Fund I

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Fund II

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Fund III

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Fund I Fees

Investment manager fee

2% p.a.

of the total funds committed by the Fund to the LP. This fee will only be payable for a 10-year period from the Fund’s inception.

This fee is payable to the General Partner (GP) by the Limited Partner (LP) for the management of the LP.

The fee is charged on the total capital commitments made by limited partners of the LP. The fee is payable quarterly in advance by the LP.

The GP is responsible for:

  • managing the investments made by US Select Private Opportunities Fund, L.P. in line with Fund objectives
  • sourcing and evaluating information on potential funds for investment, as many of the funds invested in are inaccessible to even the most established and well-recognised institutional investors
  • advising on portfolio investments to be purchased or sold and the timing of those
  • preparing necessary documents for regulatory, accounting and other matters of compliance with applicable US, Cayman and Australian laws and regulations.

Responsible entity and administration fee

0.088% p.a. (responsible entity)
0.275% p.a. (administration)

Calculated inclusive of GST of the gross asset value of the Fund.

The fee payable to the Responsible Entity by the Fund.

The fee is charged on the gross asset value of the Fund and is payable quarterly in advance by the Fund.

The Responsible Entity charges an administration and a responsible entity fee to provide services relating to the daily administration of the Fund, including providing company secretarial functions, maintaining the management and statutory accounts, administrative support services and providing investor relations services to the Fund. The Responsible Entity is also responsible for providing information requested by the Fund Manager for the purposes of providing management services to the Fund.

Australian Fund Accounting Services Pty Limited (a related entity to the Responsibility Entity) provides fund administration services to the Fund under an agreement with the Responsible Entity. These services include net asset valuation, management accounting, statutory reporting, capital management and taxation. Time spent by staff is charged to the Fund at agreed market-based rates under a Services Agreement.

Under the Fund’s Constitution a number of the above fees and charges may be changed within certain parameters. Where a fee or change specified in the Constitution was proposed to be changed the Responsible Entity would announce the change before it was implemented.

Underlying fund manager fees

Estimated at 2.0% p.a.

of the total funds committed by the LP to underlying funds.

Dependent on the composition of underlying funds and size of investment in each constituent fund.  In addition, performance fees may be payable to underlying fund managers.

These fees are payable to the managers of the underlying funds.

The GP is entitled to be reimbursed, out of the assets of the LP, for all out-of-pocket expenses it properly incurs in operating and administering the Fund. This includes the fees charged by underlying fund managers associated with the performance of their management functions.

Paid directly out of the assets of the LP or indirectly from the underlying funds. This will depend on the fee structure of the underlying funds.

Managers of underlying funds may charge fees associated with the performance of their management function. These underlying funds are generally not available to Australian retail investors. The fees may include entry fees, transaction fees, exit fees, ongoing management fees and performance fees. Where possible, the Investment Manager negotiates fee rebates and any rebates accrue to the benefit of all shareholders of the Fund. The General Partner of the underlying manager Cordish Dixon Private Equity Fund (US), LP is associated with the Responsible Entity of the Fund.

Reimbursement of expenses

Dependent on costs and size of the Fund. All external administration expenses are paid by the Fund

The fees and costs associated with the administration of the Fund and its investments that are paid by the Responsible Entity including, but not limited to, registry fees, custodian fees, tax and audit fees.  Paid directly out of the assets of the Fund.

The Responsible Entity is entitled to be reimbursed, out of the assets of the Fund, for all out-of-pocket expenses it properly incurs in operating and administering LP. This includes expenses such as taxes and bank fees, preparation of financial statements and tax returns and compliance costs.

The Investment Manager is entitled to be reimbursed, out of the assets of the LP, for all out-of-pocket expenses it properly incurs in operating and administering the Fund. This includes expenses such as registry services, taxes and bank fees, preparation of financial statements and tax returns, audit, insurance, compliance costs, travel and other expenses.

Under the Fund’s Constitution and the Investment Management Agreement a number of the above fees and charges may be changed within certain parameters. Where a fee or change specified in the Constitution or the Investment Management Agreement was proposed to be changed the Responsible Entity would announce the change before it was implemented.

Fund II Fees

Investment manager fee

2% p.a.

of the total funds committed by the Fund to the LP. This fee will only be payable for a 10-year period from the Fund’s inception.

