Partnership Accounting

Series NAV Calculation
Definition of NAV (Net Asset Value)

The market value of a fund's total assets, minus liabilities, divided by the number of shares outstanding.In other words, Net Equity divided
by number of shares. NAV is the basis for ascertaining the prices applicable to investor subscriptions and redemptions.
Period 1 - During Inception of fund with initial subscription

Definition of Series NAV:
When there are new subscriptions of the fund, the fund creates a new series of shares to issue to the subscribing shareholders.
All shareholders entering the fund at the same time receive shares from the same series.
Base/Lead Series:
Series of shares issued when the fund was launched or at the funds inception with subsequent subscriptions allocated to new series in a new class
Exercise:
Shareholder A(GP) joins the fund in period 1 with a subscription of $ 100,000 and purchases 1000 shares of series O ( base series)
The fund earns $ 40,000 profit during period 1. Both Incentive fees & Management fees not applicable to GP
Series
0 (Base)
Shareholder
A (GP)
Subscription
100,000.00
Shares
purchased
1,000.00
Beginning
capital
100,000.00
capital %
100%
P&L Allocated
40,000.00
Cummlative P&
L
Ending Capital
40,000.00
140,000.00
NAV
140.00
Period 2 - Multiple series of shares and Class of shares

Multiple Series Method
1) Using multiple series shares is equivalent to tracking each shareholder's subscription separately
2) A Fund issues a new series of shares whenever there is a new subscription
3) All shareholders entering the fund at the same time receive shares from the same series
Advantages:
1) It bases performance fee on profit earned on a particular subscription
Disadvantage
1) It can create a large number of series of shares, each with a different NAV/share.(For example, if a fund has a number of subscriptions during a year when
the market is down, all series that have lossess will be carried forward into the following year)
2) The fund must manage a number of high water marks and charge fee accordingly
3) It can be confusing for investors who own shares of several series.(For example:Shareholders who want to redeem shares must decide which series to redeem them from)
About Management Fee

