referrals and Other Compensation Client Referrals Partners Capital has entered into an agreement with a third party to solicit clients for the Firm. Typically, the third party will receive a portion of management fee and/or performance fee paid to Partners Capital with respect to such clients. A prospective client solicited by such a third party will be informed of any such arrangement. Item 15. Custody Funds have arrangements with custodians as disclosed in the relevant offering and other Fund documents. Registered Funds are subject to the custody requirements of the 1940 Act. Account Statements Client assets for which Partners Capital is deemed to have “custody” within the meaning of Advisers Act Rule 206(4)-2 (the “Custody Rule”) are maintained with an independent qualified custodian and Clients should receive account statements from the qualified custodian at least quarterly. The statements received directly from the custodian are the official record of a client’s account. Partners Capital encourages its Clients to compare and verify the information provided on their statements with the information on the statements they receive from the account custodian. Financial Statements In the case of pooled investment vehicles subject to the Custody Rule, financial statements are prepared by an independent public accountant registered with, and subject to regular inspection by, the Public Company Accounting Oversight Board (“PCAOB”) and distributed to all limited partners within 120 days of fiscal year-end in accordance with Rule 206(4)-2 under the Advisers Act. In the case of fund of funds, financial statements are required to be distributed to all limited partners within 180 days of fiscal year-end in accordance with the ABA Committee on Private  Investment Entities, SEC Staff Letter publicly available August 10, 2006. Item 16. Investment Discretion Discretionary Authority for Trading Partners Capital may exercise discretionary authority over some Client accounts, as determined by the advisory agreements signed by Clients. This includes the discretion to determine the securities bought or sold, and the amounts of such investments, as determined in the investment advisory agreements with such Clients. The Client has the ability to place limitations and restrictions on investments made for his/her/its account. In the case of the Funds, Partners Capital exercises investment discretion. The Funds are subject to investment guidelines and/or restrictions which are described in their respective offering documents. Item 17. Voting Client Securities Partners Capital’s generally does not have authority to vote proxies on behalf of Clients. In such cases, Partners Capital will not take any action or render any advice with respect to voting of proxies solicited by or with respect to the issuers of securities in which assets of the Client may be invested from time to time. Proxies for securities may be provided to each Client by the account's respective broker/custodian. Any proxies received by Partners Capital will be immediately forwarded to the Client. In cases where Partners Capital has been delegated the authority to vote Client proxies, Partners Capital will seek to vote each proxy or similar corporate action in accordance with its fiduciary duty to its Clients, taking into consideration such factors as the Firm deems relevant in its sole discretion. Partners Capital’s proxy voting policy is designed to ensure that proxy votes are not improperly influenced by material conflicts of interests. Where consistent with such fiduciary duties and where not influenced by material conflicts of interests or where Partners Capital, acting reasonably, does not consider such an action would give rise to any meaningful risk of a material adverse effect for a Client, Partners Capital may irrevocably waive or delegate voting rights held by a Client in an investment (either with respect to a particular proxy or with respect to an investment or proposed investment more generally). Partners Capital also may choose to vote proxies for an issue or holding in the same proportion as the votes of other proxy holders (i.e., “mirror voting”). Registered Funds are subject to regulation that may in some circumstances require them to waive voting rights and/or mirror vote. In certain instances, Partners Capital may be unable to vote or may determine not to vote a proxy on behalf of one or more Clients. For example, a proxy vote might not be entered because the securities involved have been lent out under a Client’s securities lending program. In addition, proxies may not arrive in a timely fashion. We may determine that the cost of executing the proxy is excessive or may lack sufficient information to cast an appropriate vote. Partners Capital engages the services of a third-party vendor as its proxy agent. A copy of Partners Capital’s proxy voting policies and procedures are available to Clients upon request. Clients who have delegated the authority to vote proxies to Partners Capital may obtain copies of proxy records and information on how proxies were voted by contacting us at https://www.partners- cap.com/contact/.  