GLDUS113 Cliff I!lig iCapital Advisors, LLC Form ADV Part 2A investment selection process and it believes its due diligence and investment selection process is thorough, there can be no assurance that the Underlying Funds selected will ultimately be successful. Further, operational due diligence will be limited and will not consist of a full forensic accounting or a detailed review of internal conflicts. Accordingly. there is the risk that iCapital may not detect conflicts of interest, fraudulent behavior or administrative or operational weaknesses within the Underlying Funds that may give rise to substantial losses. Private Access Funds: Custom Engagements In certain cases, iCapital may be engaged by an Underlying Fund Manager or distribution agent to facilitate access to an underlying investment vehicle. In such capacity. iCapital will create and manage a Private Access Fund solely in an operational capacity to facilitate such investments and does not intend to conduct investment or operational due diligence with respect to the underlying fund vehicle. Accordingly. there is the risk that iCapital may not detect conflicts of interest, fraudulent behavior or administrative or operational weaknesses within the Fund that may give rise to substantial losses. References to "Fund" in the discussion of risks below shall mean any of the Private Access Funds, Direct Investment Funds and/or Underlying Funds, as applicable. Risk of Loss: Investing in securities involves risk of loss that Investors should be prepared to bear. Investors should consider the risks before investing in any Fund. The list of risk factors below is not a complete enumeration or explanation of the risks involved in an investment through iCapital or any of the Funds it manages. Prospective investors are urged to consult their professional advisers and review the offering memorandum and other legal documents of the particular Fund before deciding to invest. Certain Risk Factors: