William Blair Black Terrain

Fund L.P.

Fund Investment Objectives

William Blair Black Terrain is a multi-manager hedge fund vehicle that provides exposure to a broad range of opportunistic strategies. The fund seeks to produce high returns with low correlation to the traditional stock and bond markets. The fund invests tactically to take advantage of both near term and longer term opportunities. We expect to use a combination of strategies that bear only limited correlation to one another. Some of the strategies that may be included in the fund are: thematic, emerging markets, event driven, distressed equity, credit long/short, global macro, fixed income arbitrage, equity long/short, and managed futures.