The firm's fees for advisory services vary among clients and are detailed in each Private Fund's offering documents or Advisory Client’s Investment Management Agreement (IMA). Management fees are typically up to 0.75% per annum of the assets managed. The firm also receives performance-based compensation from certain clients, up to 5.00% of realized and unrealized net profits. Fees may be negotiated and may be payable more or less frequently depending on the client and the arrangement.