Coller Private Market Secondaries Advisors LLC

Item 5 – Fees and Compensation
CPMSA receives fees to cover the investment management, management, administrative, and
supervisory services it provides to the Client Funds. These fees are described, and calculated and applied
in accordance with, the Governing Documents of the Client Funds. In the case of Private Funds and, in
some cases, Other Funds, fees established in negotiations with investors in the funds. Fees are generally:
    based on a percentage of committed or invested capital of a Client Fund or on net asset value
     (“NAV”) or adjusted NAV (NAV minus cash or cash equivalents, plus undrawn commitments), and
    payable throughout the life of a Client Fund (except that in extension periods for Private Funds and,
     in some cases, Other Funds, fees may be less or may cease to be payable).
Fee percentages may vary from one Client Fund to another, or for different classes or series of interests
in a particular Client Fund, as described in the Client Funds’ Governing Documents. Additionally, in the
case of Private Funds and, in some cases, Other Funds, fee percentages may vary by investor and the size
of investors’ commitments, and Fund GPs and their affiliates may agree full or partial fee waivers with

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respect to certain investors or time periods, or under other specified circumstances, all in accordance
with the Governing Documents for the relevant fund.
The Fund GPs of Private Funds and, in some cases, Other Funds, generally cause fees to be paid by or on
behalf of the relevant funds, by
    requiring investors in the funds to make capital contributions,
    withholding funds from investment proceeds that would otherwise be distributable to investors, or
    causing the funds to borrow money.
As a general matter, fees with respect to a Private Fund or Other Fund are payable to the relevant Fund
GP in advance. With respect to the accounts of RICs, fees are paid to CPMSA once they are earned. If
fees are assessed in advance and are more than the relevant Coller Capital entity is entitled to receive
pursuant to the Governing Documents (for example, where management charges have been prepaid for
a period in which a step-down in fee rates occurs), then any excess is repaid to the relevant Client Fund.
The management and other fees, as well as the method of calculation and application, are detailed in the
Governing Documents for each Client Fund.
In the case of Private Funds and, in some cases, Other Funds, Fund GPs and affiliated entities, and by
extension their directors, employees or other third parties investing through them, are generally not
subject to fees in respect of their investments in the funds.

   Transaction and other fees
   In the case of Private Funds and, in some cases, Other Funds, the Fund GPs, CPMSA and their affiliates
   are generally entitled to collect fees related to fund portfolio transactions or other services provided
   to funds or companies in which the Private Funds or Other Funds (as applicable) are invested
   (including any arrangement fee, success fee, underwriting or syndication fee, closing fee, commitment
   fee, financial advisory fee, break-up or other termination fee in respect of an actual or prospective
   investment by a Private Fund or Other Fund (as applicable) in a fund or other entity and any
   monitoring fee, director’s fee, consulting fee or other similar fee in respect of the ongoing investment
   by a Private Fund or Other Fund (as applicable) in a fund or other entity). No such fees have historically
   been collected, and any such fees would be offset, in whole or in part (as set forth in the relevant
   Governing Documents), against other fees payable by the Client Fund or Other Fund (as applicable) to
   the related Fund GP. The Fund GPs, CPMSA and their affiliates do, however, have discretion over
   whether to seek compensation through such fees, and if so, the rate, timing and amount of such
   compensation.
   Reimbursements for out-of-pocket expenses incurred by a Fund GP, CPMSA or their affiliates but to
   be borne by Client Funds under the relevant Governing Documents may be paid to the related Fund
   GP, CPMSA or their affiliates in addition to advisory fees.

   Organizational and operating expenses of Client Funds
   Depending on the applicable Governing Documents, each Client Fund typically bears all offering and
   organizational expenses relating to its establishment and the offering of interests in the Client Fund,
   including out-of-pocket costs and expenses of any placement agents or introducers for a Private
   Fund or, in some cases, an Other Fund, up to a specified maximum amount (together with any value-
   added or other applicable taxes on such expenses, “Fund Organizational Expenses”). To the extent
   that Fund Organizational Expenses exceed this amount, they are for the account of the relevant Fund

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GP, CPMSA or their affiliates. Fees charged by any placement agents for a Private Fund or, in some
cases, an Other Fund are for the account of the relevant Fund GP and not the fund.
Additionally, in accordance with the applicable Governing Documents, Client Funds typically bear all
fees, costs and expenses relating to their administration, management and business, including their
investment related activities (together with any value-added or other applicable taxes on such fees,
costs and expenses, “Fund Operating Expenses”). As provided in greater detail in the Governing
Documents, Fund Operating Expenses generally include the following categories, although some
differentiation may result from specific expense provisions and disclosures for different Client Funds:
    break-up costs and travel costs related to Client Fund investments,
...

Item 7 – Types of Clients
CPMSA’s clients are the private investment vehicles constituting, and in some cases other vehicles
related to, the Client Funds. The Client Funds, in turn, may be RICs, Private Funds, Other Funds or Sub-
Advisory Arrangements.
Investors in Private Funds and Other Funds mainly include corporate pension plans, public employee
retirement plans, municipalities, sovereign wealth funds, private investment funds, banks, insurance
companies, corporations and other business entities, as well as high net worth individuals, trusts, estates,
family offices, universities, endowments, foundations, and other U.S. and non-U.S. investors. Investors in
RICs typically include individuals, trusts, estates, and family offices, but may also include entities falling in
the other aforementioned investor categories.
The Client Funds’ Governing Documents set out minimum capital commitments to be made by investors,
but these requirements can be waived by the relevant Fund GP on a case-by-case basis. Typically, the
minimum capital commitment to a RIC is typically significantly lower than that for a Private Fund or Other
Fund, reflecting the differences in investor types described in the preceding paragraph.