Item 5: Fees and Compensation
Master Fund Manager Fee
As an investment adviser to the Master Fund and the Feeder Funds, as further described in the Offering
Documents, Untitled receives a management fee generally equal to an annual rate of 1.25% - 1.5%
depending on the particular class of the Funds.
Untitled Investments LP Form ADV Part 2A
The management fees are paid by the Master Fund monthly in advance on the first day of each month,
depending upon the net asset value of the Master Fund and each particular investment by an Investor
in the Feeder Funds. Management fees are generally pro-rated for partial periods. Once paid,
management fees are non-refundable.
The Firm or its affiliates may reduce, waive or calculate differently the management fee for certain
Investors in the Feeder Funds, including but not limited to, members, employees and affiliates of
Untitled.
Management Fee for SPVs
As an investment adviser to the SPVs, Untitled receives a management fee equal to an annual rate of
1% of the amount of the investment in an SPV made by an Investor.
The management fees are paid by each SPV in advance on the first day of each calendar quarter.
The Firm or its affiliates may reduce, waive or calculate differently the management fee for certain
Investors in an SPV, including but not limited to, members, employees and affiliates of Untitled.
Other Fees and Expenses
The Funds will bear their own expenses and any trading subsidiary or Special Purpose Vehicle’s
expenses, including, without limitation, the following: expenses related to the research, due diligence,
financing, monitoring and disposition of actual and prospective investments, whether or not such
investment is consummated, including, without limitation, the following: travel expenses incurred by
the Funds or any trading subsidiary or Special Purpose Vehicle or by Untitled or its affiliates in
connection with researching potential investment opportunities; third-party investment sourcing fees
(including, without limitation, performance-based fees); fees charged by Untitled or its affiliates to
provide investment sourcing services to, or on behalf of the Funds or any trading subsidiary or Special
Purpose Vehicle; provided, however, that such sourcing fees do not exceed the rate typically charged
by third parties engaged in such sourcing; fees and expenses related to obtaining research and market
data (including, without limitation, any information technology hardware, software or other
technology incorporated into the cost of obtaining such research and market data, and including fees
and expenses related to obtaining, processing and analyzing research or market data that may be
considered “big data” or “alternative data”, including fees and expenses related to performing due
diligence on potential providers of any of such research or market data services (including, without
limitation, “big data” or “alternative data” services)); due diligence expenses including, without
limitation, consulting and appraisal fees; travel expenses; brokerage, prime brokerage and futures
commission merchant fees, commissions and expenses; expenses relating to block trades; expenses
relating to short sales; clearing and settlement charges; custodial fees and expenses; bank service
fees; interest expenses and fees related to financings or refinancing; fees and expenses of proxy
research and voting and class action-related services; and fees and expenses of third-party
professionals, including, without limitation, consultants, investment bankers, attorneys and
accountants; organizational and reorganizational expenses; the Funds’ direct or indirect pro rata
share of any compensation payable in connection with the management of any Special Investment (as
defined in Item 6) by an unaffiliated third party or management team, which may include both asset-
based fees and performance-based fees (which, for the avoidance of doubt, will not reduce the
Management Fee or Incentive Allocation (as defined in Item 6) payable to the Investment Manager
and the General Partner, respectively); operational expenses, including the following: fees and
expenses relating to information technology hardware, software or other technology (including,
without limitation, costs of software licensing, implementation, data management and recovery
services and custom development) used to research investments, evaluate and manage risk, facilitate
valuations, facilitate accounting functions and/or facilitate compliance with the rules of any self-
regulatory organization or applicable law (including, without limitation, reporting obligations),
Untitled Investments LP Form ADV Part 2A
facilitate and manage the order execution of investments or otherwise manage the Funds or any
trading subsidiary or Special Purpose Vehicle such as Bloomberg terminals, portfolio management
systems, risk management systems and order management systems; fees and expenses of third-party
risk management products, models and services; fees and expenses of third-party professionals,
including, without limitation, consultants, valuation service providers, attorneys, accountants and
third-party administrative fees and expenses and including, without limitation, the costs of engaging
or appointing a Money Laundering Reporting Officer, a Deputy Money Laundering Reporting Officer
and an Anti-Money Laundering Compliance Officer; the costs of any litigation or investigation
involving activities of the Funds, the Funds or any trading subsidiary or Special Purpose Vehicle; taxes
and third-party audit and tax preparation expenses; insurance expenses, including, without limitation,
premiums for cybersecurity insurance and liability insurance covering the General Partner, the
Investment Manager and the members, partners, officers, employees and agents of any of them, and
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