Materials

Risk Factors and General Notices

This is not an offer to sell nor a solicitation of an offer to buy shares of CNL Strategic Capital. Only the prospectus makes such an offer. This piece must be read in conjunction with the prospectus in order to understand fully all the objectives, risks, charges and expenses associated with an investment and must not be relied upon to make a decision. Please read the prospectus, including the Risk Factors section, for full details.

Neither the U.S. Securities and Exchange Commission, the Attorney General of the State of New York nor any other state regulator has passed on or endorsed the merits of this offering. Any representation to the contrary is unlawful.

An investment in CNL Strategic Capital, LLC is considered speculative and involves a high degree of risk, including the loss of all or a substantial amount of your investment. This offering is not suitable for everyone; investors are expected to meet the following: minimum financial suitability standards, time horizon, and risk tolerance to name a few. See the Suitability Standards section of the prospectus for details.

An investment in CNL Strategic Capital is illiquid. Shares sold in this offering will not be listed on an exchange or quoted through a quotation system for the foreseeable future, if ever. If investors are able to sell their shares, they may receive less than their purchase price.

Distributions paid are not solely based upon performance. Distributions are not guaranteed in frequency or amount. Distributions will be paid from net investment income, offering proceeds, borrowings or reimbursable expense support; the latter three will reduce future cash available for distributions and be dilutive to future shareholders.

CNL Strategic Capital may be unable to successfully implement its business and acquisition strategies or meet its investment objectives.

If CNL Strategic Capital is unable to raise additional funds, it will be limited in the number of businesses it acquires.

CNL Strategic Capital is managed by CNL Strategic Capital Management, LLC and sub-managed by Levine Leichtman Strategic Capital, LLC, which are affiliates of CNL Financial Group and Levine Leichtman Capital Partners, respectively. Each managing entity is an investment adviser registered with the U.S. Securities and Exchange Commission.

CNL Strategic Capital is regulated as a direct participation program. The managing dealer of CNL Strategic Capital is CNL Securities Corp., member FINRA/SIPC. CNL Securities and its associates cannot provide investment advice for any individual or any individual situation and are not acting in a fiduciary capacity. Contact your financial professional to learn more about CNL product offerings and how they may complement and help diversify your portfolio. Investments should be chosen based on your individual objectives, risk tolerance and goals.

Risk Factors and General Notices

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