PARTNERS CAPITAL INVESTMENT GROUP, LLP

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, and Paris. We provide wholly independent advice on asset allocation and what we believe to be the best of breed asset manager selection across all asset classes and geographic markets. We commenced investment activities in 2001 with a base of about 70 clients, which has now grown to approximately 600 globally. These initial clients were all sophisticated, well informed, experienced investors, often from within the investment community who, as clients, enhanced our ability to access what we believe to be the best asset managers. We have extended this group to include sophisticated family offices, wealthy entrepreneurs, foundations, endowments and other institutions

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 individualstocks 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: