Comvest PE Advisors LLC

Item 5. Fees and Compensation
With respect to the Private Investment Funds, CIP or a Management Company, as applicable, is entitled to
receive a management fee (the “Management Fee”) and the relevant General Partner is entitled to receive
a performance-based carried interest or other incentive fee, in connection with the provision of advisory
services. The Firm or its affiliates receive additional compensation in connection with management and
other services performed for certain portfolio companies and such additional compensation, to the extent it
relates to the Private Investment Funds, likely will offset in whole or in part the Management Fees otherwise
payable to the Firm to the extent provided by the relevant Governing Documents. Investors in the Private
Investment Funds also bear fund expenses. Investors should review the relevant Governing Documents to
fully understand the total amount of fees and expenses to be paid by a Private Investment Fund and,
indirectly, by its Investors.
The Governing Documents generally provide that the Private Investment Funds’ Management Fees will be
calculated and charged on a basis that generally is not tied to the Private Investment Fund’s then-current
net asset value. During a Private Investment Fund’s investment period, the Management Fee is generally
equal to a percentage of committed capital or, to the extent set forth in the applicable Partnership
Agreement, invested capital. When a Private Investment Fund’s investment period ends, as described
below, the Management Fee is generally reduced to a percentage of capital invested in remaining
investments. The change in Management Fees at the end of a Private Investment Fund’s investment period
is generally effective on the first payment date after the end of the “investment period,” a term determined
in accordance with the relevant Partnership Agreement and generally equal to the lesser of a set number of
years or the launching of a successor Private Investment Fund. In some cases, the relevant Management
Fee may be reduced such as where the term of a Private Investment Fund is extended pursuant to the
Partnership Agreement or where a particular subsequent Private Investment Fund is formed. As a general
matter, Management Fees will be payable during term extensions unless otherwise agreed with Investors.

From the effective date of the relevant Private Investment Fund until a date specified in the applicable
Governing Documents (generally representing the earlier of the end of the Private Investment Fund’s
defined investment period and the date the relevant General Partner (or an affiliate thereof) first begins
receiving or accruing management fees from another Private Investment Fund meeting certain criteria (the
“Stepdown Date”)), Management Fees generally will be charged based on a formula tied to the amount of
the relevant Private Investment Fund’s aggregate commitments. Further, after the Stepdown Date,
Management Fees generally will be charged and calculated based on a formula tied to the amount of
investment contributions (including, where applicable, a Private Investment Fund borrowing component

(including interest expenses) and the amount of any capitalized Supplemental Fees (as defined below) or
expenses) made by the relevant Private Investment Fund relating to the Private Investment Fund’s aggregate
investment(s) in its portfolio companies that have not been realized or completely written off for U.S.
federal income tax purposes (or as otherwise specified by the applicable Governing Documents). Due to
differences in the criteria set forth in their respective Governing Documents, in the event where more than
one Private Investment Fund participates in an investment, an investment may become an Impaired Value
Investment (as defined below) for purposes of one Private Investment Fund’s Governing Documents but
not those of one or more other Private Investment Funds.
For the avoidance of doubt, under the Governing Documents, where the fair market value of an investment
exceeds the total amount of investment contributions relating to the portfolio company in which such
investment was made, Management Fees will not be calculated based upon such appreciated value.
However, in situations where the Management Fee is calculated based at least in part upon investment
contributions (which is, generally speaking, the post-Stepdown Date), a disposition or complete write-off
of an investment will not affect calculation of the Management Fee to the extent that the fair market value
of the remaining holdings in the applicable portfolio company following such event exceeds the total
amount of investment contributions relating to such portfolio company. If the fair market value of the
remaining holdings in the applicable portfolio company following such event is less than the total amount
of investment contributions relating to such portfolio company, the Management Fees will be calculated
based, at least in part, on the fair market value of the remaining investments in the applicable portfolio
company as of the date of the relevant transaction.
The amount of Management Fees generally will not correspond with fluctuations in the net asset value of
individual investments or of a Private Investment Fund and will not be reduced in connection with any
write downs (whether temporary or permanent), except in the case of investments completely written off in
the manner specified in the applicable Governing Documents (such investments, “Impaired Value
Investments”). Except where the Governing Documents expressly provide to the contrary, Management
Fees will not be reduced (in whole or in part) in the case of partial sales or dispositions of investments,
whether in whole or in part (even in cases where the value of the Fund’s investment or the Fund’s ownership
percentage in such investment has been reduced (including substantially reduced) as a result of such
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Item 7. Types of Clients
CIP provides investment advice to Private Investment Fund clients, which are investment partnerships or
other investment entities formed under domestic or foreign laws and operated as exempt investment pools
under the Investment Company Act of 1940, as amended. The Investors participating in Private Investment
Funds generally include individuals, banks or thrift institutions, other investment entities, university
endowments, sovereign wealth funds, family offices, pension and profit-sharing plans, trusts, estates or
charitable organizations or other corporations or business entities and include, directly or indirectly,
Principals or other personnel of CIP and its affiliates and members of their families, operating partners or
other Service Providers retained by CIP, as well of executive partners and executives of portfolio
companies. References throughout this Brochure to “clients” and to the Firm’s related duties to and
practices on behalf of its clients and/or Investors should be construed accordingly.
The Firm also generally is permitted to establish Private Investment Funds that are alternative investment

vehicles in order to permit certain investors to participate in one or more particular investment opportunities
in a manner desirable for tax, regulatory or other reasons. Alternative investment vehicle sponsors generally
have limited discretion to invest the assets of these vehicles independent of limitations or other procedures
set forth in the Governing Documents of such vehicles and the related Private Investment Fund.
The Private Investment Funds generally have a minimum investment amount in the range of $1 million to
$5 million for third-party Investors, as set forth in the relevant Memorandum. The relevant General Partner
generally is permitted to waive such minimum investment amount, but generally will not permit an amount
less than $100,000 (or other amounts as specified by local laws and regulations). Interests in the Private
Investment Funds generally are offered and sold solely to qualified purchasers or qualified knowledgeable
CIP personnel.