Hermes GPE LLP

Item 5 - Fees and compensation
The firm is predominantly remunerated through management fees which are calculated on a quarterly basis based
upon a fixed percentage of that investor’s share of:

    A)   the net asset value of investments; or
    B)   the net asset value of the fund; or
    C)   fund commitments; or
    D)   residual investment acquisition cost.

         HGPE can also receive, in relation to certain private funds, a share of carried interest which is earned
         when the managed fund’s performance outperforms a pre-defined hurdle amount

Private account advisory services
Hermes GPE’s fees for private equity advisory services (non-discretionary management) are negotiated on a
Client by Client basis and vary depending on factors such as, but not limited to, the complexity of the mandate,
the scope and depth of required analysis, number of investments opportunities reviewed, and reporting
requirements and monitoring services. The fees would typically incorporate:
 an advisory fee calculated as set out in the above paragraph or as a fixed or volume-based retainer, per-
  investment or per-review fee, time spent fee model, among other methods plus, where applicable;
 a performance fee calculated as a percentage of gains exceeding a certain hurdle rate return, in line with the
  Advisory Agreement.

March 2026                                                                                                         7

ADV Part 2A – The Brochure

Private fund fees
Management fees charged on private funds are described in its prospectus and/or its LPA and are set by the
manager depending on the complexity of running the investment product, competitor rates and the market
environment, among other things, therefore, different funds will have different fee rates.
For Pooled funds, fees are set out in the fund’s marketing and legal documents such as the LPA and PPM and
these terms are available to all qualified investors. For Private Equity Pooled funds, certain management fee rates
are also tiered, such that investors who commit larger amounts or enter at the first closing could benefit from lower
rates. Preferential rates, outside of tiered rates stated in the legal and marketing documents, are not offered or
negotiated for single investors within a pooled fund.
Although management fees are typically calculated based on an investor’s commitment to a fund or based on
NAV, such fees are paid from committed capital - fund assets when called - and therefore reduce the investor’s
proportionate share of the fund’s net assets.

Some funds have arrangements for fees to be paid on a quarterly basis in arrears while other funds have
arrangements for management fees to be paid on a quarterly basis in advance. Management fees that are paid
in advance and are based on a fixed percentage of NAV will be based on an estimate as actual NAV is not
known on the calculation date; it is only available after the valuation committee process concludes
approximately 75 days after the period ends. There is therefore a “catch up” concept in the LPA whereby when
calculating the fees for investors at the next calculation period there is an adjustment for an under/over-charging
at the previous calculation date between the estimated and final NAV. In the event of a fund termination during
the period, the Manager would make best endeavors to adjust for this at the time if it was already known. If not,
the date of dissolution of the partnership forms the final calculation date and therefore a final “catch up” of the
over/under payment occurs on that date.

Hermes GPE’s management fees are exclusive of brokerage commissions, transaction fees, and other related
costs and expenses which shall be incurred by the Client. Clients can incur certain charges imposed by
custodians, brokers, banks and other third parties such as fees charged by underlying investment managers,
custodial fees, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage
accounts and securities transactions. Such fees are exclusive of and in addition to Hermes GPE’s fee and
Hermes GPE does not share in any portion of such charges, fees and commissions.
Please refer to “Conflicts of Interest Relating to Performance-Based Fees” in Item 6 of this brochure for further
information regarding actual or potential conflicts of interest that could arise in connection with performance-
based fees.

Item 7 - Types of Clients
Hermes GPE provides investment advisory services to institutional Clients which can include but are not limited
to pension plans, trusts and other types of corporations or business entities, including private funds. Hermes GPE
expects each private fund to qualify for exemption from the definition of “investment company” under either 1940
Act Section 3(c)(1) or 1940 Act Section 3(c)(7) and to offer interests to investors pursuant to Regulation D under
the Securities Act of 1933, as amended (“1933 Act”). As a result, this Brochure may discuss information relevant
to such investors, as necessary or appropriate. Nonetheless, this Brochure is designed solely to provide
information about Hermes GPE and should not be considered to be an offer of interests in any private fund
managed or offered by Hermes GPE.
Private fund investors can include high net worth individuals and a variety of institutional investors (including, but
not limited to; trusts, employee benefit plans, endowments, foundations, corporations and other types of entities,
including private funds of funds) meeting the terms of the exceptions and exemptions under which the private
fund operates and wishing to invest in accordance with the private fund’s investment objective. Investors must
meet the requirements for ‘accredited investors’ under the 1933 Act. In some cases, they must also be ‘qualified
purchasers’ under the 1940 Act and/or ‘qualified eligible persons’ under regulations of the Commodity Futures
Trading Commission (‘CFTC’).
Minimum investment requirements are negotiated on a Client by Client basis or are specified in the respective
PPM and LPA for each private fund.