The Investment Manager will receive an aggregate fee of two per cent. of the Net Asset Value per annum, to be paid monthly in advance. The Company will pay a performance bonus each year at the rate of 20 per cent. of the annual increase in Net Asset Value over the higher of an annualised compounded hurdle rate of five per cent. or a “high water mark” requirement. The Investment Manager will receive the bulk of this bonus while a previously agreed portion which shall be no greater than 20 per cent. of the total will be distributed to the Board.
The Company will be incurring costs in connection with the Placing and Admission, which include the fees of the Custodian and the Administrator, Admission fees and the fees of and expenses incurred by the professional advisors in respect of the preparation of the admission document and all other ancillary documentation. The Directors do not anticipate that the formation and initial expenses relating to the Placing and Admission will exceed four per cent. of the gross Placing proceeds. These expenses will be met by the Company.