Generate Capital Advisors PB LLC

Item 5: Fees and Compensation

For its advisory services to the Funds, GCA typically receives a management fee (“Management
Fee”). GCA, or a Fund's general partner (the “General Partner”), will also typically be entitled to
carried interest.
The Adviser is authorized to deduct Management Fees, incentive fees (carried interest), and
expenses directly from the Funds. The Governing Documents set forth the full list of terms under
which Management Fees will be reduced, offset, or otherwise limited, and consequently investors
should expect to bear the full specified Management Fee rate in the Governing Documents until
they are reduced in the circumstances specified therein. Additionally, certain Governing Documents
permit GCA to waive or agree to reduce the Management Fee or incentive fee attributable to
particular investors.
The Governing Documents provide that a Fund’s Management Fees will be calculated and charged
on a basis that generally is not tied to the Fund’s then-current net asset value. As further specified
in the Governing Documents, from the initial closing date of a Fund, Management Fees generally
will be charged and calculated based on a formula tied to the amount invested or committed for
investment (including, where applicable, a Fund borrowing component (including interest
expenses) and the amount of any capitalized supplemental fees or expenses made by the relevant
Fund relating to the Fund’s aggregate investment(s) in its investments that have not been fully or
partially sold, repaid, redeemed or otherwise disposed of, or written off or written down due to a
permanent impairment of value (such investments, “Impaired Value Investments”)). Due to
differences in the criteria set forth in their respective Governing Documents, in the event where
more than one Fund participates in an investment, there is the possibility that an investment will
become an Impaired Value Investment for purposes of one Fund’s Governing Documents but not
those of one or more other Funds.
Under the Governing Documents, where the fair market value of an investment exceeds the total
amount invested or committed for investment relating to such investment, Management Fees will
not be calculated based upon such appreciated value, and will instead continue to be calculated
based on the total amount invested or committed for investment. Conversely, the Governing
Documents do not require Management Fees to be reduced or refunded following the occurrence
of a write-down, or decrease (including a significant decrease) in fair value, except in the case of
investments meeting the relevant Impaired Value Investment standard under the Governing
Documents.
As a result, the amount of Management Fees generally will not correspond with fluctuations in the
net asset value of individual investments or of a Fund, and will not be reduced in connection with
any write downs (whether temporary or permanent), except in the case of Impaired Value
Investments.
In many circumstances, the Management Fee base will include capitalized transaction-specific
fees and expenses of unrealized investments, including certain fees (such as Supplemental Fees)
and expenses paid to Service Providers, GCA or its affiliates. Further, Management Fees generally

will not be reimbursed or refunded under the Governing Documents in the event of sales,
repayments, redemptions, dispositions or write-downs or write-offs that occur partway through the
relevant calculation period.
The Governing Documents set forth the full list of terms under which Management Fees will be
reduced, offset or otherwise be limited, and consequently investors should expect to bear the full
specified Management Fee rate in the Governing Documents until they are reduced in the
circumstances specified therein.
Certain Governing Document may permit GCA to waive or agree to reduce the Management Fee.
Certain waived portions of the Management Fee would be treated by the Governing Documents as
a deemed capital contribution by the relevant General Partner, which is effectively invested in the
relevant Fund on such General Partner’s behalf, and operates to reduce the amount of capital such
General Partner would otherwise be required to contribute to the Fund. The limited partners of the
Fund would, in such circumstances, be required to make a pro rata contribution according to their
respective Commitments to fund any contribution that would otherwise be required of GCA in
connection with any such waiver or reduction as described above and, as a result, the exercise of
such waiver may result in an acceleration (or delay) of investor capital contributions. Waived or
reduced Management Fees are not subject to the Management Fee offsets described above, and
the amount of such waived or reduced Management Fees has the potential to be significant. Due
to waived or reduced Management Fees by GCA and/or timing of receipt of compensation subject
to offsets (as described above), it is possible that Management Fee offsets will not be fully realized
by investors in the relevant Fund, resulting in a net additional benefit to GCA.
In addition to the Management Fee and incentive fees payable to GCA, each Fund bears certain
expenses. As detailed in a Fund’s Governing Documents, a Fund generally bears all fees, costs and
expenses incurred in relation to, or in connection with, the establishment of such Fund and the
offering of interests to prospective investors. As set forth more fully in the Governing Documents,
a Fund also bears all fees, costs, expenses, liabilities and obligations relating to such Fund’s (and
its subsidiaries’ and intermediate entities’) activities, investments and business to the extent not
reimbursed by a portfolio company or applied to reduce Management Fees, including fees, costs
and expenses related to the acquisition, monitoring or disposition of investments or prospective
investments, as well as legal, regulatory and compliance, accounting, auditing, and administrative
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Item 7: Types of Clients

GCA provides investment advice to its Fund clients, and references throughout this Brochure to
“clients” and to GCA’s related duties to and practices on behalf of its clients and/or investors should
be construed accordingly. The Funds generally comprise investment partnerships or other
investment entities formed under U.S. or non-U.S. laws and operated as exempt investment pools
under the Investment Company Act of 1940, as amended. The investors participating in the Funds
generally include individuals, banks or thrift institutions, insurance companies, other investment
entities, university endowments, sovereign wealth funds, family offices, pension and profit-sharing
plans, trusts, estates or charitable organizations or other corporations or businesses.
The relevant General Partner also generally is permitted to establish Funds that are alternative
investment vehicles to permit certain investors to participate in one or more particular investment
opportunities in a manner desirable for tax, regulatory or other reasons. Alternative investment
vehicle sponsors generally have limited discretion to invest the assets of these vehicles
independent of limitations or other procedures set forth in the organizational documents of such
vehicles and the Governing Documents of the related Fund.
The minimum investment amount by an Investor in a Fund generally ranges from $5,000,000 to
$10,000,000. GCA and/or a Fund’s General Partner retains the right to reduce or waive such
minimum amount.