Lexington Advisors LLC

Item 5: Fees and Compensation

Compensation and Fee Schedules

All investors and prospective investors in a Lexington Fund should review the Governing
Documents of the applicable Lexington Fund in conjunction with this brochure for complete
information on the fees and compensation payable with respect to such Lexington Fund.
Different Lexington Funds are subject to different advisory fees as compensation for the
investment advisory services rendered to the applicable Lexington Fund (each, an “Advisory
Fee”), typically calculated based on committed capital or the sum of the fair market value of
portfolio investments and reserves for portfolio investments, or capital contributions (including
outstanding borrowings by such Lexington Fund) for unrealized portfolio investments, with
respect to such Lexington Fund, in each case as set forth in the Lexington Funds’ Governing
Documents. Lexington also receives performance-based compensation from the Lexington
Funds as described further in the section titled “Performance-Based Fees and Side-by-Side
Management”.

The precise amount, and the manner and calculation, of the Advisory Fees for each Lexington
Fund are established by Lexington and are set forth in such Lexington Fund’s Governing
Documents, which are received by each investor prior to making an investment in such
Lexington Fund. In certain circumstances, the Advisory Fees payable to Lexington by
individual investors in a Lexington Fund will vary among such investors (e.g., based on size
and aggregation of commitment, timing of admission or otherwise) and may be negotiable.
Lexington also has discretion in determining whether size-based commitments will be
aggregated for purposes of determining certain Advisory Fee rates, and treatment among
investors is expected to vary. Moreover, personnel and certain business associates and “friends
and family” of Lexington or its personnel (collectively, “Adviser Investors”) typically will not
pay or bear any Advisory Fees with respect to their direct or indirect investments in the
Lexington Funds. Notwithstanding that Adviser Investors will generally not pay or bear
Advisory Fees, Adviser Investors will bear their pro rata share of certain Lexington Fund
expenses or such Adviser Investors’ pro rata portion of such expenses will be allocated to
Lexington.

Advisory Fees paid by a Lexington Fund are indirectly borne by investors in such Lexington
Fund. Investors and prospective investors in each Lexington Fund should note that similar

    Discretionary assets under management include the Lexington Funds’ asset values and uncalled commitments as of
       September 30, 2025, Lexington’s assets under management related to the Registered Funds as of September 30, 2025,
       and additional investor commitments accepted by the Registered Funds between October 1, 2025 and November 30,
       2025.

advisory services may (or may not) be available from other investment advisers for similar or
lower fees and that fees may differ among investors in the same Lexington Fund.

With respect to the U.S. Registered Fund, Lexington receives a sub-advisory fee (the “Sub-
Advisory Fee”) from the U.S. Registered Fund Manager. With respect to the Offshore
Registered Fund, Lexington receives an annual management fee, which is paid by the Offshore
Registered Fund out of its assets. Lexington also receives performance-based compensation
with respect to the Registered Funds as described further in the section titled “Performance-
Based Fees and Side-by-Side Management”.

All clients of Lexington (and all Lexington Fund limited partners) are “qualified purchasers”
as defined in Section 2(a)(51) of the Investment Company Act and, therefore, Lexington has
not included specific fee information in this brochure.

Deduction of Fees; Timing of Payments; Termination

Lexington is authorized under the Governing Documents to charge and deduct Advisory Fees
directly from the Lexington Funds. Payments of Advisory Fees are generally made quarterly
in advance and in accordance with the terms of the Governing Documents of the applicable
Lexington Fund. As a general matter, Advisory Fees will be payable during term extensions
unless otherwise agreed with investors. Please refer to the Governing Documents of each of
the Lexington Funds for complete information on the timing of Advisory Fee payments. Upon
termination of any Lexington Fund’s advisory relationship with Lexington, any prepaid,
unearned fees will be promptly refunded to such Lexington Fund, and any earned, unpaid fees
will be due and payable.

