Fees and Compensation — Form ADV Part 2A (3/30/2026)
[Brochure]
Item 5 – Fees and Compensation describes the performance-based compensation received by the
Fund General Partner (i.e., Incentive Allocation). Incentive Allocation may create an incentive for Avantyr
to make investments that are riskier or more speculative than would be the case in the absence of a right
to receive performance-based compensation.
Currently, the Feeder Funds offer the same terms as one another with respect to Management
Fees and Incentive Allocation, and all of the assets of the Feeder Funds are invested in the Master Fund.
Because the Funds are its only Clients at this time, Avantyr will not face the conflicts of interest that can
occur when it receives performance-based compensation from some Clients, but not from others, or when
Clients have different rates of performance-based compensation. However, these conflicts could arise in
the future if Avantyr has Clients with different performance-based fee arrangements. If Avantyr manages
additional Clients in the future, it will implement procedures that are designed to ensure that all Clients
are treated fairly and equitably.
In addition, because the Funds’ Management Fees and Incentive Allocation are based on their net
asset values, Avantyr has a conflict of interest in valuing assets held by the Funds. To mitigate this conflict,
Avantyr has adopted and implemented documented valuation policies and procedures (the “Valuation
Policy”) and periodically consults with auditors and the administrator to each Fund regarding valuation.
Account Minimums and Types of Clients — Form ADV Part 2A (3/30/2026)
[Brochure]
Types of Clients
Avantyr provides discretionary investment management services to the Funds, as described
above. Avantyr may, in the future, provide investment management services to other Clients.
The Funds themselves are not subject to any requirements for opening or maintaining an account.
Each Investor in the Funds is required to meet certain suitability qualifications, including being (i) an
“accredited investor,” as defined in Regulation D under the Securities Act of 1933, as amended (the
“Securities Act”), and (ii) either a “qualified purchaser,” as defined under the Company Act or a
“knowledgeable employee,” as defined under Rule 3c-5 of the Company Act. Additional eligibility criteria,
including the applicable minimum investment amount for each class of interest, are forth in the Funds’
Governing Documents. Avantyr may, in its sole discretion, waive or reduce minimum investment amounts
for certain Investors, and has done so (and expects to continue to do so) for investments by Avantyr
employees, their family members and certain other Investors.