Long Path Partners LP

Item 5 – Fees and Compensation

Compensation for Advisory Services

    The Adviser (or its affiliate) receives both a management fee (a percentage of assets under
    management) and incentive allocation (based on net capital appreciation).

    The Adviser generally receives a management fee from the Funds at an annual rate ranging
    typically from 1.00% to 1.25% per annum that is described in the Offering Documents of each
    Fund. Management fees are charged in advance at such time as specified in the applicable
    Fund’s Offering Documents and may be calculated, for example, based upon the net asset value
    of the shares or interests of each Fund held by investors or an investor’s committed but uncalled
    capital, with assets generally valued at fair value, except for certain private investments, which
    are valued at cost, on the first business day of each calendar quarter. The Adviser generally
    receives a management fee from the Managed Accounts at an annual rate ranging typically from
    0% to 1.25% based upon the value of each Managed Account on the first business day of each
    calendar quarter.

    The management fee is typically accrued monthly and deducted quarterly in advance from the
    Fund. The management fee is prorated for any period that is less than a full calendar quarter
    and will be adjusted for subscriptions and withdrawals occurring during the quarter.

    The Adviser may waive or modify the management fee for investors that are members,
    principals, employees or affiliates of the Adviser (or an affiliate), and relatives of such persons
    and advisers to the Adviser (or an affiliate). In addition, certain investors that are members,
    principals, employees or affiliates of the Adviser (or an affiliate), and relatives of such persons
    are not subject to the management fee for Clients in which they invest.

    The Adviser will also be paid performance-based compensation, also referred to as “incentive
    allocation” or “carried interest”, which is compensation that is based on a share of capital gains
    on or capital appreciation of the assets of a Client. This compensation may be paid to the Adviser
    or to a related person of the Adviser, ranges typically from 15% to 25% over a hurdle, and is

  The valuation of all private assets held by one Client have not yet been finalized as of the date of this Brochure.
Therefore, Long Path’s regulatory assets under management calculation consists of valuations with respect to one
Client as of December 31, 2024. Calculations of regulatory assets under management with respect to all other Clients
are reported as of December 31, 2025. Long Path will review for materiality following the completion of the 2025
valuation of private assets held by this Client to assess whether an amendment to this filing is needed and will file
such amendment if deemed necessary.

paid on an annual basis or, with respect to certain private investments, when such investments
are realized on such terms as are further described in the Fund’s Offering Documents.

After calculating the management fees and the incentive allocation/fee, and confirming such
amounts with the Adviser, the Funds’ administrator deducts the management fee and/or
incentive fee/allocation from the Funds. Payments of such fees by the Managed Accounts are
made in accordance with their governing documents.

The Adviser will be responsible for and will pay, or cause to be paid, all ordinary office
overhead expenses, which include rent and supplies, secretarial expenses, stationery, charges
for furniture and fixtures, employee insurance, employee benefits, payroll taxes and
compensation of analysts and other personnel.

As more fully described in each Fund’s respective Offering Documents and in investment
management agreements or other agreements with Managed Account Clients, the Funds and
Managed Accounts will generally bear expenses in connection with their trading and investment
activities, which may include management fees and profits interest borne by each Fund;
organizational expenses; Fund legal expenses, the administrator’s fees and expenses (including,
but not limited to, middle and back office services and software necessary for trade capture and
portfolio management), audit and tax preparation (including third-party tax preparation) and
accounting expenses (including third-party accounting services and accounting software);
investment/prospective investment fees, including expenses broadly tied to the evaluation,
acquisition, restructuring, operating, monitoring and/or disposing of investments/prospective
investments, whether or not consummated, any associated transaction costs, legal, accounting,
lending and financing expenses, investment bankers, management consultants, niche consulting
services, third-party diligence software and service providers’ advisors, experts and other third
parties, other value-added services provided to portfolio companies, operating
partners/executives/ advisors’ fees, fees of finders or sourcing partners, travel costs, costs
associated with foreign exchange/hedging, expenses incurred in connection with securing and
servicing of financing (e.g., credit lines and commitment facilities), deposits or down payments
that are forfeited in connection with, or amounts paid as a penalty for, unconsummated
transactions, all principal and interest associated with borrowing, indebtedness of or guarantees
made by a Fund, interest on margin accounts and other indebtedness, related expenses of an
advisory committee and any other expenses related to the purchase, sale, transmittal or
preservation of Fund assets; specific research related fees, including research products and
services (e.g., data, sell side reports, research reports), software products (e.g., Bloomberg) and
technology-related fees and expenses, expert networks, advisors/consultants, primary research
...

Item 7 – Types of Clients

 As noted in Item 4 above, the Adviser provides portfolio management services to the Funds
 (which may be organized as domestic or foreign partnerships, corporations, or other
 incorporated or unincorporated entities). Investors in the Funds consist primarily of institutional
 investors, high net worth individuals, family offices, OCIO’s, endowments and foundations.

 With respect to the Funds, any initial and additional subscription minimums are disclosed in the
 Offering Documents for such Fund. With respect to other Client accounts, the Adviser
 determines the minimum investment amount on a case-by-case basis with each advisory Client.

 We also provide portfolio management services to Managed Accounts for institutional
 investors.