Meaning:
The charge that a fund manager assesses to cover operating expenses. Investors are typically charged separately for costs
incurred for outsourced services. The fee generally ranges from an annual 0.5% to 2% of an investor's entire holdings in the fund.
Many partnerships do not charge management fees to the general partners or affiliated entities.
In addition, many funds have agreements with certain limited partners to pay either a reduced fee or no fee.
Calculation of Management fee:
The management fee is calculated as a percentage of the net asset value of the fund at the time when the fee becomes payable.
Management fees typically range from 1% to 4% per annum, with 2% being the standard figure. Therefore, if a fund has $1 billion of assets
at the year end and charges a 2% management fee, the management fee will be $20 million in total. Management fees are
usually calculated annually, quarterly and paid monthly.
Exercise
Shareholder B, C & D joins the fund in period 2 with a subscription of $ 500,000 , $ 250,000 & $ 150,000 on 01/02/X1. He enters into Class A where management fee is 2%
The fund earns $ 60,000 profit during period 2. Previous month GNAV 140
Class Series
0 (Base)
A
A
A
Sharehol
der
A (GP)
1 B
2 C
3 D
Subscription
Shares
purchased
Beginning
capital
Opening
P&L
Capital %
Gross P& L
Mgt Fee
P&L
Allocated
Cumulative
P&L
Closing Gross
Equity
Closing Net
Equity
500,000.00
250,000.00
150,000.00
1,000.00
3,571.43
1,785.71
1,071.43
140,000.00
500,000.00
250,000.00
150,000.00
40,000.00
-
13.46%
48.08%
24.04%
14.42%
8,076.92
28,846.15
14,423.08
8,653.85
833.33
416.67
250.00
8,076.92
28,012.82
14,006.41
8,403.85
48,076.92
28,012.82
14,006.41
8,403.85
148,076.92
528,846.15
264,423.08
158,653.85
148,076.92
528,012.82
264,006.41
158,403.85
900,000.00
7,428.57
1,040,000.00
40,000.00
100%
60,000.00
1,500.00
58,500.00
98,500.00
1,100,000.00
1,098,500.00
Gross NAV
148.0769
148.0769
148.0769
148.0769
Net NAV
148.0769
147.8436
147.8436
147.8436
Period 3 - Management Fee and Incentive fee Class of shares with Gross NAV and Net NAV
About Incentive Fees
Incentive fee means a fee based on performance determined by reference to the
growth in net asset value over a given period.
Methodologies
Whole of Fund:
The simplest performance fee methodology is the whole of fund method. This involves determining the performance of the fund
(or class) as a whole and calculating the performance fee accordingly. The whole of fund method can be used effectively for closed-end
funds where there is only one issue of shares or units and no (or infrequent) redemptions of shares or units.
Series:
An alternative for funds with multiple issues or redemptions of shares or units is the series accounting method. This method uses
different series of shares or units within each class. Each series will have the same rights attached to them but will have a
different issue date and different net asset value. Accordingly, performance fees are calculated on a series by series basis.
Equalization:
The equalisation method is different from series accounting because it uses only one series of units or shares in a class and performance fees are
charged in accordance with the performance of individual investors.
Exercise
Shareholder E,F & G joins the fund in period 3 with a subscription of $ 400,000, $ 200,000 & $ 350,000 01/03/X1. He enters into Class B where management fee is 2.5% and performance fee is 20%
The fund earns $ 150,000 profit during period 3.
Subscription price is as per Class A series ie 148.0769
Series
Sharehol
der
0 (Base)
A1
A2
A3
B1(Base)
B2
B3
A (GP)
B
C
D
E
F
G
Subscription
Shares
purchased
Beginning
capital
Opening P&L Capital %
400,000.00
200,000.00
350,000.00
1,000.00
3,571.43
1,785.71
1,071.43
2,701.30
1,350.65
2,363.64
148,076.92
528,846.15
264,423.08
158,653.85
400,000.00
200,000.00
350,000.00
48,076.92
28,012.82
14,006.41
8,403.85
-
950,000.00
13,844.16
2,050,000.00
98,500.00
7.22%
25.80%
12.90%
7.74%
19.51%
9.76%
17.07%
Gross P& L
Mgt Fee
P&L Allocated
Cumulative
P&L
Incentive
Fee
Allocation
for the
month
Closing Gross
Equity
Closing Net
Equity
10,834.90
38,696.06
19,348.03
11,608.82
29,268.29
14,634.15
25,609.76
881.41
440.71
264.42
833.33
416.67
729.17
10,834.90
37,814.65
18,907.32
11,344.39
28,434.96
14,217.48
24,880.59
58,911.82
65,827.47
32,913.74
19,748.24
28,434.96
14,217.48
24,880.59
5,687.00
2,843.00
4,976.00
158,911.82
567,542.21
283,771.11
170,262.66
429,268.29
214,634.15
375,609.76
158,911.82
566,660.80
283,330.40
169,998.24
422,747.96
211,374.48
369,904.59
100% 150,000.00
3,565.71
146,434.29
244,934.29
13,506.00
2,200,000.00
2,182,928.29
Gross NAV
Net NAV
158.9118
158.9118
158.9118
158.9118
158.9118
158.9118
158.9118
158.9118
158.6650
158.6650
158.6650
156.4980
156.4984
156.4981
Gross %
7.32%
7.32%
7.32%
7.32%
7.32%
7.32%
7.32%
Net %
7.32%
7.15%
7.15%
7.15%
5.69%
5.69%
5.69%
GP - No Perf fee, mgt fee, hurdle rate, HWM

With Mgt fee & No Perf fee, hurdle rate & HWM
With Mgt fee, Perf fee & No Hurdle rate, HWM
Period 4 - Applicability of Hurdle rate to calculate Incentive fee

About Hurdle Rate
This is a benchmark return which is the minimum performance required to be achieved by a fund before an incentive fee will be charged.
It might be a 5% per annum return, or LIBOR, for example.If the funds NAV does not appreciate by more than this hurdle rate,
then no incentive fee will be accrued or paid. Practice can differ with the calculation of the incentive fee once
the hurdle rate has been reached.
Exercise
Shareholder H joins the fund in period 4 with a subscription of $ 200,000 01/03/X1. He enters into Class B series
The fund earns $ 100,000 profit during period 4. Previous Month GNAV - 158.9118
Hurdle Rate 5%
Series
Shareh
older
0 (Base)
A1
A2
A3
B1(Base)
B2
B3
B4
A (GP)
B
C
D
E
F
G
H
Subscription
Shares
purchased
Beginning
capital
Opening
Opening P&L Incentive Fee Capital %
200,000.00
1,000.00
3,571.43
1,785.71
1,071.43
2,701.30
1,350.65
2,363.64
1,258.56
158,911.82
567,542.21
283,771.11
170,262.66
429,268.29
214,634.15
375,609.76
200,000.00
58,911.82
65,827.47
32,913.74
19,748.24
28,434.96
14,217.48
24,880.59
-
200,000.00
15,102.72
2,400,000.00
244,934.29
5,687.00
2,843.00
4,976.00
13,506.00
Gross P& L
Mgt Fee
P&L
Allocated
Cumulative
P&L
Hurdle
Rate 5%
6.62%
23.65%
11.82%
7.09%
17.89%
8.94%
15.65%
8.33%
6,621.33
23,647.59
11,823.80
7,094.28
17,886.18
8,943.09
15,650.41
8,333.33
945.90
472.95
283.77
894.31
447.15
782.52
416.67
6,621.33
22,701.69
11,350.84
6,810.51
16,991.87
8,495.93
14,867.89
7,916.67
65,533.15
88,529.16
44,264.58
26,558.75
45,426.83
22,713.41
39,748.48
7,916.67
0
0
0
0
0
0.417%
100%
100,000.00
4,243.28
95,756.72
340,691.02
0.00

