Privacy Policy

Privacy Notice ¹

GEM Capital, L.P. ²

DECEMBER 2025

Our Commitment to Your Privacy: We are sensitive to the privacy concerns of our individual investors and clients. We have a policy of protecting the confidentiality and security of information we collect about you. We are providing you this notice (the “Privacy Notice”) to help you better understand why and how we collect certain personal information, the care with which we treat that information, and how we use that information.

Sources of Non-Public Information: In connection with forming and operating our private investment funds (or “funds”) and/or performing asset management services for our investors and clients, we collect and maintain personal information from the following sources:

• Information we receive from you in conversations over the telephone, in voicemails, through written correspondence, via e-mail and other electronic communications, or on subscription agreements, investor questionnaires, applications or other forms (including, without limitation, any anti-money laundering, identification and verification documentation);
• Information about your transactions with us or others; and
• Information captured on our website, fund data room and/or investor reporting portal (as applicable), including registration information, information provided through online forms and any information captured via “cookies.”

Disclosure of Information: We do not disclose any personal information about you to anyone, except as permitted by law or regulation and to affiliates and service providers, including but not limited to, administrators, lenders, prime brokers, banks, auditors, accountants, law firms, tax advisors, governmental agencies or pursuant to legal process, self-regulatory organizations, consultants and placement agents.

Former Investors and Clients: We maintain personal information of our former investors and clients and apply the same policies that apply to current investors and clients.

Information Security: We consider the protection of sensitive information to be a sound business practice, and to that end we employ physical, electronic and procedural safeguards, which seek to protect your personal information in our possession or under our control.

Further Information: We reserve the right to change our privacy policies and this Privacy Notice at any time. The examples contained within this notice are illustrations only and are not intended to be exhaustive. This Privacy Notice is intended to comply with the privacy provisions of applicable U.S. federal law, including Regulation S-P under the Gramm-Leach-Bliley Act, and certain privacy provisions of other laws. You may have additional rights under other U.S. state or non-U.S. laws that apply to you, including as set forth in our additional privacy notices.

Contact Us: If you have any questions or concerns about this Privacy Notice, wish to access this Privacy Notice in an alternative format, or wish to exercise any rights, submit requests, or appeal any of our decisions in connection with this Privacy Notice (each, a “Communication”), please contact us at 1-312-915-2422 or [email protected].

We verify Communications by matching information provided in or in connection with your Communication to information contained in our records. Depending on the sensitivity of the Communication and the varying levels of risk in responding to such Communications (for example, the risk of responding to fraudulent or malicious communications), we may request further information or your investor portal access credentials, if applicable in order to verify your Communication.

CALIFORNIA PRIVACY NOTICE

This notice (the “California Privacy Notice”) supplements the Privacy Notice set forth above with respect to specific rights granted under the California Consumer Privacy Act of 2018, as amended (together with its implementing guidelines and regulations, the “CCPA”) to natural person California residents and provides information regarding how such California residents can exercise their rights under the CCPA. This California Privacy Notice is only relevant to you if you are a resident of California as determined in accordance with the CCPA. Information required to be disclosed to California residents under the CCPA regarding the collection of their personal information that is not set forth in this California Privacy Notice is otherwise set forth above in the Privacy Notice. To the extent there is any conflict with the privacy requirements under the Gramm-Leach-Bliley Act and/or Regulation S-P (“GLB Rights”), GLB Rights shall apply.

Categories of Personal Information We Collect: We collect or have collected within the last twelve (12) months some or all of the following categories of personal information from individuals:

We do not collect or use sensitive personal information other than:

• To perform services, or provide goods, as would reasonably be expected by an average consumer who requests those goods or services;
• As reasonably necessary and proportionate to detect security incidents that compromise the availability, authenticity, integrity, and confidentiality of stored or transmitted personal information;
• As reasonably necessary and proportionate to resist malicious, deceptive, fraudulent, or illegal actions directed at us and to prosecute those responsible for such actions;
• For short-term, transient use (but not in a manner that discloses such information to another third party or is used to build a profile of you or otherwise alter your experience outside of your current interaction with us);
• To perform services on behalf of our business;
• To verify or maintain the quality or safety of a service or to improve, upgrade, or enhance such service or device; and
• To collect or process sensitive personal information where such collection or processing is not for the purpose of inferring characteristics about a consumer.

