Item 5: Fees and Compensation
CIIUS provides investment advisory services to Corebridge, affiliates of Corebridge, and unaffiliated
Clients. In most instances, the agreed rates for Corebridge and Corebridge affiliates will be considerably
lower than the unaffiliated Client rates. Depending on each Client’s unique needs, the Adviser may
invoice the Client for certain reimbursable expenses required to manage the account. This may include,
but is not limited to market data, asset pricing services, unique data feeds, unique indices, ratings
information, and other data or services requested by Clients.
Unaffiliated Clients
INVESTMENT ADVISORY SOLUTIONS
Depending on the asset class, CIIUS generally receives a management fee paid monthly or quarterly in
arrears for services provided with respect to the Portfolio. The management fee shall generally be
expressed in basis points and in per annum terms, applied to the average net asset value of the
investment mandate or invested capital under such mandate during the relevant time period. However,
the management fee for each Client, including the terms described in the immediately preceding
sentence, will vary as they will be based on the exact investment strategy, a Client’s specific service
needs, the amount of assets under management, a Client’s commitment to invest additional assets, a
Client’s total business with CIIUS and any of its affiliates, and potentially other strategic factors. The
Adviser can offer management fee solutions in the form of a flat, tiered, variable or cliffed fee schedule
generally based on the amount of assets under management or invested capital. Each Client’s
management fee, billing frequency, billing practices, other applicable fees and expenses, and other
economic considerations will generally be described and agreed upon in the investment management
agreement and/or other similar governing agreement of the mandate.
CIIUS may require a minimum amount of assets under management or fee revenue in order to open as
well as to maintain an account.
With certain asset classes, such as in the case of private real estate, CIIUS may additionally receive
performance fees.
In addition to management and performance fees, Clients may experience additional fees and expenses
charged by parties other than the Adviser, typically considered operating or organizational expenses.
These expenses may include costs or fees generally due to third parties for transaction, custody,
administration, legal, audit, tax, and other services. Any such fees or expenses would be detailed in each
Client’s investment management agreement and/or other similar governing agreement of the mandate.
Affiliated Clients
INVESTMENTS ADVISED DIRECTLY BY CIIUS
The capitalized words and terms in this section are used as defined in each affiliated Client’s investment
management agreement or similar governing document.
Core Investments: For the services with respect to the portfolios, the Adviser shall receive a monthly
Management Fee equal to the Client’s pro rata portion of the Adviser’s total budgeted operating costs
allocable to the relevant billing period, plus any margin reasonably required to comply with applicable
laws or regulations (including, without limitation, with respect to transfer pricing or similar requirements).
In determining the Client’s pro rata portion of such costs, the Adviser will establish and follow procedures
that are reasonably designed to ensure a fair and equitable allocation of its operating costs across all its
7 Corebridge Institutional Investments (U.S.), LLC ADV Part 2A Brochure
affiliated Clients, including, among other things, by taking into consideration the relative size of each
affiliated Client’s managed portfolio, and the relative costs associated with delivering investment
management and related services to affiliated across the various asset classes managed by the Adviser
or any designee.
After the close of the fourth quarter of each calendar year, the Adviser will reconcile the fees charged
hereunder for the year then-ending against the actual cost to the Adviser of providing services under the
investment management agreement. If the amount paid by the Client exceeds the actual costs, such
excess will be reimbursed by the Adviser to the Client. If the amount paid by the Client is less than the
actual costs, such deficiency will be paid by the Client to the Adviser.
The Management Fee is calculated as of the last business day of each month and is payable by the
Client in arrears within 10 business days following the receipt of the billing invoice, which shall include
reasonably detailed documentation of how such Management Fee was calculated.
Should the agreement terminate with respect to one or more Portfolios on a day which is not the last day
of the month, the Management Fee will be pro-rated to the actual number of days in the month up to the
date of termination and calculated on the basis of fair market value of the assets in the Portfolio on the
date of withdrawal.
Risk Transfer Investments: For services provided with respect to Risk Transfer Investments, CIIUS
shall receive a monthly Management Fee equal to the net asset value of the Risk Transfer Investments in
the Portfolios and Designated Portfolios times the fee basis corresponding to the relevant asset class or
service type for each such Investment, as set forth in the Schedule of Fees in each Client’s investment
management agreement.
Other Affiliated Client Portfolios: For services provided to some client Portfolios, CIIUS generally
receives a Management Fee paid monthly or quarterly in arrears. The Management Fee shall generally
be expressed in basis points (by asset class) and in per annum terms, applied to the value of the Portfolio
during the relevant time period, as set forth in the Schedule of Fees in each Client’s investment
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