Additionally, Partners Capital will not act or advise on any class action claims or legal proceedings pertaining to securities held or formerly held in accounts of Clients or former Clients. Item 18. Financial Information Financial Condition Partners Capital does not require or solicit prepayment of fees. Partners Capital has never filed for bankruptcy and is not aware of any financial condition that is expected to affect its ability to manage Client accounts.  Appendix 1: Capacity Allocation Policy Partners Capital advises separately managed accounts of individuals and institutions, serves as the general partner of privately offered domestic funds, as the investment manager to privately offered offshore funds (each a “Fund” and together the “Funds”), and as sub-adviser to investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”) (each a “Registered Fund”, and together the “Registered Funds”), all together referred to as “Clients”. An important aspect of Partners Capital is working on our Clients’ behalf to gain access to what we believe are the best of breed asset managers in each asset class, in many cases using Clients’ attractiveness and influence to secure such access. In some cases, an investment opportunity will have limited capacity (by the amount of capital available and/or by the number of investors allowed). Partners Capital will seek to allocate limited capacity opportunities in a manner that is fair to all Clients and to mitigate conflicts of interest. All capacity should be allocated using this policy, unless explicitly approved by the Compliance Team, including the allocation of capacity created by the redemption of an existing investor in the fund (whether they are a Client of Partners Capital or not). As described below, the Capacity Allocation Tool, located in Omniscience, should be used as a ‘book-building’ tool and should be used to track demand even in cases where capacity is not constrained. 1. The available capacity of an investment opportunity can be determined by the asset manager or Partners Capital. i. ii. An asset manager may limit the amount of capital available to Clients’ at their discretion. Partners Capital may determine that the size of an investment opportunity exceeds the amount that is appropriate for Clients. As such, Partners Capital in its sole discretion, may limit the available capacity for Clients, taking into account various criteria including but not limited to an investment opportunity’s risk parameters and operational factors. 2. As advisors and/or discretionary managers to its Clients, Partners Capital first determines the suitability of any given investment for each Client in light of their strategy, risk profile, current allocations and ability to meet fund stated minimums. 3. Partners Capital will also assess the Client’s ability to make the investment subscription deadlines based on the liquidity of their portfolio and their ability to agree the investment within the deadlines. 4. Where it is deemed that the investment to be appropriate for a particular Client, Partners Capital will evaluate the appropriate size of the investment for the client independently of any possible access or capacity constraints. This evaluation will include an assessment of the minimum investment that would be relevant for the client’s portfolio (“Client Assessed Minimum”). 5. Such investment recommendations will be aggregated across Clients and sent to the asset manager for consideration. When the total amount of the Client requested capacity is more than the available capacity (Limited Capacity), we will pro-rate the allocation across our Clients based on the individual requests. However, some asset managers may seek to use their own allocation process and criteria for accepting or rejecting individual investors or cutting back investors’ requested investment amounts. In these instances, we will defer to the asset manager’s process. 6. If the asset manager makes their own cutbacks, we may attempt to influence the asset manager to cut back Clients’ allocation requests pro-rata in order to ensure a fair allocation to all Clients. However, there may be cases where this will not be acceptable to the manager, and we will defer to the manager’s process. In these cases, it must be recognized that we ultimately cannot over-ride an asset manager’s decision to take one Client over another or to cut back Clients in different  proportions. 