This Trust (GAF STS 2022 Trust) will provide access for investors who meet both Wholesale Investor (as defined in the Australian Corporations Act) and Qualified Purchaser (as defined in the US Securities Act) requirements into the Limited Partnership Interests of Whitehorse Liquidity Partners (Offshore) V LP.

Whitehorse Liquidity Partners Inc. (Whitehorse) was founded by Mr Yann Robard, Managing Partner, in August 2015. The Firm is wholly employee-owned and is headquartered in Toronto, Canada. Whitehorse has identified what it believes to be a significant and untapped market opportunity in the utilisation of structured solutions to accelerate liquidity on private equity portfolios, and/or acquire private equity portfolios outright. Whitehorse seeks to provide counterparties with customised and flexible liquidity solutions for their private equity portfolios through the creation of preferred securities. Whitehorse has a consistent strategy across all funds and has reached final close on 4 funds to date: Fund I - US$400m in May 2017; Fund II - US$1.0bn in August 2018; Fund III - US$2.0bn in October 2019; and Fund IV - US$4.0bn in April 2021.