LAST UPDATED: JANUARY 25, 2021

The Fund is distributed by iCapital Securities, LLC, an SEC-registered broker-dealer and member of FINRA and SIPC. iCapital Registered Fund Adviser, LLC (the “Adviser”), an affiliate of iCapital Securities, serves as the investment adviser to the Fund and the StepStone Group LP (the “Sub-Adviser”) serves as sub-adviser. Each of the Adviser and Sub-Adviser are registered as an investment adviser with the Securities and Exchange Commission; however, such registration does not imply a certain level of skill or training and no inference to the contrary should be made. The Adviser is exempt from registration with the Commodity Futures Trading Commission as a commodity pool operator. The Adviser became investment adviser to the Fund on February 12, 2021. Before February 12, 2021, the Fund was managed by a different investment adviser and StepStone was also the sub-adviser. For detailed information about the Adviser’s services and fees, please read the Prospectus of the Fund, which can be found at https://www.sec.gov/edgar/searchedgar/companysearch.html or call 855.891.0092 to request a copy.

Investors should be aware that iCapital Securities’ purpose is to provide distribution services to the Fund and that iCapital Securities does not provide services to any investor, including any determination regarding whether an investment in the Fund is in the best interests of, or is suitable for, any investor. Investors should exercise their own judgment and/or consult with a professional advisor to determine whether an investment in the Fund is advisable.