Fees and Compensation — Form ADV Part 2A (2/9/2022)
[Brochure]
Item 5 - Fees and Compensation
A. Below is a discussion of how the Adviser is compensated in connection with
providing advisory services to its Clients. The Adviser may enter into different fee
arrangements on a Client by Client basis.
Management Fees The fees and expenses associated with each Client account will
be negotiated with each Client and are described in detail in each Client’s Offering
Documents. Generally, the Adviser will not be entitled to a management fee, but an
Expense Payment Amount will be allocated as provided to Client in the respective
investment management agreement.
Performance Allocation. The Adviser is entitled to a performance-based profit
allocation at the end of each calendar year equal to fifteen percent (15%), based on
net profits (the “Performance Allocation”).
Direct Client Expenses. Clients are responsible for all direct expenses related to
their operations and activities, including all of its expenses associated with its
investment portfolio, including brokerage commissions and other transaction costs.
Clients bear the full cost of expenses related to proxies, underwriting and private
placements, brokerage commissions, interest on debit balances or borrowings,
custody fees and any withholding or transfer taxes imposed on the Fund.
B. Performance Allocations from the Fund are deducted directly from the Client’s
capital and payable monthly in advance.
C. Clients will incur brokerage and other transaction costs. Item 12 of this brochure
discusses how the Adviser selects brokers and determines the reasonableness of
their compensation. The direct expenses borne by each Client are described in more
full detail in each Client’s Offering Documents.
D. As stated above, Management Fees are deducted directly from the Client’s capital and
paid monthly in advance. The Management Fee is prorated for any period that is less
than a full month for capital contributions made by new or existing investors, and
refunded on a prorated basis upon withdrawal or redemption from a Fund prior to the
quarter-end.
E. Other than as described above, neither the Adviser nor any of its supervised persons
receives any compensation from the sale of securities or other investment products.
Account Minimums and Types of Clients — Form ADV Part 2A (2/9/2022)
[Brochure]
Item 7 - Types of Clients
As mentioned in Item 4, the Adviser provides investment advisory and sub-advisory
services to private investment funds for sophisticated, qualified investors.
Acceptance of Fund and sub-advisory account relationships is determined on a case-by-case
basis.