Piper Jaffray Investment Management LLC

Item 5 – Fees and Compensation

All investors should review the Governing Documents of each Fund in conjunction with this Brochure
for complete information on the fees and compensation payable in connection with the Fund. Investors
in the Fund should note that similar advisory services may (or may not) be available from other
investment advisers for similar or lower fees.

Piper Jaffray Investment Management, LLC                                                                5
Form ADV Part 2A – Senior Living Strategy                                          March 31, 2021

With respect to Fund I, as described in Fund I’s Governing Documents, PJIM or an affiliate thereof
receives an annual management fee equal to the sum of (i) 0.5% of unfunded Capital Commitments,
and (2) 2.0% of Actively Invested Capital. A Fund I investor’s share of “Actively Invested Capital”
generally is based on the aggregate cost basis of all investments made by Fund I (excluding investments
written off as worthless). In addition, after all investors have received aggregate distributions in an
amount equal to their aggregate capital contributions, subject to certain adjustments, such investors
will receive 80% of the net realized profits attributable to each Fund I portfolio investment and an
affiliate of PJIM will receive 20% of the net realized profits so attributable.

Management Fees payable by investors in the Fund may, in certain circumstances, be negotiated. Some
investors may pay higher or lower management fees with respect to their investment in the Fund
depending on various considerations, including but not limited to:
    • The size of the investor’s capital commitment to the Fund;
    • The amount of time the investor has invested in one or more strategies offered by PJIM;
    • The total amount of the investor’s assets under management with PJIM.

Deduction of Fees; Timing of Payments; Termination
As a general matter, PJIM will charge and deduct advisory fees directly from the Fund pursuant to the
terms of the Fund’s Governing Documents. Such advisory fees will take the form of, and be limited to,
the management fee described above.

Payments of advisory fees are generally made quarterly in advance and in accordance with the terms of
a Fund’s Governing Documents. Please refer to the Governing Documents of each Fund for complete
information on the timing of advisory fee payments.

Upon termination of an investment management agreement with respect to a Fund, any prepaid,
unearned fees will be promptly refunded to the Fund (determined on a pro rata basis based on the
number of days elapsed in the applicable payment period), and any earned, unpaid fees will be due and
payable by the Fund.

Other Fees and Expenses
In addition to the fees payable to PJIM and its affiliated entities, the Fund (and therefore, indirectly, the
limited partners of the Fund) may incur certain charges imposed by third parties and other expenses as
set forth in the Governing Documents attributable to the Fund. Such expenses may include (but are
not limited to): legal, auditing, accounting and custodian fees and expenses; expenses associated with
the Fund’s financial statements, tax returns and Schedules K-1; expenses related to annual meetings of
the Fund’s investors; expenses of the Fund’s advisory committee attributable to the Fund; consulting;
insurance; other expenses associated with the sourcing, holding and disposition of Fund investments,
including the costs of unconsummated investments and extraordinary expenses (such as litigation, if

Piper Jaffray Investment Management, LLC                                                                   6
Form ADV Part 2A – Senior Living Strategy                                            March 31, 2021

any); any taxes, fees or other governmental charges levied against the Fund and travel (to the extent
related to the investigation of identified investments or potential investment transactions or monitoring
of portfolio companies (to the extent not reimbursed)) and other similar fees and expenses.

The types of such other fees and expenses incurred may vary from Fund to Fund. All investors and
prospective investors should review the Governing Documents of the Fund in conjunction with this
Brochure for complete information on the charges and expenses payable with respect to the Fund.

Item 12 of this Brochure describes the factors PJIM considers in selecting or recommending broker-
dealers on behalf of the Fund and determining the reasonableness of their compensation.

Item 7 – Types of Clients

PJIM provides Senior Living Strategy-related investment advice solely to the Fund, which is a pooled
investment vehicle generally offered to qualified investors pursuant to Section 3(c)(1) or 3(c)(7) of the
Company Act. As a result, the Fund is not required to register as an investment company under the
Company Act in reliance upon the exemptions available to the Fund pursuant to Section 3(c)(1) or
3(c)(7) of the Company Act. Investors in the Fund may include high net worth individuals,
corporations, funds of funds, financial institutions, endowments, foundations, trusts, estates and public
and private pension and profit sharing plans.

PJIM and/or its affiliates may 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 the Fund and/or investors. Investors should
refer to the Governing Documents of the Fund for complete details on any AIV that may be established
by the Fund and the Fund’s ability to make investments through AIVs.

In general, the minimum investment commitment required of an investor to participate in the Fund was
$250,000. Notwithstanding the foregoing, PJIM and/or the general partner of the Fund had discretion
to increase or reduce the minimum investment commitment. Investors should refer to the Governing
Documents of the Fund for complete information on minimum investment requirements for
participation in the Fund.