Investor Presentaiton
2
CONFIDENTIAL
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Important Disclosures | Performance Reporting
(1) The performance data shown represents past performance. Past performance is no guarantee of future results.
Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their
original cost. Current performance may be lower or higher than the past performance quoted.
(2) Returns are presented net of expenses. Expense ratios are 4.78% for Class A shares; 4.23% for Class D shares; 3.93% for
Class I shares; 3.93% for Class M shares. Performance figures do not reflect the 2% early repurchase fee that may apply to
some unit holders. Expenses are estimated as of the Fund's prospectus, effective July 31, 2023.
(3) The Adviser has entered into an expense limitation agreement (the "Expense Limitation Agreement") with the Fund,
whereby the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a
"Waiver"), if required to ensure the Total Annual Expenses (excluding taxes, interest, brokerage commissions, certain
transaction-related expenses, extraordinary expenses, the Incentive Fee and any acquired fund fees and expenses) do not
exceed 2.80% on an annualized basis for Class A Shares, 2.25% on an annualized basis of Class D Shares, 1.95% on an
annualized basis for Class I Shares, and 1.95% on an annualized basis for Class M Shares (the "Expense Limit"). For a
period not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or
assumed, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to
exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of
the recoupment. The Expense Limitation Agreement will continue until at least November 28, 2023, and will automatically
renew thereafter for consecutive twelve-month terms, provided that such continuance is specifically approved at least
annually by a majority of the Trustees. The Expense Limitation Agreement may be terminated by the Fund's Board of
Trustees upon thirty days' written notice to the Adviser. The Expense Limitation Agreement may not be terminated by the
Adviser without the consent of the Fund's Board of Trustees.
(4)Shareholders also indirectly bear a portion of the asset-based fees, performance or incentive fees or allocations and other
expenses incurred by the Fund as an investor in the Portfolio Funds. Generally, asset-based fees payable in connection with
Portfolio Fund investments will range from 1% to 2.5% (annualized) of the commitment amount of the Fund's investment,
and performance or incentive fees or allocations are typically 20% of a Portfolio Fund's net profits annually, although it is
possible that such amounts may be exceeded for certain Portfolio Fund Managers. Historically, a substantial majority of the
direct investments made by the Adviser and its affiliates on behalf of their clients have been made without any "acquired
fees" (i.e., free of the management fees and performance/incentive fees or allocations that are typically charged by Portfolio
Fund Managers). The "Acquired Fund Fees and Expenses" disclosed above, however, do 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.View entire presentation