Fees and Compensation — Form ADV Part 2A (3/30/2021)
[Brochure]
Item 5 – Fees and Compensation
Management Fees
The Adviser no longer collects management fees.
Performance Compensation
The Adviser will receive incentive compensation from BADPI equal to 10% of all dividends
and other payments received from ADPI above each Limited Partner’s capital contribution
plus a 7% annual compound return, including net proceeds realized from portfolio
investments.
Performance compensation is generally deducted on an annual basis.
Fees to the Portfolio Manager of the Underlying Fund
In addition to the fees charged by the Adviser and its affiliates, BADPI is subject to fees
charged by its underlying portfolio fund.
Expenses
The Fund bears expenses including, but not limited to, investment expenses (e.g., fees or
allocations of profits to Managers, brokerage commissions, interest expense, manager-
related research and travel expenses), legal expenses, accounting, fees of the
Administrator, audit and tax preparation expenses, expenses relating to the offer and sale
of interests in a Fund and extraordinary expenses related to the Fund.
Neither the Adviser nor any of its partners, employees, or affiliates receives compensation
for the sale of securities or other investment products.
Account Minimums and Types of Clients — Form ADV Part 2A (3/30/2021)
[Brochure]
Item 7 – Types of Clients
The client of the Adviser is BADPI. The investors in the Fund include high net worth
individuals, charitable institutions, and foundations.
To invest in BADPI, an investor was required to complete and execute a Subscription
Agreement that, among other things, required the investor to represent that it met the legal
and suitability requirements of the Fund.