Purposes for Collecting Personal Information: We may process or disclose the personal information we collect about you for one or more of the following business or commercial purposes:

• The performance of our contractual and legal obligations (including applicable anti-money laundering, KYC and other related laws and regulations) in assessing your suitability for investing in a fund;
• Ongoing communication with potential investors, their representatives, advisors and agents, (including the negotiation, preparation and signature of documentation) during the process of admitting potential investors to the relevant fund(s) and execution of relate documentation (e.g., the subscription agreement);
  
• The ongoing administrative, accounting, reporting and other processes and communication required to operate our business and/or the relevant fund;
• To administer, manage and set up your investor account(s) to allow you to purchase your holding (of shares) in the relevant fund(s);
• To facilitate the execution, continuation or termination of the contractual relationship between you and the Partnership and/or the relevant fund (as applicable);
• To facilitate the transfer of funds, and administering and facilitating any other transaction, between you and the relevant fund;
• To audit and perform verifications related to investor interactions, including but not limited to, verifying the quality and effectiveness of services and compliance;
• To maintain the safety, security and integrity of our products and services, databases, technology assets and business, including to detect security incidents, and protect against malicious, deceptive, fraudulent, or illegal activity;
• To enable any actual or proposed assignee or transferee of the fund(s), to evaluate proposed transactions;
• To facilitate business asset transactions involving the relevant fund;
• To fulfil any legal or regulatory requirement;
• Keeping investors informed about our business generally, including offering opportunities to make investments other than in the relevant fund; and
• Any other purpose that has been notified, or has been agreed, in writing.

We collect personal information from the sources set forth in “Sources of Information” in the Privacy Notice above.  We retain the categories of personal information set forth above in the “Categories of Personal Information We Collect” section of this California Privacy Notice only as long as is reasonably necessary for those purposes set forth above, except as may be required under applicable law, court order or government regulations.

Disclosure of Information: We do not share for the purpose of cross-context behavioral advertising or sell (as such terms are defined in the CCPA) any of the personal information we collect about you to third parties.

We disclose or, within the last twelve (12) months have disclosed, personal information collected from you for a business purpose to the categories of third parties indicated in the chart below.  We may also disclose your information to other parties as may be required by law or regulation, or in response to regulatory inquiries.

Rights under the CCPA

Deletion Rights: You have the right to request that we delete any of your personal information that we retain, subject to certain exceptions, including, but not limited to, our compliance with U.S., state, local and non-U.S. laws, rules and regulations.  We will notify you in writing if we cannot comply with a specific request and provide an explanation of the reasons.

Disclosure and Access Rights: You have the right to request that we disclose to you certain information regarding our collection, use, disclosure and sale of personal information specific to you over the last twelve (12) months.  Such information includes:

• The categories of personal information we collected about you;
• The categories of sources from which the personal information is collected;
• Our business or commercial purpose for collecting such personal information;
• Categories of third parties to whom we disclose the personal information;
• The specific pieces of personal information we have collected about you; and
• Whether we disclosed your personal information to a third party, and if so, the categories of personal information that each recipient obtained.

Correction Right: You have the right to request that we correct any inaccuracies in the personal information that we retain, subject to certain statutory exceptions, including, but not limited to, our compliance with U.S., state, local and non-U.S. laws, rules and regulations.  We will notify you in writing if we cannot comply with a specific request and provide an explanation of the reasons.

No Discrimination: We will not discriminate against you for exercising your rights under the CCPA, including by denying service, suggesting that you will receive, or charging, different rates for services or suggesting that you will receive, or providing, a different level or quality of service to you.

