Phorcys Capital Partners LLC

Item 5: Fees & Compensation
Compensation & Fee Schedules
The fees applicable to each Fund are outlined in detail in each Fund's Governing Documents. A summary of those fees is
provided below.

Investors in the Phorcys Opportunities Fund I LLC (“Ops Fund”) pay a quarterly management fee in advance to PCP (the
"Management Fee") for an amount equal to 0.375% of the aggregate capital account balances at the beginning of each calendar
quarter. Management Fees are not refundable to the extent of a permitted withdrawal during a quarter. The Manager and its
designees will receive, as of the end of each calendar year, an incentive allocation ("Incentive Allocation") of 20% of the net
realized and unrealized profits attributable to each Investor during the calendar year, subject to a "high water mark."

Investors in the Phorcys Senior Housing Recovery Fund LP (“Senior Housing Fund”) pay a quarterly Management
Fee in advance to PCP, during the Investment Period, of 0.5% of Capital Commitments (2.0% annually) and,
following the Investment Period, of 0.375% (1.5% annually) of Aggregate Drawn Capital Commitments. Investors
whose aggregate Capital Commitments in the Fund exceed $5 million will be entitled to a 0.5% reduction in the
Management Fee per year (which will not be cumulative and reset annually) until aggregate commitments in the
Fund exceed $25 million. At that point, Investors will cease to be entitled to such a reduction in the Management
Fee.
Fees are outlined in detail in the Funds' Governing Documents and the investment management or sub-advisory agreements
related to such Funds. PCP may waive, reduce, calculate differently or otherwise modify the management fees and/or
performance allocations, carried interest or other incentive compensation for any of its clients or investors in the affiliated Funds
and will do so for affiliates of PCP.

PCP has entered, and may in the future enter, into "side letters" or similar agreements with certain affiliated Fund Investors
granting such investors specific rights, benefits, or privileges that are not made available to other investors in the affiliated Funds
or providing certain other rights related to such investors' investments, including but not limited to, more favorable terms relating
to information, fees and liquidity.

Deduction of Fees
PCP is authorized under the Governing Documents to charge and deduct advisory fees directly from the affiliated Funds’ assets,
at times and in the amounts described above.

Other Fees & Expenses
In addition to the fees payable to PCP, the affiliated Funds (with certain exceptions described in the Governing Documents) pay
for all costs and expenses incurred in connection with the investments in their accounts in accordance with the Governing
Documents of each Fund, including (but not limited to) all costs and expenses associated with negotiating and entering into
contracts and arrangements in the ordinary course of the Funds' business, all continuing costs and expenses of the offering or
sale of the Funds' interests (including, without limitation, fees and expenses of attorneys and accountants, filing fees, printing and
mailing costs), all costs and expenses of third party administrators retained for Funds’ purposes, all costs and premiums of any
fidelity and performance bonds and general partner, liability and errors and omissions insurance coverage obtained in PCP's
reasonable discretion, all legal, accounting, brokerage and other professional, expert and consulting fees and expenses arising
in connection with the Funds' business, all interest on Funds borrowings and other obligations, any taxes payable by the Fund,
all extraordinary expenses of the Funds, such as litigation costs, and all other Funds custodial, offering, operating and portfolio
transaction costs and expenses. PCP allocates expenses among participating affiliated Funds in proportion to their respective
net asset values or any other manner it determines to be equitable.

Item 12, below, describes the factors PCP considers in selecting or recommending broker-dealers and determining the
reasonableness of their compensation.

Transaction-Based Compensation
As discussed in Item 14, below, PCP may appoint one or more broker-dealers or placement agents to solicit prospective
investors in the Funds, including its affiliated broker-dealer, First Southern, LLC (“FS”). Any such placement agents and brokers
employed by FS generally receive commissions or fees, which, in some cases, includes participation in profit allocations or fees

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otherwise payable to PCP, as is agreed in the particular case with appropriate disclosure to the respective Investor. Otherwise,
neither PCP nor its supervised persons receive compensation for any client's purchase or sale of securities or other investment
products, including the Funds.

Types of Clients
PCP provides investment advice to the Funds, which are pooled private investment vehicles. Investors in the Funds (i.e., the
members or limited partners of a Fund) may include corporations, endowments, foundations, trusts, estates, individuals and
pension and profit-sharing plans. An investor generally must be an "accredited investor" as defined in Regulation D under the
Securities Act of 1936, as amended (the "Securities Act") and either a "qualified client" as defined in Rule 205-3 under the
Advisers Act or a "qualified purchaser" as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended (the
"Investment Company Act"), as indicated within the Fund's Governing Documents.

PCP and/or its affiliates will establish certain alternative investment vehicles, parallel funds and/or special purpose vehicles
(collectively, “AIVs”) for the purpose of addressing tax, regulatory and/or structural issues, and/or facilitating certain investments
by one or more Funds and/or investors. Prospective investors are requested to refer to the Governing Documents of the
applicable Fund for complete details on any feeder fund that may be established by such Fund and such Fund’s ability to make
investments through AIVs.

Investors in the affiliated Funds will generally be required to make a minimum initial investment in such amount as outlined in
the Fund's Governing Documents. The minimum investment in the Ops Fund is $500,000. The minimum investment in the
Senior Housing Fund is $1,000,000. However, PCP may accept lower amounts at its (or the relevant general partner's)
discretion. Certain of the Funds (e.g., the Senior Housing Fund) have a defined term, but investors in the open-ended Funds
(e.g., the Ops Fund) are also generally subject to a soft lock-up period of eight full calendar quarters after their respective
contribution date (“Lock-up Period”) with a 2% redemption fee if members withdraw prior to the expiration of the Lock-up Period
(or a withdrawal on a day other than the last day of a calendar quarter or with less than 60 days prior written notice after the
expiration of the Lock-up Period); thereafter, members can make withdrawals quarterly with 90 days prior written notice.

As noted above, PCP also provides non-discretionary investment advice, as a sub-adviser to the Third-Party Vehicle.