GLDUS142 fronsedes Asset Mgmt iCapital Advisors, LLC Form ADV Part 2A make investments directly in certain equity securities recommended by a sub-adviser (a "Sub- Adviser") selected by iCapital in accordance with each such Fund's respective investment objective and any investment guidelines, as set forth in that Fund's PPM. These Funds permit investors to access leading private equity and hedge funds at investment minimums which may be as low as $100,000. as set forth in the applicable PPM. Each Fund is managed only in accordance with its own investment objectives and restrictions and is not tailored to any particular private fund investor (each an "Investor"). Since iCapital does not provide individualized advice to Investors. Investors should consider whether a particular Fund meets their investment objectives and risk tolerance prior to investing. We do not permit Investors in the Funds to impose limitations on the investment activity described in the Funds' offering documents. Information about each Fund can be found in its offering documents, including its PPM and limited partnership agreement (the "LPA"). As of December 31, 2017 total discretionary assets under management were $4,014,735,581.86. Please note that for certain Funds, December 31, 2017 values were not available from the Underlying Funds and as a result, assets under management for these Funds are as of September 30. 2017. 1 iCapital has included in its regulatory assets under management the assets of any clients for which it (or one of its affiliates) serves as general partner. Institutional Capital Network. Inc., the parent of iCapital, is owned by various persons, including certain management persons and employees of iCapital. none of which own 25% or more of the corporation. Michael Stanton is iCapital's Chief Compliance Officer ("CCO"). Item 5: Fees and Compensation Management Fee for the Funds: iCapital will charge each Fund a management fee, generally charged