Item 5 - Fees and Compensation
Management Fees
Calixto Global typically receives a management fee of up to 1% for the Separately Managed
Accounts. The management fee is typically calculated as a percentage of a Client’s total capital
commitments, total capital balance, or fair market value of the portfolio, as further detailed below
and in the Governing Documents of the Separately Managed Accounts.
The Separately Managed Accounts are charged monthly fees in advance, if the agreement is
terminated on a date other than the end of a calendar month, management fees will be pro-rated
as of the effective date of termination. Therefore, the Adviser does not anticipate refunding any
portion of the management fee, but will do so in the event that a withdrawal occurs prior to the
end of a payment period.
Expenses
Each Separately Managed Account bears those expenses set forth in the Governing
Documents of the applicable Separately Managed Account and are determined on a case-by-
case basis.
Calixto Global has adopted policies and procedures intended to address trade errors to ensure
that all Clients are treated fairly. Subject to any contractual limitations set forth in the relevant
Client’s Governing Documents, the Adviser has discretion to resolve a particular error in a
manner that it deems appropriate and consistent with the above stated policies and
procedures. For additional information on Calixto Global’s brokerage and transaction costs,
please see “Item 12 – Brokerage Practices.”
Item 6 - Performance Fees and Side-By-Side Management
At the end of each fiscal year the Adviser, is entitled to receive an annual incentive allocation of
the net profits attributable to each Separately Managed Account, if any. The rate of the incentive
allocation generally ranges from 0% to 50% for the Clients. The incentive allocation is subject to
certain “high water mark” and “hurdle rate” provisions that are discussed in more detail in the
Client Governing Documents.
Calixto Global Investors, LP Form ADV Part 2A
In certain circumstances, certain Clients of Calixto Global will pay a higher management fee or
performance-based compensation arrangements than other Clients. When the Adviser
manages more than one Client account, a potential exists for one Client to be favored over
another Client. In such instances, the Adviser and its investment personnel have a greater
incentive to favor Clients that pay the Adviser (and, indirectly, its investment personnel)
higher management fees or performance-based compensation.
However, Calixto Global has adopted policies and procedures intended to address conflicts of
interest that arise relating to the management of multiple Client accounts, including accounts with
different fee arrangements and the allocation of investment opportunities. Calixto Global will review
investment decisions for the purpose of ensuring that all accounts with substantially similar
investment objectives are treated equitably. It is the Adviser’s general policy to trade the portfolios
of all Clients on a pari passu basis based on relative capital (subject to the use of leverage in the
portfolios of certain Clients). However, allocations are permitted to be made on a basis other than
pro rata for a number of reasons, including, but not limited to: a Client’s investment guidelines and
restrictions; available cash; liquidity requirements; tax or legal reasons; to avoid odd lots; or in cases
in which such an allocation would result in a de minimis allocation to a Client.