Fees and Compensation — Form ADV Part 2A (3/31/2017)
[Brochure]
ITEM 5: FEES AND COMPENSATION
a) Compensation
Private Funds Fees
Kazimir receives a management fee from each Fund based on net assets under management.
Each Fund’s prospectus or offering documents specifies the management fee, but generally the
Fee ranges from 1.5% to 2% annually (the "Management Fee"). The Management Fee is paid
quarterly, in advance, based on the net assets of each Fund as of the last business day of the
quarter.
In addition, the Firm (or its affiliate) generally receives performance compensation equal to 20%
of the Funds' net profits (the "Performance Fee"). This fee may be with or without a hurdle rate,
as set out in each individual Fund’s prospectus or offering memorandum. The Performance Fee
is charged by the Firm (or its affiliate) in compliance with Rule 205-3 under the Investment
Advisers Act of 1940, where applicable. Kazimir, in its sole discretion, may waive or reduce the
Management Fee and/or the Performance Fee or amend any other restrictions with regard to
investors that are employees or affiliates of the Firm, relatives of such persons, and for certain
strategic investors.
Managed Accounts
The Adviser may offer separate account management to clients with a fee equivalent to the one
that the Adviser receives for managing its private funds. This fee may be negotiable depending
on the account size, the total investment by that client in all products, the aggregate investment
by related accounts, the complexity of any additional guidelines provided by the client and other
discretionary factors.
b) Billing
Management fees are automatically deducted from the accounts of Fund Investors. Separate
Account Clients are billed for fees incurred.
c) Other Expenses
Clients are responsible for and do incur other expenses separate and apart from the Firm’s
management and performance based fees. These expenses typically include fees charged by each
Fund, custody fees, brokerage services and other transaction fees, and/or expenses associated
with the investment vehicle in which assets are invested. Up to a 3% subscription fee may be
charged on certain Funds. In addition, a redemption fee for early redemptions may be charged.
Details are disclosed in the Funds offering memoranda
d) Advance Billing
As discussed above, with respect to the Kazimir Funds the management fee is payable in
advance calculated and paid in US Dollars. With respect to managed accounts, management fees
may be paid quarterly or monthly, in advance or in arrears, as agreed on with the Client.
Investors in the Funds who withdraw will generally not be refunded any portion of the
management fee payable for that calendar quarter. For Separate Accounts that are terminated
prior to the end of the period, fees paid in advance will be refunded only if agreed to by the
parties.
e) Sales-based Compensation
Not applicable.
Neither the Adviser nor any of its employees or affiliates accepts additional compensation for the
sale of securities or other services or other investment services or products.
Account Minimums and Types of Clients — Form ADV Part 2A (3/31/2017)
[Brochure]
ITEM 7: TYPES OF CLIENTS
Kazimir, together with its affiliated entities, provides advisory and investment management
services to a number of collective investment schemes (the “Funds”) and separately managed
accounts tailored to specific client mandates. The Funds are typically organized as limited
partnerships, limited liability companies, or similar legal entities. The Funds are not considered
“investment companies” as defined under the Investment Company Act of 1940, as amended (the
“Investment Company Act”), pursuant to definition exemptions under Sections 3(c)(1) or 3(c)(7)
of the Investment Company Act. Interests in the Funds are only available to qualified investors.
The Firm’s separately managed accounts generally include pension funds, insurance companies,
banks, foundations, endowments, trusts, estates, family offices and other institutions. Investors in
the collective investment vehicles primarily include US and non-US individuals, estates,
charitable organizations, banks and corporations.
The minimum investment amount for each Fund is typically $1,000,000. The minimum
subsequent investment is t y p i c a l l y $250,000. Minimum investment amounts may be waived
in the sole discretion of the Firm. There is no minimum for managed accounts subject to
individual negotiation.