About Hurdle Rate
Exercise
Hurdle Rate 5%
Series
Performance Incentive Fee Cumulative

Shareh Hurdle Profit to Cal Allocation for Incentive
older Amount IncentiveFee
the month
Fee
0 (Base)
A1
A2
A3
B1(Base)
B2
B3
B4
A (GP)
B
C
D
E
F
G
H
0
0
0
0
0
833.33
6,621.33
22,701.69
11,350.84
6,810.51
16,991.87
8,495.93
14,867.89
7,083.33
3,398.00
1,699.00
2,974.00
1,417.00
833.33
94,923.39
9,488.00
Closing Gross
Equity
Closing Net
Equity
9,085.00
4,542.00
7,950.00
1,417.00
165,533.15
591,189.81
295,594.90
177,356.94
447,154.47
223,577.24
391,260.16
208,333.33
165,533.15
590,243.90
295,121.95
177,073.17
442,862.16
221,431.08
387,503.64
206,499.67
22,994.00
2,500,000.00
2,486,268.72
Gross NAV
165.5331
165.5331
165.5331
165.5331
165.5331
165.5331
165.5331
165.5331
Net NAV
165.5331
165.2683
165.2683
165.2683
163.9441
163.9441
163.9438
164.0762
Gross %
4.17%
4.17%
4.17%
4.17%
4.17%
4.17%
4.17%
4.17%
Net %
4.17%
4.00%
4.00%
4.00%
3.17%
3.17%
3.17%
3.25%
GP - No Perf fee, mgt fee, hurdle rate, HW

With Mgt fee & No Perf fee, hurdle rate &
With Mgt fee, Perf fee & No Hurdle rate, H
With Mgt fee, perf fee, hurdle rate & No H

About Hurdle Rate
Exercise
Hurdle Rate 5%
Series
Shareh
older
0 (Base)
GP - No
A (GP)
Perf fee, mgt fee, hurdle rate, HWM
A1
WithBMgt fee & No Perf fee, hurdle rate & HWM
A2
WithCMgt fee & No Perf fee, hurdle rate & HWM
A3
WithDMgt fee & No Perf fee, hurdle rate & HWM
B1(Base)
WithEMgt fee, Perf fee & No Hurdle rate, HWM
B2
WithFMgt fee, Perf fee & No Hurdle rate, HWM
B3
WithGMgt fee, Perf fee & No Hurdle rate, HWM
B4
WithHMgt fee, perf fee, hurdle rate & No HWM

Period 5 - Applicability of HWM to calculate Incentive Fee
About High water mark and Loss Carry Forward

The higher of the NAV at the date of subscription and the previous highest NAV at which an incentive fee was pa
loses value, in addition to no incentive fee accruing to the manager, a loss carry forward calculated, whereby the
must recoup prior losses before any fee can begin to accrue.
Exercise
Shareholder I & J joins the fund in period 5 with a subscription of $ 450,000 & $ 325,000 01/06/X1. He enters int
The fund earns $ 300,000 profit during period 5. Previous month GNAV 165.5331
Series
0 (Base)
A1
A2
A3
B1(Base)
B2
B3
B4
B5
B6
Shareholder
A (GP)
B
C
D
E
F
G
H
I
J
Subscription
Shares
purchased
450,000.00
325,000.00
1,000.00
3,571.43
1,785.71
1,071.43
2,701.30
1,350.65
2,363.64
1,258.56
2,718.49
1,963.35
775,000.00
19,784.56
Opening GNAV
165.53
165.53
165.53
165.53
165.53
165.53
165.53
165.53
165.53
165.53
revious highest NAV at which an incentive fee was paid or, if the fund
manager, a loss carry forward calculated, whereby the fund
on of $ 450,000 & $ 325,000 01/06/X1. He enters into Class B

