Investcorp Absolute Return Investments LLC

Item 5. Fees and Compensation
Multi-manager solutions
For the multi-manager solution, depending on the investment advisory agreement, IARI LLC will charge a
monthly or quarterly or annual management fee of up to 2% per annum of assets under management. IARI
LLC also charges a performance-based incentive fee of up to 20% of the net profits of certain Funds and
separately managed accounts, and which may be subject to a loss carry forward provision, hurdle rate and/or
high-water mark. Fees may be charged in advance or in arrears. However, in no case are fees charged more
than three months in advance. Any fees charged in advance will be refunded pro-rata in the event of
termination of an advisory relationship.
The Underlying Funds or Managers in which, or with whom, the multi-manager solutions invest will have their
own fees which are in addition to fees charged by IARI LLC. Performance fees may be payable in respect of
underlying investments even when the multi-manager solutions managed by IARI LLC are experiencing losses.
Some multi-manager solutions are responsible for certain expenses associated with an Underlying Fund.
Systematic Strategies
IARC LLC will charge the fund a management fee equal or up to 1% per annum of assets under management.
These are payable monthly in arrears. There is no performance-based incentive fee.
Other Fees
Clients, including non-discretionary investment advisory clients, are generally responsible for standard fees
including but not limited to brokerage, administration, and custody fees.
Please see Item 12, “Brokerage Practices” for a discussion of IARI LLC’s brokerage practices in connection with
the Funds. For additional details about the fees incurred by the Funds and expenses that may be allocated to
the Funds (which may vary from Fund to Fund), please see the offering documents of the Funds.
Side Letters
IARI LLC may occasionally enter into agreements with one or more investors in a Fund, in consideration for
investing in the Fund, commonly known as “side letters”. Pursuant to any such side letter, an investor may
receive, among other benefits, a payment (or rebate) out of any fees earned by IARI LLC or an affiliate,
preferential liquidity terms, “most favored nation” terms, access to portfolio holdings or a waiver of early
redemption fees. These benefits are typically not available to all investors.
Negotiation of Fees; Waivers
Management fees, performance-based incentive fees and administrative fees payable by investors in the
Funds generally will not be negotiable, but under certain circumstances IARI LLC, in its discretion, may waive
or modify all or a portion of the management fees, performance-based incentive fees and/or administrative
fees for particular investors, including partners, officers, employees and affiliates of IARI LLC, provided that
doing so does not, in the Firm’s reasonable judgement, adversely affect other investors.
The management and performance-based incentive fees payable by separately managed account clients to
IARI LLC are negotiated on a case-by-case basis.

Investcorp Absolute Return Investments LLC                                                  Form ADV Part 2A