Crescent Grove Advisors LLC

Item 5 - Fees and Compensation

Crescent Grove Advisors offers services on a fee basis, which generally include fixed and/or hourly fees, as
well as fees based upon assets under management or advisement. Fees are negotiable and are determined
by each Client Advisor on a case-by-case basis based upon each client’s individual needs and circumstances
and will vary accordingly. Crescent Grove Advisor’s fees are exclusive of, and in addition to, any applicable
securities transaction fees, custody fees, Independent Manager fees, private fund fees, or other related costs
or expenses as described more fully below. The Firm generally relies upon information provided by the
client’s custodian or investment sponsor when valuing client portfolios for fee billing purposes. Because
Crescent Grove Advisors relies on the underlying fund sponsors to provide values after completing their own
valuation and audit processes, the values for certain funds, specifically those for private funds, often reflect
a lag.
Additionally, certain Firm employees, in their individual capacities, will offer insurance products through
Crescent Grove Advisors’ affiliate, Crescent Grove Insurance LLC, under a separate commission-based
arrangement. As described more fully within Item 10 below, this arrangement presents a conflict of interest,
as the employee is paid a commission based on the type and amount of insurance purchased by the client.
These commissions are in addition to the advisory fees charged by Crescent Grove Advisors. This arrangement
also encourages employees to make recommendations for their own benefit, not the clients’. Crescent Grove
Advisors has procedures for managing conflicts of interest.
Fees described below will change over time as portfolios and investments on which the fees are based
change, either as a result of a) market appreciation or depreciation; or b) capital contributions or
withdrawals. In addition, the Firm receives varying levels of compensation depending on the investment
strategy employed, which creates an inherent conflict of interest for Firm employees advising clients.
Crescent Grove Advisors takes its fiduciary duty to clients seriously and strives to recommend and implement
strategies it believes are designed to achieve the clients’ objectives, regardless of the underlying fees
associated with these strategies. To help accomplish this goal, Crescent Grove Advisors works with the client
to develop an IPS which defines the client’s goals and objectives and forms the basis for investment decisions
that are made.
Crescent Grove Advisors’ employees who refer new client relationships to the Firm can be compensated for
the referral, subject to certain annual minimum revenue requirements generated by the new client
relationship. This does not increase the fee the client pays to Crescent Grove Advisors.

Crescent Grove Advisors, LLC
Form ADV, Part 2A

        Financial Planning and Consulting Fees
Crescent Grove Advisors generally charges a fixed annual fee for providing financial planning and consulting
services. These fees are negotiable, but typically range from $3,000 to $150,000 per year (charged quarterly
in advance), depending upon the scope and complexity of the services required and the professional
rendering of the financial planning and/or the consulting services. The terms and conditions of the financial
planning and/or consulting engagement are set forth in the Financial Planning Agreement with Crescent
Grove Advisors. If the client engages the Firm for additional investment advisory services, Crescent Grove
Advisors may offset all or a portion of its fees for those services based upon the amount paid for the financial
planning and/or consulting services.

         Investment Management Fees
Crescent Grove Advisors offers investment management services for an annual fee calculated based upon
the amount of assets under the Firm’s management (a “Management Fee”). The Management Fee schedule
for individual accounts or family office relationships generally incorporates fees across all assets managed by
the Firm, Barrett Upton, and/or the Independent Managers engaged on behalf of the client (including cash
and cash equivalents). Fees vary between 10 and 125 basis points (0.10% – 1.25%, charged quarterly in
arrears), depending upon the size and composition of a client’s portfolio and the types of assets being
managed. The standard management fee schedule for OCIO relationships ranges between 30 – 60 basis
points (0.30% - 0.60%, charged quarterly in arrears), depending upon the total assets managed. The annual
fee is prorated and charged quarterly, in arrears, based upon the market value of the average daily account
balance.
Since the asset-based fee is determined by average daily account balance, if assets are deposited into or
withdrawn from an account after the start of a quarter, the base fee payable with respect to such assets is
adjusted accordingly. For the initial period of an engagement, the fee is calculated on a pro rata basis. In the
event the Advisory Agreement is terminated, the fee for the final billing period is prorated through the
effective date of the termination and the outstanding or unearned portion of the fee is charged or refunded
to the client, as appropriate. Fee rates can vary by asset class, which can cause a conflict for Crescent Grove
Advisors when making recommendations to the client. The fee schedule also creates an incentive to
encourage clients to remain invested with Crescent Grove Advisors. To address these conflicts, Crescent
Grove Advisors relies on the IPS which is prepared in consultation with the client and which guides investment
selection and implementation.

        Independent Manager Fees
Each Independent Manager charges a fee that is in addition to the fee charged by Crescent Grove Advisors,
as described in Item 5. The Independent Managers’ fees are generally charged quarterly and vary between
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Item 7 - Types of Clients

Crescent Grove Advisors offers services to individuals, trusts, estates, charitable organizations, corporations,
business entities, foundations, endowments, nonprofit organizations, pension and retirement plans and
family offices.
Crescent Grove Advisors has an incentive to encourage individual clients to rollover an employer retirement
account into a Firm-managed Individual Retirement Account (“IRA”), with the potential of higher fees and
lower liquidity, to increase its advisory fee revenue. The decision of whether to rollover an employer
retirement account rests with the individual account owner, and Crescent Grove Advisors is committed to
providing information to help a client make a decision that is in that client’s overall best interests. As a
practical matter, while Crescent Grove Advisors will at times provide advice for a fee on investment selections
within a retirement plan, the Firm will not directly manage assets on behalf of a client which are held within
an employer’s retirement account.
When Crescent Grove Advisors provides investment advice to clients regarding their retirement plan
accounts or individual retirement accounts, it is considered a fiduciary within the meaning of Title I of the
Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws
governing retirement accounts. Crescent Grove Advisors must act in the clients’ best interest and not put its
interest first. At the same time, the way the Firm earns fees creates some conflicts with client interests.
However, as a fiduciary, the Firm operates under a special rule exemption that requires us to act in the clients’
best interest.
Some employees have family or friends who are also clients, potentially leading to personal business dealings.
Also, the close working relationship between employees and clients often leads to personal relationships.
These expanded relationships present an inherent conflict to provide preferential treatment to certain
clients. The Firm’s commitment to fairness and ethical policies (detailed in this brochure) helps to address
this conflict of interest. Further, a small number of administrative vendors are personal friends with Firm

Crescent Grove Advisors, LLC
Form ADV, Part 2A

personnel. These vendors do not service client accounts, and the Firm maintains a professional relationship
with them.

        Minimum Account Value
As a condition for starting and maintaining an investment management relationship, Crescent Grove Advisors
generally imposes a minimum client net worth of $10,000,000 for Family Office Services; however, for the
Portfolio Advisory Services clients, the minimum client size includes those with liquid investible assets of
$1,000,000. Crescent Grove Advisors will, in its sole discretion, accept clients with smaller net worths based
upon certain criteria, including anticipated future earning capacity, anticipated future additional assets,
related accounts, pre-existing client relationships, account retention, and pro bono activities. Crescent Grove
Advisors will at times aggregate family relationships to meet the minimum net worth.