Investment adviser · CRD 174704

INCENTIVE AS

Investment adviser filing (IA)

OSLO, Norway · Form ADV filed May 22, 2026

Regulatory AUM: $2.46B
Client accounts: 9
Employees: 6
Advisory professionals: 4

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client type	Clients	Regulatory assets	Share of AUM
Pooled investment vehicles	4	$1,640,850,473	66.6%
Sovereign wealth & foreign institutions	Fewer than 5	$487,547,966	19.8%
Corporations & businesses	Fewer than 5	$335,915,991	13.6%

Filing source

Form ADV 2107725 · May 22, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

5 Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

INCENTIVE ACTIVE VALUE LONG ONLY MASTER FUND, SUB-FUND OF INCENTIVE INVESTMENT FUNDS ICAVHedge Fund · Last reported May 22, 2026$1.52BGross asset value

Feeder funds

INCENTIVE ACTIVE VALUE LONG ONLY FUND LP
INCENTIVE ACTIVE VALUE FUND, SUB-FUND OF INCENTIVE INVESTMENT FUNDS PLC

Fund administrator BNY MELLON FUND SERVICES (IRELAND) DESIGNATED ACTIVITY COMPANY DUBLIN, Ireland Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor DELOITTE IRELAND LLP DUBLIN, Ireland

Custodian THE BANK OF NEW YORK MELLON SA/NV, DUBLIN BRANCH DUBLIN, Ireland Related to adviser: No

Custodian UBS EUROPE SE FRANKFURT AM MAIN, Germany Related to adviser: No

Prime broker UBS EUROPE SE FRANKFURT AM MAIN, Germany

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

DELOITTE IRELAND LLP
PCAOB 1193

THE BANK OF NEW YORK MELLON SA/NV, DUBLIN BRANCH
LEI MMYX0N4ZEZ13Z4XCG897

UBS EUROPE SE
LEI 5299007QVIQ7IO64NX37

Fund details & source

Fund ID: 805-3414032050
Reported beneficial owners: 69
Minimum commitment: $1M
Form D file number: 021-259970
Form D file number: 021-260257

Form ADV 2107725 · May 22, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

INCENTIVE ACTIVE VALUE MASTER FUND, SUB-FUND OF INCENTIVE INVESTMENT FUNDS ICAVHedge Fund · Last reported May 22, 2026$71.3MGross asset value

Feeder funds

INCENTIVE ACTIVE VALUE FUND, SUB-FUND OF INCENTIVE INVESTMENT FUNDS PLC

Fund administrator BNY MELLON FUND SERVICES (IRELAND) DESIGNATED ACTIVITY COMPANY DUBLIN, Ireland Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor DELOITTE IRELAND LLP DUBLIN, Ireland

Custodian MORGAN STANLEY INTERNATIONAL LONDON, United Kingdom Related to adviser: No

Custodian THE BANK OF NEW YORK MELLON SA/NV, DUBLIN BRANCH DUBLIN, Ireland Related to adviser: No

Custodian UBS EUROPE SE FRANKFURT AM MAIN, Germany Related to adviser: No

Prime broker MORGAN STANLEY INTERNATIONAL LONDON, United Kingdom

Prime broker UBS EUROPE SE FRANKFURT AM MAIN, Germany

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

DELOITTE IRELAND LLP
PCAOB 1193

MORGAN STANLEY INTERNATIONAL
LEI 4PQUHN3JPFGFNF3BB653

THE BANK OF NEW YORK MELLON SA/NV, DUBLIN BRANCH
LEI MMYX0N4ZEZ13Z4XCG897

UBS EUROPE SE
LEI 5299007QVIQ7IO64NX37

Fund details & source

Fund ID: 805-6499105303
Reported beneficial owners: 27
Minimum commitment: $1M
Form D file number: 021-259969

Form ADV 2107725 · May 22, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

INCENTIVE SPECIAL OPPORTUNITIES FUND, SUB-FUND OF INCENTIVE INVESTMENT FUNDS ICAVHedge Fund · Last reported May 22, 2026$45.2MGross asset value

Form D fundraising filings

Incentive Special Opportunities Fund - a sub-fund of Incentive Investment Funds ICAV

Fund administrator BNY MELLON FUND SERVICES (IRELAND) DESIGNATED ACTIVITY COMPANY DUBLIN, Ireland Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor DELOITTE IRELAND LLP DUBLIN, Ireland

Custodian THE BANK OF NEW YORK MELLON SA/NV, DUBLIN BRANCH DUBLIN, Ireland Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

DELOITTE IRELAND LLP
PCAOB 1193

THE BANK OF NEW YORK MELLON SA/NV, DUBLIN BRANCH
LEI MMYX0N4ZEZ13Z4XCG897

Fund details & source

Fund ID: 805-2209265319
Reported beneficial owners: 1
Minimum commitment: $1M
Form D file number: 021-320318

Form ADV 2107725 · May 22, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

INCENTIVE ACTIVE VALUE CONCENTRATED FUND, SUB-FUND OF INCENTIVE INVESTMENT FUNDS ICAVHedge Fund · Last reported May 22, 2026$25.5MGross asset value

Form D fundraising filings

Incentive Active Value Concentrated Fund, a sub-fund of Incentive Investment Funds ICAV

Fund administrator BNY MELLON FUND SERVICES (IRELAND) DESIGNATED ACTIVITY COMPANY DUBLIN, Ireland Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor DELOITTE IRELAND LLP DUBLIN, Ireland

Custodian THE BANK OF NEW YORK MELLON SA/NV, DUBLIN BRANCH DUBLIN, Ireland Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

DELOITTE IRELAND LLP
PCAOB 1193

THE BANK OF NEW YORK MELLON SA/NV, DUBLIN BRANCH
LEI MMYX0N4ZEZ13Z4XCG897

Fund details & source

Fund ID: 805-7316312790
Reported beneficial owners: 1
Minimum commitment: $1M
Form D file number: 021-570726

Form ADV 2107725 · May 22, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

INCENTIVE INVESTMENT FUNDS PLC - INCENTIVE ACTIVE VALUE FUNDHedge Fund · Last reported Jun 27, 2016$81MGross asset value

Fund administrator BNY MELLON ALTERNATIVE INVESTMENT SERVICES DUBLIN, Ireland Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor DELOITTE & TOUCHE DUBLIN, Ireland

Custodian BNY MELLON ALTERNATIVE INVESTMENT SERVICES DUBLIN, Ireland Related to adviser: No

Marketer SECTOR CAPITAL ADVISORS AS OSLO, Norway Related to adviser: No

Prime broker MORGAN STANLEY LONDON, United Kingdom

Prime broker UBS LONDON, United Kingdom

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

Fund details & source

Fund ID: 805-2300092012
Reported beneficial owners: 29
Minimum commitment: $1.1M

Form ADV 1026244 · Jun 27, 2016 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Services & filing details

Most recent filing: May 22, 2026. View historical filings

Reported services

Pooled investment vehicle management · Business portfolio management

Compensation

Percentage of assets · Performance-based

Principal office

KRISTIAN AUGUSTS GATE 15C
OSLO, 0164, Norway

CRD 174704

Filing source

Form ADV 2107725 · May 22, 2026 · Items 1 & 5

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.