StepStone Group Europe Alternative Investments Limited

Item 5 – Fees and Compensation

SGEAIL's fees are based upon the scope of the engagement and services required by the Client. SGEAIL’s
fees are disclosed in detail in the Governing Documents.

Discretionary and Non-Discretionary Advisory Services
With respect to certain non-pooled investment vehicle Clients, SGEAIL will generally charge an all-inclusive
flat fee. Some agreements provide for additional payments to SGEAIL to the extent that agreed-upon
targets for certain work product are exceeded and for special projects. In certain instances, the advisory
fee will be based on capital committed or funded by the Client to investments, the fair market value of the
investments or aggregate exposure. All fees are negotiated on a Client-by-Client basis and are generally
payable quarterly in advance. Any partial period fees will generally be prorated for the number of days of
service provided. Clients are invoiced for fees related to such advisory services.

Termination Policy

Non-pooled investment vehicle Clients will generally be able to terminate the contractual relationship upon
written notice given within certain specified time periods. In such a case, the fees will generally be adjusted
pro rata for the number of days of service provided, unless otherwise agreed by the Client in writing. In
certain instances, a termination fee will be payable.

Commingled or Pooled Investment Funds
Each Client will generally pay SGEAIL a management fee quarterly, at an annual rate based on invested
capital. In certain instances, the management fee is based on the aggregate capital commitments of the
fund’s investors during the investment period and thereafter on invested capital. In other instances, the
management fee is based on funded capital rather than committed capital during the investment period,
and thereafter on the fair market value of the investments, aggregate exposure, or based on committed
capital, albeit at a lower percentage than that charged during the investment period when the management
fee is based on committed capital. Management fees are generally payable quarterly in advance, but in
certain instances are payable quarterly in arrears, in each case debited by SGEAIL. Any partial period will
generally be prorated for the number of days of service provided. In addition to the management fee, in
certain instances Clients will pay an affiliate of SGEAIL performance-based compensation (i.e., carried
interest or performance fee) based on the return of the Client and its investments, often only after
exceeding a specified rate of return to the investors, as further described in Item 6 below. The amount of
the fees for a particular fund will be set forth in the fund’s Governing Documents. SGEAIL has the power
to direct the payment of fees by each Client to SGEAIL or its affiliates pursuant to the terms set forth in the
relevant Governing Documents. Each Client is also responsible for paying organizational expenses, auditing
expenses, third party administrator expenses, legal expenses and other expenses of such vehicle. By
investing in certain vehicles, investors receive professional management of a portfolio consisting of one or
more private markets funds (whether as a primary fund commitment or through a secondary investment).
Such underlying private markets funds will impose their own fees and expenses and investors in such funds
will pay two levels of fees and expenses.

Termination Policy

The procedures and conditions under which SGEAIL or a Client can terminate an investment management
agreement are described in the relevant agreement. Generally, a Client will be able to terminate its
investment management agreement with SGEAIL for cause and, in certain instances, without cause upon
the affirmative vote of a supermajority of the Client’s investors. Additional termination rights are included

in and subject to the applicable Governing Documents. If service is provided for only a partial period the
fees will be adjusted pro rata. Interests in a Client generally will not be transferable without obtaining the
prior consent of the general partner or managing member of the Client. The investment time horizon for a
Client is generally 10 to 12 years, although certain Clients can have a longer or shorter time horizon.

Other Expenses
In addition to compensation payable to SGEAIL, and in some cases subject to certain limitations, each Client
pays its own investment, administrative and operating expenses, including: brokerage commissions and
other transactional costs, fees and expenses; interest expense; research and due diligence expenses,
including related travel expenses; administrative, custodial, legal, compliance, regulatory reporting,
accounting, valuation, tax and audit expenses; consulting fees and expenses; fees and expenses of
valuation agents and investor representatives, if any; expenses relating to the licensing, development,
implementation and/or monitoring of software and data; insurance costs; taxes; costs and expenses
related to the offer and sale of Client shares or interests; expenses incurred as a result of the Client’s
indemnity obligations; and expenses incurred in connection with any threatened, pending or anticipated
litigation, examination or proceeding; and extraordinary expenses.

In certain instances, Clients will also incur other expenses, depending on the nature of the investment
vehicle. For example, expenses can be assessed either at the Client or portfolio company level that include,
but are not limited to, structuring, topping, breakup, monitoring, directors’, organizational, set- up, closing,
commitment, advisory, consulting, underwriting, investment banking, broker and syndication expenses in
connection with the purchase, monitoring or disposition of Client investments. In certain instances,
expenses will also be incurred to compensate third party service providers such as attorneys, auditors,
...

Item 7 – Types of Clients

As referenced in Item 4, SGEAIL provides investment management and supervisory services to institutional
entities and private markets funds with a variety of investment strategies. Such institutional entities, and
the investors in fund Clients include individual professional investors and a range of institutional investors.
Certain of SGEAIL’s fund Clients employ a fund-of-funds structure whereby the Client invests in one or
more underlying funds, while other fund Clients invest directly in a particular asset class (e.g., private debt).

In certain instances, SGEAIL provides access to SPI in exchange for a fee. Access to SPI alone does not
consist of ongoing monitoring ongoing investment management or supervisory services but may in certain
instances be provided in conjunction with investment advice provided by affiliated entities.