A&M Capital Advisors LP

Item 5: Fees and Compensation

General

We typically receive compensation from fees based on a percentage of capital commitments to, or
capital contributed for investments by, the Partnerships and/or assets under management, carried
interest allocations and certain other fees or expenses related to transactions (see below). Investors
should review all fees charged by us and others to fully understand the total amount of fees to be
paid by the Partnerships and, indirectly, by their Limited Partners. Management Fees (as defined
below) are paid by the Partnerships on behalf of the Limited Partners by (i) requiring Limited
Partners to make capital contributions in respect of such fees, or (ii) withholding the amount of
such fees from investment proceeds that would otherwise be distributable to the Limited Partners.
Investors are generally not permitted to withdraw from the Partnerships as outlined in the
Governing Documents. 1

Management Fee

The Partnerships pay an annual management fee (the “Management Fee”) semi-annually in
advance. The Management Fee is calculated as a percentage of committed capital during the
investment period and invested capital thereafter, in each case in accordance with the Governing
Documents. These terms vary for separately managed accounts and certain sub-advisory
arrangements. We reserve the right to waive or reduce management fees for certain Investors,
including employees, our affiliates, advisors and consultants, and others as may be determined in
our sole discretion.

Pursuant to each sub-advisory agreement between an AMC Advisor and A&M Capital in relation
to the Applicable Partnerships, A&M Capital provides investment advisory services to each AMC
Advisor with respect to the Applicable Partnerships in exchange for a fee. Specifically, each AMC
Advisor, following its receipt of Management Fees from the Applicable Partnerships, is required
under the sub-advisory agreement to pay A&M Capital a fee that generally equals the excess, if
any, of (i) Management Fees that the AMC Advisor received from the Applicable Partnerships for
a given period over (ii) the costs, expenses and liabilities incurred by such AMC Advisor for the
same period (including reserves for anticipated liabilities, but excluding the sub-advisory fee paid
to A&M Capital, certain expenses relating to the Applicable Partnership investments, and amounts
for which such AMC Advisor is entitled to be reimbursed).

The General Partner (as defined below) has implemented the Executive Capital Program (as
defined below) pursuant to the terms of the Governing Documents of the Applicable Partnerships
whereby an AMC Advisor (in such capacity, a “Special Contribution Entity”) shall receive a
percentage of distributions under certain circumstances. Under the Executive Capital Program, the
Management Fee with respect to the Applicable Partnerships will be reduced by a Special
Contribution Amount (as defined for purposes of this paragraph below) on subsequent
Management Fee payment date(s) after such Special Contribution Amount is contributed by

  Investors generally may not withdraw any amount from the Partnerships, except in limited circumstances such as a
non-voluntary withdrawal to avoid a prohibited transaction under the Employee Retirement Income Security Act of
1974. In the event of a “non-voluntary withdrawal,” or other termination of the advisory agreement between us and
the Partnership, we will refund all pre-paid fees that have not been earned.

Form ADV Part 2A Brochure | A&M Capital                                                     June 2026

limited partners of the Applicable Partnerships. For each investment, the “Special Contribution
Amount” is an amount equal to a fixed percentage of the aggregate amount to be invested by the
Applicable Partnerships in such investment which amount varies for each Applicable Partnership.
This percentage has been communicated in writing to the limited partners of the Applicable
Partnerships. The Special Contribution Amount will reduce (i) the amount the General Partner
and/or its affiliates (including certain employees of A&M Capital and other persons, in each case
to the extent approved by the General Partner in connection with their participation in the
Executive Capital Program) are otherwise required to fund with respect to their unfunded
commitments and (ii) the Management Fee with respect to the Applicable Partnerships on a dollar
for dollar basis. The Special Contribution Entity will be entitled to the amount of distributions
otherwise distributable to the limited partners of the Applicable Partnerships related to the Special
Contribution Amount, but solely out of profits from portfolio investments. The foregoing is
referred to herein as the “Executive Capital Program.” The Executive Capital Program is not
expected to affect the total amount of capital limited partners of any Applicable Partnerships must
contribute to the Applicable Partnerships over the life of the Applicable Partnerships.

Carried Interest Distributions

A portion of a Partnership’s net realized investment profit is distributed to its General Partner (with
respect to the relevant Partnership, the “General Partner”) as “carried interest.” The manner of
calculation of such carried interest is disclosed in the Governing Documents. Generally, however,
up to 20% of the realized investment profits of the Partnerships are distributed as carried interest
to such Partnerships’ General Partner with a preferred return to the Limited Partners of 8% per
annum, subject to a giveback, as defined in the Governing Documents. These terms vary for
separately managed accounts. As is the case with Management Fees, the General Partner reserves
the right to waive or reduce carried interest for certain Investors, including employees, affiliates,
advisors and consultants, and others as may be determined in the General Partner’s sole discretion.

Other Fees Earned by Us
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Item 7: Types of Clients

We currently provide investment supervisory services to the Partnerships. All Limited Partners are
required to be “qualified purchasers” or employees who are deemed to be “knowledgeable
employees” under the Investment Company Act, or otherwise be permitted to invest under
applicable securities laws. All ESC Investors are required to be employees, members, officers,
and/or independent contractors of A&M or A&M Capital, officers and/or employees of A&M
Capital’s affiliates and/or their family members, certain business associates, or other persons close
to us. Details concerning applicable Investor suitability criteria are set forth in the applicable
Governing Documents and subscription materials, which are furnished to each Investor.

Form ADV Part 2A Brochure | A&M Capital                                                   June 2026