month GNAV 165.5331
Beginning
capital
Opening P&L
165,533.15
591,189.81
295,594.90
177,356.94
447,154.47
223,577.24
391,260.16
208,333.33
450,000.00
325,000.00
65,533.15
88,529.16
44,264.58
26,558.75
45,426.83
22,713.41
39,748.48
7,916.67
-
3,275,000.00
340,691.02
Opening
Incentive Fee
9,085.00
4,542.00
7,950.00
1,417.00
-
Capital %
Gross P& L
Mgt Fee
5.05%
18.05%
9.03%
5.42%
13.65%
6.83%
11.95%
6.36%
13.74%
9.92%
15,163.34
54,154.79
27,077.40
16,246.44
40,960.71
20,480.36
35,840.63
19,083.97
41,221.37
29,770.99
985.32
492.66
295.59
931.57
465.79
815.13
434.03
937.50
677.08
100%
300,000.00
6,034.66
P&L Allocated
Performance
Profit to Cal
Cumulative P&L Hurdle Rate 5% Hurdle Amount IncentiveFee
15,163.34
53,169.48
26,584.74
15,950.84
40,029.14
20,014.57
35,025.50
18,649.94
40,283.87
29,093.91
80,696.49
141,698.63
70,849.32
42,509.59
85,455.97
42,727.99
74,773.98
26,566.61
40,283.87
29,093.91
0
0
0
0
0.417%
0.417%
0.417%
868.06
1,875.00
1,354.17
15,163.34
53,169.48
26,584.74
15,950.84
40,029.14
20,014.57
35,025.50
17,781.89
38,408.87
27,739.74
293,965.34
634,656.35
0.01
4,097.22
289,868.11
HWM
0
0
0
0
0
0
0
0
179.66
179.66
HWM
applicability
Yes
Yes
-
Incentive Fee
Allocation for
the month
Cumulative
Incentive Fee
Closing Gross
Equity
Closing Net
Equity
8,006.00
4,003.00
7,005.00
3,556.00
7,681.77
5,547.95
17,091.00
8,545.00
14,955.00
4,973.00
7,681.77
5,547.95
180,696.49
645,344.60
322,672.30
193,603.38
488,115.19
244,057.59
427,100.79
227,417.30
491,221.37
354,770.99
180,696.49
644,359.28
322,179.64
193,307.78
479,177.61
239,588.81
419,280.66
223,427.28
482,602.10
348,545.96
35,799.72
58,793.72
3,575,000.00
3,533,165.62
Gross NAV
180.6965
180.6965
180.6965
180.6965
180.6965
180.6965
180.6965
180.6965
180.6964
180.6964
Net NAV
180.6965
180.4206
180.4206
180.4206
177.3878
177.3878
177.3879
177.5262
177.5258
177.5258
Gross %
9.16%
9.16%
9.16%
9.16%
9.16%
9.16%
9.16%
9.16%
9.16%
9.16%
Net %
9.16%
8.99%
8.99%
8.99%
7.16%
7.16%
7.16%
7.25%
7.24%
7.24%

With Mgt fee, perf fee, hurdle rate & No HWM
With Mgt fee, perf fee, hurdle rate & HWM
mgt fee, hurdle rate, HWM