How to Exercise Your Rights: To exercise any of your rights under the CCPA, or to access this California Privacy Notice in an alternative format, please submit a request using any of the methods set forth below.

Call us using the following toll-free number: 1-866-752-9978.

Email us at the following address: [email protected]

We will contact you to confirm receipt of your request under the CCPA and request any additional information necessary to verify your request.  We verify requests by matching information provided in connection with your request to information contained in our records.  Depending on the sensitivity of the request and the varying levels of risk in responding to such requests (for example, the risk of responding to fraudulent or malicious requests), we may request further information or your investor portal access credentials, if applicable, in order to verify your request.  You may designate an authorized agent to make a request under the CCPA on your behalf, provided that you provide a signed agreement verifying such authorized agent’s authority to make requests on your behalf, and we may verify such authorized person’s identity using the procedures above.  If we request you verify your request and we do not receive your response, we will pause processing your request until such verification is received.

Please contact the Chief Compliance Officer of GEM Capital, L.P. at [email protected] with any questions or concerns about this California Privacy Notice.

EEA-UK PRIVACY NOTICE

This EEA-UK Privacy Notice (this “EEA-UK Privacy Notice”) applies to the extent that EEA-UK Data Protection Legislation (as defined below) applies to the processing of personal data by an Authorized Entity (as defined below) or to the extent that a data subject is a resident of the United Kingdom (the “UK”), the European Union (the “EU”) or the European Economic Area (the “EEA”).  If this EEA-UK Privacy Notice applies, the data subject has certain rights with respect to such personal data, as outlined below.

This EEA-UK Privacy Notice applies to the processing of personal data by the Partnership, the General Partner, the Investment Advisor, their respective affiliates and, in each case, their respective administrators, legal and other advisors and agents (the “Authorized Entities”) in connection with offering, forming and operating private investment funds for subscribers.  One or more of the Authorized Entities are “data controllers” of personal data collected in connection with the Partnership.  In simple terms, this means such Authorized Entities: (a) “control” the personal data that they or other Authorized Entities collect from subscribers or other sources; and (b) make certain decisions on how to use such personal data.

In this EEA-UK Privacy Notice, “EEA-UK Data Protection Legislation” means all applicable legislation and regulations relating to the protection of personal data in force from time to time in the EU, the EEA or the UK, including: the General Data Protection Regulation (EU) 2016/679 (“GDPR”) and the GDPR as it forms part of the laws of England & Wales, Scotland and Northern Ireland by virtue of section 3 of the European Union Withdrawal Act 2018 (UK) (“UK GDPR”), and any national implementing or successor legislation and any amendment or re-enactment of the foregoing.  The terms “data controller,” “data processor,” “data subject,” “personal data” and “processing” in this EEA-UK Privacy Notice shall be interpreted in accordance with the applicable EEA-UK Data Protection Legislation.  Unless the context otherwise requires, as used herein the words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.

All references to “subscribers(s)” in this EEA-UK Privacy Notice shall be to such actual or potential subscribers(s) (who may or may not be admitted to the Partnership as a limited partner) and, as applicable, any of such subscribers(s)’ authorized representatives, partners, officers, directors, employees, shareholders, members, managers, ultimate beneficial owners and affiliates.

Please direct any questions arising out of this EEA-UK Privacy Notice to the Chief Compliance Officer of GEM Capital, L.P. at [email protected].

Sources of personal data

The Authorized Entities obtain personal data from the subscribers through:

(a) information received in telephone conversations, in voicemails, through written correspondence, via email or on subscription agreements, investor questionnaires, applications or other forms (including any anti-money laundering, identification and verification documentation);
(b) information about transactions with any Authorized Entity or other Person;
(c) information captured on any Authorized Entity’s website, data room and/or portal (as applicable) including registration information and any information provided through online forms and any information captured via “cookies” (or similar technology); and
(d) information containing photographic images and/or specimen handwriting.

