Fees and Compensation — Form ADV Part 2A (3/31/2024)
[Brochure]
Item 5 - Fees and Compensation
A. Our fees and compensation are described in the advisory contracts we enter into with our clients.
We receive a management fee. Fees are not negotiable. All of our clients are “qualified purchasers”
(as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended (the “1940
Act”).
B. We deduct our management fees from client accounts quarterly in arrears.
C. Fees to be borne by the client are specifically outlined in the Investment Management
Agreement. Generally, the client will bear all expenses associated with the operations of the
account (e.g., internal accounting, auditing, and legal expenses). Included in the operating expenses
are all trading and investment-related costs and expenses (e.g., brokerage commissions, margin
interest, custodial fees and clearing and settlement charges). (See Item 12 “Brokerage Practices”
below.) Additionally, the client will bear consultant fees and third-party research expenses, as
applicable.
We may also allocate a portion of certain clients’ capital to money market funds, closed-end mutual
funds, or exchange-traded funds. In addition to the fees and expenses discussed above, investors
will indirectly incur similar fees and expenses if we invest clients’ capital in such money market
funds, closed-end funds, or exchange-traded funds, as these funds in turn pay similar fees to their
investment managers and other service providers.
D. Not applicable.
E. Not applicable.
Account Minimums and Types of Clients — Form ADV Part 2A (3/31/2024)
[Brochure]
Item 7 - Types of Clients
We provide investment advice to a private investment fund. Investors in this account are high net
worth individuals and institutional investors that qualify as “accredited investors” (as defined in
Rule 501 under the Securities Act of 1933, as amended) and “qualified purchasers” (as defined
under the 1940 Act).