Alterna Capital Partners LLC

Item 5. Fees and Compensation
Fees

Detailed information regarding fees is included in the Funds’ offering documents and the Funds’
governing documents. Because this Brochure will only be delivered to “qualified purchasers” as defined
in section 2(a)(51) of the Investment Company Act of 1940, a complete description of our compensation
arrangements is not required to be included in this Brochure.

Expenses

The Funds pay or reimburse us for their own fees and expenses, including but not limited to:

          •    organizational expenses;
          •    accounting and auditing fees and expenses;
          •    legal fees and expenses;
          •    fund administration expenses
          •    custodial expenses;
          •    tax returns preparation;
          •    expenses incurred by the Funds’ Advisory Committee;
          •    Fund annual meetings;
          •    evaluating, making, managing or disposing of portfolio investments;

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          •    costs and expenses incurred in connection with the formation of any alternative investment
               vehicle;
          •    third party expenses incurred in connection with any prospective portfolio investment that is
               not consummated (subject to certain limitations that are described in the Discretionary Funds’
               offering documents);
          •    interest on, and fees and expenses relating to or arising from, Fund or portfolio indebtedness;
          •    other extraordinary, nonrecurring expenses of the Funds;
          •    any action, proceeding or investigation with respect to the Funds or investment vehicle in
               which the Funds become involved by reason of their investment programs or by reason of the
               ownership of interests in the Funds by any partner, and the amount of any judgment,
               arbitration or similar award, settlement, fine or penalty paid in connection with any such
               action, proceeding or investigation;
          •    certain insurance and bonding costs;
          •    fees (including legal fees) or assessments in connection with any regulatory registrations,
               qualifications or approvals of the Funds, the Firm or the General Partners that we deem
               appropriate in connection with the activities of the Funds;
          •    the cost of preparation and distribution of reports and statements to investors;
          •    all transaction costs, including but not limited to legal fees, advisory fees, and costs
               associated with asset inspection and appraisal;
          •    such research and portfolio management expenses as we deem appropriate, which may
               include, but are not limited to, costs of software programs related to investment modeling and
               screening, expenses incurred in traveling to and attending research conferences and otherwise
               conducting research activities, costs of research reports, data feeds and databases, news wires
               and quotation services, periodical subscription fees, and fees of outside consultants and
               experts;
          •    management fees payable to the Firm; and

management fees payable to Alterna employees. This arrangement is only for the investment managed by
Tarawa General Partner, whereby Mr. Goldin, Mr. Schaffer and Mr. Samir Patel (the “Tarawa
Managers”) are due management fees, calculated at 25bps per annum on outstanding loans. Any
compensation received for their services is offset by a reduction in their annual compensation paid by the
Firm. Total compensation earned by the Tarawa Managers was $71,031 in 2025. This arrangement ended
on December 31, 2025 so the Firm and the Tarawa Managers will no longer receive any fees from
Tarawa. A separate independent firm was employed by Alterna Tarawa General Partner starting January
1, 2026 to manage the liquidation of the remaining assets in Tarawa.

Alterna maintains a non-employee network of seasoned professionals (collectively the “Alterna
Network”, individually an “Operating Partner”). These individuals provide advice and services to
Alterna and in some cases entities in which a Fund is invested on matters such as deal sourcing,
interim management, exit strategy, technical consulting, operational improvement initiatives, human
capital management, industry networking, and other similar projects. Members of the Alterna
Network will work with either Alterna or an entity in which a Fund is invested and will be
compensated directly by either Alterna or the investment entity for which such Operating Partner is
providing advice. On occasion when the Operating Partner is contracted by Alterna and not an
investment entity, the applicable investment entity may be charged by the General Partner and/or its

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affiliates for such services in an amount not to exceed what an unaffiliated third party would charge
for comparable services, without any reduction to the applicable Fund’s management fee.

Item 7. Types of Clients
We provide investment advice to the Funds and not individually to the Funds’ limited partners. All four
Funds are closed to new investors, and no further commitments will be accepted. Fund I’s limited
partners were: three US state-level public pension funds, one US state investment fund, one UK public
pension scheme and one private pooled investment fund. Fund II’s limited partners are: six US state-level
pension funds, one US state investment fund, three US county-level pension funds, five US educational
endowment funds, one private endowment and two US private pension trusts (one of which invests
through three different legal entities). In addition, the original members of Fund II’s General Partner have
individually committed directly to Fund II; in the aggregate, their commitments are less than one percent
of Fund II’s total commitments.

Lavaca has one limited partner, a US state-level public pension fund that committed $100,000,000 to
Lavaca on a non-discretionary basis (i.e., all investments made by Lavaca must be approved by such
limited partner). Tarawa has three limited partners, each affiliated with a US private pension trust, that
together committed an aggregate of $125,000,000 to Tarawa on a non-discretionary basis (i.e., all
investments made by Tarawa must be approved by such limited partners).