Fees and Compensation
A. Advisory Services and Fees
11 Capital, either directly or indirectly through the Fund General Partner, receives management
and performance-based incentive fees or allocations in connection with the investment advisory
services 11 Capital provides to the Clients.
1. Funds
The fees applicable to the Funds are set forth in detail in the applicable Offering Documents. A
brief summary of such fees is provided below.
Management Fee
Investors in the Funds (“Fund Investors”) pay 11 Capital a management fee that ranges between
1% and 1.5% per annum (the “Management Fee”), based on the Fund Investor’s class of interest
in the Funds. The Management Fee is based upon the Fund Investor’s capital account balance as
of the beginning of the fiscal quarter.
The Management Fee is generally not negotiable. However, 11 Capital has the right to reduce,
waive, assign, grant participation in or otherwise share or modify the Management Fee, without
the consent of, or notice to, any Investor. Typically, no Management Fee will be paid by employees
of 11 Capital or its affiliates.
Incentive Allocation
At the end of each fiscal year, the Fund General Partner will be entitled to receive an incentive
allocation based on investment performance of the Funds (the “Incentive Allocation”) generally
in an amount between 15% and 20% of realized and unrealized gains for the year subject to a
traditional “high watermark.”
Generally, the Incentive Allocation is not negotiable. However, with respect to any Fund Investor,
11 Capital and/or the Fund General Partner will have the right to reduce, waive, assign, grant
participation in or otherwise share or modify the Incentive Allocation, without the consent of, or
notice to, any other Investor. Typically, no Incentive Allocation will be paid by employees of 11
Capital or its affiliates.
The Funds occasionally enter into side letter arrangements with certain Investors which provide
for, different or additional terms than those described above including, without limitation, the fees
charged, minimum subscription amounts, redemption rights, key man provisions, “most favored
nation” clauses, transfers, reporting, and other rights. The terms of such side letters will be
determined by the Domestic Fund’s Fund General Partner and the Offshore Fund’s Board of
Directors, where applicable.
Form ADV Part 2A 11 Capital Partners LP March 2026
2. Managed Accounts
The Managed Accounts pay a management fee and incentive fee based on the value and
performance of the assets in such account, determined in accordance with each Managed
Account’s IMA.
B. Payment of Fees
With respect to the Funds, Management Fees are paid quarterly in advance. With respect to the
Managed Accounts, the management fees are paid in arrears. Incentive Allocations and fees are
paid in arrears as set forth in the Offering Documents and applicable IMA. With respect to the
Funds, the Management Fee and Incentive Allocation are generally deducted from each Investor’s
capital balance account by the Funds’ administrator.
C. Additional Expenses
The fees and allocations described above are exclusive of other expenses associated with the
provision of investment advisory services that are paid by Clients. Each Client of 11 Capital
generally bears all of its own expenses, including but not limited to expenses related to its
operations and the investment of its assets.
Each Fund shall bear those expenses as set forth in the applicable Offering Documents, as amended
from time to time, including but not limited to some or all of the following:
• Organizational and offering expenses;
• Expenses associated with sourcing, negotiating, investigating, researching, financing and
structuring of investments and potential investments, whether or not consummated,
including, without limitation, third-party research, data, analytics, modeling, risk,
structuring, pricing, execution and other third-party information systems, including,
without limitation, installation and maintenance, software and service fees (including,
without limitation, the expenses with respect to data, data feeds, subscriptions, expert
networks, political intelligence providers and reports);
• The costs of research-related computer hardware and software expenses, including, without
limitation, Bloomberg terminals and subscriptions;
• The costs of 11 Capital’s portfolio management system and any other software used for
accounting and/or monitoring of the portfolio, including, without limitation, subscriptions
relating to, among other things, trading and order management systems and services;
• Expenses associated with holding, financing, monitoring, hedging, maintaining and
disposing of all investments of the Funds and all transaction and other costs associated
therewith;
• Travel and related expenses associated with investments and potential investments;
• Professional fees associated with investments and potential investments, including, without
limitation, consulting, due diligence, accounting, valuation, financial, legal and other
advisory fees and expenses;
Form ADV Part 2A 11 Capital Partners LP March 2026
• Transaction fees, brokerage commissions, custodial fees, clearing and settlement charges
and similar fees and expenses associated with the acquisition, disposition and settling of
investments and potential investments;
• Expenses associated with legal and regulatory filings of the Funds;
• Administrative, custodial, appraisal, valuation, legal, regulatory, compliance, consulting,
advisory and similar fees and expenses associated with the Funds’ operations, investments
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