Avant Management LLC

Item 5 – Fees and Compensation
The Adviser or its affiliates generally receive Management Fees and Carried Interest (a performance-
based fee) from a Fund. Additionally, consistent with the Governing Documents of a Fund, the Client
typically bears certain out-of-pocket expenses incurred by the Adviser in connection with the services
provided to the Client and/or the portfolio companies. Below is a discussion of how the Adviser is
generally compensated in connection with providing advisory services to its Clients.
It is critical that investors and prospective investors refer to a Client’s Governing Documents for a
complete understanding of how the Adviser and the applicable General Partner are compensated for
advisory services and what organizational and operational expenses are charged to the Client and
ultimately borne by investors. The information contained herein is a summary only and is qualified in its
entirety by the Client’s Governing Documents. Investors and prospective investors are advised that they
should consult with their own legal, financial, tax, and other advisers when making any investment
decision.

Management Fees
For its services to each Fund, the Investment Manager receives a management fee (the “Management
Fee”) which is based on a percentage of the aggregate capital commitments of the Limited Partners.
Management Fees are generally billed on a quarterly basis as specified in each Clients Governing
Documents.. The Manager may waive all or a portion of the Management Fee, as provided for in each
Client’s Governing Documents.
The precise amount of, and the manner and calculation of, the Management Fees for each Client are
established by the Adviser and are set forth in such Fund’s Governing Documents received by each
investor prior to making investment in such Fund. The Management Fees and other fees and distributions
described herein can be subject to modification, waiver, or reduction. Investors should review the
applicable Governing Documents for fees pertaining to the Funds.

Performance Fees
With respect to the Funds, the General Partner of each Fund is entitled to receive an allocation of net
profits subject to limited partners receiving all capital contributions, a stated preferred return (as
applicable), and in accordance with other provisions of the applicable Fund’s Governing Documents, also
known as “Carried Interest”. Additional information pertaining to Carried Interest, please refer to Item 6.
Performance-Based Fees and Side-By-Side Management. Any Performance Fee for each Client is
specified in the Governing Documents of such Client. Avant does not charge any performance fees
outside of potential Carried Interest Distributions.

Other Fees and Expenses
Organizational Expenses
Each Fund bears all legal and other expenses incurred in the formation of such Fund and the offering of
the interests, up to an amount not to exceed the amount specified in the relevant Governing Fund
Documents. Generally, each Fund bears all operating expenses that are allowed to be charged to the
respective Fund pursuant to the Fund Documents.
Unless otherwise contractually provided for, Avant will pay all its own standard operating expenses and
overhead costs, including but not limited to employee salaries, rent, and communications. The Funds will

pay all fund related expenses including, but not limited to, fees and expense related to consummated
portfolio investments, proposed but unconsummated investments, legal, accounting, audit, administrative,
custodial, consulting, regulatory and compliance, and others.
In the case of a feeder fund, as a Limited Partner of the Partnership, will bear its proportionate share of all
fees, costs and expenses incurred by or on behalf of the Partnership (i) in connection with the organization
of the Partnership and the offering of the Interests and (ii) related to the Partnership’s operations and its
investments.