Fund Facts – Fees & Expenses

  Class A Class I Class M2
Minimum Investments1 $25K $1M $5M
CUSIP 732125109 732125208 732125406
Fees and Expenses      
    Management Fee 1.65% 1.65% 1.65%
    Distribution and Servicing Fee 0.55% 0.00% 0.00%
    Administration Fee 0.25% 0.25% 0.25%
    Other Expenses2 0.50% 0.50% 0.50%
    Total Direct Expenses 2.95% 2.40% 2.40%

In addition, Underlying Funds generally charge a 1-2% `management fee (annualized). The operating expenses of the Underlying Funds and transaction-related fees are currently estimated to be 1.11%, on an annualized basis, which is expected to vary over time and does not reflect any performance-based fees or allocations paid by the Underlying Funds. Additionally, Underlying Funds generally charge approximately 20% of net profits as a carried interest allocation. Generally, borrowing at the Fund level could add an additional 0.30% of expenses annualized. Please see the Fund’s prospectus for a complete description.

1 Investors (including allocators) may purchase less than the minimum investment for Class I and Class M2 Shares pursuant to a Letter of Intent, which is further described in the Fund’s prospectus.

2 Other expenses are subject to an Expense Limitation Agreement. The Expense Limitation Agreement excludes certain specified expenses including the Management Fee, all fees and expenses of the Investment Funds and direct investments, transaction costs, interest payments, fees and expenses incurred in connection with any credit facility, the Administration Fee, the Distribution and Servicing Fee, taxes, and extraordinary expenses.

Performance data does not take into consideration account transaction fees or brokerage commissions. The NAV of the Fund will equal, unless otherwise noted, the value of the total assets of the Fund, less all of its liabilities, including accrued fees and expenses, each determined as of the relevant Valuation Date. Total Return based on net asset value per Share is the combination of changes in net asset value per Share and reinvested dividend income at net asset value per Share, if any. These figures are net of all the Fund’s fees and expenses, including management and performance incentive fees or allocations payable pursuant to the respective organizational documents of each Investment Fund.

An investor should consider the investment objectives, risks, charges and expenses of the Fund(s) carefully before investing. For a free copy of the Fund’s prospectus, which contains this and other information, visit us at or call (855) 211-3220. Please read prospectus carefully before investing.