The Authorized Entities obtain personal data from various third party sources, including from:

(a) publicly available and accessible directories and sources;
(b) bankruptcy registers;
(c) tax authorities, including those that are based outside the UK and/or the EEA if the applicable data subject is subject to tax in another jurisdiction;
(d) governmental and competent regulatory authorities to whom any Authorized Entity has regulatory obligations;
(e) credit agencies; and
(f) fraud prevention and detection agencies and organizations.

Categories of personal data collected

The Authorized Entities may process the following categories of personal data:

(a) names, dates of birth and birth place;
(b) contact details and professional addresses (including physical addresses, email addresses and telephone numbers);
(c) account data and other information contained in any document provided by subscribers to the Authorized Entities (whether directly or indirectly);
(d) information regarding a data subject’s use of any Authorized Entities’ website, data room and/or portal (e.g., cookies, browsing history and/or search history);
(e) risk tolerance, transaction history, investment experience and investment activity;
(f) information regarding a subscriber’s status under various laws and regulations, including social security number, tax status, income and assets;
(g) accounts and transactions with other institutions;
(h) information regarding a subscriber’s interest in the Partnership or related funds, including ownership percentage, capital commitment or investment, income and losses and any other Confidential Information containing personal data relating to a subscriber;
(i) information regarding a subscriber’s citizenship and location of residence;
(j) source of funds used to make the investment in the Partnership or related funds; and
(k) anti-money laundering, identification (including passport and drivers’ license) and verification documentation.

Any Authorized Entity may, in certain circumstances, combine personal data it receives from a subscriber with other information that it collects from or about such subscriber.  This will include information collected in an online or offline context.

Purpose of processing and lawful bases for processing

The Authorized Entities process the abovementioned categories of personal data for the following purposes in accordance with the following legal bases:

A failure to provide the personal data requested to fulfill the purposes described in this EEA-UK Privacy Notice above may result in the applicable Authorized Entities being unable to provide the services as contemplated by the Partnership Agreement.

Sharing and transfers of personal data

In addition to disclosing personal data amongst themselves, any Authorized Entity may disclose personal data, where not prohibited by EEA-UK Data Protection Legislation, to other service providers, employees, agents, contractors, consultants, professional advisors, lenders, data processors and persons employed and/or retained by them in order to fulfill the purposes described in this EEA-UK Privacy Notice. In addition, any Authorized Entity may share personal data with regulatory bodies having competent jurisdiction over them, as well as with tax authorities, auditors and tax advisors (where necessary or advisable to comply with law).

Any Authorized Entity may transfer personal data to a Non-Equivalent Country (as defined below), in order to fulfill the purposes described in this EEA-UK Privacy Notice and in accordance with applicable law, including where such transfer is a matter of contractual necessity to enter into, perform and administer the Subscription Agreement and Partnership Agreement, and to implement requested pre-contractual measures. Such transfer of personal data shall take place on the basis of legitimizing measures permitted under EEA-UK Data Protection Legislation (including Article 46 of the GDPR/UK GDPR (as applicable)) such as entering into standard contractual clauses approved by the European Commission or the UK Government from time to time; binding corporate rules or permitted derogations under Article 49 of the GDPR/UK GDPR (as applicable). For the purposes of this EEA-UK Privacy Notice, “Non-Equivalent Country” shall mean a country or territory other than (a) a member state of the EEA; or (b) a country or territory which has at the relevant time been decided by the European Commission or the UK Government (as applicable) in accordance with EEA-UK Data Protection Legislation to ensure an adequate level of protection for personal data.

Retention and security of personal data

GEM Capital, L.P. and its affiliates consider the protection of personal data to be a sound business practice, and to that end, employ appropriate technical and organizational measures taking into account the state of the art, the costs of implementation and the nature, scope, context and purposes of processing as well as the risk of varying likelihood and severity of subscribers’ rights, including physical, electronic and procedural safeguards to protect personal data in their possession or under their control (such as pseudonymisation and encryption of personal data, imposing appropriate confidentiality obligations, ensuring the integrity and resiliency of systems, carrying out regular testing etc.).

