Westbeck Capital Management LLP

Item 5. Fees and Compensation
Westbeck is compensated for its advisory services through the receipt of advisory or management fees, as
well as a performance-based fee.
Management Fees
Fees are set forth in the applicable fund offering document or investment advisory agreement. The Firm is
entitled to receive a quarterly, monthly or weekly management fee payable in arrears of a pro-rata amount
prior to the deduction of any accrued performance fee. Fees are invoiced by the Firm when they become due.
Performance Fees
For certain clients, Westbeck is also entitled to receive a performance fee in respect of each calendar year on
a share-by-share basis so that generally the performance fee is only charged on designated share classes
which have appreciated in value. Performance fees are detailed in the applicable private fund offering
documents.
Additional Fees and Expenses

WESTBECK CAPITAL MANAGEMENT LLP                                                                Form ADV Part 2A

The Firm will charge each of its clients the fees and expenses incurred in, or relating or attributable to, its
operation. This may include inter alia, professional services (including external legal costs, accounting,
auditing and consulting) and data services, auditing and consulting services, reasonable marketing and
promotional activities (including related travel expenses), negotiating terms with investors (including side
letters), registration fees and other expenses due to supervisory authorities, insurance (including for the
benefit of the fund directors), interest, brokerage costs, legal expenses, costs relating to execution and
trading, transactional services, risk management, market data, technology and algorithms, investor reporting
costs, the cost of publication of the client(s)’ net asset value, all communication expenses with respect to
investor services and all expenses of meetings of investors and of preparing, printing and distributing financial
and other reports, proxy forms, prospectuses and similar documents, all litigation and indemnification
expenses and extraordinary expenses not incurred in the ordinary course of business, any fees and expenses
involved in registering and maintaining the registration of the client.
Full details of fees and expenses are detailed in the applicable fund offering document or investment advisory
agreement.
For additional information related to brokerage and other transaction costs, please see Item 12. Brokerage
Practices.

Side Letters
Westbeck has the power to and may enter into side letters in relation to the funds with individual investors
covering, inter alia, capacity, fees, fee rebates, other economic terms or restrictions, provision of additional
information, most favored investor commitments, individual investor approval requirements, redemption
rights, transfer rights and confirmations of how expenses will be borne. As a result of such side agreements,
certain investors may receive additional benefits which other investors will not receive. Further details are
set forth in the applicable private fund offering documents.