Skyknight Capital LP

Item 5:                   Fees and Compensation

The Adviser or its affiliates generally receive Advisory Fees and Carried Interest (each as defined
below) or similar performance-based remuneration from a Fund. A Fund, and/or its portfolio
companies may also make other payments to the Adviser or its affiliates for services provided to the
portfolio companies, which, in certain circumstances, may reduce the Advisory Fees payable to the
Adviser. Additionally, consistent with the governing documents of a Fund, the Funds typically bear
certain out-of-pocket expenses incurred by the Adviser in connection with the services provided to
the Funds and/or the portfolio companies. Further details about certain common fees and expenses
are set forth below.
Advisory Fees

As compensation for investment supervisory services rendered to the Funds, the Adviser receives
from each such Fund an advisory fee (each, an “Advisory Fee”). The Adviser charges an asset based
quarterly management fee calculated and payable in advance by Fund investors in accordance with
the respective limited partnership agreement or investment management agreement The management
fee is also calculated before reallocation of any incentive allocation with respect to investor’s capital
accounts. Certain investors in the Funds that are employees, business associates and other “friends
and family” of the Adviser, its affiliates or their personnel (including any related entity established
by any of the foregoing, such as trusts, charitable programs, endowments or related programs, family
investment vehicles and other estate planning vehicles) (collectively, “Adviser Investors”) will not
typically pay Advisory Fees or Carried Interest in connection with their investment in a Fund.

Form ADV Part 2A Brochure | SkyKnight Capital, L.P.                           March 2026

Furthermore, the Adviser may, from time to time establish certain investment vehicles through which
Adviser Investors or other third parties may invest alongside one or more Funds in one or more
investment opportunities, which generally do not pay Advisory Fees or Carried Interest.
Notwithstanding that Adviser Investors will generally not pay Advisory Fees, Adviser Investors will
generally pay for their pro rata share of certain Fund expenses, or the pro rata portion of such Adviser
Investors’ expenses will be allocated to the Adviser or the general partner of the applicable Fund.
In addition, the Adviser may establish certain investment vehicles through which Adviser Investors
or other third parties may invest alongside one or more Funds in one or more investment
opportunities. Such co-investment vehicles generally do not pay Advisory Fees or Carried Interest.
The management fee is subject to offset by a certain portion of Portfolio Fees (defined below)
received by the Adviser, its affiliates, and its professionals. Details regarding the management fee,
calculation and offsets are set forth in the relevant Fund’s governing documents. The Adviser may
waive or modify the management fee at its own discretion.
Portfolio Fees

In addition to the Advisory Fees and Carried Interest, the Adviser and its affiliates from time to time
receive a variety of other cash, equity and other non-cash fees relating to the investment activities of
a Fund, its portfolio companies and prospective portfolio companies, including director, management
service, monitoring, investment banking, transaction, break-up or other similar fees paid by a
portfolio company or a prospective portfolio company (collectively, “Portfolio Fees”). The amount
and timing of Portfolio Fees received by the Adviser, or its affiliates are generally specified in the
agreement or other documentation governing the applicable transaction. Portfolio Fees may reduce
the management fee. The Adviser and its affiliates and its professionals may be reimbursedby a
portfolio company or a prospective portfolio company for any costs incurred in connection with any
activities related to such portfolio company or prospective portfolio company, and any such payment
or reimbursement will not be a “Portfolio Fee” or reduce the management fee as described below.
As noted above, the Adviser and its affiliates receive “monitoring fees” pursuant to monitoring
agreements with portfolio companies of the Funds governing the advice, consultation and other
similar ongoing services provided by the Adviser to such portfolio companies. The terms of a
monitoring agreement may include (among other things) annual automatic renewals, the payment of
monitoring fees (which may be fixed fees or calculated as a percentage of EBIDTA or similar
performance metric). There are certain circumstances (such as the occurrence of an initial public
offering or strategic exit) which accelerate the payment of such fees. Since the monitoring agreements
may have prolonged terms (often exceeding ten years and/or subject to automatic extensions and
renewal), the financial effect of such acceleration may be substantial, particularly in the event such
circumstances occur early in the life of a Fund’s investment in such portfolio company.
Notwithstanding the foregoing, in the event of an initial public offering or other disposition,
monitoring fees will continue to be paid so long as the applicable Fund continues to hold an other
than de minimis position in such portfolio company and the Adviser or its affiliates continue to
provide the monitoring services.

Form ADV Part 2A Brochure | SkyKnight Capital, L.P.                           March 2026

Portfolio Fees are often substantial and may be paid in cash, in securities of the portfolio companies,
prospective portfolio companies or investment vehicles (or rights thereto) or otherwise. The payment
of Portfolio Fees and reimbursements by portfolio companies and prospective portfolio companies
will, in some, but not all, circumstances create a conflict of interest between the Adviser and its
...

Item 7:                   Types of Clients

The Adviser primarily provides discretionary investment management services to family offices,
through privately offered pooled investment vehicles.
Subject to the discretion of the Adviser to accept less, the minimum investment commitment for the
Funds is $10,000,000.
The Adviser from time to time will enter into side letter agreements or other similar agreements
(collectively, “Side Letters”) with one or more investors of a Fund which provide such investor(s)
with additional and/or different rights (including, without limitation, with respect to management

Form ADV Part 2A Brochure | SkyKnight Capital, L.P.                             March 2026

fees, the performance allocations, access to information, minimum investment amounts) than such
investors have pursuant to general terms of such Fund. The Adviser will not be required to notify any
or all of the other investors of any such written agreements or any of the rights and/or terms or
provisions thereof, nor will the Adviser be required to offer such additional and/or different rights
and/or terms to any or all of the other investors.