Fees and Compensation — Form ADV Part 2A (3/23/2022)
[Brochure]
Item 5: Fees and Compensation
Enlightenment receives compensation from the Account in the form of: (a) reimbursement of certain
expenses listed in the Investment Management Agreement; and (b) fees based on a percentage of the
performance of the Account (“Performance Fees”).
Expense reimbursement by the Account is intended to cover Enlightenment’s overhead expenses,
including, but not limited to the following: office rent; utilities; furniture and fixtures; stationery;
secretarial/internal administrative services; salaries of Enlightenment employees and bonuses;
entertainment expenses; employee insurance and payroll taxes.
Performance Fees: In addition, Enlightenment receives an annual incentive allocation based on the
net profits (realized and unrealized gains and losses) attributable to the Account’s capital account
value (after taking into account expenses of the Account). The Performance Fee is calculated and
paid annually.
Account Minimums and Types of Clients — Form ADV Part 2A (3/23/2022)
[Brochure]
Item 7: Types of Clients
Enlightenment provides discretionary management and advisory services to a portfolio of a Delaware
series private investment fund.
In the future, Enlightenment may also provide investment management services for other clients,
including, but not limited to separately managed accounts of other entities.
AUM Breakdown
Accounts
AUM ($M)
By Client Type
(a) Individuals (other than high net worth individuals)
0
0.0
(b) Individuals (high net worth individuals)
0
0.0
(c) Banking or thrift institutions
0
0.0
(d) Investment companies
0
0.0
(e) Business development companies
0
0.0
(f) Pooled investment vehicles
1
198.4
(g) Pension and profit sharing plans
0
0.0
(h) Charitable organizations
0
0.0
(i) State or municipal government entities
0
0.0
(j) Other investment advisers
0
0.0
(k) Insurance companies
0
0.0
(l) Sovereign wealth funds and foreign official institutions
0
0.0
(m) Corporations or other businesses not listed above