Fees and Compensation — Form ADV Part 2A (3/30/2022)
[Brochure]
Item 5 - Fees and Compensation
A. Below is a discussion of how the Adviser is compensated in connection with providing
advisory services to its Clients. The Adviser may enter into different fee arrangements on a
Client by Client basis.
Management Fees. Unless otherwise stated in each Fund’s governing documents, the Adviser
is generally entitled to a management fee (the “Management Fee”) at an annual rate of one and
a half percent (1.50%).
Performance Allocation. Unless otherwise stated in each Fund’s governing documents, the
Adviser is generally entitled to a performance-based profit allocation at the end of each
calendar year equal to twenty percent (20%) of the net realized and unrealized appreciation in
the net asset value of the Funds as reflected in each Limited Partner’s Capital Account in the
Funds. (the “Performance Allocation”).
Expenses. Typically, the Funds will pay or reimburse the General Partner for all expenses
incurred in connection with Fund offerings. On an ongoing basis the Funds typically pay or
reimburse the Investment Manager for paying legal and accounting and administration
expenses; interest on borrowings; custodial fees; bank service fees; withholding and transfer
fees; investment related expenses including brokerage commissions, research and market data
expenses; systems and technology expenses; corporate licensing fees; fund administration
expenses; fees for risk management advisory services and software; fees for compliance
advisory and related services; expenses for investment consultants; expenses of preparing,
copying and distributing offering materials and reports pertaining to the Funds; costs of other
service providers to the Funds deemed appropriate by the Investment Manager; taxes; insurance
and litigation and indemnification expenses.
Miscellaneous
The Adviser may agree with certain investors to a variation of the terms set forth in a Client’s
Offering Documents, including different Management Fees, Performance
Allocations/performance fees, or withdrawal/redemption rights.
B. Management Fees and Performance Allocations from the Fund are generally deducted
directly from the capital accounts of the Funds’ investors. Management Fees are calculated
and deducted quarterly in arrears and Performance Allocations are calculated and deducted at
the end of each calendar year or upon a withdrawal if appropriate.
C. Clients will incur brokerage and other transaction costs. Item 12 of this brochure discusses
how the Adviser selects brokers and determines the reasonableness of their compensation.
The direct expenses borne by each Client are described in more full detail in each Client’s
Offering Documents and Governing Documents.
D. As stated above, Fund Management Fees are typically payable quarterly in arrears. Once
paid, the Management Fee is non-refundable.
E. Other than as described above, neither the Adviser nor any of its supervised persons receives
any compensation from the sale of securities or other investment products.
Account Minimums and Types of Clients — Form ADV Part 2A (3/30/2022)
[Brochure]
Item 7 - Types of Clients
As mentioned in Item 4, the Adviser provides investment advisory services to private pooled
investment vehicles.
The minimum investment in a Fund is typically $1,000,000 but can be waived within the sole
discretion of their respective General Partners.