ITEM 5 – FEES AND COMPENSATION
VELT Partners Management Fees
The specific manner in which VELT Partners charges fees is set out in each investor’s written
agreement with VELT Partners, such as the Fund’s private placement memorandum and the Managed
Account IMA.
VELT Partners generally receives a management fee equal to an amount between 1.0% and 1.25%
per annum of the net asset value of each investor’s contribution in the Fund. The management fee is
calculated after deduction of other fees and expenses and charged in accordance with the Fund’s
private placement memorandum. The Managed Account can elect to be directly billed for the
management fees or to authorize VELT Partners to directly debit such management fee from its
account, as it does for the Fund.
To the extent the management fee calculation period is longer than the applicable subscription and
redemption periods, management fees shall be prorated for each capital contribution and
withdrawal made during the applicable fee calculation period (with the exception of de minimis
contributions and withdrawals). Upon termination of any account, any prepaid, unearned fees will
VELT Partners Investimentos Ltda.
Avenida Brigadeiro Faria Lima 3355, 21st floor, Sao Paulo, SP - Brazil, 04538-133
(+55 11) 4560-6800/ www.velt.com
FORM ADV PART 2A
BROCHURE SUPPLEMENT
be promptly refunded, and any earned, unpaid fees will be due and payable for both the Fund and
the Managed Account.
In certain specific situations, VELT Partners management fees may vary from the fees described
above. An investor may pay more or less fees than other investors or clients, depending on certain
characteristics and/or terms applicable to the investor’s contribution in the Fund, such as size of
investment and liquidity terms.
Other Fees and Expenses
In addition to the management fees and performance-based fees (as described below), investors in
the Fund will indirectly bear certain other costs charged to the Fund. Such costs will vary and
typically include, though are not limited to, accounting, legal, fund administration fees, compliance
expenses and other related costs.
Furthermore, VELT Partners fees are exclusive of brokerage commissions, transaction fees, and other
related costs and expenses that shall be incurred by investors, including the impact of mark-ups and
markdowns. Investors may incur certain charges imposed by custodians, brokers, and other third
parties such as custodial fees, transfer taxes, wire transfer and electronic fund fees, and other fees
and taxes on brokerage accounts and securities transactions. Such charges, fees and commissions are
exclusive of and charged before VELT Partners´ fees, and VELT Partners shall not receive any portion
of these commissions, fees and costs.
For additional information regarding the selection, recommendation and compensation of broker-
dealers, please refer to Item 12 below.