Item 5 - Fees and Compensation
A. Advisory Fees
The fees payable by an SMA Client vary based on the size of the Managed Account. Managed Account fees
are exclusive of brokerage commissions, transaction fees, and other related costs and expenses which shall
be incurred by the client. SMA Clients may incur certain charges imposed by custodians, brokers, and other
third parties such as fees charged by managers, custodial fees, deferred sales charges, wire transfer and
electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions. Such charges,
fees and commissions are exclusive of and in addition to Pine Ridge’s fee, and Pine Ridge does not receive
any portion of these commissions, fees, and costs.
Pine Ridge does not charge any advisory fees to the Fund.
Family Offices Services
The fee for the family offices services will be determined on a case-by-case basis and will depend on the
nature and complexity of each client's circumstances, the amount of assets under Pine Ridge management
and the particular Pine Ridge professional providing the service. Pine Ridge reserves the right to waive the
fee for the family offices services in its entirety.
Certain family office clients have agreed that, at the sole discretion of the family office client, following each
calendar quarter, in addition to an agreed fixed fee, Pine Ridge is eligible to receive a discretionary cash
bonus paid by the family office client. The decision as to whether to pay a bonus, and the amount of any
bonus, are entirely in the family office client’s absolute discretion. In each such agreement, Pine Ridge and
the family office client have expressly agreed that the fact that Pine Ridge may have received a bonus at any
time does not give rise to any expectation or entitlement to receive any bonus in the future, or as to the size
of any future bonus.
B. Payment Method
Pine Ridge will notify the client’s qualified custodian of the amount of the fee due and payable to Pine Ridge
pursuant to the firm’s fee schedule and advisory agreement. The qualified custodian will not validate or check
Pine Ridge’s fees, its corresponding calculation, or the assets on which the fee is based unless the client has
retained their services to do so. With the client’s pre-approval, the qualified custodian will “deduct” the fee
from the client’s account or, if the client has more than one account, from the account the client has designated
to pay Pine Ridge’s advisory fees. The frequency that fees are paid is typically monthly or quarterly as agreed
by the client.
Each month, the client will receive a statement directly from the qualified custodian showing all transactions,
positions, and credits/debits into or from the client’s account. Statements sent after the quarter end will also
reflect the advisory fee paid by the client to Pine Ridge.
C. Additional Fee Information and Expenses
Fees Negotiable
Pine Ridge retains the right to modify fees, including minimum account size requirements, in its sole and
absolute discretion, on a client-by-client basis. Factors considered include the complexity and nature of the
advisory services provided, anticipated amount of assets to be placed under management, anticipated future
additional assets, related accounts, portfolio style, and account composition. As stated above, SMA Clients
and certain related accounts will pay a reduced fee or may have their investment management fee waived in
its entirety. The specific fee schedule is identified in the investment management agreement or fund offering
documents entered into with the client.
Mutual Fund Fees and Exchange Traded Funds
Managed Accounts may hold the shares of registered investment companies (e.g., mutual funds and Exchange
Traded Funds). All fees paid to Pine Ridge or third-party investment managers for investment management
services are separate and distinct from the fees and expenses charged by these investment companies to their
shareholders. These fees and expenses are described in each fund's prospectus. These fees will generally
include a management fee, other fund expenses, and a possible distribution fee. If the fund also imposes sales
charges, a client may pay a deferred sales charge.
Miscellaneous Expenses
Pine Ridge’s management fee with respect to each Managed Account also does not include certain other
charges and expenses, including (a) brokerage charges, which are paid on a transactional basis for the
Managed Account, (b) dealer mark-ups or mark-downs on securities purchased or sold for an account through
third party dealers and (c) taxes.
Professional Fees
Fees do not include the services of any co-fiduciaries, accountants, broker dealers or attorneys. Accordingly,
the fees of any additional professionals engaged by a client will be billed directly by such professional(s).
Private Fund Fees
The Fund bears its own expenses, including but not limited to investment expenses (e.g., brokerage
commissions, research expenses, interest on margin accounts, administration fees, custodial fees, bank
service fees, interest expenses); legal expenses; insurance expenses; compliance expenses; professional fees
(including, without limitation, expenses of consultants) relating to investments; accounting expenses
(including the cost of accounting software packages); auditing and tax preparation expenses; applicable
outside director fees, costs of printing and mailing reports and notices; entity-level taxes; corporate licensing;
regulatory expenses (including filing fees); organizational expenses; expenses incurred in connection with
the offering and sale of Private Fund interests and other similar expenses related to the Private Fund; and
extraordinary expenses.
Third-Party Investment Managers Fees and Expenses
As stated above, all fees paid to Pine Ridge for its investment management services are separate and distinct
from the fees and expenses charged by third-party investment managers.
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