o Perf fee, hurdle rate & HWM
fee & No Hurdle rate, HWM
fee, hurdle rate & No HWM
fee, hurdle rate & HWM
fee, hurdle rate & HWM
Period 6 - Existing investor in new series and new Class and amendment of no hurdle ra
Exercise
Shareholder B joins the fund in period 6 with a subscription of $ 225,000 on 01/07/X1. He enters into Class E. A
The fund has a loss of $ 355,000 during period 6. Previous MonthGNAV 180.6965
No hurdle rate for new investor
Series
0 (Base)
A1
A2
A3
B1(Base)
B2
B3
B4
B5
B6
C1(Base)
C2
Shareholder
A (GP)
B
C
D
E
F
G
H
I
J
I
B
Subscription
Shares
purchased
150,000.00
225,000.00
1,000.00
3,571.43
1,785.71
1,071.43
2,701.30
1,350.65
2,363.64
1,258.56
2,718.49
1,963.35
830.12
1,245.18
375,000.00
21,859.86
Opening GNAV
180.6965
180.6965
180.6965
180.6965
180.6965
180.6965
180.6965
180.6965
180.6964
180.6964
180.6965
180.6965
w Class and amendment of no hurdle rate for prospective shareholder
of $ 225,000 on 01/07/X1. He enters into Class E. Also shareholder I joins the fund with subscription of 150,000.He enters into D series
MonthGNAV 180.6965
Beginning
capital
Opening P&L
Opening
Incentive Fee
180,696.49
645,344.60
322,672.30
193,603.38
488,115.19
244,057.59
427,100.79
227,417.30
491,221.37
354,770.99
150,000.00
225,000.00
80,696.49
141,698.63
70,849.32
42,509.59
85,455.97
42,727.99
74,773.98
26,566.61
32,602.10
23,545.96
-
17,091.00
8,545.00
14,955.00
4,973.00
0
-
3,950,000.00
621,426.63
45,564.00
Capital %
Gross P& L
Mgt Fee
4.57%
16.34%
8.17%
4.90%
12.36%
6.18%
10.81%
5.76%
12.44%
8.98%
3.80%
5.70%
(16,239.81)
(57,999.32)
(28,999.66)
(17,399.80)
(43,868.58)
(21,934.29)
(38,385.01)
(20,438.77)
(44,147.74)
(31,884.48)
(13,481.01)
(20,221.52)
1,075.57
537.79
322.67
1,016.91
508.45
889.79
473.79
1,023.38
739.11
312.50
468.75
100%
(355,000.00)
7,368.71
f 150,000.He enters into D series
(16,239.81)
(59,074.90)
(29,537.45)
(17,722.47)
(44,885.49)
(22,442.74)
(39,274.80)
(20,912.56)
(45,171.12)
(32,623.59)
(13,793.51)
(20,690.27)
64,456.68
82,623.73
41,311.87
24,787.12
40,570.49
20,285.24
35,499.17
5,654.05
(12,569.02)
(9,077.63)
(13,793.51)
(20,690.27)
0.417%
0.417%
0.417%
0.417%
0.000%
947.57
2,046.76
1,478.21
625.00
-
Performance
Profit to Cal
IncentiveFee
(16,239.81)
(59,074.90)
(29,537.45)
(17,722.47)
(44,885.49)
(22,442.74)
(39,274.80)
(21,860.13)
(47,217.88)
(34,101.80)
(14,418.51)
(20,690.27)
(362,368.71)
259,057.93
0.02
5,097.54
(367,466.25)
P&L Allocated
Cumulative P&L Hurdle Rate 5% Hurdle Amount

0
0
0
0
0
0
0
0
0
0
HWM
0
0
0
0
0
0
0
0
165.53
165.53
180.70
180.70
HWM
applicabilit
y
Yes
Yes
No
No
-
Incentive Fee
Allocation for
the month
Cumulative
Incentive Fee
Closing Gross
Equity
Closing Net
Equity
17,091.00
8,545.00
14,955.00
4,973.00
-
164,456.68
587,345.27
293,672.64
176,203.58
444,246.61
222,123.30
388,715.78
206,978.53
447,073.63
322,886.51
136,518.99
204,778.48
164,456.68
586,269.70
293,134.85
175,880.91
443,229.70
221,614.85
387,825.99
206,504.75
446,050.25
322,147.40
136,206.49
204,309.73
45,564.00
3,595,000.00
3,587,631.29
Gross NAV
164.4567
164.4567
164.4567
164.4567
164.4567
164.4567
164.4567
164.4567
164.4566
164.4566
164.4567
164.4567
Net NAV
164.4567
164.1555
164.1555
164.1555
164.0802
164.0802
164.0802
164.0802
164.0802
164.0802
164.0802
164.0802
Gross %
-8.99%
-8.99%
-8.99%
-8.99%
-8.99%
-8.99%
-8.99%
-8.99%
-8.99%
-8.99%
-8.99%
-8.99%
Net %
-8.99%
-9.15%
-9.15%
-9.15%
-9.20%
-9.20%
-9.20%
-9.20%
-9.20%
-9.20%
-9.20%
-9.20%

With Mgt fee, perf fee, HWM & No Hurdle rate
hurdle rate & HWM

hurdle rate & HWM
hurdle rate & HWM

Period 7 Exercise
The Fund earns a profit of $ 450,000 during the period 7
Series
0 (Base)
A1
A2
A3
B1(Base)
B2
B3
B4
B5
B6
C1(Base)
C2
Shareholder
A (GP)
B
C
D
E
F
G
H
I
J
I
B
Subscription
Shares
purchased
100,000.00
500,000.00
250,000.00
150,000.00
400,000.00
200,000.00
350,000.00
200,000.00
450,000.00
325,000.00
150,000.00
225,000.00
1,000.00
3,571.43
1,785.71
1,071.43
2,701.30
1,350.65
2,363.64
1,258.56
2,718.49
1,963.35
830.12
1,245.18
3,300,000.00
21,859.86
Subscription
NAV
100.0000
140.0000
140.0000
140.0000
148.0769
148.0769
148.0769
158.9118
165.5331
165.5331
180.6965
180.6965
Opening GNAV Beginning capital

