Fees and Compensation — Form ADV Part 2A (3/15/2022)
[Brochure]
5. FEES AND COMPENSATION
The General Partner is paid an asset fee (the "Asset Fee") on the first day of each Fiscal Quarter
equal to three hundred seventy-five thousandths of one percent (0.375%) of each Limited Partner's
closing capital account as of the last day of the preceding Fiscal Quarter. Similarly, Offshore
Advisors is paid an Asset Fee on the first day of each Fiscal Quarter equal to three hundred seventy-
five thousandths of one percent (0.375%) of each MCOL shareholder’s net asset value as of the last
day of the preceding quarter. The Funds bear normal operating expenses, including legal and
accounting fees. The Funds also bear their pro rata share of the expenses of the underlying funds in
which they invest, including brokerage and custody costs. Fees are deducted from client asset
accounts; clients are not billed for fees incurred.
The Managers, in their sole discretion, may waive, or charge a lesser Asset Fee.
Combined ADV Part 2A/Part 2B: Firm Brochure and Supplement
Merritt Capital Investment Advisors also advises institutional clients such as family offices and fund of
funds with respect to prospective investment partnership investments and allocations. Merritt
charges these institutional clients a quarterly fee, negotiated on a case by case basis.
Account Minimums and Types of Clients — Form ADV Part 2A (3/15/2022)
[Brochure]
7. TYPES OF CLIENTS
The Managers’ clients consist of the Funds, and institutional clients such as fund of funds. The
Funds are not registered as investment companies under the Investment Company Act of 1940, as
amended (the “1940 Act”). The Funds are open to investors who are "qualified purchasers" as
defined under Section 2(a)(51) of the 1940 Act and rely on the exemption from registration provided
in Section 3(c)(7) of the 1940 Act. Investors in the Funds must also be “accredited investors” as
defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and a
“qualified purchaser” as defined in Section 2(a)(51) of the 1940 Act.
Investors in the Partnership include accredited individual investors, family offices, and partnerships,
among others. Investors in MCOL include tax exempt entities such as foundations and endowments,
other charitable organizations, as well as non-US investors. The Managers, in their sole discretion,
may decline to admit a prospective investor for any reason or for no reason, even if the prospective
investor satisfies the Funds’ suitability criteria.
The minimum investment in the Funds is $1,000,000, though the Managers, in their sole discretion,
may waive this requirement.