Portugal Liquid Opportunities

Key tenets of Oxy Capital's international equities strategy (<40% allocation) Focus on structural alpha in limited capacity niches Targets small/micro caps value and special sits to achieve high returns, not AuM growth; Most commissions based on performance and heavy team co-investment. Concentrated in 8-15 highest conviction ideas Exhaustive fundamental analysis on each position supported by 23 investment professionals with complementary PE and public markets expertise; Access to C-level network and proprietary data across +80 private PortCos. "PE-like" approach to investing Isolated from quarterly pressures due to redemption conditions and stable investor base; Frequent and potentially activist/"constructivist" interaction with management, aided by focus on smaller companies with fragmented shareholder bases. - Targeting private equity-type return profile with higher liquidity Higher liquidity given open ended format – redemption without restrictions after 2-3 years; "PE-like" return profile – high expected returns and low correlation to broader markets given concentrated, idiosyncratic small cap focus and investment style shaped by our PE heritage. - We believe our private equity experience and ability to leverage a large investment team across limited capacity niches can create significant alpha in public markets 15

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