PFM Health Sciences LP

Item 5. Fees and Compensation

The Adviser does not have a fee schedule. The fees and expenses associated with an investment in
the Funds vary, depending on the Fund and respective share classes therein, and are described in
detail in each Offered Fund’s Offering Documents. With respect to the Healthcare Fund, management
fees vary by share class. As of the date of this Brochure, the annual management fee rate is 1.0% of
net asset value for Class A and Class B Interests, 1.5% of net asset value for Class C and Class L
Interests, and 2.0% of net asset value for Advisory Class Interests, in each case calculated and payable
quarterly in advance. In certain cases, the management fee is charged on a prorated basis for capital
contributions made on a date other than the first day of the quarter or month, as applicable. Reduced
introductory performance fee rates are also currently available to new investors in Class B, Class C,
Class L, and Advisory Class Interests admitted within specified timeframes; investors should refer to
the applicable Offering Documents for the fee terms applicable to their specific share class and
subscription date. The Adviser also has in the past, and may in the future, manage other Funds with
higher or lower fees, different fee structures, different expense payment arrangements and different
withdrawal or redemption rights, than the existing Funds. In the case of certain Feeder Funds, fees
and expenses are generally charged and allocated at the Master Fund level, if applicable.

With respect to the Growth Equity Fund, the management fee is currently calculated on invested
capital, as the fund's commitment period has concluded and the fund is fully invested.

With respect to the SMA Account, the Adviser does not receive a management fee. As compensation
for its sub-advisory services, the Adviser receives a performance-based fee calculated and payable
monthly, equal to a percentage of the net investment gains of the SMA Account for each calendar
month after deducting applicable trading expenses. If the SMA Account experiences net investment
losses in any calendar month, those losses are carried forward and must be recovered in full before
the Adviser is entitled to receive a performance fee in any subsequent month. Brian Grossman
contributed a first-loss interest in connection with the SMA Account arrangement, providing a degree
of economic downside alignment between the Adviser and the SMA Account sponsor.

Direct Expenses of the Funds

Healthcare Fund. Generally, each Feeder Fund bears all expenses incidental to its organizational and
ongoing operation, which include, without limitation, (a) trading costs and expenses, (b) interest,
commitment, structuring and underwriting fees on loans and debit balances, (c) the costs and expenses
of negotiating and entering into contracts and arrangements in the ordinary course of the Fund’s
activities and similar expenses in terminating those contracts, arrangements or services, (d) costs and
expenses associated with the Funds’ compliance with applicable laws and regulations, including
regulatory filings of the Fund and, if applicable, its Master Fund and/or general partner and complying
with U.S and non-U.S. tax obligations, (e) costs associated with registering restricted investments, (f)
costs and expenses incurred in attempting to protect or enhance the value of investments, (g) fees and
expenses related to research, market data and the due diligence, analysis, environmental, social and
governance (“ESG”) assessment, impact assessment, purchase or sale of investments, whether or not
the investments are consummated (including, but not limited to, research costs allocated by third-
party groups, and including data and information service subscriptions, related systems and services
from data providers and data management software and including any research or other service that
may be deemed to be bundled for the benefit of Clients, such as certain research expenses relating to

developing, maintaining, and utilizing artificial intelligence tools and systems, including third-party
artificial intelligence agents, machine learning technology and generative artificial intelligence
(collectively, “AI Technologies”) (including, but not limited to, costs of diligencing, engaging,
monitoring and utilizing professional service providers, subscriptions and related software and
hardware, server infrastructure and hosting, and the expenses, fees, charges and/or related costs
incurred, charged or specifically attributed or allocated (based on methodologies determined by the
Adviser) to the Funds)), (h) entity-level taxes, income taxes, withholding taxes, transfer taxes and
other governmental charges and duties, (i) fees and reimbursement for out of pocket expenses of the
Fund’s administrator, (j) fees and charges of custodians, clearing agencies and banks, (k)
bookkeeping, middle office and recordkeeping, legal, accounting, auditing, tax preparation, valuation
and all professional, expert and consulting fees and expenses arising in connection with its activities
and fees (including fees and expenses related to compliance with any ESG or impact initiatives or
principles), and expenses for service contracts related to research, portfolio management and
quotation services and related equipment, (l) costs of communication with the Fund’s limited partners
or shareholders, as applicable, (m) all fees, costs and expenses of offering and selling limited
partnership interests or shares, (n) insurance policies insuring the Fund, the Adviser(s), and, if
applicable, the Master Fund and Fund’s and the Master Fund’s general partner, and/or board of
directors, and each of their affiliates against liabilities that may arise in connection with the business
or management of the Fund and, if applicable, the Master Fund, (o) proxy voting services, (p) any
contingencies for which reserves are determined to be required, (q) if applicable, the Fund’s directors’
...

Item 7. Types of Clients

The Adviser provides investment advice to the Funds based on the particular investment objectives
and strategies described in the applicable Offering Documents. In addition, the Adviser serves as sub-
adviser to the SMA Account, a private fund sponsored by a third-party investment manager that
generally follows the Adviser's healthcare strategy subject to specific investment guidelines. The
Adviser may, in the future, provide investment advice to other Clients; for instance, Clients investing
through managed accounts, which may include high net worth individuals, institutions, trusts,
endowments and pension plans. The Adviser may in the future manage other Clients with different

objectives, higher or lower fees and different fee structures than the existing Clients. In general,
Clients are required to sign an investment advisory agreement that sets forth the terms under which
the Adviser will provide its services.

Generally, the minimum initial investment amount in the “Healthcare” Funds is $2,000,000 for Class
A, Class B, Class C, and Class L Interests. Advisory Class Interests in the Healthcare Funds are
available at a minimum initial investment of $250,000 and are offered only to investors introduced
by certain investment advisers or broker-dealers engaged as placement agents. The applicable general
partner of Partner Investments and the Co-Investment Funds determines the minimum investment in
each ownership series and/or fund with respect to a portfolio investment. The applicable Fund’s
general partner or board of directors may waive these minimums. Other eligibility requirements may
also apply.