With respect to the U.S. Registered Fund, the Sub-Advisory Fee is payable quarterly in arrears
from the U.S. Registered Fund Manager. With respect to the Offshore Registered Fund, the
management fee is paid by the fund out of its assets in accordance with its governing
documents and is accrued and charged on an ongoing basis as part of the fund’s operating
expenses. Additional information relating to the Registered Funds’ advisory fees can be found
in their respective prospectuses and related offering documents.

Other Fees and Expenses

Consistent with the Governing Documents of the Lexington Funds, in addition to the Advisory
Fees and performance-based compensation payable to Lexington, each Lexington Fund (and
indirectly, the investors thereof) will incur and/or bear certain charges, including, but not
limited to: fees, costs and expenses of any administrators (including administrators that
perform anti-money laundering or “know your customer” diligence and investor verification
services in connection with the ongoing participation of investors in the Lexington Funds),
independent appraisers, custodians, depositaries, attorneys, accountants, auditors, tax advisors,
“tax matters partners” or “partnership representatives,” consultants, brokers, agents, research-
related data providers, independent appraiser and valuation firms or experts or other
...

Item 7: Types of Clients

Types of Clients and Investment Vehicles

Lexington generally provides advice to pooled investment vehicles. Lexington also provides
advice to managed accounts (i.e., investment vehicles in which only Lexington and one or
more affiliates of a single third party invest), and serves as an investment sub-adviser to the
U.S. Registered Fund, which is registered under the Investment Company Act, and the
Offshore Registered Fund, as further described in Item 4 above. Investors in the Lexington
Funds and/or the Registered Funds include, without limitation, corporations, endowments,
foundations, trusts, estates, sovereign wealth funds, banks and other financial institutions,
insurance companies, family offices, high net worth individuals and public and private
retirement and pension plans and profit sharing plans.

In connection with the formation and management of certain Lexington Funds, Lexington or
its related entities establish certain vehicles (“Feeder Funds”) to address tax, legal, regulatory,
and/or other similar issues or requirements of certain investors in the Lexington Funds. Each
Feeder Fund is a limited partner (or equivalent) of a Lexington Fund and interests in such
Feeder Fund are held by the investors who participate in the Lexington Fund through such
Feeder Fund. In addition, Lexington forms other parallel funds, alternative investment
vehicles and/or similar investment vehicles to address tax, legal, regulatory, and/or other
business considerations.

Investors are requested to refer to the Governing Documents of the applicable Lexington Fund
for complete details on any Feeder Funds or other investment vehicles established in
connection with such Lexington Fund and such Lexington Fund’s ability to make investments
through any such vehicles.

Minimum Investment Requirements

Lexington and its related entities generally require that each investor in the Lexington Funds
be an “accredited investor” as defined in Regulation D promulgated under the Securities Act.
In addition, Lexington and its related entities generally require that each investor in the
Lexington Funds be a “qualified purchaser” as defined in the Investment Company Act.

In general, the minimum investment commitment required of an investor to participate in a
Lexington Fund is $5,000,000; however, the general partner of each Lexington Fund has
discretion to increase or reduce the minimum investment commitment and such minimum
investment requirement does not apply to all Lexington Funds.

Investors are requested to refer to the Governing Documents of the applicable Lexington Fund
for complete information on minimum investment requirements for participation in such
Lexington Fund.

The U.S. Registered Fund offers four separate classes of shares designated as Class S, Class
D, Class I and Class M Shares.2 The minimum initial investment in the U.S. Registered Fund
by any investor is $25,000 with respect to Class S Shares, Class D Shares and Class M Shares,
and $1,000,000 with respect to Class I Shares. The minimum additional investment in the U.S.
Registered Fund by any investor is $10,000, except for additional purchases pursuant to the
U.S. Registered Fund’s dividend reinvestment plan. Investors subscribing through a given
broker-dealer or registered investment adviser may have shares aggregated to meet these
minimums, so long as initial investments are not less than $25,000 and incremental
contributions are not less than $10,000.

The Offshore Registered Fund is available to non-U.S. Professional Investors and Eligible
Retail Investors, with a minimum subscription amount of $25,000.

Complete information on minimum investment amounts for participation in the Registered
Funds can be found in their prospectuses and/or related offering documents.