07/01/2024 | Press release | Distributed by Public on 07/01/2024 14:50
Shareholder Transaction Expenses
(fees paid directly from your investment)
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Class S
Shares |
Class D
Shares |
Class I
Shares |
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Maximum Sales Load (as a percentage of purchase amount)
(1)
|
- | - | - | |||||||||
Maximum Early Repurchase Fee (as a percentage of repurchased amount)
(2)
|
2.00 | % | 2.00 | % | 2.00 | % | ||||||
Estimated Annual Operating Expenses
(as a percentage of net assets attributable to Shares)
|
Class S
Shares |
Class D
Shares |
Class I
Shares |
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Advisory Fee
(3)(7)
|
1.00 | % | 1.00 | % | 1.00 | % | ||||||
Incentive Fee
(4)
|
0.54 | % | 0.54 | % | 0.54 | % | ||||||
Other Expenses
(5)
|
0.49 | % | 0.49 | % | 0.49 | % | ||||||
Distribution and Servicing Fee
|
0.70 | % | 0.25 | % | None | |||||||
Acquired Fund Fees and Expenses
(6)
|
0.51 | % | 0.51 | % | 0.51 | % | ||||||
Total Annual Expenses
|
3.24 | % | 2.79 | % | 2.54 | % | ||||||
Fee Waiver and/or Expense Reimbursement
(7)(8)
|
-0.02 | % | -0.02 | % | -0.02 | % | ||||||
Total Annual Expenses (After Fee Waiver and/or Expense Reimbursement)
|
3.22 | % | 2.77 | % | 2.52 | % |
(1) |
No upfront sales load will be paid with respect to Class S Shares, Class D Shares or Class I Shares. However, if you buy Class S Shares or Class D Shares through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D Shares and a 3.5% cap on NAV for Class S Shares. Financial intermediaries will not charge such fees on Class I Shares. Please consult your financial intermediary for additional information.
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(2) |
A 2.00% Early Repurchase Fee payable to the Fund may be charged with respect to the repurchase of Shares at any time prior to the day immediately preceding the
one-year
anniversary of a Shareholder's purchase of the Shares (on a "first in-first out" basis). An Early Repurchase Fee payable by a Shareholder may be waived in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner that will not discriminate unfairly against any Shareholder. The Early Repurchase Fee will be retained by the Fund for the benefit of the remaining Shareholders.
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(3) |
The Fund pays the Adviser a quarterly Advisory Fee at an annual rate of 1.00% based on value of the Fund's net assets, calculated and accrued monthly as of the last business day of each month. For purposes of determining the Advisory Fee payable to the Adviser, the value of the Fund's net assets will be calculated prior to the inclusion of the Advisory Fee and Incentive Fee, if any, payable to the Adviser or to any purchases or repurchases of Shares of the Fund or any distributions by the Fund.
|
(4) |
At the end of each calendar quarter of the Fund (and at certain other times), the Adviser (or, to the extent permitted by applicable law, an affiliate of the Adviser) will be entitled to receive an Incentive Fee equal to 10% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account. For the purposes of the Incentive Fee, the term "net profits" shall mean the amount by which (i) the sum of (A) the net asset value of the Fund as of the end of such quarter, (B) the aggregate repurchase price of all shares repurchased by the Fund during such quarter and (C) the amount of dividends and other distributions paid in respect of the Fund during such quarter and not reinvested in additional shares through the DRIP exceeds (ii) the sum of (X) the net asset value of the Fund as of the beginning of such quarter and (Y) the aggregate issue price of shares of the Fund issued during such quarter (excluding any Shares of such Class issued in connection with the reinvestment through the DRIP of dividends paid, or other distributions made, by the Fund through the DRIP). Incentive Fees are accrued monthly and paid quarterly. The "Incentive Fee" is based on estimated amounts for the fiscal year ending March 31, 2025. See "Management and Incentive Fees."
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(5) |
The Other Expenses include, among other things, professional fees and other expenses that the Fund will bear, including initial and ongoing offering costs and fees and expenses of the Administrator, transfer agent and custodian. The Other Expenses are based on estimated amounts for the Fund's current fiscal year, including the amended Expense Limitation Agreement.
