Silk Invest Limited

Item 5 – Fees and Compensation

Silk Invest generally receives management fees for its investment advisory services which may vary and,
in some cases, may be negotiable. The rate of Silk Invest’s management fees may vary depending upon
factors such as, among others, the type of account, the asset classes being managed, the amount of assets
being managed, the investment horizon or time associated with the assets being managed and the
investment strategies being employed by Silk Invest. Silk Invest’s management fees are generally asset-
based and calculated at an annual rate as a percentage of the value of the assets managed by Silk Invest
and will usually be prorated for periods of less than a full billing period. Management fees are typically
paid by deducting the amount of the fee from the applicable account.

With respect to certain Clients, including, for example, those for which Silk Invest may act as sub-
advisers, Silk Invest may enter fee-sharing or other similar arrangements with the other adviser or other
parties.

Silk Invest’s fees are exclusive of brokerage commissions, transaction fees, and other related costs and
expenses which shall be incurred by the Client. The Client may incur certain charges imposed by
custodians, brokers, third party investment and other third parties such as fees charged by managers,
custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic
fund fees, and other fees and taxes on brokerage accounts and securities transactions. Mutual funds and
exchange trade funds also charge internal management fees. Such charges, fees and commissions are
exclusive of and in addition to Silk Invest’s fee, Silk Invest shall not receive any portion of these
commissions, fees, and costs.

Additionally, certain organizational and offering expenses, placement fees and similar expenses, expenses
related to short sales, clearing and settlement charges, interest expenses, servicing and syndication fees,
costs of joint ventures or other entities (including operating platforms), costs of third-party compliance
products and services, costs and expenses incurred in connection with any indebtedness, including,
without limitation, the costs of establishing such indebtedness and other fees and compensation,
investment-related travel expenses, professional fees relating to investments and other related costs and
expenses may be incurred by Clients.

Silk Invest and its affiliates may earn ancillary fees, such as fee and related income from services provided
in relation to the investments of the Client or in connection with prospective investments of the Client,
such fees as for example: advisory fees, due diligence fees, structuring fees, servicing fees, administrative
fees, collateral agent fees, success fees, director’s fees, break- up fees or other fees not listed above.
Generally, any ancillary fees paid to or related income earned by Silk Invest or its affiliates will not reduce
the Client management fees or the performance compensation.

US Registered Funds

The US Fund was liquidated on June 27, 2024.

Non-US Mutual Fund/UCITS Funds Fees
The UCITS fund was put on a liquidation mode in February 2021.

Termination of the Advisory Relationship

A client agreement may be canceled at any time, by either party, for any reason upon receipt of written
notice. Upon termination, fees on accounts managed for periods of less than a full quarter will be prorated
based on the actual number of days managed, and any prepaid, unearned fees will be promptly refunded.

Side Letters
From time-to-time Silk Invest may enter into side letter agreements with certain investors in the
Investment Funds which provide for various terms of investment that differ from those described in the
offering documents. All side letter agreements are approved by Outside Counsel, the CIO and the
portfolio manager. The Firm will maintain a spreadsheet for each Investment Fund which shows the
various types of side letter agreements in place and each investor for which there is such a side letter.
Terms of investment that may differ include, but are not limited to, the following:
●      “Most Favored Nation” status.
●      Immediate notification of certain material events.
●      More transparency; and,
●      More frequent reporting.

Item 12 further describes the factors that Silk Invest considers in selecting or recommending broker-
dealers for Client transactions and determining the reasonableness of their compensation (e.g.,
commissions).
Investors should refer to the Client’s offering memorandum, subscription agreements, investment
management agreements and/or other offering documents for addition/supplementary information
regarding the Client as well as the fees and expenses paid by the Client.

Item 7- Types of Clients

As described in Item 4, Silk Invest furnishes discretionary and non-discretionary investment advisory and
other services, directly and indirectly, to Funds and (Sub-)advisory Clients (as previously noted,
collectively referred to in this Brochure as “Clients”). With respect to the Funds and (Sub-)advisory
Clients, investment advice and other services are provided directly to the Funds and Sub-advisory Clients,
as adviser or sub-adviser, and not individually to any of the investors in the Funds or Sub-advisory Clients.

Persons and entities that invest in the Funds or (Sub-)Advisory Clients are referred to herein as
“investors”, as previously noted. Investors may include, but not limited to, individuals, pension and profit-
sharing plans, funds-of-funds, sovereign wealth funds, insurance and financial institutions, family offices,
union plans, trusts, endowments, foundations, charitable organizations and other types of entities.

The minimum investment for a Client or an investor generally will be determined by Silk Invest, or the
general partner, managing member and/or Board of Directors, as applicable, of the Client and will
generally be set out in the offering documents and/or investment management or other agreements. Such
minimum investment amounts may be waived by Silk Invest, the general partner, managing member, or
board of directors, as applicable, if permissible under relevant law. Minimum investment amounts
generally are negotiated on a case-by-case basis with a Client or an investor.

Mutual Funds. We provide advisory services to certain Undertakings for Collective Investments in
Transferable Securities (“UCITS”) funds domiciled in Luxembourg and ma y provide certain ancillary
services to the UCITS Funds and to the Silk Invest New Horizon Fund