Angeles Investment Advisors LLC

Fees and Compensation
                                                                                              Form ADV Part 2A, Item 5

DISCRETIONARY SERVICES

All fees for Angeles' discretionary services are negotiable. The typical fee schedule will range from .10% to
.50%. There is generally a minimum fee of $125,000. Clients will be invoiced quarterly in advance based upon
the current market values of the client's account as of the last business day at the end of the previous quarter.
Clients must pay said fees in advance. Angeles will send the client an invoice detailing the fees being charged,
and the client will have the option to either have Angeles deduct the fees directly from their custodial account or
pay those fees separately.

CONSULTING SERVICES

Consulting services fees will be charged in one of two ways:

     As a percentage of assets under consultation, typically ranging from 0.01% to 0.20%, depending on the
      nature and complexity of each client's circumstances. Angeles will quote an exact percentage for each
      client based on both the nature and total dollar value of that account. Clients will be invoiced in advance
      based on the current market value of the client's account at the end of the previous quarter. Clients must
      pay said fees in advance.

     As a fixed fee, typically ranging from $25,000 - $1,000,000 annually, depending on the nature and
      complexity of each client's circumstances. Fixed fees are billed quarterly in advance. Clients must pay
      said fees in advance.

In certain circumstances, Angeles will negotiate fees. In the event of termination, fees will be prorated, and any
unearned portion of the fee will be refunded to the client. Clients will be invoiced in advance based upon the
current market value of the client's account as of the last business day of the month prior to the previous quarter-
end, or a one-month “lag” since Hedge Fund net asset values generally are finalized later than exchange-traded
securities. For example, values from May 31st would be used for the quarter ending June 30th.

FUNDS

Fund investors that have an existing advisory agreement with Angeles will not pay any incremental management
fees to invest in one or any of the Funds. After 2021, fund investors will be subject to “carried interest” or
performance fees, but the assets subject to performance fees will be removed from the calculation of the Angeles
advisory fee. Performance fees are typically measured as a percentage of the profits of a Fund and are negotiated
separately for each Fund at a rate consistent with industry standards. Any such performance fees are specifically
disclosed to investors prior to investment in the organizational documents of the applicable Fund. Performance
fees generally range from 10% to 20% depending on the specific Fund. Prior to 2022, this fee is waived for
current advisory clients of Angeles and its subsidiary, Angeles Wealth Management LLC, discussed further in
Other Financial Industry Activities and Affiliations (collectively, “Angeles Clients”) and as set forth in the in the
organizational documents of the applicable Fund. See “Fees for Mutual Funds, Commingled Funds, Separately
Managed Accounts and the Fund” below for a further discussion of fees related to the Funds.

GENERAL INFORMATION ON FEES

Negotiability of Fees: In certain circumstances and subject to Angeles’ discretion, Angeles will negotiate fees
with its clients.

In some circumstances, clients will be invoiced in advance based upon the current market value of the client's
account as of the last business day of the month prior to the previous quarter-end, or a one-month “lag” since
certain alternative investment (e.g., hedge funds) net asset values generally are finalized later than exchange-
traded securities. For example, values from May 31st would be used for the quarter ending June 30th.

However, in other instances investments for which Angeles does not receive daily pricing (i.e., hedge funds,
private equity funds, other commingled funds) will be valued in the following manner for purposes of determining
fees described above. The final value as of the prior month/quarter-end will be (i) increased based on any
appreciation during the quarter, as notified to Angeles from the underlying manager’s initial quarterly
performance estimate (which will typically be available shortly after each calendar quarter-end) as well as any
contributions made during the period and (ii) reduced based on any depreciation during the quarter, as notified
to Angeles from the underlying manager’s initial quarterly performance estimate as well as any
withdrawals/distributions made during the period. The fee calculations will not be updated after such estimated
market values are finally determined, which often occurs a month or more after the end of a quarter. As a result,
there may be a difference between the valuation at which fees described above are calculated and the final market
values of the investments as of such quarter-end. This understanding is documented and agreed to in the standard
Angeles advisory agreement.

Termination of Advisory Relationship: A client agreement may be canceled at any time, by either party, for any
reason upon receipt of prior written notice, in accordance with the terms of the Advisory Agreement, except for
Fund investors, which must adhere to the Fund terms detailed in the offering memorandum. With respect to open-
ended Angeles Funds, if an Angeles client invests in a Fund and later terminates Angeles’s services, but wishes
to remain in the Fund, the client will become subject to the respective Fund’s fee schedule detailed in the
allocation agreement immediately upon termination of the Angeles Advisory Agreement and will generally result
in increased fees paid by the client. With respect to Angeles-advised private markets funds, liquidity rights are
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Types of Clients

                                                                                            Form ADV Part 2A, Item 7
Angeles’ client base consists primarily of institutional, tax-exempt entities including endowments, foundations,
operating charities, and retirement plans, as well as certain high net worth individuals. Angeles does not have a
minimum account size but generally charges a minimum fee for services of $125,000. Therefore, the typical
client will be institutional in nature, with investable assets exceeding $25 million.

