Item 5. Fees and Compensation
RisCura Solutions receives payments for its services as provided under the relevant Portfolio
Advisory Agreements it has entered into with existing Clients or will enter into with future
Clients.
The type and level of fees charged to a Client by RisCura Solutions in respect of any service may
depend on both the size of a Client’s invested amount as well as the complexity of the investment
program being implemented by the Client. Fees may be subject to negotiation with an individual
Client and may include fixed as well as variable components. Because of the wide range of
investment programs that RisCura Solutions advises on, or proposes to advise on, it is not
practical to present a fee and compensation schedule that captures all programs. Instead, certain
illustrative concepts are shown here.
Please note that figures quoted in this section are illustrative.
Project / Time Spent Fees
RisCura Solutions may be compensated on a per-project or per-time-spent basis for providing
investment advice to Clients. The amount of such fees will be agreed with the Client and typically
include a fixed component, and in rare cases, a performance-related amount.
Asset-Based Fees
RisCura Solutions may be compensated via an asset-based fee which is expressed as a percentage
of a Client’s invested assets. The asset-based fee compensates RisCura Solutions for the time and
effort of designing, advising on and monitoring a Client’s portfolio over time. An illustrative asset-
based fee structure charged to a Client for non-complex investment advice focused on public
equities could be a payment 15 bps (0.15%) per annum.
For more complex investment programs, for example including significant amounts of private
assets, the asset-based fee is likely to be higher. The precise asset-based fee payable for any given
service will be agreed between RisCura Solutions and the Client and set out in the Portfolio
Advisory Agreement.
Asset-based fees are typically charged monthly and are normally payable regardless of the efficacy
of any advice provided by RisCura Solutions.
Incentive Compensation
RisCura Solutions may be entitled to receive a defined portion of any return generated by a Client’s
portfolio. Such incentive compensation may include performance fees or carried interest
(collectively, “Incentive Compensation”). Usually the Incentive Compensation is payable if the
Client’s portfolio return exceeds certain predefined thresholds and may be subject to deferrals or
clawbacks. The specific details of any Incentive Compensation will be captured in the relevant
Portfolio Advisory Agreement as appropriate.
As at July 31, 2025 RisCura Solutions does not have any Portfolio Advisory Agreements in force
which would entitle RisCura Solutions to receive Incentive Compensation.
See Item 6 titled Performance Based Fees and Side-by-Side Management for more details on the
Adviser’s incentive compensation.
Other Fees and Expenses
Establishment Expenses
Where RisCura Solutions’s advice causes Clients to establish designated separate investment
vehicles or participate into designated commingled investment funds, such vehicles/funds are likely
to incur establishment expenses, such as legal fees or regulatory expenses. The precise composition
and timing of any Establishment Expenses will be defined in constituent documents for the relevant
vehicle/fund or agreed directly between the Client and any service provider. Establishment
Expenses are not borne by, or contributed towards, by RisCura Solutions unless explicitly defined
otherwise within a Portfolio Advisory Agreement.
Ongoing Expenses
Where RisCura Solutions’s advice causes Clients to allocate to a designated separate investment
vehicle or participate into a designated commingled investment fund, such vehicle/fund is likely to
incur ongoing expenses, including fees and expenses relating to the structuring, organizing,
negotiating, bidding on, consummating, acquiring, financing, hedging, managing, monitoring,
owning, operating, holding, valuing, restructuring, trading, selling or otherwise realizing actual or
potential assets. Ongoing Expenses may also include extraordinary expenses, such as litigation or
the cost of enforcing rights. The composition and timing of any Ongoing Expenses will be defined
in constituent documents for the relevant vehicle/fund or agreed directly between the Client and any
service provider. Some Ongoing Expenses may be impossible to accurately predict before they are
incurred and in such cases RisCura Solutions, the Client and any service providers may agree among
themselves a framework, a set of thresholds or an approval process within which such Ongoing
Expenses may be incurred and settled. Ongoing Expenses are not borne by, or contributed towards,
by RisCura Solutions unless explicitly defined otherwise within a Portfolio Advisory Agreement.
Indebtedness
Where RisCura Solutions’s advice causes Clients to allocate to a designated separate investment
vehicle or participate into a designated commingled investment fund, such vehicle/fund may from
time to time engage in financing, leverage or other forms of borrowing. The vehicle/fund may also
provide various forms of guarantees to third parties. Any financial consequences of such borrowings
or guarantees will be borne by the Client(s). RisCura Solutions is not responsible for, nor a party
to, such borrowings or guarantees unless explicitly defined otherwise within a Portfolio Advisory
Agreement.
Adviser Expenses
The Adviser will generally be responsible for its expenses, costs and disbursements relating to its
day-to-day operation, including overhead expenses, remuneration and expenses paid to its officers,
directors and/or employees, rent expenses, equipment and administrative expenses and utilities
expenses. Where a Client is wholly or partly responsible for such expenses, this will be defined in
the relevant Portfolio Advisory Agreement.
Other Expenses
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