Item 5: Fees and Compensation
The Funds
Regent Street receives compensation in the form of an asset management fee and
performance allocation. All fees are subject to negotiation and different fee structures may
exist under certain circumstances for certain clients.
Management Fee
Regent Street receives compensation in the form of an asset management fee
(“Management Fee”), equal to 1/12 of 2% per month (approximately 2% annually) of each
Limited Partner’s share of the Partnership’s Net Asset Value. We do not bill investors
directly for fees. The Management Fee is payable in arrears and calculated as of the last
Business Day of each calendar month and is deducted monthly from the Funds’ account. A
pro rata Management Fee will be charged to Limited Partners on any amounts permitted to
be invested or withdrawn during any mid-redemption period.
ADV Part 2 – Brochure 2 Regent Street Advisors
If an investment is purchased or redeemed on a day other than the first or last business day
of a month, a pro rata Management Fee will be charged (or refunded) on the contribution
or redemption date with respect to the purchased or redeemed investment based on the
number of days in a calendar month.
Performance Allocation
Pursuant to the limited partnership agreements, the General Partner of each Fund is
entitled to receive a performance allocation, allocated annually at the close of each fiscal
year (or other relevant fiscal period), equal to twenty percent (20%) of the portion of the
Partnership’s annual net income (including realized and unrealized gains and net of the
Management Fee) attributable to each Limited Partner as of the close of each Fiscal Year.
The performance allocation shall be subject to a high-water mark or loss carryforward
provision. If a Limited Partner withdraws on a day other than the last day of a fiscal year, a
performance allocation on such withdrawal will be calculated and payable as of the
redemption date. The General Partner deducts the Performance Allocation from the fund
assets on an annual basis respectively.
Additional Fees and Expenses
Each Fund is responsible for all costs and expenses associated with its administration and
operation, as well as all investment expenses (both ordinary and extraordinary) incurred
by the Partnership. Such costs include, but are not limited to, investment-related expenses
(such as brokerage commissions, clearing and settlement charges, custodial fees, interest
expenses, expenses relating to consultants, brokers or other professionals or advisors who
provide research, advice or due diligence services with regard to investments, appraisal
fees and expenses and investment banking expenses); research costs and expenses
(including fees for news, quotation and similar information and pricing services); legal
expenses (including, without limitation, the costs of on-going legal advice and services, blue
sky filings as well as extraordinary legal expenses); accounting fees and audit expenses;
administrative fees; tax preparation expenses and any applicable tax liabilities (including
transfer taxes and withholding taxes); other governmental charges or fees payable by the
Fund; costs of printing and mailing reports and notices; and other similar expenses related
to the Fund, as the Investment Manager or Advisor determines in its sole discretion. To the
extent that expenses borne by the Fund is paid by the advisor for the Fund, the Fund will
reimburse the advisor for such expenses.
Termination and Refunds
The Management Fee is payable in arrears and calculated as of the last Business Day of
each calendar month and is deducted monthly from the Funds’ account. A pro rata
Management Fee will be charged to Limited Partners on any amounts permitted to be
invested or withdrawn during any mid-redemption period.
If an investment is purchased or redeemed on a day other than the first or last business day
of a month, a pro rata Management Fee will be charged (or refunded) on the contribution
ADV Part 2 – Brochure 3 Regent Street Advisors
or redemption date with respect to the purchased or redeemed investment based on the
number of days in a calendar month.
If a Limited Partner withdraws on a day other than the last day of a fiscal year, a
performance allocation on such withdrawal will be calculated and payable as of the
redemption date. The General Partner deducts the Performance Allocation from the fund
assets on an annual basis respectively.
Commissionable Securities Sales
Regent Street’s associated persons are not compensated for the sale of securities or other
investment products.