Pleiad Investment Advisors Limited

Item 5: Fees and Compensation

Advisory Fees and Compensation

With respect to the Funds managed by the Firm, the applicable fees, allocations, and expenses are
set forth in the relevant Governing Documents. Prospective investors should refer to the
Governing Documents of the relevant Fund for further information with respect to fees.

Generally, the Funds utilize an investment advisory fee based on a percentage of the market value
of the assets managed by the Firm. Such fee is referred to as an asset-based fee. The Firm may also
charge performance-based compensation together with, or in lieu of, an asset-based fee. Typically,
performance-based compensation is calculated on the appreciation of the fund’s net assets or
performance relative to a specified benchmark.

Fees and allocations charged to Investors may differ across the Funds and may vary within Funds
depending on the class of shares or other interests purchased. The nature of the asset-based fee
and the performance-based compensation varies depending on such factors as the amount of
investment, lock-up period placed on the investment, or the size and duration of the Investor’s
overall relationship with the Firm.

Certain Funds are also subject to early redemption penalties in connection with “soft locks”
described in the relevant Governing Documents.
For an additional discussion of performance-based compensation, please refer to Performance-
Based Fees under Item 6: Performance-Based Fees and Side-By-Side Management.

With respect to co-investment opportunities, depending on the nature and complexity of the
transaction, the Firm may be entitled to a combination of a placement fee, a monitoring fee and/or
a performance fee.

Similarly, with respect to the provision of non-discretionary investment advisory services,
depending on the nature and complexity of the investment, the fee structure is comprised of a
combination of either a one-time or an on-going investment advisory fee and/or a performance
fee.

Payment of Fees

A description of the calculation and payment of fees payable to the Firm is set forth in the
applicable Governing Documents for the relevant Fund. The Firm will typically be paid in arrears
after services have been rendered, out of the assets of the relevant Fund, at the end of each

PLEIAD INVESTMENT ADVISORS LIMITED                           Form ADV Part 2A | December 31, 2025

calendar month for asset-based fees, and at the end of each calendar year for performance-based
compensation. Prospective investors should refer to such documents for further information with
respect to fees.

Additional Fees and Expenses

In addition to asset-based fees and performance-based compensation paid to the Firm, other fees
and expenses such as brokerage commission and other transaction charges, taxes, director’s fees,
prime brokerage and custody fees, fund administrator’s fees, legal, accounting, professional, and
other incidental fees and expenses are payable by the Fund. The fees and expenses payable by
each Fund managed by the Firm are described in the relevant Fund’s Governing Documents.
Prospective investors should refer to the Governing Documents of the relevant Fund for further
information with respect to additional fees and expenses. See Item 12: Brokerage Practices for
additional information regarding the Firm’s brokerage practices.

Expense Allocation

The Firm allocates fees, costs and expenses in accordance with each Fund’s Governing Documents.
To the extent not addressed in the Governing Documents of a Fund, the Firm will allocate fees and
expenses in a manner that it believes in good faith is fair and equitable to the Funds under the
circumstances, notwithstanding its interest (if any) in the allocation and considering such factors
as it deems relevant, but in any case, in its sole discretion.
Where expenses are incurred by multiple Funds managed by the Firm, the Firm will allocate
aggregated costs among the applicable Funds (and, in certain cases, among the Firm and applicable
Funds) in accordance with allocation policies and procedures, which are reasonably designed to
allocate expenses in a fair and reasonable manner over time among such Funds. However, expense
allocation decisions can involve potential conflicts of interest (e.g., an incentive to favor Funds that
pay higher incentive fees or conflicts relating to different expense arrangements with other Funds).
Under its current expense allocation policies, the Firm generally allocates the expense among the
applicable Funds on a pro rata basis based on assets under management. However, the Firm will
in certain cases bear the allocable share, or a portion thereof, of expenses for particular Funds and
not for others, as agreed with such Funds or as determined in its sole discretion, which will lead to
a lower expense ratio for certain Funds.
The Firm may also allocate a portion of any expense to itself where a product or service is shared
between the Firm on the one hand and Funds on the other. In these and other circumstances, the
Firm may deviate from pro rata allocation if it deems another method more appropriate based on
the relative use of, or benefit from, a product or service, or other relevant factors. Nonetheless,
the portion of a common expense that the Firm allocates to a Fund for a particular product or
service may not reflect the relative benefit derived by the relevant Fund in each instance.

PLEIAD INVESTMENT ADVISORS LIMITED                           Form ADV Part 2A | December 31, 2025

Item 7: Types of Clients

The Firm offers advisory services only to Professional Investors within the meaning of the SFO, and
its advisory services are currently offered in the United States only through pooled investment
vehicles. All the pooled investment vehicles managed by the Firm are unregistered private
investment funds and are only directed at persons who are both Accredited Investors within the
meaning of Rule 501 of Regulation D under the Securities Act, and Qualified Purchasers within the
meaning of Section 2(a)(51) of the Investment Company Act.
Through the Funds, the Firm primarily provides investment advisory services to institutional
investors, both U.S. and non-U.S. investors, including charitable and/or religious organizations,
corporations, defined contribution and defined benefit pension plans, endowments and
foundations, financial Institution, high net-worth individuals, insurance companies, pooled
investment vehicles (including fund-of-funds), sovereigns and central banks, state and local
governments, supranational organizations, and trusts.
The minimum amount investors must invest in a Fund is set forth in the relevant Fund’s Governing
Documents and varies depending on the particular share class being purchased. Such minimum
amount is typically between $1,000,000 and $10,000,000 and may be waived at the discretion of
a Fund’s board of directors on a case-by-case basis.

PLEIAD INVESTMENT ADVISORS LIMITED                         Form ADV Part 2A | December 31, 2025