Pascal Investment Advisers Sa

Item 5. Fees and Compensation
Pascal charges management fees and performance fees as set out in each client’s offering documents or
investment management agreement. Fees are negotiable and the Firm has discretion to waive or otherwise modify
fees with respect to any investor, including affiliates of the Firm.
Under the investment management agreement for the Fund, the Firm receives an annual management fee typically
equal to 1.5% of the Fund’s net asset value payable quarterly in advance. The management fee is payable and
deducted from investor accounts regardless of performance.
Management fees for the SMAs are paid to the Firm as set out in the terms of the respective investment
management agreement.
In addition, the Firm is entitled to certain performance-based compensation when certain conditions are met.
Please see Item 6 for more information on performance fees.
All clients advised by Pascal will bear their own operating expenses. Investors should consult, as appropriate,
offering documentation or limited partnership agreements for a comprehensive explanation.
“Operating Expenses” of the Fund include all legal, accounting, audit and filing fees; the fees and expenses of the
administrator; all expenses incurred in connection with the Fund’s operations, trading, investment activities, and
business, including but not limited to execution and other transaction costs, prime brokerage and custody
expenses, principal and registered office fees, costs and expenses relating to the preparation and distribution of
reports and notices to investors, expenses associated with compliance with all applicable laws and regulations, and
all other expenses payable by or reimbursable to the Fund.
Any SMA bears its own operating expenses, as set forth in the SMA’s respective investment management
agreement.
For more information on the Firm’s brokerage practices, please refer to Item 12 in this brochure.

Pascal Investment Advisers S.A.                                                                    Form ADV Part 2A

Item 7. Types of Clients
As described in Item 4, Pascal provides investment advisory services to pooled investment vehicles and institutional
separately managed account clients, such as endowments and pension plans.
Each U.S. person investor in the Fund will be required to certify as an “accredited investor” as defined in Regulation
D under the Securities Act of 1933 and a “qualified purchaser” as defined in the Investment Company Act of 1940.
The minimum initial investment is set forth in the Fund’s offering documents and investors will generally be
required to initially commit €5,000,000. The Fund’s general partner may, in its sole and absolute discretion, accept
lesser amounts.
The establishment of any SMA is subject to the sole discretion of Pascal, which considers a variety of factors,
including, but not limited to, the nature of the client, the proposed investment strategy, and operational or
regulatory considerations.