Fees and Compensation — Form ADV Part 2A (3/31/2026)
[Brochure]
Item 5. Fees and Compensation
The Adviser charges each separately managed client account an investment advisory fee based on the
market value of the account’s assets under management. For managed account clients, the Adviser
typically charges an advisory fee of 1.0% per annum. The fee is payable in quarterly installments in
advance on the first day of each calendar quarter and is based on the market value of the assets under
management in the account as of the close of business on the preceding business day. The fee will be
prorated for any partial quarter during which the account is established.
The Adviser typically charges each private fund client an advisory fee ranging from 0.80% to 1.25% per
annum. The fee is payable in monthly installments in advance on the first day of each month and is
based on the market value of the client’s assets under management as of the first day of each month. The
fee will be prorated for any partial month. The Adviser (or an affiliate of the Adviser) also receives
performance-based compensation as further described in Item 6.
A managed account client may terminate the investment management agreement with the Adviser at any
time. Upon termination of an account during a quarter, advisory fees will be prorated and any prepaid,
unearned advisory fees will be promptly refunded.
The Adviser reserves the right to determine the annual advisory fee rate and/or the manner of payment
with any managed account client or prospective managed account client. As a result, fees may be
negotiable under certain circumstances or for certain managed account clients. The Adviser bills
managed account clients and deducts the fee automatically from their accounts when agreed upon with
the clients.
The fees charged by the Adviser or its affiliates to private funds which it advises, including any
investment advisory fees and performance-based fees, are described in the legal documentation for such
private funds.
In addition to paying advisory fees to the Adviser, clients are subject to other expenses such as brokerage
commissions and costs associated with foreign exchange transactions, among others. Client assets may
be invested in money market mutual funds or other registered or unregistered investment companies,
private funds or other investment entities. In these cases, the client bears its pro rata share of the
investment management fee and other fees of the fund in which the assets are invested. The management
and other fees of the fund in which assets are invested are described in the fund’s legal documentation,
and are in addition to the advisory fee paid to the Adviser. Please refer to Item 12 of this Firm Brochure
for a discussion of the Adviser’s brokerage practices.
Account Minimums and Types of Clients — Form ADV Part 2A (3/31/2026)
[Brochure]
Item 7. Types of Clients
The Adviser’s clients consist of private funds and individuals, charitable organizations and institutions
with separately managed accounts. With respect to any client that is a private fund, any initial and
additional subscription minimums are disclosed in the legal documents for such clients. There are no
minimum investment requirements for opening or maintaining a managed account.