GCM Grosvenor LP

Item 5 – Fees and Compensation
Fees in General
Except as discussed herein, the GCM Adviser charges one of, or a combination of, the following management fees or
performance-based compensation to a client in connection with managing or advising a GCM Grosvenor Fund:

 a percentage of investor commitments, or the cost or value of assets invested or committed which may include uncalled or
  reserved capital, of up to 2% per annum, typically payable monthly or quarterly, either in advance or in arrears, which:
   o in some cases, is on a sliding or tiered scale
   o in some cases, is subject to a minimum, expressed in dollars or as a percentage of assets under management
   o in some cases, may be payable on investments that are valued below cost, including valued at zero but have not
     been written off

 a percentage of capital appreciation or profits, of up to 25%, which may be subject to a hurdle, a high-water mark and/or a
  preferred return or outperformance of a particular benchmark return, and that could be a fixed percentage or based upon
  a variable index rate, which may be based on realized and/or unrealized gains and losses, and which may be based on the
  aggregate portfolio or on an investment-by-investment basis

 an agreed-upon fixed amount
In the manner described in the relevant GCM Grosvenor Fund Documents, as defined herein, transaction or monitoring fees
that are received by us will generally either be rebated back to the investors as an offset against our management fee or
directly paid to the applicable GCM Grosvenor Fund and allocated among the partners of that fund.
Fees differ based upon several factors, including without limitation, investment type and asset class, overall fee
arrangements, account complexity, overall relationship with us and our affiliates, account size, and assets or commitments
under management.
In the case of the GCM Grosvenor Funds (GCM Seed Funds) that primarily invest capital (Seed Capital) in Underlying Funds
(each, a Seed Manager Fund) managed by Investment Managers (each, a Seed Manager) that either have not yet established
investment advisory firms or that operate investment advisory firms that have yet to achieve a critical mass of assets under
management, in addition to one or more of the fees and allocations described above, we may participate, alongside investors
in GCM Grosvenor Seed Funds, in the revenue or other economics of the Seed Managers with whom GCM Seed Funds invest.

GCM Grosvenor Form ADV Part 2A

In certain instances, GCM Grosvenor Funds are subject to a fee from which GCM Grosvenor Funds compensate both the GCM
Adviser and the Investment Managers of the Underlying Funds.

Fees and Allocations for Specialized GCM Grosvenor Funds
Each Specialized GCM Grosvenor Fund sets forth its fee structure, including how and when fees are calculated, charged, and
paid, and how allocations are calculated and made, in an offering document (together with private placement memoranda,
limited partnership agreements (LPA), investment management agreements, side letters, or similar documents, GCM
Grosvenor Fund Documents) provided to each prospective investor in the GCM Grosvenor Fund prior to the prospective
investment in the GCM Grosvenor Fund.
Certain investors, including seed, early, or founding investors, strategic partners, and persons associated or formerly
associated with us, and members of their families, as well as certain friends of such persons, may invest in GCM Grosvenor
Funds on a non-fee-paying basis or at fee rates that are lower than those charged to other investors in such GCM Grosvenor
Funds, in our discretion.

Fees and Allocations for Customized GCM Separate Accounts
Each Customized GCM Separate Account sets forth its fee structure—including how and when fees are calculated, charged,
and paid, and how allocations are calculated and made—in the GCM Grosvenor Fund Documents provided to the
prospective investor in the GCM Grosvenor Fund prior to the prospective investor’s investment in the GCM Grosvenor
Fund. Fees and other terms for each Customized GCM Separate Account are negotiated on a case-by-case basis with the
investors in such Customized GCM Separate Account.

Fees for Additional Services
Fees for Advisory Services, Portfolio Administration Services, and Investment Monitoring Services, each of which are
discussed in Item 4, are negotiated on a case-by-case basis and depend upon the range of services that we provide to a
client.
Depending on the scope of such services and the overall size and nature of GCM Grosvenor’s relationship with a particular
client, in our discretion, we have determined and may, in the future, determine not to charge additional fees for certain
additional services.

Aggregation of Certain Accounts for Fee Purposes
If a GCM Grosvenor Fund maintains a tiered fee structure, such that the fees payable by the investor in the GCM Grosvenor
Fund vary depending on the amount of the investor’s investment in or commitment to the GCM Grosvenor Fund or
otherwise provides a lower fee for a larger investment size, we have in the past and may in the future in our discretion,
agree with an investor to treat investments or commitments by the investor, its affiliates, and/or certain other persons in
one or more GCM Grosvenor Funds and/or funds or accounts managed by a GCM Adviser affiliate as a single investment for
purposes of determining the effective fee rate for such investors in respect of the GCM Grosvenor Fund. Such aggregation
of an investor’s assets will result in an overall fee that is lower than would be the case in the absence of such aggregation.

Deduction of Fees from GCM Grosvenor Funds
In the case of Specialized GCM Grosvenor Funds, the GCM Adviser invoices each GCM Grosvenor Fund for its fees, typically
monthly or quarterly, and instructs that such fees be remitted to the GCM Adviser from the assets of such GCM Grosvenor
Fund.
...

Item 7 – Types of Clients
The GCM Adviser has three basic types of clients:
Type 1:  GCM Grosvenor Funds organized as legal entities. Most GCM Grosvenor Funds are privately offered and are not
         subject to registration under the Investment Company Act of 1940 (as amended, the ICA). GCM Grosvenor L.P.
         manages certain closed-end investment companies registered under the ICA that publicly offer their securities.
            Some GCM Grosvenor Funds are Specialized GCM Grosvenor Funds, while others are Customized GCM Separate
            Accounts.
           Some GCM Grosvenor Funds are feeder funds that invest all or substantially all of their assets in master GCM
           Grosvenor Funds. Feeder funds may be Specialized GCM Grosvenor Funds or Customized GCM Separate
           Accounts and may invest their assets in master GCM Grosvenor Funds that are Specialized GCM Grosvenor
           Funds or Customized GCM Separate Accounts.
Type 2:     Institutional investors, such as public or private pension plans or sovereign wealth funds, and high-net worth
            investors entering into discretionary or non-discretionary investment management agreements, investment
            advisory agreements or similar agreements with us rather than investing in GCM Grosvenor Funds organized as
            legal entities.
Type 3:     Institutional investors that we assist, on a non-discretionary basis, in designing, building, and managing their
            alternative investment programs. This service does not typically constitute continuous and regular supervisory
            or management services.
The GCM Adviser generally requires a minimum initial investment of $100,000,000 for launching or maintaining a
Customized GCM Separate Account, but we have reduced and may in the future reduce this requirement in our discretion.
The minimum initial investment for a particular Specialized GCM Grosvenor Fund is set forth in the GCM Grosvenor Fund
Documents for such Specialized GCM Grosvenor Fund.