164.4567
164.4567
164.4567
164.4567
164.4567
164.4567
164.4567
164.4567
164.4566
164.4566
164.4567
164.4567
164,456.68
587,345.27
293,672.64
176,203.58
444,246.61
222,123.30
388,715.78
206,978.53
447,073.63
322,886.51
136,518.99
204,778.48
3,595,000.00
Opening P&L
Opening
Incentive Fee
Capital %
64,456.68
82,623.73
41,311.87
24,787.12
40,570.49
20,285.24
35,499.17
5,654.05
(12,569.02)
(9,077.63)
(13,793.51)
(20,690.27)
17,091.00
8,545.00
14,955.00
4,973.00
-
4.57%
16.34%
8.17%
4.90%
12.36%
6.18%
10.81%
5.76%
12.44%
8.98%
3.80%
5.70%
259,057.93
45,564.00
100%
Gross P& L
Mgt Fee
P&L Allocated
Cumulative
P&L
20,585.68
73,520.27
36,760.14
22,056.08
55,608.06
27,804.03
48,657.05
25,908.30
55,961.93
40,416.95
17,088.61
25,632.91
978.91
489.45
293.67
925.51
462.76
809.82
431.21
931.40
672.68
284.41
426.62
20,585.68
72,541.36
36,270.68
21,762.41
54,682.55
27,341.27
47,847.23
25,477.10
55,030.53
39,744.27
16,804.19
25,206.29
85,042.35
155,165.10
77,582.55
46,549.53
95,253.03
47,626.52
83,346.40
31,131.15
42,461.51
30,666.64
3,010.68
4,516.02
450,000.00
6,706.46
443,293.54
702,351.47
Hurdle Rate 5% Hurdle Amount

0
0
0
0
0
0.417%
0.417%
0.417%
0.417%
0.000%
0.02
0
0
0
0
0
862.41
1,862.81
1,345.36
568.83
4,639.41
Performance
Profit to Cal
IncentiveFee
20,585.68
72,541.36
36,270.68
21,762.41
54,682.55
27,341.27
47,847.23
24,614.68
53,167.72
38,398.91
16,235.36
25,206.29
438,654.14
HWM
0
0
0
0
0
0
0
0
185.09
185.09
200.25
200.94
771.38
HWM
applicability
Yes
Yes
Yes
Yes
-
Incentive Fee
Allocation for
the month
Cumulative
Incentive Fee
Closing Gross
Equity
10,937.00
5,468.00
9,569.00
4,923.00
10,633.54
7,679.78
3,247.07
5,041.26
28,028.00
14,013.00
24,524.00
9,896.00
10,633.54
7,679.78
3,247.07
5,041.26
185,042.35
660,865.54
330,432.77
198,259.66
499,854.67
249,927.33
437,372.83
232,886.83
503,035.56
363,303.46
153,607.59
230,411.39
57,498.65
103,062.65
4,045,000.00
Closing Net
Equity
185,042.35
659,886.63
329,943.32
197,965.99
487,992.15
243,996.58
426,994.01
227,532.63
491,470.62
354,951.00
150,076.11
224,943.51
3,980,794.89
Gross NAV
185.0424
185.0424
185.0424
185.0424
185.0423
185.0423
185.0423
185.0423
185.0423
185.0423
185.0424
185.0424
Net NAV
185.0424
184.7683
184.7683
184.7683
180.6509
180.6513
180.6513
180.7881
180.7881
180.7881
180.7882
180.6511
Gross %
12.52%
12.52%
12.52%
12.52%
12.52%
12.52%
12.52%
12.52%
12.52%
12.52%
12.52%
12.52%
Net %
12.52%
12.35%
12.35%
12.35%
9.85%
9.85%
9.85%
9.93%
9.93%
9.93%
9.93%
9.85%
GP - No Perf fee, mgt fee, hurdle rate

With Mgt fee & No Perf fee, hurdle ra
With Mgt fee, Perf fee & No Hurdle ra
With Mgt fee, perf fee, hurdle rate &
With Mgt fee, perf fee, HWM & No H

Period 8 - Redemption of shares in two different series based on number of share

Exercise
Shareholder F redeems 1000 shares & Shareholder G redeems 2000 shares.
The Fund earns a profit of $ 375,000 during the period 8
Series
0 (Base)
A1
A2
A3
B1(Base)
B2
B3
B4
B5
B6
C1(Base)
C2
Shareholder
Initial
Subscription
A (GP)
B
C
D
E
F
G
H
I
J
I
B
100,000.00
500,000.00
250,000.00
150,000.00
400,000.00
200,000.00
350,000.00
200,000.00
450,000.00
325,000.00
150,000.00
225,000.00
Shares
purchased
1,000.00
3,571.43
1,785.71
1,071.43
2,701.30
1,350.65
2,363.64
1,258.56
2,718.49
1,963.35
830.12
1,245.18
21,859.86
Series
Name of the
Investor
Total Invt
B2
B3
Share Holder F
Share Holder G
B2 Series
Share Capital
148,076.90
Redemption reserve 54,120.15
To Redemption Payable
To Investment Manager
202,197.05
B2
B3
200,000.00
350,000.00
51,923.10
53,846.20
ifferent series based on number of shares
reholder G redeems 2000 shares.
Subscription
NAV
100.0000
140.0000
140.0000
140.0000
148.0769
148.0769
148.0769
158.9118
165.5331
165.5331
180.6965
180.6965
Beginning
capital
185,042.35
660,865.54
330,432.77
198,259.66
499,854.67
249,927.33
437,372.83
232,886.83
503,035.56
363,303.46
153,607.59
230,411.39
4,045,000.00
Total No of SharesInvt. (USD)

