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l Network, Inc., the parent company of iCapital, is the sole member of iCapital Securities. iCapital Securities is a broker- dealer registered with the Securities and Exchange Commission ("SEC"), and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). iCapital Securities is also registered as a limited purpose
s exchange and may not be traded daily or in the volume typical of trading on a larger, more established securities exchange or trading platform. Liquidity of Investments. Certain Funds' portfolios will include securities that are not actively or widely traded (including without limitation securities issued by certai
l Network, Inc., the parent company of iCapital, is the sole member of iCapital Securities. iCapital Securities is a broker- dealer registered with the Securities and Exchange Commission ("SEC"), and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). iCapital Securities is also registered as a limited purpose
s exchange and may not be traded daily or in the volume typical of trading on a larger, more established securities exchange or trading platform. Liquidity of Investments. Certain Funds' portfolios will include securities that are not actively or widely traded (including without limitation securities issued by certai
l Network, Inc., the parent company of iCapital, is the sole member of iCapital Securities. iCapital Securities is a broker- dealer registered with the Securities and Exchange Commission ("SEC"), and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). iCapital Securities is also registered as a limited purpose
s exchange and may not be traded daily or in the volume typical of trading on a larger, more established securities exchange or trading platform. Liquidity of Investments. Certain Funds' portfolios will include securities that are not actively or widely traded (including without limitation securities issued by certai
l Network, Inc., the parent company of iCapital, is the sole member of iCapital Securities. iCapital Securities is a broker- dealer registered with the Securities and Exchange Commission ("SEC"), and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). iCapital Securities is also registered as a limited purpose
s exchange and may not be traded daily or in the volume typical of trading on a larger, more established securities exchange or trading platform. Liquidity of Investments. Certain Funds' portfolios will include securities that are not actively or widely traded (including without limitation securities issued by certai
l Network, Inc., the parent company of iCapital, is the sole member of iCapital Securities. iCapital Securities is a broker- dealer registered with the Securities and Exchange Commission ("SEC"), and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). iCapital Securities is also registered as a limited purpose
s exchange and may not be traded daily or in the volume typical of trading on a larger, more established securities exchange or trading platform. Liquidity of Investments. Certain Funds' portfolios will include securities that are not actively or widely traded (including without limitation securities issued by certai
Entities connected to both the Securities and Exchange Commission and Liquidity of Investments

Credit Suisse
ORGANIZATION
Virginia Giuffre
PERSON
New York
LOCATIONiCapital
ORGANIZATIONGen II
ORGANIZATION
North America
LOCATION
Fidelity
ORGANIZATIONReliance
ORGANIZATION
Stanton
PERSON
BlackRock
ORGANIZATION
the University of Virginia
ORGANIZATIONHenry Nicholas
PERSONthe Investment Committee
ORGANIZATIONUBS Financial Services Inc
ORGANIZATIONBNY Capital Corporation
ORGANIZATIONBlackRock, Inc.
ORGANIZATIONFir Tree Partners
ORGANIZATIONPREA and NCREIF
ORGANIZATIONDaniel Vene
PERSONThis Brochure Supplement
ORGANIZATION