7. Where pro-ration would take a Client allocation below the fund stated minimum, at our sole discretion and to achieve the fairest outcome to Clients, we will re-allocate that below-minimum allocation to Clients with allocations at or above the fund minimum in proportion to their original capacity requests, in other words Clients below the fund stated minimum, starting with the Client furthest below the fund stated minimum, drop out of the process and the pro-ration is re-calculated until all Clients remaining in the process are above the fund stated minimum; or 8. If the available capacity to be allocated is $3,000,000 or less, Partners Capital will allocate the capacity to Clients based on a random basis under the supervision of the Compliance Team. In this process, all Clients requesting capacity are assigned a random order. The first randomly prioritized client would be granted its entire capacity request (unless this was more than the total capacity available), then the second randomly prioritized Client would be granted its request from the remaining capacity to be allocated, and so on until all the capacity has been allocated. In cases where a randomly prioritized client’s request is greater than the remaining capacity available, Partners Capital would grant all the remaining capacity to that client, provided this allocation meets the fund stated minimum, or skip that client in favor of the next randomly selected Client if it was not an eligible subscription. Each random allocation process is independent of the others. 9. If the available capacity to be allocated is one fifth of the aggregate demand or less, Partners Capital will allocate the capacity to Clients based on the random basis defined above, under the supervision of the Compliance Team. 10. Partners Capital Pooled Vehicles and Clients subject to a discretionary mandate will be subject to pro- ration process and will be included along side every other Client. 11. We may recommend to certain Clients that they go direct to the asset manager and request capacity independent of Partners Capital when we deem that approach may maximize their potential allocation, and will not affect other Clients’ potential allocations. We may make such recommendations to individual Clients to pursue this approach in light of greater influence the Client may have directly with the asset manager. 12. Where capacity varies for onshore versus offshore alternatives from the same manager, this policy will be applied as though the two funds are completely independent of each other. 13. Where there is unused capacity remaining before the trade date but after the initial allocation process, remaining capacity will be available on a first-come, first-serve basis. 14. Secondaries Allocation Policy Notwithstanding the foregoing, Secondaries investment opportunities will be allocated in accordance with Partners Capital’s Secondaries Allocation Program. The Secondaries Allocation Program intends to allocate direct secondaries transactions in the following order of priority: • Participating Clients: Funds and Registered Funds with secondaries as a stated investment strategy (as detailed in their governing documents), as well as clients with separately managed accounts that opt-in to the Secondaries Allocation Program. • Standard Clients: All other Clients. In addition to the Funds and Registered Funds with secondaries as a stated investment strategy (as detailed in their governing documents), all other Clients will have the opportunity to opt into Tier 1 of the Secondaries Allocation Program at the onset of the advisory relationship with Partners Capital and at any point for so long as they remain a Client.  Separately managed accounts that elect to participate in the Secondaries Allocation Program will do so by executing an agreement that gives Partners Capital discretionary authority over a designated portion of their account to invest in direct secondaries opportunities alongside the relevant Funds and Registered Funds. The addendum will set forth terms including, but not limited to, (i) a target annual commitment to the Secondaries Allocation Program, (ii) per-deal target investment amounts, and (iii) any applicable investment restrictions. For the avoidance of doubt, Funds and Registered Funds with secondaries as a stated investment strategy are automatically included in Tier 1, and do not execute an agreement. Accordingly, they are not subject to minimum annual commitments or per deal investment amounts. When a suitable investment opportunity is identified, available capacity will be allocated first to Clients in Tier 1, and thereafter to Clients in Tier 2 if there is capacity remaining. Where the demand of Clients exceeds the available capacity within a given tier, allocations will be made pro rata based on each Clients’ demands, subject to any applicable investment restrictions or client minimums. If there is capacity remaining after all of Partners Capital client demand has been filled, the Secondaries Team may reach out to third parties at their discretion to fill any remaining capacity. 15. Partners Capital partners, employees and relatives of employees (defined as spouses, parents and children) are deemed to be an insider for the purposes of scarce capacity allocation and in certain circumstances may be excluded from the allocation process. The main situation may arise when a) an insider applies by the deadline for an allocation to a manager with constrained capacity, b) where Partners Capital client demand exceeds the capacity granted by the manager and c) Partners Capital determines the allocations to clients per our Constrained Capacity policy. In this situation, the insider would be excluded from the process to ensure clients receive the fullest allocation possible. 