Fees and Compensation
The Funds are only offered to “qualified purchasers” as defined in the Investment Company Act.
Please contact Alex Robertson at (212) 984-2500 for more information, including the Firm’s fee
schedule.
Portfolio Funds
In return for its investment advisory services to the Portfolio Funds, Tiger is entitled to receive
an asset-based administrative fee (the “Administrative Fee”) (which Tiger waived as of July 1,
2016) and may be entitled to an annual performance-based incentive allocation. The incentive
allocation is based on a share of capital gains on, or capital appreciation of, the net asset value of
each investor’s capital account in a Portfolio Fund above a performance benchmark and subject
to a loss carryforward or “high water mark” (the “Incentive Allocation”). Administrative Fees
are deducted directly from the assets of a Portfolio Fund on a quarterly basis in advance. Any
Incentive Allocation due by a Portfolio Fund will be calculated on the last business day of each
calendar year and any Incentive Allocation, if due, will be allocated to the account of the
applicable General Partner.
Customized Funds
The fees that Tiger may receive from Customized Funds and the method and frequency of the
payment of such fees will vary depending on the terms of the relationship between Tiger and the
applicable Customized Fund. These fees will be subject to negotiation based on the size of the
account and the services provided by Tiger.
Expenses
As noted above in Item 4, each of the Funds invests in Seed Funds. The Seed Funds typically
charge (i) an asset-based management fee (generally ranging from 1.0% to 2.0%) and (ii) a
performance-based profit allocation (generally ranging from 15.0% to 20.0%), and, in some
cases, higher rates. In addition, the Funds and investors in the Funds indirectly bear the other
expenses of the Seed Funds, including but not limited to brokerage expenses and other
transaction costs. (See Item 12 for more information regarding Tiger’s brokerage practices.)
Tiger affiliates receive a portion of the economic returns of the Portfolio Managers of each Seed
Fund.
Each Fund bears its own operating expenses and its pro rata share of any related master-fund
expenses, including, but not limited to, (i) investment-related expenses, including research
expenses; (ii) expenses associated with any withdrawal fees, due diligence, registration and any
other costs associated with making a Fund available in a foreign jurisdiction; (iii) the expenses
incurred in connection with the formation of alternative investment vehicles, if any; (iv)
bookkeeping expenses; (v) custodians, taxes, investor servicing and reporting expenses
(including, without limitation, income tax information); (vi) legal expenses; (vii) insurance
expenses (including D&O insurance); (viii) external accounting, financial statements and
auditing expenses; (ix) printing, mailing and distribution costs; (x) certain technology costs,
including hardware, software and consulting fees related to portfolio management and risk; (xi)
any extraordinary expenses; and (xii) other similar expenses relating to the Funds. The fees
applicable to each Fund are more fully described in the relevant Fund’s governing documents.
Expenses, to the extent allocable to the Funds, are generally allocated to the Funds on a pro rata
basis in accordance with their respective net asset values when incurred and subject to the terms
of the operating agreements for the relevant Funds. Any costs or expenses that are directly
attributable to a particular Fund are charged to such Fund and not allocated among other Funds.
Generally, investors may only withdraw their assets from a Fund on the final day of a fiscal
quarter, subject to any lock-up period in a Fund’s governing documents. However, if Tiger’s
advisory contract with a Fund is terminated prior to the final day of a quarter, any prepaid,
unearned fees will be refunded, based on the actual number of days remaining in such quarter.