Item 5: Fees and Compensation
The fees applicable to each of the Funds are set forth in detail in the corresponding Offering
Documents. A brief summary of such fees is provided below.
India Funds
Management Fee
The India Fund will pay to the Investment Manager a fee for management services (the
“Management Fee”), payable monthly as of the last day of each month, equal to the
Management Fee Percentage of the Net Asset Value of each series of Shares as of the end of
such month. The Management Fee will be calculated and paid in arrears. Payment of the
Management Fee will be made within ten days of the last day of each month, or as soon as
reasonably practicable thereafter.
The “Management Fee Percentage” applicable to A Shares, B Shares and M Shares is 0.125%
(1.5% per annum) and for Original Shares (as defined below) is the OS Management Fee
Percentage.
The “OS Management Fee Percentage” varies based on the Net Asset Value of the Fund on the
applicable Valuation Day. If the Net Asset Value of the Fund is less than or equal to US$200
million, then the OS Management Fee Percentage will be 0.125% (1.5% per annum). If the Net
Asset Value of the Fund is greater than US$200 million, then the OS Management Fee
Percentage will be 0.083% (1.0% per annum).
“Original Shares” means A Shares and M Shares first issued prior to 1 February 2024.
The Investment Manager, in its sole discretion, may waive or modify the Management Fee for
any Investor.
The Investment Manager may, in its sole discretion, pay a portion of the Management Fee to
intermediaries, placement agents or other third parties.
Other Types of Fees or Expenses
Habrok is authorized to incur and pay in the name and on behalf of the Funds all expenses
which they deem necessary or advisable.
The Firm is responsible for and shall pay, or cause to be paid, all of their own ordinary
administrative and overhead expenses, including, without limitation, all costs and expenses
related to rent, furniture, fixtures, equipment, office supplies, clerical expenses and all
salaries, bonuses and benefits paid to, or on behalf of, personnel of the Firm.
The Fund bears its own expenses, as well as indirectly bearing those of the Master Fund,
including the fees paid to the Investment Manager, the Administrator and the Depositary,
directors’ fees, legal, compliance, accounting (including outsourced accounting), auditing and
other professional expenses, research expenses (including Investment Research and
corporate access fees), research-related travel expenses (such as lodging, airfare, meals and
conference costs) and investment expenses such as commissions, interest on margin accounts
and other indebtedness, custodial fees, bank service fees and other reasonable expenses
related to the purchase, sale or transmittal of the Master Fund’s assets, including expenses
associated with any currency hedging conducted by the Master Fund; provided, however, that
such expenses will be allocated to the applicable designations of Shares for which such hedges
were effected, unless otherwise indicated by the Investment Manager.
For administrative convenience, the Investment Manager may pay certain expenses on behalf of
the Fund or the Master Fund subject to reimbursement by the Fund or the Master Fund upon
the submission of appropriate documentation.
Any expenses of the Fund and any other feeder fund(s) to the Master Fund (including
organisational expenses of the Fund and such other feeder fund(s) but excluding the
Management Fee and Investor Related Taxes (if any) of the Fund and any equivalent fees or
taxes payable by any other feeder fund(s)) may be paid by the Master Fund and allocated to
its feeder fund(s) pro rata based upon their relative ownership of the Master Fund.
Accordingly, the Fund may indirectly bear a portion of the expenses of other feeder fund(s) to
the Master Fund.
Any expenses directly or indirectly borne by the Fund, other than the Management Fee, the
Incentive Allocation and Investor Related Taxes (if any) or any other expenses which the Board
of Directors determines in its sole discretion should be allocated to a particular Shareholder
or Shareholders, will be shared on a pro rata basis by all of the series of Shares. Any expenses
attributable to a particular series will be allocated solely to such series, including any costs of
currency hedging. To the extent that expenses to be borne by the Master Fund are paid by the
Investment Manager, the Master Fund will reimburse such party for such expenses.
The Investment Manager may establish and operate one or more “Research Payment
Account(s)” to facilitate compliance with applicable regulatory requirements. Each such
Research Payment Account will be used to pay for third-party research material and services
(used by the Investment Manager in the provision of its services to the Master Fund) within
the meaning of MiFID II, as supplemented by the guidance set out in the FCA rules (the
“Investment Research”) provided by the Prime Broker, executing brokers or other research
providers selected by the Investment Manager. The Research Payment Account will be funded
by a direct charge payable by the Master Fund which will not be linked to the value or volume
of transactions executed on behalf of the Master Fund and will be based on an annual budget
for Investment Research which will be set, and regularly reviewed, by the Investment Manager
in consultation with the Board of Directors and the General Partner. The charge for Investment
Research will be collected on a periodic basis separately from (or, in some circumstances,
alongside) any brokerage commission or other transaction costs.
Each Prime Broker receive fees at normal commercial rates on transactions which it executes.
Each Prime Broker charges debit interest on debit balances at agreed rates. Each Prime Broker
will receive separate fees for its clearing and settlement services, but not for custodial services
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