Item 5: Fees and Compensation
The fees 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.
Management Fee
Kultura is paid an investment management fee (“Management Fee”) per annum of the net asset value
of the Funds. The Fee will range from 1% to 2%. The Investment Manager, in its sole discretion, may
waive or modify the Management Fee for any Investor.
Fund Expenses
Summit Strategy
The Funds pay, whether directly or through reimbursement of the General Partner, Investment Manager,
or their affiliates, all costs and expenses related to the Fund’s and its pro-rata share of the Master Fund’s
ordinary and extraordinary expenses (“Fund Expenses”).
Fund Expenses include, without limitation: brokerage and other transaction costs, data fees, clearing and
settlement charges, outsourced trading service expenses, trade break fees, research (including research-
related travel expenses incurred with respect to specific potential or existing investments) and brokerage
products, fees paid to consultants providing services in respect of such systems, that fall within Section
28(e) of the Securities Exchange Act of 1934 (the “Exchange Act”), costs of independent appraisals,
broken-deal and/or unconsummated expenses associated with an investment (including, for purposes of
clarity, any portion of such expenses that could have been borne by a co-investment vehicle or account,
which will be allocated to the capital accounts of the Crossover Limited Partners and Crossover
Shareholders in proportion to their respective participating percentage interests therein unless such co-
investment vehicle or account agree otherwise to bear such expenses), legal fees and other expenses in
connection with conducting due diligence and negotiating the terms of investments (including investment-
related travel expenses incurred with respect to specific potential or existing investments), regardless of
whether such investments are consummated, costs of news services, custodial fees, administrator fees and
expenses, third party valuation services, expenses and costs of expert networks, expenses and costs of
obtaining surveys, analysis or other data sets from third parties related to prospective investments or
sectors in which the Funds may invest, all costs and fees of Bloomberg, Factset and other similar services
(including without limitation terminals, leases, licenses, data, and subscription fees), initial and variation
margin, interest and commitment fees on debit balances or borrowings, stock borrowing fees and proxy
solicitation expenses, legal expenses, audit and tax preparation expenses, accounting fees, insurance
expenses including costs of any liability insurance obtained on behalf of the Funds or officers’ and
directors’ insurance, indemnification expenses, the Management Fee, certain government and regulatory
costs and expenses (including filing and license fees and preparation and submission of filings and licenses,
including without limitation, Section 13 filings, Form PF preparation and filing fees, blue sky and
corporate filing fees and expenses) in connection with specific investments or offering interests in the
Funds, any issue or transfer taxes chargeable in connection with any securities transactions, any entity
level taxes and fees, costs of reporting and providing information to Partners (including updates to offering
documents), expenses relating to any amendment to the Partnership Agreement or limited partnership
agreement (including, without limitation, to convert the Performance Allocation to a performance fee)
and the solicitation of any investor consents, expenses relating to annual investor meetings, fees and
expenses of the Advisory Board, costs of litigation or investigation involving Fund activities, and any
extraordinary expenses. Expenses are generally shared by all of the Partners, while expenses related to
one or more particular classes or series Interests will be allocated accordingly by the General Partner.
Any investment or other expense relating specifically to a Designated Investment Account are charged
Kultura Capital Management LP Form ADV Part 2A Brochure
against the capital accounts of the Crossover Limited Partners and Crossover Shareholders participating
in such Designated Investment Account in proportion to their respective participating percentage interests
therein.
A portion of the Funds operating expenses may be shared with other investment entities or accounts
managed by the Investment Manager, the General Partner or their affiliates on an equitable basis and the
Funds may likewise share a portion of the operating expenses of such other investment entities and
accounts.
A portion of expenses for certain research and brokerage products and services incurred by the Investment
Manager and/or General Partner might be paid with “soft dollars” generated through the Master Fund’s
trading activities. The use of commissions or “soft dollars” to pay for research and brokerage products and
services falls within the safe harbor created by Section 28(e) of the Exchange Act. Under Section 28(e) of
the Exchange Act, research and brokerage products and services obtained with soft dollars generated by
the Master Fund may be used by the Investment Manager to service accounts other than the Funds. Where
a product or service obtained with soft dollars provides “mixed-use” research or brokerage products or
services to the Investment Manager, the Investment Manager will make a reasonable allocation of the cost
which may be paid for with soft dollars.
Organizational costs of the Funds and the costs incurred in connection with the initial and ongoing issuance
of Interests, including legal and accounting fees, document production and printing costs, federal and
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