This fee is payable to the General Partner (GP) by the Limited Partner (LP) for the management of the LP.

The fee is charged on the total capital commitments made by limited partners of the LP. The fee is payable quarterly in advance by the LP.

The GP is responsible for:

  • managing the investments made by US Select Private Opportunities Fund II, L.P. in line with Fund objectives
  • sourcing and evaluating information on potential funds for investment, as many of the funds invested in are inaccessible to even the most established and well-recognised institutional investors
  • advising on portfolio investments to be purchased or sold and the timing of those
  • preparing necessary documents for regulatory, accounting and other matters of compliance with applicable US, Cayman and Australian laws and regulations.

Responsible entity and administration fee

0.088% p.a. (responsible entity)
0.275% p.a. (administration)

Calculated inclusive of GST of the gross asset value of the Fund.

The fee payable to the Responsible Entity by the Fund.

The fee is charged on the gross asset value of the Fund and is payable quarterly in advance by the Fund.

The Responsible Entity charges an administration and a responsible entity fee to provide services relating to the daily administration of the Fund, including providing company secretarial functions, maintaining the management and statutory accounts, administrative support services and providing investor relations services to the Fund. The Responsible Entity is also responsible for providing information requested by the Fund Manager for the purposes of providing management services to the Fund.

Australian Fund Accounting Services Pty Limited (a related entity to the Responsibility Entity) provides fund administration services to the Fund under an agreement with the Responsible Entity. These services include net asset valuation, management accounting, statutory reporting, capital management and taxation. Time spent by staff is charged to the Fund at agreed market-based rates under a Services Agreement.

Under the Fund’s Constitution a number of the above fees and charges may be changed within certain parameters. Where a fee or change specified in the Constitution was proposed to be changed the Responsible Entity would announce the change before it was implemented.

Underlying fund manager fees

Estimated at 2.0% p.a.

of the total funds committed by the LP to underlying funds.

Dependent on the composition of underlying funds and size of investment in each constituent fund.  In addition, performance fees may be payable to underlying fund managers.

These fees are payable to the managers of the underlying funds.

The GP is entitled to be reimbursed, out of the assets of the LP, for all out-of-pocket expenses it properly incurs in operating and administering the Fund. This includes the fees charged by underlying fund managers associated with the performance of their management functions.

Paid directly out of the assets of the LP or indirectly from the underlying funds. This will depend on the fee structure of the underlying funds.

Managers of underlying funds may charge fees associated with the performance of their management function. These underlying funds are generally not available to Australian retail investors. The fees may include entry fees, transaction fees, exit fees, ongoing management fees and performance fees. Where possible, the Investment Manager negotiates fee rebates and any rebates accrue to the benefit of all shareholders of the Fund. The General Partner of the underlying manager Cordish Dixon Private Equity Fund (US), LP is associated with the Responsible Entity of the Fund.

Reimbursement of expenses

Dependent on costs and size of the Fund. All external administration expenses are paid by the Fund.

The fees and costs associated with the administration of the Fund and its investments that are paid by the Responsible Entity including, but not limited to, registry fees, custodian fees, tax and audit fees.  Paid directly out of the assets of the Fund.

The Responsible Entity is entitled to be reimbursed, out of the assets of the Fund, for all out-of-pocket expenses it properly incurs in operating and administering LP. This includes expenses such as taxes and bank fees, preparation of financial statements and tax returns and compliance costs.

The Investment Manager is entitled to be reimbursed, out of the assets of the LP, for all out-of-pocket expenses it properly incurs in operating and administering the Fund. This includes expenses such as registry services, taxes and bank fees, preparation of financial statements and tax returns, audit, insurance, compliance costs, travel and other expenses.

Under the Fund’s Constitution and the Investment Management Agreement a number of the above fees and charges may be changed within certain parameters. Where a fee or change specified in the Constitution or the Investment Management Agreement was proposed to be changed the Responsible Entity would announce the change before it was implemented.

Fund III Fees

Investment manager fee

1.0% p.a.

of the total funds committed by the Fund to the LP. This fee will only be payable for a 10-year period from the Fund’s inception

This fee is payable to the General Partner (GP) by the Limited Partner (LP) for the management of the LP.

The fee is charged on the total capital commitments made by limited partners of the LP. The fee is payable quarterly in advance by the LP.