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(6) |
The Acquired Fund Fees and Expenses include the fees and expenses of the Portfolio Funds in which the Fund invests. Some or all of the Portfolio Funds in which the Fund intends to invest generally charge asset-based management fees. The managers of the Portfolio Funds may also receive performance-based compensation if the Portfolio Funds achieve certain profit levels, generally in the form of "carried interest" allocations of profits from the Portfolio Funds, which effectively will reduce the investment returns of the Portfolio Funds. The Portfolio Funds in which the Fund intends to invest generally charge a management fee of 1.50% to 2.50%, and generally charge between 20% and 30% of net profits as a carried interest allocation, subject to a clawback. The "Acquired Fund Fees and Expenses" disclosed above are based on historic returns of the types of Portfolio Funds in which the Fund already invests and expects to invest, which may change substantially over time and, therefore, significantly affect "Acquired Fund Fees and Expenses." The Acquired Fund Fees and Expenses are based on estimated amounts for the Fund's current fiscal year. The Acquired Fund Fees and Expenses reflects operating expenses of the Portfolio Funds (i.e., management fees, administration fees and professional and other direct, fixed fees and expenses of the Portfolio Funds) and does not reflect any performance-based fees or allocations paid by the Portfolio Funds that are calculated solely on the realization and/or distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed
in-kind.
As such, fees and allocations for a particular period may be unrelated to the cost of investing in the Portfolio Funds. The Total Annual Expenses in this fee table are different from the ratio of expenses to average net assets given in the Financial Highlights, because the Financial Highlights do not include acquired fund fees and expenses.
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(7) |
Pursuant to an expense limitation agreement (the "Expense Limitation Agreement") with the Fund, the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund, if required to ensure certain annual operating expenses (excluding the Advisory Fee, Incentive Fee, any Distribution and Servicing Fee, interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, borrowing costs, merger or reorganization expenses, shareholder meetings expenses, litigation expenses, expenses associated with the acquisition and disposition of investments (including interest and structuring costs for borrowings and line(s) of credit) and extraordinary expenses, if any; collectively, the "Excluded Expenses") do not exceed 0.40% per annum (excluding Excluded Expenses) of the Fund's average monthly net assets of each class of Shares. With respect to each class of Shares, the Fund agrees to repay the Adviser any fees waived or expenses assumed under the Expense Limitation Agreement for such class of Shares, provided the repayments do not cause the Fund's annual operating expenses (excluding Excluded Expenses) for that class of Shares to exceed the expense limitation in place at the time the fees were waived and/or the expenses were reimbursed, or the expense limitation in place at the time the Fund repays the Adviser,
|
whichever is lower. Any such repayments must be made within
thirty-six
months after the month in which the Adviser incurred the expense. The Expense Limitation Agreement will have a term ending July 31, 2025, and the Adviser may extend the term for a period of one year on an annual basis. The Adviser may not terminate the Expense Limitation Agreement during its
one-year
term.
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(8) |
The Fund may invest in one or more mutual funds and/or ETFs advised by the Adviser or its affiliates (affiliated funds). The Adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net advisory fees it collects from the affiliated funds on the Fund's investment in such funds.
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1 Year
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3 Years
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5 Years
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10 Years
|
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You would pay the following expenses on a $1,000 Class S Shares investment, assuming a 5% annual return: | 32 | 105 | 185 | 420 | ||||||||||||
You would pay the following expenses on a 1,000 Class D Shares investment, assuming a 5% annual return: | 28 | 90 | 158 | 361 | ||||||||||||
You would pay the following expenses on a $1,000 Class I Shares investment, assuming a 5% annual return: | 26 | 82 | 144 | 328 |
1 Year
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3 Years
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5 Years
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10 Years
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You would pay the following expenses on a $25,000 Class S Shares investment, assuming a 5% annual return: | 835 | 2,632 | 4,615 | 10,511 | ||||||||||||
You would pay the following expenses on a $25,000 Class D Shares investment, assuming a 5% annual return: | 717 | 2,260 | 3,962 | 9,024 | ||||||||||||
You would pay the following expenses on a $25,000 Class I Shares investment, assuming a 5% annual return: | 651 | 2,053 | 3,598 | 8,194 |