Nomura Capital Management LLC

ITEM 5: FEES AND COMPENSATION

A. Advisory Fees and Compensation

NCM’s investment management fees generally depend on the services provided, may be subject to
negotiation, and are typically expressed as a percentage of net assets under management. To the extent
permitted by law, NCM may also charge a performance fee.

NCM’s fee schedule is omitted because this brochure is delivered only to qualified purchasers as defined in
the 1940 Act.

Closed-End Interval Fund

With respect to NAIF, the management fees we receive are detailed in the Fund’s prospectus and consist of an
“Investment Management Fee”. The Investment Management Fee is an asset-based fee which is accrued on a
daily basis and remitted to us by the Fund monthly in arrears.

Private Fund

With respect to the Private Fund, the management fees we receive are detailed in the Limited Partnership
Agreement (“LPA”) entered into between the Private Fund’s General Partner and each Limited Partner.
Pursuant to the LPA, NCM will be entitled to receive an asset-based management fee, paid quarterly in
advance which is based on each Limited Partner’s pro-rata share of the Private Fund’s Actively Invested
Capital. Each Limited Partner’s Actively Invested Capital is calculated as each Limited Partner’s pro rata share
of the acquisition cost of investments in the Private Fund that have not been the subject of a disposition or
write off, including amounts funded with indebtedness, in each case calculated on the first day of such
quarter. The Private Fund’s General Partner may also receive compensation from the Private Fund in the
form of carried interest, subject to the conditions and terms set forth in the Private Fund’s LPA. Limited
Partners of the Private Fund may also bear additional expenses related to the operation of the Private Fund,
as detailed further within the Private Fund’s LPA.

Separately Managed Accounts

With respect to our SMA clients, our management fee will be based on the level of services being
contemplated with each client and is subject to negotiation. Our management fee for SMA clients will
generally be determined as a percentage of assets under management; however we may enter into fixed fee
arrangements with SMA clients depending on the level of services offered.

SMA clients will be provided with a management fee invoice, either in advance or in arrears, and on a
frequency agreed upon with each client in their Investment Management Agreement (“IMA”) with NCM. To
the extent an SMA client terminates its IMA with NCM and the client pays its management fee in advance, the
SMA client would receive a refund of any unearned, pre-paid management fees collected by NCM, prorated to
the number of days in the billing period during which NCM no longer provides its advisory services. We may
enter into performance or incentive-based fee arrangements with our SMA clients, to the extent permitted

                                                                                 Nomura Capital Management LLC
                                                                                Form ADV Part 2A – June 29, 2026
                                                               SEC File Number 801-127179 – CRD Number 324417

under law. The terms of any such performance or incentive-based fees will be stipulated within the IMA with
each SMA client and agreed upon between the SMA client and NCM.

B. Payment of Fees

NCM does not directly deduct or debit its management or incentive fees from its clients’ accounts.

C. Additional Fees and Expenses

As part of our investment advisory services to you, we may invest, or recommend that you invest, in mutual
funds, exchange traded funds or private funds. The fees that you pay to our firm for investment advisory
services are separate and distinct from the fees and expenses charged by these fund vehicles (as described in
each fund's prospectus, offering memorandum, or other offering documents) to their shareholders. These fees
will generally include a management fee and other fund expenses.

Our fees are exclusive of brokerage commissions, transaction fees, and other related costs and expenses
which shall be incurred by the client. Clients may incur certain charges imposed by custodians, brokers, and
other third parties, such as custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire
transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions.

ITEM 7: TYPES OF CLIENTS

NCM offers investment advisory services to registered investment companies, pooled investment vehicles,
corporations and institutional investors.

In general, we do not require a minimum dollar amount to open and maintain an SMA account. We will
negotiate the minimum based on a variety of factors, including investment style and the nature of the client
relationship

                                                                                Nomura Capital Management LLC
                                                                               Form ADV Part 2A – June 29, 2026
                                                              SEC File Number 801-127179 – CRD Number 324417