FEES AND COMPENSATION
A. Describe how you are compensated for your advisory services. Provide your fee schedule.
Disclose whether the fees are negotiable.
See Item 5.B. below.
B. Describe whether you deduct fees from clients’ assets or bill clients for fees incurred.
Fees are deducted from clients’ assets, annually in the case of performance fees and quarterly or monthly in
the case of the management fees depending upon the fund. Capital balances reported at the end of each
month reflect the balances net of fees. The Investment Adviser has the discretion to waive or reduce the
management or performance fee for any limited partner.
For more detailed information and a complete description regarding each Fund’s fees and expenses refer to the Fund’s offering
memorandum.
C. Describe any other types of fees or expenses clients may pay in connection with your advisory
services, such as custodian fees or mutual fund expenses. Disclose that clients will incur brokerage
and other transaction costs, and direct clients to the section(s) of your brochure that discuss
brokerage.
Management Fee
In consideration of the services performed by Crecera, the Funds will pay Crecera (in advance on the first day
of each month) an annual management fee between 1.5%-2% of the net asset value (“NAV”) of a Fund on
the first day of each quarter. At the closing of the first subscription into the Fund, the management fee will be
based on the NAV of the interests or shares of the investors and will be pro rated for the period of time
between the closing date and the end of the calendar quarter. The management fee will be paid to Crecera in
respect of all ordinary office expenses of Crecera in advising a Fund, including rent, office salaries, utilities,
supplies, etc. See below in this item for additional detail regarding expenses.
Performance Fee
In addition to the management fee, the Funds pay Crecera an annual performance-based incentive fee equal
to 20% of the net profits of the Funds, provided that with respect to certain Funds, performance fees are
payable only if a certain minimum rate of return (a “hurdle”) is exceeded. Performance fees are also subject
to loss carry forward or loss recovery provisions. If an interest or share is redeemed before the end of a year,
the accrued pro-rata performance fee, if any, will be paid to Crecera as of the date the redemption takes place.
The performance fee can and sometimes is waived by the investment adviser. In 2018, this fee was waived
for some funds and partially waived for some funds.
Transaction Expenses
The Funds incur expenses with respect to each investment, including legal, accounting and due diligence
costs, taxes, charges and recording fees and other fees, costs and expenses, and possible ongoing charges.
Such transaction expenses will be paid by the Funds as a part of the cost of the investment. The Feeder
Funds will bear their pro rata portion of the Master Funds’ costs.
Accounting and Legal
The costs of audit and accounting services provided to a Fund and legal fees of a Fund will be paid by such
Fund.
Organizational and Offering Expenses
The Funds reimburse Crecera for all the costs and expenses associated with the organization of the Funds,
including government organization charges and professional fees and expenses incurred in connection with
the preparation of the Funds’ offering documents, the articles of association of each Fund organized as a
foreign company and related matters.
Fund expenses are any fees, costs or expenses that the Funds, Crecera or its affiliates reasonably incur in
connection with the operation of the business and maintenance of the Funds. Fund expenses include but are
not limited to: (a) the management Fee and the performance fee; (b) taxes, filing and registration fees of the
Funds (other than taxes on the income of Crecera and its affiliates); (c) all costs, fees and expenses relating to
investor communications and relations, accounting and the preparation and mailing of financial, tax and
performance information to investors, including an allocable share of Crecera’s costs, fees and expenses
relating to internal accounting and tax preparation functions should a Fund determine not to use third party
attorneys, accountants, auditors, consultants and other professionals or experts; and (f) directors’
Fees for funds organized as foreign companies. The Feeder Funds also pay their pro rata share of the related
Master Fund’s expenses. Such Master Fund expenses include all of the above but also include all fees, costs
and expenses that are incurred in connection with financing provided to such Master Funds by organizations
such as the Inter-American Development Bank.
Special Limited Partners
Certain Special Limited Partners have been admitted to the Funds and have agreed to make substantial capital
contributions to the Funds, subject to satisfaction of certain conditions. In consideration for this
commitment, the Adviser has agreed (1) that the management fee and performance fee payable with respect
to capital contributed by the Special Limited Partners will be at a reduced rate compared to other Limited
Partners and (2) that the Special Limited Partners may have access to financial reports and minutes of meetings
of the board of the General Partners as agreed upon. In all other respects, the Special Limited Partners will be
treated in the same manner as other limited partners.
For more detailed information on brokerage expenses that the Funds may pay, please see Item 12 of this
brochure.
For more detailed information and a complete description regarding each Fund’s fees and expenses refer to the Fund’s offering
memorandum.
D. If your clients either may or must pay your fees in advance, disclose this fact. Explain how a
client may obtain a refund of a pre-paid fee if the advisory contract is terminated before the end of
the billing period. Explain how you will determine the amount of the refund.
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