Fees and Compensation — Form ADV Part 2A (3/30/2024)
[Brochure]
Item 5. Fees and Compensation
Asset-Based and Performance-Based Compensation. The Adviser is paid a periodic asset-based
investment management fee with respect to each Client (the “Management Fee”), certain Clients pay the
management fee in advance, and certain pay in arrears. Management Fees charged to Clients, which are
described in each Client’s investment advisory agreement and/or offering documents, range from 0% to 4%
per annum of the total market value of the assets in the Clients’ account. The Management Fee is deducted
from investor accounts and is negotiable based on the size of the account and its strategy.
The Adviser or an affiliate of the Adviser receives performance-based compensation from certain Clients
(the “Incentive Compensation”), which is compensation that is based on a share of capital gains on or
capital appreciation of the assets of a Client account. The compensation ranges from 0% to 25%. The
Incentive Compensation is drawn from investor accounts and is negotiable based on the size of the account
and its strategy.
Expenses. In addition to paying the Management Fees and, if applicable, Incentive Compensation, Client
accounts are also subject to other investment expenses in accordance with the client’s investment
management agreement, including, but not limited to: brokerage commissions and other transaction
charges related to the Client transactions (as explained in further detail in the Brokerage Practices section
below); custodial fees and expenses of the Client; applicable taxes, governmental charges and other
reporting expenses of the Client; external legal, compliance, administrative, tax and financial accounting
fees and expenses of the Client as well as auditor fees and expenses of the Client or the Adviser incurred in
connection with the management of the Client, including, for the avoidance of doubt, the fees and expenses
of any public accountant incurred in connection with any independent verification of the Client’s funds and
securities; and all applicable expenses incurred as a result of the Client’s obligation to indemnify the Adviser
in accordance with the Client’s investment management agreement.
Account Minimums and Types of Clients — Form ADV Part 2A (3/30/2024)
[Brochure]
Item 7. Types of Clients
The Adviser’s clients consist of Private Funds and separately managed accounts for institutions and other
business entities. The Adviser does not have any requirements for opening or maintaining an account. Any
minimum subscription amounts of the Private Funds are disclosed in the Private Funds’ governing
documents.