Item 5. Fees and Compensation
The Firm’s fees and compensation are described in each client’s Governing Documents. All of the Firm’s
clients are “qualified purchasers” (as defined in Section 2(a)(51) of the Investment Company Act of 1940).
The Funds pay the Firm a quarterly management fee. The Firm deducts such management fees from each
Fund quarterly in advance. The Firm may waive management fees for the Principal and employees or
affiliates of the Firm and may waive, reduce or calculate differently the management fee payable with
respect to any other investors.
The Funds bear their own organizational and operating expenses, as well as a pro rata share of the operating
expenses of all trading vehicles, including subsidiaries, intermediate funds and/or special purpose vehicles
through which they invest or intend to invest (the “Trading Vehicles”). Such expenses are expected to
include, without limitation, (i) expenses associated with all investments and transactions considered,
evaluated and/or consummated by the Funds or any Trading Vehicles, as well as overall consideration and
evaluation of such entities’ portfolio, including, without limitation, those expenses incurred before the
initial closing of the Funds, including, without limitation, expenses associated with sourcing, negotiating,
investigating, researching, financing and structuring of investments and potential investments, whether or
not consummated, including, without limitation, data and research on-boarding, ingestion, aggregation, and
analysis, third-party research, data, analytics, modeling, risk, structuring, pricing, execution and other third-
party information, technology, hardware, software or other technology systems, including, without
limitation, installation and maintenance, software and service fees (including, without limitation, the
expenses with respect to data, data feeds, subscriptions, expert networks, political intelligence providers
and reports), (ii) the costs of research-related computer hardware and software expenses, including, without
limitation, Bloomberg terminals and subscriptions and other market information systems, as well as the
costs of research management systems and corporate access tracking systems, (iii) the costs of the Firm’s
portfolio management system and any other software used for accounting and/or monitoring of the
portfolio, including, without limitation, subscriptions relating to, among other things, trading and order
management systems and services, (iv) expenses associated with holding, financing, monitoring, hedging,
maintaining and disposing of all investments and all transaction and other costs associated therewith,
Owlhouse Capital LP Form ADV Part 2A
including, without limitation, expenses associated with proxy research and voting services, (v) travel and
related expenses associated with investments and potential investments, (vi) professional fees associated
with investments and potential investments, including, without limitation, consulting, due diligence,
accounting, valuation, financial, legal and other advisory fees and expenses, (vii) transaction fees,
brokerage commissions, custodial fees, clearing and settlement charges and similar fees and expenses
associated with the acquisition, disposition and settling of investments and potential investments, including,
without limitation, fess, expenses and commission paid in connection with outsourced trading, (vii)
expenses associated with legal and regulatory filings of the Funds or the Trading Vehicles in the United
States, the Cayman Islands, or in any other jurisdiction, including, without limitation, pursuant to Sections
13 and 16 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), as well as the
expenses associated with preparation and filing of the Firm’s Form 13F, Form 13H, and Form PF, if
applicable, and any other similar filing in any other U.S. or non-U.S. jurisdiction, (viii) administrative,
custodial, appraisal, valuation, legal, regulatory, compliance, consulting, advisory and similar fees, and
expenses associated with the Funds’ or the Trading Vehicles’ operations, investments and transactions,
including, without limitation, fees and expenses of the Funds’ administrator (the “Administrator”), (ix)
expenses incurred in connection with responding to requests or inquiries from any U.S. federal, state, local
or non-U.S. governmental entity or authority, regulatory body or self-regulatory organization with respect
to the Funds or the Trading Vehicles, (x) broken-deal, failed transaction, break-up and similar fees, costs
and expenses (if any), (xi) costs and expenses of leverage or any other borrowings of the Funds or the
Trading Vehicles, including, without limitation, interest charges and fees, (x) expenses incurred in the
collection of monies owed to the Funds or the Trading Vehicles, as applicable, (xi) auditing and accounting
expenses, including, without limitation, expenses associated with the preparation of financial statements,
tax returns and Schedules K-1, and the fees and expenses of the auditor, (xii) any taxes, fees or other
governmental charges, including, without limitation, any withholding taxes that are not investor-related
taxes, (xiii) costs and expenses associated with investor communications and reports and the delivery
thereof to investors, (xiv) the costs of service providers or software to measure or monitor risk metrics, to
aggregate positions and/or to provide reporting with respect to risk metrics and/or positions, (xv) costs and
expenses associated with meetings of investors, including, without limitation, the reasonable costs of the
Firm’s travel to such meetings, (xvi) insurance expenses, including, without limitation, general partner
liability insurance and other policies, if any, including directors’ and officers’ liability insurance and, to the
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