Fees & Expenses Policy

1. Purpose

This policy describes the firm’s approach to fund economics and expense allocation, emphasizing transparency and alignment with limited partners.

2. Alignment Philosophy

The firm’s economics are structured to align the general partner with limited partners. The general partner earns a return primarily through carried interest that is subordinated to a preferred return, so that the firm is rewarded when limited partners succeed.

3. Preferred Return

Each fund provides limited partners with an 8% preferred return before the general partner participates in profits.

4. Carried Interest

After the preferred return, the general partner is entitled to carried interest of 20% of profits, subject to a full general-partner catch-up, as set forth in each fund’s governing documents.

5. General Partner Commitment

The general partner makes a meaningful capital commitment to each fund, further aligning its interests with those of the limited partners.

6. Fund Expenses

The funds bear their own organizational and operating expenses, including administration, audit, custody, legal, valuation, and other third-party costs, as described in the governing documents. Expenses are allocated in accordance with a documented methodology.

7. Expense Allocation

Expenses shared among funds or between a fund and the firm are allocated on a fair and consistent basis, subject to review by the Chief Compliance Officer and, where applicable, the Limited Partner Advisory Committee.

8. Transparency & Reporting

Fund economics and expenses are reported to limited partners through periodic statements and the LP Portal, and are subject to annual audit by PricewaterhouseCoopers LLP.

9. Definitive Documents

The complete economic terms of each fund are set forth in its private placement memorandum and limited partnership agreement, which govern in the event of any conflict with this summary.