GLOUSI25 Gerald Ford iCapital Advisors, LLC Form ADV Part 2A rights and/or terms or provisions thereof, nor will iCapital be required to offer such additional and/or different rights and/or terms to any or all of the other investors or shareholders. Item 8: Methods of Analysis, Investment Strategies and Risk of Loss Underlying Fund Manager/Sub-Adviser Selection: The Private Access Funds' primary investment objective will be to allow investors to gain exposure to select fund managers at significantly lower investment minimums than would be required for a direct investment in any Underlying Fund. iCapital will accomplish this by leveraging our sourcing advantages and employing an ongoing "bottom-up" diligence approach. The Direct Investment Funds' investment objective is to provide its investors access to portfolio management by a variety of Sub-Advisers selected by iCapital. Bottom-up Diligence (Private Equity Funds): iCapital's due diligence team is focused on conducting investment, operations, and legal due diligence on the Private Access Fund offerings made available on iCapital's platform. iCapital's due diligence process comprises three stages. In the initial quantitative phase of evaluation, iCapital reviews the forward calendar of funds coming to market to develop market maps across the various private equity strategies (buyouts. growth capital. mezzanine. etc.) to identify funds likely to be appealing to iCapital's network. At this stage. iCapital also identifies fundraising schedules and targets and compares performance against benchmarks and against specific managers in the pipeline. Once iCapital has isolated funds coming to market in the ensuing 18 months. iCapital proceeds to the second phase of the due diligence process. During this phase. iCapital conducts a comprehensive evaluation of the manager's track record, a detailed benchmarking analysis. and a thorough review of the competitive landscape. iCapital has an initial meetin