Asset Management Group Investment Corp

Item 5. Fees and Compensation
AMGIC is compensated for its services through fees paid by the Client Funds. These fees may
include an initial fund organization fee, an annual management fee, a performance-based fee in the
form of carried interest, and/or reimbursement of out-of-pocket expenses. The fees vary by Client
Fund, by the services provided, by the size of the portfolio, by expected time commitments and
similar factors. Not all Client Funds are charged all fees. The organization fee generally varies from
0% to 3% of committed capital. The annual management fees generally vary from 0% to 1.25% of
committed capital or assets and are lower if the Client Fund directly pays AMG National Trust
Bank an investment management fee. The performance-based carried interest fees generally vary
from 0% to 20% of the Client Fund’s gains. AMGIC generally also purchases a 1% ownership
interest in the Client Fund financed by a non-recourse note payable. AMGIC fees for managing
Client Funds that AMGIC organizes generally are established prior to closing the fund and are not
negotiated. AMGIC fees for managing other funds are negotiable.

AMGIC charges certain expenses to Client Funds if or when they are incurred. These expenses
include audit expenses, accounting and tax preparation expenses, legal expenses, bank expenses,
and amortization expenses. Additionally, if a Client Fund invests in mutual funds, separately
managed accounts or other private funds (fund of funds), the Client Fund will incur further
management and performance-based fees by those underlying funds. Underlying managers or
custodians also may charge asset-based or transaction-based brokerage, trade, execution and
custody fees. For additional information regarding brokerage practices, see Item 12.

Applicable fees are explained in detail in a fee summary provided to the Client Fund, and if
applicable, in the private placement memorandum a Client Fund delivers to investors in the fund.

AMGIC generally deducts fees from Client Fund accounts on a monthly or quarterly basis, but a
fund may request invoicing or a different payment period. AMGIC does not deduct or require Client
Funds to pay fees more than a quarter in advance. If a contract is terminated before the end of the
billing period, any unearned pre-paid fees are repaid to the Client Fund upon request when the
account is terminated.

AMGIC and its supervised persons do not sell, or accept compensation for the sale of, securities or
other investment products.

Form ADV Part 2A Firm Brochure                                                     September 2025
Asset Management Group Investment Corp                                                     Page 5

Item 7. Types of Clients
AMGIC’s Clients exclusively consist of Client Funds that are generally organized as limited
partnerships or limited liability companies (LLCs). Investors in the Client Funds include high-net-
worth persons, endowments, foundations, institutions, trusts, family offices, other business entities,
and similar persons, as permitted under exemptions under the 1933 Act and the 1940 Act. As such,
each investor in the Client Funds generally must be an “accredited investor,” as defined in
Regulation D under the 1933 Act, and with respect to certain Client Funds, a “qualified purchaser”
under the 1940 Act, and the rules applicable to each act.

AMGIC generally imposes a minimum dollar amount requirement for the creation of a new Client
Fund, which varies among funds based on the investment opportunity and expected costs. For most
Client Funds, there is a minimum investment amount for investors, which the governing document
may permit the Manager to waive in its sole discretion.

Form ADV Part 2A Firm Brochure                                                      September 2025
Asset Management Group Investment Corp                                                      Page 7

Item 8. Method of Analysis, Investment Strategies, Risk of Loss
Methods of Analysis and Investment Strategies
For family-office Client Funds, AMGIC’s affiliate, AMG National Trust Bank, develops an asset
allocation strategy based on its current and forecasted economic outlook and on the needs of the
family office. For such portfolios, AMG National Trust Bank uses a broad range of investment
options, including illiquid investments and publicly traded securities such as mutual funds,
exchanged-traded funds, separately managed equity portfolios, bonds, REITs, and short-term sweep
investment vehicles.

Other Client Funds generally are formed to provide unique access to a specified expected illiquid
investment value proposition, such as direct investments in real estate, oil and gas interests, venture
capital funds, private equity funds, hedge funds, other Client Funds, negotiated debt instruments,
unregistered equity from U.S. and foreign issuers, publicly traded securities or other investments. In
such cases, the value proposition and related risks are explained to potential investors in a private
placement memorandum. Prior to choosing an investment for a Client Fund, AMG National Trust
Bank performs extensive research on the investment, including among other things a fundamental
analysis of the investment, expected return calculations, site visits, completion of an investment
checklist, and interviews. Current and prospective earnings are analyzed in light of the present and
anticipated economic environments.

Risks
Below are brief summaries of certain material risks relating to the investment strategies and
methods that certain of the Client Funds may use. The following risks do not purport to be a
complete explanation of all the risks involved in investing in the Client Funds. Investors and
potential investors are urged to review the applicable Client Fund’s offering documents carefully
and in their entirety, including the risk summaries contained therein, before deciding to make an
additional or initial investment in such fund.

General Investment Risks – Investments are not guaranteed or insured by AMGIC, its affiliates or
the FDIC unless specifically stated otherwise in writing. All investments involve a risk of loss that
Client Funds and their investors should be prepared to bear, potentially of the complete investment
amount. When AMGIC organizes a Client Fund for investors, the Client Fund provides investors
with a private placement memorandum that explains potential conflicts of interests as well as other
important disclosures.

Tax Risks – There are certain tax risks related to investing in private funds, such as having a tax
liability that exceeds cash distributions from the fund.

Legal, Tax and Regulatory Risks – Legal, tax and regulatory changes could occur during the term of
a Client Fund that may adversely affect the Client Fund and its investments.

Form ADV Part 2A Firm Brochure                                                      September 2025
Asset Management Group Investment Corp                                                      Page 8

Illiquidity of Investments – Interests in Client Funds generally are subject to substantial restrictions
on transfer. Many of the Client Funds invest in securities or other assets that are highly illiquid in
nature. Such securities generally are not registered and therefore may be subject to restrictions on
sale under securities laws. The nature and extent of these risks are such that persons who purchase
an interest in the Client Fund must have a substantial net worth or income so that they are in a
position: (a) to hold their investment for an indefinite period without need for liquidity of the
investment and (b) to absorb the possible loss of their entire investment.

Financial Market Fluctuations – In addition to the specific risks associated with each investment
strategy, general economic and financial market fluctuations can influence the value of the Client
Funds.

Reliance on the Manager and its Related Persons – The Client Funds will compete with affiliates of
AMGIC and other Client Funds in which AMGIC is involved for the time and talents of personnel
employed by AMGIC or its affiliates rendering services to the Client Funds. A Client Fund could
suffer adverse consequences if such personnel are unable to devote adequate time to the fund’s
affairs as and when needed.

Leverage – Certain Client Funds, such as hedge funds, may use leverage (i.e., borrowing money to
purchase securities) in an attempt to improve returns. The use of leverage increases the risks
involved in investing, including the need for the fund to liquidate underlying investments to meet
...