Fees and Compensation — Form ADV Part 2A (3/24/2017)
[Brochure]
Item 5 - Fees and compensation
A. Compensation for Advisory Services
The Firm expects to receive a management fee (the “Management Fee”) from the Clients, payable to the Firm
on a monthly basis. The Management Fee will be prorated for any subscription or redemption that is effective
other than as of the last Business Day of a month. The Firm may, in its sole discretion pay a portion of the
Management Fee to intermediaries, placement agents or other third parties.
The Firm may also receive performance-based fees described below under “Performance-Based Fees and Side-
by-Side Management”.
B. Calculation and Deduction of Fees
The Firm has engaged independent third-parties as the custodian for all Clients, and Clients will generally be
able to arrange to have such fees debited directly from their accounts for credit to the Firm, subject to applicable
laws.
C. Other Fees and Expenses
The Funds may incur additional third-party fees and expenses including custodian and brokerage fees.
The Funds bear their own operating and administration expenses including banking, transaction and brokerage
fees, audit and legal fees. Additionally, the Funds will pay out expenses incurred from: fees to relevant regulatory
authorities; board of directors’ fees; shareholder-related fees; pricing costs; third-party costs and expenses;
pricing costs; taxes; and indemnification costs.
The Funds may accrue expenses of a regular or recurring nature based on an estimated amount rateably for
yearly or other periods. Expenses related to the setup of the Funds are amortised over a period of up to five
years from the date of set up, or such other period as may be deemed equitable. The Firm is responsible for all
its own operating expenses including salaries, bonuses, rent, office and other employee expenses.
Please refer to the relevant Fund’s governing documents for a complete understanding of each Fund’s
fees and expenses. The information contained herein is a summary only and is qualified in its entirety
by the relevant Fund’s offering memoranda.
Expenses charged on Managed Accounts will be negotiated separately at the time of the applicable accounts’
opening.
D. Fee Payment Schedule
Management Fees are generally paid monthly in arrears or as otherwise agreed with each Client. The Firm does
not require or receive pre-payment of management fees.
E. Payments to Supervised Persons
The Firm and its staff neither charge nor accept compensation for the sale of securities or other investment
products.
Account Minimums and Types of Clients — Form ADV Part 2A (3/24/2017)
[Brochure]
Item 7 - Types of Clients
The Firm provides investment advisory services to pooled investment vehicles. Investors in the Funds may
include investment companies, pension plans, corporations, and other business entities. The Firm may impose
a minimum initial investment for each Fund at its discretion. Currently, the Firm provides advisory services to
various Funds in conjunction with MSK.
The Firm may in the future provide discretionary and non-discretionary advisory services to institutional
investors and other pooled investment vehicles through Managed Accounts. The Firm may impose minimum
account requirements on Managed Accounts, which would be described in the written investment management
agreement entered into by and between the Firm and the Managed Account.