1,350.65
2,363.64
148,076.90
296,153.80
B3 Series
183,654.05
18,543.00
202,197.05
Subscription for Redemption for Equity+Contthe month

the month
Red
NAV-Invt.
148.0769
148.0769
No. Of Shares
1000
2000
Share Capital
296,153.80
404,394.10
185,042.35
660,865.54
330,432.77
198,259.66
499,854.67
249,927.33
437,372.83
232,886.83
503,035.56
363,303.46
153,607.59
230,411.39
Opening GNAV
185.0424
185.0424
185.0424
185.0424
185.0423
185.0423
185.0423
185.0423
185.0423
185.0423
185.0424
185.0424
4,045,000.00
Gross NAV
202.1971
202.1971
Perf. Fees
18,543.00
32,451.00
Share Capital
Redemption reserve
371,943.10
32,451.00
404,394.10
Opening P&L
Opening
Incentive Fee
Capital %
Gross P& L
Mgt Fee
P&L Allocated
85,042.35
155,165.10
77,582.55
46,549.53
95,253.03
47,626.52
83,346.40
31,131.15
50,143.28
36,214.59
3,010.68
4,516.02
28,028.00
14,013.00
24,524.00
9,896.00
10,633.54
7,679.78
3,247.07
5,041.26
4.57%
16.34%
8.17%
4.90%
12.36%
6.18%
10.81%
5.76%
12.44%
8.98%
3.80%
5.70%
17,154.73
61,266.89
30,633.45
18,380.07
46,340.05
23,170.02
40,547.54
21,590.25
46,634.94
33,680.79
14,240.51
21,360.76
1,101.44
550.72
330.43
1,041.36
520.68
911.19
485.18
1,047.99
756.88
320.02
480.02
17,154.73
60,165.45
30,082.72
18,049.63
45,298.69
22,649.34
39,636.35
21,105.07
45,586.95
32,923.91
13,920.49
20,880.74
715,581.19
103,062.65
100%
375,000.00
7,545.93
367,454.07
AMOUNT
Profit / Loss
183,654.05
371,943.10
35,577.15
75,789.30
444,230.70
162,360.45
606,591.15
555,597.15
50,994.00
606,591.15

102,197.08
215,330.55
107,665.27
64,599.16
140,551.72
70,275.86
122,982.75
52,236.22
95,730.23
69,138.50
16,931.17
25,396.76
1,083,035.26
0
0
0
0
0
0.417%
0.417%
0.417%
0.417%
0.000%
0.02
0
0
0
0
0
Performance
Profit to Cal
IncentiveFee
HWM
970.36
2,095.98
1,513.76
640.03
-
17,154.73
60,165.45
30,082.72
18,049.63
45,298.69
22,649.34
39,636.35
20,134.71
43,490.97
31,410.14
13,280.46
20,880.74
0
0
0
0
0
0
0
0
165.53
165.53
180.70
180.70
5,220.14
362,233.93
692.46
HWM
applicability
Yes
Yes
Yes
Yes
-
Incentive Fee
Allocation for
the month
Cumulative
Incentive Fee
Closing Gross
Equity
9,060.00
4,530.00
7,927.00
4,027.00
8,698.19
6,282.03
2,656.09
4,176.15
37,088.00
18,543.00
32,451.00
13,923.00
19,331.73
13,961.81
5,903.16
9,217.41
202,197.08
722,132.44
361,066.22
216,639.73
546,194.72
273,097.36
477,920.38
254,477.08
549,670.50
396,984.25
167,848.10
251,772.15
202,197.08
721,030.99
360,515.50
216,309.30
536,093.35
268,046.68
469,082.18
249,964.90
539,924.32
389,945.34
164,872.00
247,115.98
47,356.46
150,419.11
4,420,000.00
4,365,097.61
Closing Net
Equity
Gross NAV
202.1971
202.1971
202.1971
202.1971
202.1971
202.1971
202.1971
202.1971
202.1970
202.1970
202.1971
202.1971
Net NAV
202.1971
201.8887
201.8887
201.8887
198.4576
198.4576
198.4578
198.6119
198.6119
198.6119
198.6120
198.4577
Gross %
9.27%
9.27%
9.27%
9.27%
9.27%
9.27%
9.27%
9.27%
9.27%
9.27%
9.27%
9.27%
Net %
9.27%
9.10%
9.10%
9.10%
7.25%
7.25%
7.25%
7.33%
7.33%
7.33%
7.33%
7.25%


