Fees and Compensation — Form ADV Part 2A (3/26/2026)
[Brochure]
Item 5 – Fees and Compensation described above.
The Funds are typically privately offered only to person(s) that
Management and Performance-Based Fees
meet the definitions of accredited investors and qualified
Fees applicable to each Client are specified in a Fund’s purchasers, and typically require a minimum investment,
offering documents or the relevant investment management unless otherwise waived by the Fund’s general partner or
agreement for Managed Accounts. investment manager.
Depending on the Fund, these Expense Fees may range from
0% to 2.0%, and performance fees range from 0 to 15%. Fees Item 8 – Methods of Analysis, Investment Strategies
are typically paid quarterly in advance by the Clients, based on and Risk of Loss
the Governing Document terms.
Investments selected for Clients are predominantly made
Depending on the Managed Account, the Management Fees through externally-managed funds and separately-managed
may range from 0.10% to 0.50%, and a performance fee of accounts managed by Sub-Managers. The Firm’s selection of
10% over a management fee hurdle. Fees are typically paid external Sub-Managers is conducted through a combination
of top-down asset allocation and manager-specific due
diligence, and relies on multiple quantitative and qualitative Not applicable.
techniques.
Account Minimums and Types of Clients — Form ADV Part 2A (3/26/2026)
[Brochure]
Item 7 – Types of Clients
*Estimated as of 12/31/2024
Our Clients are the Funds, and Managed Accounts as
Item 5 – Fees and Compensation described above.
The Funds are typically privately offered only to person(s) that
Management and Performance-Based Fees
meet the definitions of accredited investors and qualified
Fees applicable to each Client are specified in a Fund’s purchasers, and typically require a minimum investment,
offering documents or the relevant investment management unless otherwise waived by the Fund’s general partner or
agreement for Managed Accounts. investment manager.
Depending on the Fund, these Expense Fees may range from
0% to 2.0%, and performance fees range from 0 to 15%. Fees Item 8 – Methods of Analysis, Investment Strategies
are typically paid quarterly in advance by the Clients, based on and Risk of Loss
the Governing Document terms.
Investments selected for Clients are predominantly made
Depending on the Managed Account, the Management Fees through externally-managed funds and separately-managed
may range from 0.10% to 0.50%, and a performance fee of accounts managed by Sub-Managers. The Firm’s selection of
10% over a management fee hurdle. Fees are typically paid external Sub-Managers is conducted through a combination
of top-down asset allocation and manager-specific due
diligence, and relies on multiple quantitative and qualitative Not applicable.
techniques.
Filed 2025-06-20 (D/A) · Exemption 506(b), 3(c), 3(c)(1) · Minimum $100,000 · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
Filed 2016-06-10 (D/A) · Exemption 3(c), 3(c)(7) · Minimum $1,000,000 · Remaining Indefinite · Duration More than one year · Revenue Decline to Disclose
AUM Breakdown
Accounts
AUM ($M)
By Client Type
(a) Individuals (other than high net worth individuals)
0
0.0
(b) Individuals (high net worth individuals)
0
0.0
(c) Banking or thrift institutions
0
0.0
(d) Investment companies
0
0.0
(e) Business development companies
0
0.0
(f) Pooled investment vehicles
1
575.3
(g) Pension and profit sharing plans
0
0.0
(h) Charitable organizations
0
0.0
(i) State or municipal government entities
0
0.0
(j) Other investment advisers
0
0.0
(k) Insurance companies
0
0.0
(l) Sovereign wealth funds and foreign official institutions
1
40.5
(m) Corporations or other businesses not listed above