Presentation to Vermont Pension Investment Committee

Overview of Pathfinder Core Asset-Focused, Evergreen Income Strategy ● $1.5 billion+ initial target seeking to deliver 8-10% net returns with a 90%+ income distribution rate¹ Diversified portfolio of at least 50 investments (with significant collateral diversification), with ~1-3% average position sizes Investing with purpose: At least 5% of Pathfinder Core's carried interest will be donated to support health and education charities and initiatives² Type of Assets We invest in large, diversified portfolios of assets that generate contractual cash flows and have demonstrated stable performance throughout cycles. These asset pools generally consist of: Loans Lending Lend against assets Leases Format of Investments We approach asset investing with a flexible approach, seeking to provide a tailored capital solution. The format of our investments is typically one of the following: 10 Liquids Buy Alt Credit securities For illustrative purposes only. 1. Targeted returns are shown for illustrative purposes only, and there can be no assurance that such targets can be achieved. Actual results may be materially different. No guarantee target fundraise can be achieved. 2. Please refer to slide 25 for additional details. Confidential - Not for Publication or Distribution Receivables Asset Acquisition Acquire asset pools ØARES

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