Personal data may be kept for as long as it is required or advisable for the applicable purpose, including to perform contractual obligations, compliance with applicable legal or regulatory obligations or to defend or pursue legal claims (in most jurisdictions this period can extend up to at least seven (7) years after the termination of a subscriber’s interest in the Partnership).  Personal data will be retained throughout the life cycle of any investment in the Partnership.  However, some personal data will be retained after a data subject ceases to be a subscriber in the Partnership or a related investment vehicle.

Data Subject Rights

It is acknowledged that, subject to applicable EEA-UK Data Protection Legislation, the data subjects to which personal data relates may have the following rights under EEA-UK Data Protection Legislation:

• right to withdraw consent: if the lawful bases for the processing of personal data is the data subject’s consent, the data subject has the right to withdraw consent given in relation to, the processing of their personal data at any time.  This will not affect the lawfulness of processing based on consent before its withdrawal;
• right of access: if the data subject requires, the Authorized Entities will confirm whether they are processing personal data and, if so, will provide the data subject with a copy of their personal data;
• right to rectification: if personal data of the data subject is inaccurate or incomplete, the data subject is entitled to ask for correction or completion of their personal data;
• right to erasure: the data subject has the right to require the deletion of their personal data, such as when personal data is no longer necessary for the purpose or the data subject withdraws consent (if applicable).  Please note that the right to erasure is not absolute, and it may not always be possible to erase personal data on request, including where the personal data must be retained to comply with a legal obligation.  In addition, erasure of the personal data requested to fulfill the purposes described in this EEA-UK Privacy Notice may result in the inability to provide the services as contemplated by the Partnership Agreement;
• right to object: the data subject has the right to (i) object at any time, on grounds relating to the data subject’s particular situation, to the processing of personal data when the processing is based on the legitimate interest basis in the circumstances described above, unless the controllers demonstrate compelling legitimate grounds for the processing, and (ii) object to the processing of personal data for direct marketing (if applicable).
• right to data portability: the data subject has the right to obtain personal data that the data subject consented to provide or that is necessary to perform the Partnership Agreement and that is processed by automated means, in a structure, commonly used machine-readable format;
• right not to be subject to automated decision-making: the data subject has the right to not be subject to a decision based solely on automated processing, including profiling, which produces legal effects concerning the investor or similarly affects the data subject; and
• right to lodge a complaint with a data protection authority: if the data subject has a concern about processing of personal data under this EEA-UK Privacy Notice, the data subject has the right to report it to the data protection authority that is authorized to hear those concerns.

A data subject may raise any request relating to the processing of his or her personal data with the Chief Compliance Officer of GEM Capital, L.P. at [email protected].

1. This Privacy Notice is intended only for individuals and certain entities that are essentially “alter egos” of individuals (e.g., revocable grantor trusts, IRAs or certain estate planning vehicles). ↩︎
2. This Privacy Notice is also being provided to you on behalf of, and with respect to, all management companies and fund general partners affiliated with GEM Capital, L.P., GEM Realty Capital, Inc., GEM Realty Evergreen Fund, L.P., GEM Realty Evergreen Fund PF-NM, L.P., GEM Realty Fund IV, L.P., GEM Realty Fund V, L.P., GEM Realty Fund V-A, L.P., GEM Realty Fund VI, L.P., GEM Realty Fund VI-A, L.P., GEM Realty Fund VII, L.P., GEM Realty Fund VII-A, L.P., GEM Realty Fund VIII, L.P., GEM Realty Fund VIII-A, L.P., GEM Realty Securities Flagship, L.P., GEM Realty Securities Flagship, LTD, GEM Realty Special Situations Fund, L.P., and any co-investment funds sponsored by GEM Capital, L.P. or GEM Realty Capital, Inc. ↩︎