Item 5. Fees and Compensation
The Adviser charges the Twenty Acre Funds an asset-based investment management fee (the “Management
Fee”) based on the value of the Client’s net assets under management. Twenty Acre Global GP LLC, the
general partner of most Twenty Acre Funds (the “General Partner”), is also eligible to receive from the
Twenty Acre Funds an incentive allocation (the “Incentive Allocation”), which is compensation based on a
share of realized and unrealized appreciation of the Client's assets. Investors in the Twenty Acre Funds are
subject to the Management Fee and Incentive Allocation indirectly through their investment in the Client.
The Management Fee is generally payable in advance of each monthly period and is at an annual rate of 1.25-
1.50% of the value of each investor’s account as of the first day of the applicable month. The Adviser instructs
the Client’s custodian to deduct the Management Fee from the Client’s account.
The Incentive Allocation charged to the Twenty Acre Funds is generally 20% of the Client’s outperformance
above the Invesco S&P 500 Equal Weight Technology ETF and 10% of the Client’s net profits for
Designated Investments (defined below) when realized. The Incentive Allocation, if any, will be reallocated
to the General Partner of the Twenty Acre Funds at the end of each fiscal year, or at the time of full or partial
withdrawal from the Client, if other than year end, or at the time of realization for Designated Investments.
The Adviser charges the SMAs an asset-based investment management fee (the “SMA Management Fee”)
based on the value of the Client’s net assets under management. The Adviser may also be eligible to receive
from the SMAs an incentive fee (the “SMA Incentive Fee”), which is compensation based on a share of
realized and unrealized appreciation of the SMA’s assets. Fees applicable to SMAs are individually
negotiated for each mandate and reflect the varying level of complexity for the strategy employed.
In addition to paying the Management Fee and allocating the Incentive Allocation, the Twenty Acre Funds
are subject to other investment expenses, such as legal, accounting, auditing and other professional expenses,
research expenses, investment expenses such as commissions, custodial fees, bank service fees and other
expenses related to the purchase, sale or transmittal of Client assets, including assets for which there is no
ready market, or which are subject to legal or contractual restrictions on sale or which have other
characteristics that the Adviser or its affiliate have determined in their sole discretion should result in holding
such asset until the resolution of a special event or circumstance (“Designated Investments”).
Expense terms for SMAs are negotiated with the individual Client. Each SMA will be responsible for its
own expenses as outlined in the respective Governing Documents. Such expenses may materially differ from
the expenses paid by the Twenty Acre Funds and the degree to which an SMA bears certain expenses is
individually negotiated.
It is important that each investor who is considering an investment in the Client review the applicable
investment advisory agreement, private placement memorandum, limited partnership agreement, and
subscription agreement (individually and collectively, the “Governing Documents”) applicable to the Client
for a detailed description of the fees and expenses applicable to such investment, including Designated
Investments.
While generally not negotiable, the General Partner, in its sole discretion, may waive or reduce the
Management Fee and the Incentive Allocation for limited partners that are principals, employees or affiliates
of the General Partner or the Adviser, relatives of such persons, and for certain large or strategic investors.