Example 1
Fee Billing Process: If not already provided in response to another request, a description of current fee billing processes, including, but not limited to: identifying the person(s) responsible for calculating advisory fees, sending the invoice to the custodian, and testing advisory fee calculations; identifying any software programs or systems that are used in calculating fees; identifying any reconciliation processed that are completed.
Example 2
Advisory fee calculations for the Examination Period, including for each advisory client, the billing rate, market value used to calculate the advisory fee, and total fee billed.
Example 3
An Excel spreadsheet with the following information as of [DATE], for each Fund managed by the Adviser during the Examination Period:
- The management fee charged for the most recent billing period;
- The date the most recent management fee was charged;
- The performance fee (if applicable) charged for the most recent billing period;
- The date the most recent performance fee was charged.
Adviser Compensation: A list of all compensation received by the Adviser, directly or indirectly, during the last fiscal year and the current year-to-date, showing for each period the aggregate amount of fees received for each type of fee, including (where applicable), but not limited to: 1) management fees; 2) performance fees; 3) finders fees; 4) solicitor fees; 5) consulting fees; 6) transaction fees; 7) monitoring fees; 8) accelerated monitoring fees; 9) board/director’s fees; 10) any fees/expenses charged to portfolio companies held in the Funds; and 11) fees in connection with M&A (add-on acquisitions, refinancing, sales, and similar transactions (please explain)). Please note any amounts credited to investors or a Fund.
Example 4
A listing of any partial realizations, portfolio company write-downs and portfolio company write-offs during the Examination Period. For each client, provide a description of how you treated each type for purposes of any adjustments to the management fee calculation.
Identify all private funds that transitioned from the commitment period to the post commitment period during the Examination Period where the transition date was after the management fee billing date and before the end of the billing period. For each such instance, indicate whether any adjustment was made in that period or any subsequent period to account for fees billed in advance at a higher rate.