ITEM 5: FEES AND COMPENSATION
Fees paid to Cryder Capital for investment advisory services (“management fees”) are generally dependent
on the nature of the services being provided. In addition to management fees, which cover only Cryder
Capital’s advisory services, clients bear other costs that are necessary or incidental to the advisory service
(“incidental expenses”). The particular incidental expenses may vary from client to client, although all
clients will be subject to certain types of incidental expenses, including costs associated with buying,
selling, or holding investments, such as custody fees and charges and expenses associated with transactions
such as taxes, duties and commissions, commission equivalents and other brokerage expenses.
Cryder Capital’s fees and any incidental expenses will reduce the assets held in, and the return
experienced by, client accounts. Management fees and incidental expenses associated with accounts
managed by Cryder Capital are described below by client type (private fund and separate accounts).
Private Funds
The fees and expenses of the private funds are described in greater detail in the private funds’ offering
documents.
Management Fee. Class A and Class A2 of Cryder Capital Partners Master Fund L.P. pay an annual
management fee of 1.00% and 0.80% (reducing to 0.7% and 0.6% as size of the investment allocated to the
Fund increases) respectively of the fund’s net asset value, payable monthly in arrears, and a carried interest
equivalent to 15% of each limited partner’s net profits (subject to a preferred return of 6%). Class R2, a
variation of class A2, has a carried interest based on 20% of the outperformance of the Fund over the MSCI
World TR Net Index. Two other classes (Classes C and D) pay lower fees or no fees and are only available
for investment by Cryder Capital, its affiliates, and their staff, and friends and family of Cryder Capital’s
staff.
In Q1 2023, Cryder Capital Partners LLP launched a new share class, Class R of Cryder Capital Partners
Master Fund L.P.. The mechanics of the share class are similar to existing share classes and it incurs an
annual management fee is 1.25% and reduces to 1% for investment of $150 million or greater. The
minimum investment in this share class is $50 million.
With respect to Class R Carried Interest, it is based on 20% of the out performance of the Fund over the
MSCI World TR Net Index. An investment in class R is divided into three equal tranches as inception.
The first Calculation Period shall commence upon the issue of such R lp interest/shares and shall end
upon the earlier of (i) the redemption of such R LP interest/shares and (ii) (a) with respect to the first
tranche of R LP interest/shares issued on the applicable dealing day, December 31 of the calendar year in
which such tranche was issued, (b) with respect to the second tranche of R LP interest/shares issued on
the applicable dealing day December 31 of the second calendar year following the calendar year in which
such tranche was issued and (c) with respect to the third tranche of R LP interest/shares issued on the
applicable dealing day, December 31 of the second calendar year following the calendar year in which
such series was issued. Thereafter, each Calculation Period of an RLP interest/shares shall commence
immediately after the close of the preceding Calculation Period and end upon the earlier of (i) the
redemption of such R LP interest/shares and (ii) the day immediately preceding the 36 month anniversary
of such date.
Other Fees and Expenses. Incidental expenses of the private funds include brokerage fees, commissions,
transfer taxes, and other costs in connection with the acquisition and disposition of portfolio securities. In
addition, the fund bears the cost of custody fees, depositary fees, governmental charges, taxes and duties,
transfer fees, registration fees, research, technology, data and other expenses associated with buying, selling
or holding investments and withholding taxes payable or required to be withheld by issuers or their agents.
The private funds also bear expenses such as legal, accounting, , regulatory or tax compliance expenses,
operational expenses, audit expenses and administrative expenses.
Separate Account Clients
Cryder Capital may negotiate management fees for separate account investors which differ from the
management fees of the fund, with this agreed on a case-by-case basis. Reasons for differing management
fee terms may include the quantum of the funds invested, the duration for which the funds are entrusted to
Cryder Capital, the terms of performance-based fees agreed to by the investor, and reasons deemed to be
strategic in the sole discretion of Cryder Capital.
Separate account clients also are subject to performance-based fees, the terms of which are negotiated with
clients on a case-by-case basis.
Set up and operating costs for a separate account would relate to the specific Custodian and Trustee (as
applicable) appointed by the Client.
Aside from the annual management fee, VAT may be applicable, subject to status of the account. In
addition, each client is responsible for custody fees, administration fees, research and data and software
relating to data and research expenses along with brokerage fees in addition to Cryder Capital’s charges.
The specific manner in which fees are charged is established in a client’s written agreement with Cryder
Capital. Accounts initiated or terminated during a calendar quarter will be charged a prorated fee. Upon
termination of any account, any prepaid, unearned fees will be promptly refunded, and any earned, unpaid
fees will be due and payable. If a client chooses automatic debiting from the separate account, the client
must authorize the qualified custodian for the account to deduct the fees and pay Cryder Capital. Each client
should review the account statements provided by the custodian and verify that the appropriate management
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