ITEM 5: FEES AND COMPENSATION
A. Advisory Fees and Compensation
Columbus Point aims to charge the same fees to all Separate Account clients and all investors in the Funds. However,
certain seed, large or strategic investors may be admitted to the DST subject to different negotiated fee arrangements.
In addition, no fees are charged on management share classes in the ICAV or in equivalent interests in the DST.
All fees are agreed upon with each individual Client and are typically based on the size of assets under management.
Investment management fees are paid monthly or quarterly in arrears depending on the Client. As agreed and negotiated
with Separate Accounts, a combination of investment management and performance-based fees may be charged. The
specific management fee charged by and paid to Columbus Point is established in each Client’s investment management
agreement. The standard rates of fees that are charged are shown in the table below. Holders of Founder shares in the
ICAV will benefit from a reduced fee when assets under management of Columbus Point reaches $1 billion.
Holding Fee (per annum)
Account Value <$150 million 0.80%
Account Value >$150 million 0.65%
B. Payment of Fees
Columbus Point charges its investment management fee monthly in arrears to the Funds. The independent
administrator or custodial trustee will calculate the monthly fee payable to Columbus Point as part of the calculation of
the relevant Fund’s Net Asset Value, and once this calculation is reviewed and approved by Columbus Point, an invoice
is sent to the administrator/custodial trustee who will instruct the payment to be made to Columbus Point.
Columbus Point will invoice the Separate Accounts quarterly or monthly, as agreed, for fees incurred. Fees will generally
be calculated as at the last business day of each quarter or month, as applicable, and are billed and payable in arrears.
Columbus Point will not permit the Separate Accounts to elect that Columbus Point deduct its fees directly from their
account. Clients are not requested to pay fees in advance.
C. Other Fees and Expenses
In addition to paying investment management fees, Clients of Columbus Point are typically responsible for costs and
expenses incurred in connection with the investments in their accounts.
The Funds and Separate Accounts bear all expenses relating to their respective investment and trading activities,
including without limitation, brokerage commissions, if any, and all other transaction costs incurred in connection with
the purchase and sale of assets, interest on borrowings and other investment expenses.
For the Funds, other non-investment related expenses will include costs for the operation and administration of the
Funds, including without limitation establishment costs, the fees and expenses of the administrator, third party Irish
UCITS manager (for the ICAV), legal fees and expenses, accounting, tax, and auditing expenses, governmental,
registration and custodial fees.
For the Funds, Columbus Point has committed to assume any operating costs representing more than 0.15% (15 basis
points) per annum of the Net Asset Value of each Fund in respect of certain non-transactional costs, including
establishment costs, administrator and non-transactional depository costs, and auditor and directors’ fees.
Investors and prospective investors in the Funds are encouraged to read the relevant Fund’s Confidential Offering
Memorandum or Prospectus to understand the fees and expenses that are borne by the Funds.
Columbus Point shall be responsible for all customary expenses of an investment manager including, but not limited to
office lease payments, personnel salaries and other remuneration, technology costs and all travel expenses related to
Columbus Point business.
Columbus Point pays for the cost of all third-party research (including all broker research) directly out of its own
financial resources. Item 12 below titled “Brokerage Practices” describes the factors Columbus Point considers in
selecting or recommending broker-dealers for the execution of transactions and determining the reasonableness of their
compensation.
D. Timing of Fee Payments
As described above, investment management fees are generally paid monthly or quarterly in arrears. Columbus Point
does not charge fees in advance.
E. Transaction-based compensation
Neither Columbus Point nor any of its partners, employees or officers (including any supervised person) will receive
any form of compensation as broker or agent for the sale of securities or other investment products by any Client
account.