Portfolio Advisors LLC

Item 5 - Fees and Compensation
Portfolio Advisors receives management fees to cover the services it provides to the Accounts. With respect to the
Accounts, management fees are established in negotiations with each Account and typically range from 10 to 125 basis
points of the commitment or book value of the client's investment portfolio being serviced by Portfolio Advisors,
depending on the size of the portfolio and the scope of the services. Some clients may also be subject to a carried interest
or incentive allocation of up to 20%. Subject to each specific client's investment advisory agreement, these fees are billed
quarterly, either in arrears or up to one quarter in advance and for certain clients are subject to a minimum annual
retainer. Fees for services for less than a quarter are generally pro-rated. Clients are generally entitled to a refund if
they have paid in advance for services and the contract terminates prior to the end of the pre-paid period. The precise
terms are specified in each Account's advisory agreement.

Portfolio Advisors also receives management fees to cover the management, investment management, and supervisory
services it provides to the Funds. Management fees are typically established as a result of negotiations with prospective
limited partners of each Fund. Portfolio Advisors' fees for investment advisory services to the Funds it manages typically
range from 0.00% to 1.75% per year which fees are based on either: (i) capital commitments; (ii) invested capital; (iii)
net asset value; (iv) adjusted reported value; or (v) unreturned investment cost. In addition, depending on the particular
fund and the other management fees charged, Funds may also be subject to a carried interest or incentive allocation of
up to 20% of profits on distributions derived from investments. In addition, some clients are charged an hourly rate on
a project basis to conduct analysis, diligence and other research functions. The advisory and other fees, expenses and
distributions described herein are generally subject to waiver or reduction by Portfolio Advisors in its sole discretion,
both voluntarily and on a negotiated basis with certain investors. Portfolio Advisors engages in one or more
arrangements, including, without limitation, credit facilities, notes, bonds, guarantees or other instruments of
indebtedness, with third parties, which could include administrative clients of Portfolio Advisors and/or investors in
the Funds, which require Portfolio Advisors to make fixed and/or variable interest payments to such third parties.
Additionally, Portfolio Advisors allows certain investors to participate in its Fund's general partner vehicles and/or in
its Fund's carried interest.

With respect to the Funds, other expense reimbursements or non-advisory fees are charged by Portfolio Advisors (or
its affiliates). These reimbursements and fees are disclosed to investors in the relevant Fund documents (or Fund
reports) and are in addition to the management fees and other items described above. Portfolio Advisors and/or its
affiliates may charge the Funds monitoring fees to cover supervisory services provided to the Funds. The Funds may
bear expenses related to the organization of the Funds including, without limitation, legal fees (including in-house legal
where specified), costs of secondees of third-party law firms and temporary legal staffing which may be either short-
term or long-term staffing arrangements, legal consultant fees, accounting fees, placement agent fees (which shall be
offset against the management fees in most cases), placement agent expenses, fees and disbursements, other costs and
other expenses incurred by the Funds in connection with the initial structuring, organization, syndication and closings
of the Funds and entities related to the Funds, including any feeder, parallel, and/or alternative investment vehicles,
subsidiaries, holding companies and special purposes vehicles, costs of organizing the general partners of the Funds, any
costs and expenses incurred to comply with the laws of various jurisdictions or applicable regulations (including, but
not limited to, costs and expenses to obtain exemptions, maintain qualifications, satisfy any regulatory or other
jurisdiction fees, such as filing, notice and registration fees), notice, registration or other action to be undertaken by the
Funds, Portfolio Advisors or an affiliate thereof, fees and expenses payable to third parties related to negotiations in
connection with subscriptions to the Funds, as well as any other similar fees required to facilitate Fund marketing
(including all printing, mailing, travel, and dining and entertainment costs associated with such marketing).

The Funds also bear and pay all expenses related to the operations of the Funds, including, without limitation, costs and
expenses relating to: investigating, consummating and monitoring and reporting upon the Funds' investments
(including expenses related to the investment of such Fund's assets); expenses incurred in connection with providing
limited partners access to Fund reporting sites; transactions not completed or breakup fees; expenses incurred by the

Funds as a result of defaulting partners, transfers, withdrawals or removals of partners; administrative and finance
expenses; legal expenses and recording fees and expenses (including, but not limited to, amendments, consents and
modifications, jurisdictional filing, regulatory fees and related expenses related to an investment in a Fund or a Fund's
investments; legal expenses (including a cost of internal legal counsel to Portfolio Advisors where specified) and costs
of secondees of third-party law firms and temporary legal staffing which may be either short-term or long-term staffing
arrangements, all professional fees, costs and expenses for services rendered on behalf of the Funds, including legal,
...

Item 7 - Types of Clients
Portfolio Advisors sponsors and provides investment advisory services to privately offered funds, privately offered
closed-end funds, privately offered open-end funds, and investment funds that are registered under the Investment
Company Act, as amended. As described in more detail in Item 4, these funds are generally formed by Portfolio
Advisors to invest in private equity funds with particular investment strategies, such as buyout funds, venture capital
funds, special situations funds (such as credit funds, mezzanine funds, distressed funds, restructuring funds, multi-
strategy funds, and other specialty strategy funds), real estate funds, credit funds, secondary funds, co-investment funds,
funds with a geographic focus such as U.S., Europe or the Pan-Asia region, and direct credit investments. These Funds
invest within a stated investment period, as specified in each Fund's governing agreement. Portfolio Advisors also
provides separate account advisory services to a wide variety of clients.

The following types of institutions may establish separate account advisory services with Portfolio Advisors or invest in
funds sponsored by the firm: sophisticated institutional investors, major public and private pension plan sponsors,
corporations, foundations, endowments, charitable organizations, insurance companies, financial institutions,
municipalities, sovereign funds, private investment funds, other pooled investment vehicles, family offices, high net
worth individuals, and other U.S. and international institutions. Portfolio Advisors does not have any size requirements
for opening or maintaining an account.