Fees and Compensation — Form ADV Part 2A (9/25/2025)
[Brochure]
Item 5. Fees and Compensation
PAM charges its clients an annual investment management fee of up to 0.85% of the net asset values of
the Private Funds, however, PAM may, from time to time, negotiate its fees. The relevant investment
management fee is deducted from the net asset value of the relevant Private Fund on a monthly basis.
Additionally, the Funds will be subject to an administration fee in relation to administration services
provider by the administrator and a custody fee in relation to the services provided by the depository to
the Funds. Administrator and custody fees will be payable monthly in arrears on the last business day of
each month. PAM is authorized to deduct fees automatically from client accounts.
In addition to the above fees, the Funds will pay certain operating expenses of the Funds, including, but not
limited to: (1) custody (excluding execution related expenses) and fund accounting services provided to the
Funds; (2) the annual audit of the Funds’ financial statements by an independent registered public
accountant; (3) the preparation and filing of the Funds’ annual tax returns by an independent registered
public accountant; and (4) other related fund operational expenses such as legal expenses, external
accounting expenses (including the cost of accounting software packages), costs of printing and mailing
reports and notices, corporate licensing, regulatory expenses (including filing fees), organizational
expenses, expenses incurred in connection with the offering and sale of interests and other similar
expenses related to the Members, and indemnification expenses.
Please refer to the relevant Fund’s PPM or prospectus for a further explanation of all expenses that may be
charged to each Fund.
PAM charges GEME a management fee of 0.75% of the average daily net assets of the fund, paid monthly.
In addition, PAM will charge an investment management fee of up to a maximum 0.35% based on the value
of the assets invested in certain model portfolios. Payment is arranged via the platform provider and paid
monthly in arrears.
Account Minimums and Types of Clients — Form ADV Part 2A (9/25/2025)
[Brochure]
Item 7. Types of Clients
PAM primarily provides investment advisory services to its Irish UCITS fund range, Pacific Capital UCITS
Funds Plc. There are several sub-funds to this fund range.
PAM also manages two Delaware funds, Pacific North of South EM All Cap Equity Fund (“EM All Cap Fund”)
which invests in Emerging Markets (defined below) equity on a long-only basis; and Pacific NoS Global EM
Equity Fund (“Global EM Fund”) which invests in a concentrated portfolio of primarily equity and equity
related securities of large and mid-capitalized Emerging Markets (defined below) companies (market
capitalization over USD$5 billion) on a long-only basis. PAM delegates portfolio management for both
Funds to North of South.
Details concerning applicable suitability criteria are set forth in the relevant Private Fund’s PPM and
subscription application materials. Although PAM has the authority to accept subscriptions for any lesser
amount, the minimum investment in each of the Private Funds is generally $50,000. Each investor is
required to meet certain suitability qualifications, such as, a “qualified purchaser” as defined in the
Investment Company Act of 1940.
In addition to the Private Funds, PAM also manages GEME, which is an actively traded ETF listed on the
Nasdaq exchange. Similar to the Private Funds, GEME seeks long-term capital appreciation and invests in a
concentrated portfolio of equity and equity-related securities of large and mid-capitalised Emerging
Markets companies (market capitalization over USD$5 billion). PAM also delegates portfolio management
of GEME to North of South.
PAM may from time to time enter into letter agreements or other similar agreements (collectively, “Side
Letters”) with one or more investors or shareholders of a collective investment vehicle which provide such
investor or shareholder(s) with additional and/or different rights (including with respect to management
fees and minimum investment amounts) than such shareholder(s) or investors have pursuant to general
terms of such collective investment vehicle. PAM will not be required to notify any or all of the other
investors or shareholders of any such written agreements or any of the rights and/or terms or provisions
thereof, nor will PAM be required to offer such additional and/or different rights and/or terms to any or all
of the other investors or shareholders.
In connection with its Model Portfolio Solutions product, PAM will enter into discretionary fund
management agreements with Adviser Representatives acting on behalf of U.S. investors or clients. For
regulatory purposes, PAM classifies all Adviser Representatives as Professional Clients, as defined under
the FCA Rules. PAM does not interact directly with U.S. investors or end clients. It is the responsibility of
the Adviser Representatives to ensure that the selected model portfolio is suitable for their respective
clients.