IPCP Management LLC

Item 5: Fees and Compensation

The fees and expenses 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.

IPCP Management, LLC                                                Form ADV Part 2A Brochure

Management Fee
The Management Fee will range up to (i) 2.00% of Commitments during the Investment Period, and
(ii) following the Investment Period, the Fee ranges up to 1.5% of all invested and unreturned capital,
as described in each of Fund’s Offering Documents.

The Firm, in its sole discretion, may waive or modify the Management Fee for any Investor. The Firm
will not charge fees on Investor capital that is invested into one Fund, which substantially invests into
another Fund.

Organizational and Third-Party Expenses

The Funds will bear all of the out of pocket legal and other organizational expenses not to exceed certain
aggregate caps as defined in each Fund’s Offering Documents and placement agent fees and finders
fees not to exceed the lesser of up to $500,000 in the aggregate or 3% of any commitments secured by
the placement agent or finder as described specifically in each Fund’s Offering Documents. Please
review the Fund’s Offering Documents for specific disclosure around all expenses.

Certain Funds will incur third-party expenses attributable to unconsummated transactions and broken
deal costs incurred by the General Partners, the Firm and/or their affiliates and third-party expenses
attributable to an Investment, including fees, costs, and expenses incurred in the purchase and sale of
such investment will be funded out of the Funds’ available cash or from drawdowns from the Investors.
The Firm will be responsible for all expenses incurred for its own activities in connection with the day-
to-day expenses of the Firm, including compensation of its employees. The Funds will pay for all
organizational, offering expenses, and any placement agents fees; however, if any of these fees exceed
what is permitted per the Fund LPAs, the Investment Management Fee will be reduced (prior to being
earned) in the corresponding amount. Please review the Fund’s Offering Documents relating to
unconsummated transactions and broken deal costs.

Other Expenses

The Firm or the General Partners will bear all of the ordinary day-to-day expenses incidental to the
administration of the Funds, including general overhead and compensation of its employees where it is
applicable.

The Funds will bear all expenses related to its operations, including travel costs, fees and other out-of-
pocket expenses directly related to the investigation of investment opportunities (whether or not
consummated), the acquisition, ownership, financing or sale of its investments, taxes, fees of auditors
and counsel, expenses of the LP Advisory Board and the Investment Committee, insurance, litigation
expenses, expenses associated with the preparation and distribution of reports to Investors and any
extraordinary expenses.

The Funds may retain third parties for necessary services relating to the assets held by the Funds,
including any management, development, construction, leasing and other property management
services. The General Partners or its Affiliates may provide such services, for which it will receive
competitive market rates. The fees and terms of these arrangements will be subject to approval by the
LP Advisory Board. The Funds shall be responsible for all fees and expenses incurred with respect to
the business of the Fund (including all costs related to the subscription line facility and the Funds’
investment activities whether or not investment transactions are consummated) and shall reimburse the
General Partners or the Firm, as applicable, for the reasonable expenses, obligations and other liabilities
incurred or paid by the General Partners or the Firm and their affiliates in performing the obligations of
the General Partners and the Firm to the Funds or otherwise providing services to or for the benefit of
the Funds where it is applicable.

IPCP Management, LLC                                               Form ADV Part 2A Brochure

Item 7: Types of Clients

Our clients are the Funds, as described in Item 4 above, and the Funds are generally open to, among
others, institutions, endowments, high net-worth individuals, financially sophisticated individuals, and
other sophisticated investors.