16. Registered Investment Companies: Partners Capital has adopted a Section 17(d) and Rule 17d-1 Policies and Procedures which is maintained under separate cover. The Section 17(d) and Rule 17d-1 Policy applies when Partners Capital and/or affiliated persons investment alongside an investment company registered under the Investment Company Act of 1940. 17. This policy will be disclosed to each client as part of our account opening process and in the firm’s Form ADV Part 2.  Appendix 2: Partners Capital Client Privacy Policy Partners Capital Investment Group, LLP (“Partners Capital,” “we,” “our,” or “us”) provides this Privacy Policy (“Policy”) to explain our practices regarding the collection and use of Personal Information about our clients and prospective clients. Additional policies may apply in other contexts and to other relationships you may have with us. This Notice provides disclosures for current and prospective Private Clients who engage with us primarily for personal, family, or household purposes. In the event of a conflict between any other policy, statement, or notice and this Privacy Notice for Private Clients, this Notice will prevail as to Nonpublic Personal Information as defined under the Gramm-Leach Bliley Act (“GLBA”). Any terms defined in the GLBA have the same meaning when used in this Notice. If you are a Californian resident who interacts with us as a representative of a current, prospective, or former institutional client (collectively, “Client Representatives”), please see our California Privacy Notice available at https://partners-cap.com/privacy-policy/ Facts What does Partners Capital Investment Group, LLP (“Partners Capital”) do with your personal information? Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. What? • Risk tolerance The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Social security number • Assets • Income • Wire transfer instructions • Transaction history When you are no longer our customer, we continue to share information about you as described in this notice. How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Partners Capital chooses to share; and whether you can limit this sharing. Reasons we can share your personal information Does Partners Capital Share? Can you limit this sharing? Yes No No For our everyday business purposes - such as to process your transactions, maintain your accounts(s) or respond to court orders and legal investigations. For our marketing purposes - to offer our products and services to you No For joint marketing with other financial companies We don’t shar We don’t shar Yes No For our affiliates' everyday business purposes - information about your transactions and experiences  Yes Yes For our affiliates to market to you No For non-affiliates to market to you We don’t share To limit our sharing • Call 617-292-2570 • Visit: https://www.partners-cap.com/contact/ Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. Visit: https://www.partners-cap.com/contact/ Questions? Who we are Partners Capital Investment Group, LLP and affiliates, including privately offered pooled investment vehicles. Who is providing this notice? What we do To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. How does Partners Capital protect my personal information? How does Partners Capital collect my personal information? We collect your personal information, for example, when you • Enter into an investment advisory contract • Seek financial advice • Make deposits or withdrawals from your account • Tell us about your investment or retirement portfolio • Give us your employment history We also collect your personal information from others, such as affiliates or other companies. Federal law gives you the right to limit only: • sharing for affiliates’ everyday business purposes—information about your creditworthiness Why can't I limit all sharing? • affiliates from using your information to market to you • sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. Your choices will apply to everyone on your account - unless you tell us otherwise. What happens when I limit sharing for an account I hold jointly with someone else? Definitions Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies. Non-affiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies. • Partners Capital does not share with non-affiliates so they can market to you.  Joint Marketing A formal agreement between non-affiliated financial companies that together market financial products or services to you. • Partners Capital does not jointly market.  North America Middle East Boston Federal Reserve Plaza 600 Atlantic Avenue, 30th Floor Boston, MA 02210 Tel: +1 617 292 2570 Dubai DIFC Representative Office DIFC Funds Centre Precinct Building 4 Dubai, UAE Asia New York 640 Fifth Avenue, 21st Floor New York, NY 10019 Tel: +1 415 862 7100 Singapore 50 Raffles Place, Level 13 Singapore Land Tower Singapore 048623 Tel: +65 6645 3733 San Francisco 3 Embarcadero Center Suite 2360 San Francisco, CA 94111 Tel: + 1 415 862 7100 Hong Kong 10/F Champion Tower 3 Garden Road Central, Hong Kong Dallas 2626 Cole Ave Suite 300 Dallas, TX, 75204 Tel: +1 469-864-7360 Europe London 4 Orchard Place, 1st Floor London, SW1H 0BF England Tel: +44 (0)20 7938 5200 Paris 82 Avenue Marceau 75008 Paris France Tel: +33 (0)1 7038 1054