Crow Holdings Capital

Fees are set forth in detail in the applicable offering, account and/or governing documents. The firm generally receives a management fee, payable quarterly in advance, from each Fund in an amount up to 1.5% per annum of each limited partner’s aggregate capital commitment with respect to the Fund as a whole or a pool of assets in such Fund during the investment period. After the investment period, the fee is up to 1.5% per annum of each limited partner’s invested capital in respect of investments that have not been the subject of a complete or partial disposition. The Funds generally are subject to a carried interest, incentive compensation, performance allocation or performance or incentive fee equal to a percentage (up to 20%) of profits on distributions derived from the disposition of investments or the net profits allocable to each investor during the applicable performance period.