Board of Directors

The Directors are responsible for the determination of the Company’s investment policy and strategy and have overall responsibility for the Company’s activities including the review of investment activity and performance and the control and supervision of the Investment Manager.

All of the Directors are non-executive and are independent of the Investment Manager with the exception of Richard Levy.

The Directors will meet at least four times per annum, and the Audit and Valuation Committee will meet at least twice per annum. The Directors are as follows:

Andrew Adcock (Chairman)

Andrew Adcock was the Managing Partner of Brompton Asset Management LLP from January 2010 until July 2011. Prior to this, he was joint head of corporate broking at Citigroup before becoming Vice Chairman in June 2007. He was previously an Equity Partner at Lazard LLP and the Managing Director of De Zoete & Bevan Ltd. Andrew Adcock has over 30 years of experience in the City and is currently a Non-Executive Chairman of Majedie Investments plc, a Non-Executive Director of Majedie Portfolio Management Limited, Kleinwort Benson Bank Limited, F&C Global Smaller Companies plc and JP Morgan European Investments Plc, and is a Non-Executive Director and the Chairman of the Remuneration Committee of Foxton Group plc. Andrew Adcock is also the chairman of the Samuel Courtauld Trust and a Director of the Courtauld Institute of Art.

Clive Peggram

Clive Peggram is currently CEO of Apex2100, a performance facility based in France. He has over 30 years of experience in financial derivatives, hedge funds and private equity. He was previously Deputy Group CEO of Financial Risk Management, a US $10 billion institutionally focused hedge fund of fund manager. Following the sale of FRM to the Man Group, he became Chief of Staff responsible for the integration of the two businesses. He was also CEO of FRM’s hedge fund seeding business, FRM Capital Advisors, which he was hired to establish in 2006.

Clive Peggram is also an experienced private equity investor. Prior to joining FRM, he was a co-founder of Comvest Limited, a private equity fund focussed on providing capital to early stage companies. Between 1988 and 1998 he was a Managing Director at Banque AIG, where he established its investment management business. Previously he worked in a number of different roles, gaining considerable experience of the developing derivative markets at Swiss Bank Corporation. He is Chairman of an Italian focused private equity fund established in 2000 and an Independent partner of Cairn Loan Investments LLP which was established in 2014.

Elizabeth Passey

Elizabeth Passey is a Senior Adviser to J Stern & Co Private Bank and a Member of the UK Board of the Big Lottery Fund. She is a past Managing Director of Morgan Stanley, past Chairman of the Board of Morgan Stanley International Foundation, as well as a past Managing Director of Investec Asset Management. She is Convener (Chairman) of the University of Glasgow.

Kevin Ingram

Kevin Ingram was an Audit Partner with PricewaterhouseCoopers LLP for 20 years until the end of 2009. He specialised in the audit of financial service businesses and the audit of investment products including Investment Trusts, Open-ended funds, Hedge funds and Private equity funds. He headed PricewaterhouseCoopers’ UK Investment Funds audit practice from 2000 to 2007. He is the Chairman of the Board of Aberdeen UK Tracker Trust plc and was the Chairman of the Audit Committee of that Trust from March 2010 until he was appointed Chairman of the Board in April 2013. He is a Chartered Accountant and member of the Institute of Chartered of Accountants in England and Wales. He is also a member of the Audit Committee of the Westminster Catholic Diocesan Trust.

Richard Levy

Richard Levy is the Chief Executive Officer and Founder of VPC. Mr. Levy is the Chairman of the firm’s Management and Investment Committees. He also serves as Chairman of the Board of Directors of Victory Park portfolio companies, EMS Holdings I, Inc., Enteris Biopharma, Inc., Mediterranean Cuisine Holding Company, LLC (Yalla), VPC Fuller Brush Operating Corp. (The Fuller Brush Company) and VPC Pizza Operating Corp. (Giordano’s). Previously, Mr. Levy served as head of the Small Cap Structured Products Group and co-head of the Solutions Group at Magnetar Capital. He also co-founded and served as Managing Partner at Crestview Capital Partners. Mr. Levy is Chairman of the Board of the nonprofit organization, Gardeneers, and a board member of nonprofit organizations, College Bound Opportunities and Camp Kesem.