Angeles also acts as the investment adviser to the Funds. Angeles served as the sole director, or member, of the
general partner prior to 2021. After 2021, certain funds will have multi-member general partners; this information
can be derived from appropriate fund documents. The Funds rely on the exclusion to the definition of “Investment
Company” provided by Section 3(c)(1) and/or Section 3(c)(7) of the Investment Company Act of 1940. The
funds are managed in reliance on the Commodity Futures Trading Commission Regulation 4.7(b), which requires
that investors be limited to “qualified eligible persons” (including non-US persons).

                Methods of Analysis, Investment Strategies, and Risk of Loss

                                                                                             Form ADV Part 2A, Item 8
METHODS OF ANALYSIS AND SOURCES OF INFORMATION

Angeles conducts proprietary fund/manager research to evaluate and find suitable investment management
organizations to recommend to clients, to manage client assets on a discretionary basis, or to include as a Sub-
Fund in the Funds. As part of its proprietary fund/manager research, Angeles utilizes databases, industry contacts,
and other industry resources to find individual firms and their products available in the marketplace. Angeles
then conducts independent research by communicating directly with the investment firm's management and
portfolio managers, evaluating their investment ability and monitoring these firms over time.

TYPES OF INVESTMENTS

Angeles may utilize no-load mutual funds, load-waived mutual funds, ETFs, government securities, exchange-
listed closed-end funds, limited partnerships, offshore corporations, and/or private placements, including hedge
funds and private equity funds. Investing in any of the above securities involves risk of loss, including the loss
of principal, which clients should be prepared to bear. Additionally, frequent trading of securities can affect
investment performance, particularly through increased brokerage, transaction costs, and taxes. There are
additional risks associated with private placements, and those risks are discussed below.

Private placement securities can carry greater risk than an exchange-traded security for several reasons. Private
placements are less liquid than exchange-traded securities, with withdrawals generally prohibited for one year
from the date of purchase, sometimes longer. Managers can also invest in a wider range of securities, including
synthetic positions known as derivatives. They can also employ margin to increase leverage, which in turn
increases the risk of loss. Angeles clients investing in these private securities will receive an offering
memorandum that details the full range of risks present. Clients will be asked to sign a separate application to
invest in these securities and attest to their having read and understood the offering memorandum.

The Funds are private placements. The Sub-Funds Angeles selects may employ a wide range of investment
strategies including, but not limited to, investing in private equity, bank debt, convertible arbitrage, capital
structure arbitrage, high yield debt, structured credit, merger arbitrage, special situations, distressed debt, and
global long/short equity. The expected volatility of these sectors ranges from low to very high. The Sub-Funds
may also utilize short-selling and leverage as discussed above. Clients investing in the Funds will be asked to
sign a separate application and attest to their having read and understood the offering memorandum.

Angeles may consider a wider range of industries and deal types if it believes the co-investor with whom Angeles
or its Private Fund(s) bring value-added industry expertise and relationships.

Angeles may seek other opportunistic investment opportunities in other industries or asset classes as they become
available or that otherwise meet a client’s (including the Private Funds) investment objectives. Angeles may
make investments in any number of companies, public and private securities (both debt and equity), joint ventures
and partnerships, including investment vehicles of its affiliates.

RISK OF LOSS

An investment in any of the vehicles used by Angeles, including the Funds, involves significant risks that each
client should consider and should be prepared to bear. The following non-exhaustive list highlights certain of
these risks:

    •   ETF Risk: Shares of ETFs, because they are listed on a stock exchange, can be traded throughout the day
        on that stock exchange at market-determined prices. ETFs typically invest predominantly in the
        securities comprising any underlying index. Changes in the prices of such shares generally track, but not
        always, the movement in the underlying index or sector securities relatively closely. In particular,
        leveraged and inverse ETFs (that is, ETFs that track some multiple of the daily return of an underlying
        index or sector or seek to create an inverse of the daily return compared with such underlying index or
        sector, or both), may perform substantially differently over longer terms than would leveraged or short
        positions in the underlying investments. ETFs are generally seen as a relatively inexpensive way to gain
        exposure to the underlying market or sector as a whole.
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