Fees and Compensation — Form ADV Part 2A (3/30/2022)
[Brochure]
ITEM 5 - FEES AND COMPENSATION
Trawler negotiates its fees and compensation with each Client on a case by case basis.
Generally, Trawler receives a management fee and a performance-based fee from Clients for its
advisory services. In some circumstances Trawler may receive additional compensation in
connection with certain services performed in connection with a Client’s investments. Clients also
bear certain other expenses described below.
Management Fees
For each Private Real Estate Fund, Trawler’s management fee is set forth in the applicable
Fund Governing Documents. Typically, a Private Real Estate Fund’s management fees are
calculated as a percentage of the invested capital in a Private Real Estate Fund. Management fees
are payable for so long as an investor is invested (i.e., until an investor is fully redeemed from any
open-end Private Real Estate Fund) in a Private Real Estate Fund, as described in the applicable
Governing Documents. Private Real Estate Fund management fees are generally payable quarterly
in arrears. For any period other than a full quarterly period, the management fee will be adjusted
on a pro rata basis per the actual number of days in such period.
For Managed Accounts, management fees are negotiated with the Managed Account Client
and will vary depending upon such Client’s individual circumstances. Typically, such Client’s
fees are based on the value of invested capital. The terms of payment are set forth in the applicable
Managed Account Agreement. Such fees are generally accrued and paid monthly or quarterly and
are payable until the Managed Account Agreement is terminated. In the event a Managed Account
Agreement is terminated and fees have been paid in advance, the Client may receive a pro rata
refund of such fees based on the number of days for which services were provided during the
period in question as set forth in the applicable Managed Account Agreement.
Account Minimums and Types of Clients — Form ADV Part 2A (3/30/2022)
[Brochure]
ITEM 7 - TYPES OF CLIENTS
Trawler’s Clients include the Private Real Estate Funds, which are typically organized as
investment partnerships or other investment entities formed under domestic or non-U.S. laws and
operated as exempt investment pools under the Investment Company Act of 1940, as amended (the
“Investment Company Act”). The underlying investors in the Private Real Estate Funds and
Trawler’s Managed Account Clients are typically institutional investors, such as banks or thrift
institutions, insurance companies, corporations, pension and profit-sharing plans, trusts or estates,
charitable organizations, or other investment or business entities. However, such investors may
also include high net worth individuals or principals or other employees of Trawler.
Trawler’s minimum investment requirements vary among Clients, although the required
minimum for third-party investors generally is $5 million, which may be waived in the discretion
of Trawler. Trawler reserves the right to waive the minimum investment amounts with respect to
any investment in a Private Real Estate Fund or Managed Account.