Fees and Compensation — Form ADV Part 2A (3/26/2019)
[Brochure]
Item 5 – Fees and Compensation
Advisor receives a portion of the annual management fee of the Energy Infrastructure
Fund. The fee arrangements are described in the corresponding offering memorandum or
other disclosure documents of the Fund.
Due to the common ownership between Advisor and BAIA, when Advisor receives a fee
the economic benefit will be received by BAIA or its owners. This presents a conflict of
interest in that it may create an incentive to recommend investment products or funds
based on the compensation received rather than solely on the needs of the client. Further,
employees of Advisor and BAIA may invest in Advisor-affiliated funds at a waived or
reduced fee. Bel Air recognizes the concerns or potential conflicts related to this practice,
and monitors the investment activities of its client portfolios and employee accounts.
Furthermore, Bel Air believes that having its employees invested in Advisor-affiliated funds
aligns the interests of its employees (as well as Advisor) with the interests of clients.
The fee payable to Advisor is made from the assets of the Fund; individual investors are
not billed directly.
Account Minimums and Types of Clients — Form ADV Part 2A (3/26/2019)
[Brochure]
Item 7 – Types of Clients
Advisor acts as a co-general partner to the Energy Infrastructure Fund. Investors in the
Fund are required to be accredited investors and/or qualified purchasers, as defined under
the federal securities laws. The Fund is subject to a minimum investment amount, which is
further described in the Fund’s corresponding offering memorandum or other disclosure
document.