SKRADD Evergreen Private Equity Index Methodology

Index Objective

The SKRADD Evergreen Private Equity Index (“SKRADD-PE”) measures the performance of the largest semi-liquid evergreen private equity funds available in the U.S. wealth market, including interval funds, tender offer funds, and perpetual-life operating companies with a private-equity focused investment strategy.

The index consists of the 10 largest eligible funds by net assets, weighted by net assets and subject to a 20% maximum weight cap per constituent. Index performance is calculated and published quarterly. The index Base Date is December 31, 2024, with a Base Value of 100.0.

Any changes to or deviations from the methodology described herein are made in the sole discretion of SK Research and Due Diligence, LLC (“SKRADD”) to ensure the index continues to meet its stated objective.

Index Eligibility

To be eligible for inclusion, a fund must satisfy all of the following criteria at the time of annual rebalancing.

Fund Structure

The fund must be one of the following, as determined by SEC filings and regulatory disclosures:

• A U.S.-registered closed-end investment company organized as interval fund

• A U.S.-registered closed-end investment company organized as tender offer fund

• An evergreen/perpetual-life operating company (OpCo)

Strategy Requirements

The fund must maintain a private equity-focused investment strategy. A fund qualifies if, based on publicly available information, private equity exposure is central to the fund’s investment approach and is intended to be the primary driver of long‑term risk and return.

For purposes of the index, “private equity” may include, among other strategies, buyouts, venture capital, growth equity, secondaries, direct investments, co-investments, and multi-strategy private equity allocations.

Funds described as “private markets” or diversified private markets may qualify, provided available disclosures and portfolio characteristics indicate the strategy is private equity-focused.

In assessing whether a fund is private equity-focused, SKRADD may consider the fund’s stated strategy/category, marketing positioning, reported exposures (when available), holdings/portfolio disclosure, and other information indicative of the fund’s risk/return profile.

A fund is ineligible if the fund’s stated strategy, disclosures, or portfolio characteristics indicate that private equity is not a primary driver of long‑term risk and return.

Constituent Selection

The index includes the 10 largest eligible funds by net assets as of the annual rebalancing reference date.

Net assets are determined using publicly reported data as of December 31. For interval and tender offer funds, net assets are sourced from Form N-PORT filings corresponding to December 31. For OpCos, net assets are sourced from the most recent Form 10-K or Form 10-Q with a period end closest to December 31.

Weighting and Rebalancing

Annual Rebalancing

The index is rebalanced annually using net asset values reported as of December 31.

Weighting

Constituents are weighted by net assets at rebalancing. Weights remain fixed throughout the index year, except as adjusted due to constituent removals.

Weight Cap

No constituent may exceed a 20% weight at rebalancing. Any excess weight is redistributed proportionally among remaining constituents, subject to the same cap constraint.

Event-Driven Constituent Removal

A constituent may be removed if it becomes ineligible due to events including, but not limited to:

• Liquidation or dissolution

• Merger or reorganization

• Material change in fund structure

• Material change in investment strategy

Removals become effective at the start of the next calendar quarter following identification of ineligibility. Replacement constituents are not added mid-year. As a result, the index may temporarily contain fewer than ten constituents.

Upon removal, remaining constituent weights are adjusted proportionally, subject to the 20% cap.

Index Calculation

Constituent Returns

The index is calculated quarterly using each constituent’s quarterly total return.

Where available, quarterly total return is calculated using beginning and ending NAVs and distributions paid during the quarter, with distributions assumed reinvested.

Return Sourcing Hierarchy

If sufficient data is not available for in-house quarterly return calculation, returns are sourced using the following hierarchy:

1. Fund-reported monthly or quarterly returns from public disclosures, including factsheets, investor materials, fund websites, and SEC filings

2. Monthly returns reported in Form N-PORT filings, compounded to derive quarterly returns

Index Return and Level

The quarterly index return is calculated as the weighted sum of constituent returns. The index level is updated quarterly, with a base value of 100.0 as of December 31, 2024.

Data Sources

Index inputs are derived from publicly available sources, including SEC filings, fund disclosures, investor materials, and other sources deemed reliable by SK Research and Due Diligence, LLC.

Disclaimers

The SKRADD-PE Index is provided for informational and benchmarking purposes only and does not represent an investable product. Data is compiled from sources believed to be reliable; however, accuracy and completeness are not guaranteed. Constituents, weights, and index results may be revised due to updated or corrected information.