Village Global Management LLC

Item 5 – Fees and Compensation

A.      Fee Schedule
The fees and compensation payable to the Firm are negotiable and vary among the Funds. However,
the range of compensation is generally as follows:
        1.      Management Fee and Performance-Based Compensation
The Firm typically receives an annual management fee equal to a percentage of the Funds’ committed
capital as set forth in the Governing Documents. The Funds’ management fees are payable quarterly
in advance.
Each Fund’s General Partner or Managing Member, as applicable (collectively, the "General Partners,"
and each, a "General Partner"), generally receives a carried interest equal to a percentage of all
realized profits, as described more fully in each Fund’s Governing Documents. The carried interest is
generally subject to a clawback at the end of life of the Funds if the General Partner or Managing
Member, as applicable, has received excess cumulative distributions.
The carried interest will only be charged to accounts of those Investors who are “qualified clients” as
defined in Rule 205-3 of the Investment Advisers Act of 1940, as amended (“Advisers Act”).
In addition to the Firm’s management fees, carried interest, and other expenses outlined in the Funds’
Governing Documents, certain Funds pay management fees, carried interest, and other expenses to
the general partners or managing members, as applicable, of the underlying pooled investment
vehicles that such Fund is invested in.
For the sub-advisory services provided to funds managed by other investment advisers, the Firm has
caused a Fund to enter into a side letter or similar agreement wherein the Fund receives a portion of
the carried interest paid by investors in the funds managed by other investment advisers for the
Firm’s services.
        2.      Fee Comparison
Fund expenses, including the management fee and any performance-based fees, can constitute a
higher percentage of average net assets than could be found in other investment programs.
B.      Payment of Fees
Management fees, performance-based fees, and third-party fees (discussed below) are deducted
from the applicable Funds’ assets. Management fees are paid quarterly in advance. Performance-
based fees are only paid when the Funds distribute realized proceeds pursuant to such Fund’s
Governing Documents.
C.      Fund Expenses and Other Fees
The Funds bear all costs incurred in connection with operation of its business, including those costs
associated with the holding or sale of securities; all legal, audit, registration, financial fees; the cost of
Fund meetings; and any extraordinary expenses of such Fund. For the avoidance of doubt, no Fund
shall bear any of the costs, fees and expenses incurred by or on behalf of any parallel fund.
Organization costs for the Funds and related entities are subject to a cap as described in the Funds’

Governing Documents. As noted above, the Firm’s fund of funds may pay expenses to the general
partners of the underlying private limited partnerships that the Funds are invested in.

It is critical that investors refer to the relevant confidential Governing Documents for a complete
understanding of expenses. The information contained herein is a summary only and is
qualified in its entirety by such documents.
D.     Prepayment of Fees
The Funds invest in the securities of private companies on a long-term basis. Accordingly, all fees are
paid during the term of the Funds and Investors are generally not permitted to withdraw or redeem
Interests in the Funds. Fees paid at the beginning of the quarter (such as management fees) will not
be refunded or prorated for partial periods.
E.     Outside Compensation for the Sale of Securities
Neither the Firm nor its supervised persons accept compensation for the sale of securities or other
investment products outside of its association with the Firm.
The foregoing discussion in Item 5 represents the Firm’s basic compensation arrangements.
The management fees and incentive allocations described above are structured to comply
with Rule 205-3 under the Advisers Act. Fees and other compensation are negotiable in
certain circumstances and arrangements with any particular Investor may vary. Although the
Firm believes its fees are competitive, lower fees for comparable services may be available
from other investment advisers.

Item 7 – Types of Clients

The Firm provides investment advisory services to pooled investment vehicles which generally
operate as exempt investment companies under the Investment Company Act of 1940, as amended.
The Firm intends to restrict the number of Investors in the Funds and will offer Interests only through
non-public transactions in order to maintain their exclusion from “investment company” status
under the Investment Company Act of 1940, as amended (the “Investment Company Act”).
Prospective Investors in the Funds must meet eligibility criteria and are subject to certain withdrawal
requirements and limitations. Prospective Investors are encouraged to thoroughly review a Fund’s
Governing Documents, which set forth all the terms in detail.
Each Investor generally must be an “accredited investor” (as defined in Regulation D under the
Securities Act of 1933) and “qualified client” (as defined in Rule 205-3 under the Advisers Act) and
must meet other criteria as specified in the Governing Documents. The minimum initial investment
varies by Fund, but is generally $100,000, subject to waiver at the discretion of the Firm.
In addition, the Firm provides sub-advisory services to funds managed by other investment advisers.