The GP is responsible for:

  • Managing the investments made by US Select Private Opportunities Fund III, L.P. in line with Fund objectives
  • Sourcing and evaluating information on potential funds for investment, as many of the funds invested in are inaccessible to even the most established and well-recognised institutional investors
  • Advising on portfolio investments to be purchased or sold and the timing of those
  • Preparing necessary documents for regulatory, accounting and other matters of compliance with applicable US, Cayman and Australian laws and regulations.

Performance fee

10% 

of the return achieved by the LP above invested capital once a cumulative, non-compounded, pre-tax return of 8% per annum (Hurdle Rate) on all capital contributed to the LP and not yet returned by distribution to limited partners is achieved.

This fee is payable to the GP by the LP for the management of the LP.

The performance fee calculation period will be from the date of initial capital commitment to the LP. The performance fee will only be paid following the limited partners’ actual receipt of invested capital and once a cumulative, non-compounded investment return equal to the Hurdle Rate is achieved, through distribution of income and capital to the LP.

Investors of the Fund must note that the Performance Fee and the Hurdle Rate references to the LP and not the Fund. Both the Hurdle Rate and the Performance Fee will be denominated in US dollars.

Responsible entity and administration fee

0.0836% p.a. (responsible entity)
0.261% p.a. (administration)

Calculated inclusive of GST and net of RITC of the gross asset value of the Fund.

The fee payable to the Responsible Entity by the Fund.

The fee is charged on the gross asset value of the Fund and is payable quarterly in advance by the Fund.

The Responsible Entity charges an administration and a responsible entity fee to provide services relating to the daily administration of the Fund, including providing company secretarial functions, maintaining the management and statutory accounts, administrative support services and providing investor relations services to the fund. The Responsible Entity is also responsible for providing information requested by the Fund Manager for the purposes of providing management services to the fund.

Australian Fund Accounting Services Pty Limited (a related entity to the Responsibility Entity) provides fund administration services to the Fund under an agreement with the Responsible Entity. These services include net asset valuation, management accounting, statutory reporting, capital management and taxation. Time spent by staff is charged to the Fund at agreed market-based rates under a Services Agreement.

Under the Fund’s Constitution a number of the above fees and charges may be changed within certain parameters. Where a fee or change specified in the Constitution was proposed to be changed the Responsible Entity would announce the change before it was implemented.

Underlying fund manager fees and expenses

Estimated at 1.4613% p.a.

of the total funds committed by the LP to underlying funds.

Dependent on the composition of underlying funds and size of investment in each constituent fund.  In addition, performance fees may be payable to underlying fund managers.

These fees are payable to the managers of the underlying funds.

The GP is entitled to be reimbursed, out of the assets of the LP, for all out-of-pocket expenses it properly incurs in operating and administering the Fund. This includes the fees charged by underlying fund managers associated with the performance of their management functions.

Paid directly out of the assets of the LP or indirectly from the underlying funds. This will depend on the fee structure of the underlying funds

Managers of underlying funds may charge fees associated with the performance of their management function. These underlying funds are generally not available to Australian retail investors. The fees may include entry fees, transaction fees, exit fees, ongoing management fees and performance fees. Where possible, the Investment Manager negotiates fee rebates and any rebates accrue to the benefit of all shareholders of the Fund.

Reimbursement of expenses

Dependent on costs and size of the Fund. All external administration expenses are paid by the Fund.

The fees and costs associated with the administration of the Fund and its investments that are paid by the Responsible Entity including, but not limited to, registry fees, custodian fees, tax and audit fees.  Paid directly out of the assets of the Fund.

The Responsible Entity is entitled to be reimbursed, out of the assets of the Fund, for all out-of-pocket expenses it properly incurs in operating and administering LP. This includes expenses such as taxes and bank fees, preparation of financial statements and tax returns and compliance costs.

The Investment Manager is entitled to be reimbursed, out of the assets of the LP, for all out-of-pocket expenses it properly incurs in operating and administering the Fund. This includes expenses such as registry services, taxes and bank fees, preparation of financial statements and tax returns, audit, insurance, compliance costs, travel and other expenses.

Under the Fund’s Constitution and the Investment Management Agreement a number of the above fees and charges may be changed within certain parameters. Where a fee or change specified in the Constitution or the Investment Management Agreement was proposed to be changed the Responsible Entity would announce the change before it was implemented.