Period 9 - Aplicability of Redemption Fee
Exercise
Shareholder I redeems 830.12 in C1 series. Redemption fee of 2% charged if the shares are rede
The Fund has a loss of $ 100,000
Series
0 (Base)
A1
A2
A3
B1(Base)
B2
B3
B4
B5
B6
C1(Base)
C2
Initial
Subscription
Shareholder
A (GP)
B
C
D
E
F
G
H
I
J
I
B
100,000.00
500,000.00
250,000.00
150,000.00
400,000.00
51,923.10
53,846.20
200,000.00
450,000.00
325,000.00
150,000.00
225,000.00
Shares
purchased
1,000.00
3,571.43
1,785.71
1,071.43
2,701.30
350.65
363.64
1,258.56
2,718.49
1,963.35
830.12
1,245.18
18,859.86
Name of the
Investor
Series
C1
Invt. (USD)
150,000.00
Share Capital
150,000.00
To Redemption Fee
163,446.58
. Redemption fee of 2% charged if the shares are redeemed before 3 months from the date of subscriotion as per the PPM
Subscription
NAV
100.0000
140.0000
140.0000
140.0000
148.0769
148.0769
148.0769
158.9118
165.5331
165.5331
180.6965
180.6965
NAV-Invt.
180.6965
157,574.68
2,656.09
3,215.81
163,446.58
Beginning
capital

the month
Red
202,197.08
722,132.44
361,066.22
216,639.73
546,194.72
273,097.36
477,920.38
254,477.08
549,670.50
396,984.25
167,848.10
251,772.15
4,420,000.00
No. Of Shares
830.12
Gross NAV
196.8948
202,197.05
404,394.10
606,591.15
Perf. Fees
2,656.09
202,197.08
722,132.44
361,066.22
216,639.73
546,194.72
70,900.31
73,526.27
254,477.08
549,670.50
396,984.25
167,848.10
251,772.15
Opening GNAV
202.1971
202.1971
202.1971
202.1971
202.1971
202.1971
202.1971
202.1971
202.1970
202.1970
202.1971
202.1971
3,813,408.85
AMOUNT
160,790.49
Redemption fee
2%
Opening P&L
Opening
Incentive Fee
Capital %
Gross P& L
Mgt Fee
P&L Allocated
102,197.08
215,330.55
107,665.27
64,599.16
140,551.72
70,275.86
122,982.75
52,236.22
95,730.23
69,138.50
16,931.17
25,396.76
37,088.00
18,543.00
32,451.00
13,923.00
8,698.19
6,282.03
2,656.09
4,176.15
5.30%
18.94%
9.47%
5.68%
14.32%
1.86%
1.93%
6.67%
14.41%
10.41%
4.40%
6.60%
(5,302.27)
(18,936.66)
(9,468.33)
(5,681.00)
(14,323.00)
(1,859.24)
(1,928.10)
(6,673.22)
(14,414.15)
(10,410.22)
(4,401.52)
(6,602.29)
1,203.55
601.78
361.07
1,137.91
568.95
995.67
530.16
1,145.15
827.05
349.68
524.53
(5,302.27)
(20,140.22)
(10,070.11)
(6,042.07)
(15,460.91)
(2,428.19)
(2,923.77)
(7,203.38)
(15,559.30)
(11,237.27)
(4,751.21)
(7,126.81)
1,083,035.26
123,817.46
100%
(100,000.00)
8,245.49
(108,245.49)
Redemption Amount
Net Redemption Amount
Profit / Loss
3,215.81
157,574.68
7,574.68
1,060.32
2,290.29
1,654.10
699.37
-
Performance
Profit to Cal
IncentiveFee
(5,302.27)
(20,140.22)
(10,070.11)
(6,042.07)
(15,460.91)
(2,428.19)
(2,923.77)
(8,263.70)
(17,849.59)
(12,891.37)
(5,450.57)
(7,126.81)
5,704.08
(113,949.57)

96,894.82
195,190.33
97,595.16
58,557.10
125,090.81
67,847.67
120,058.99
45,032.84
80,170.93
57,901.23
12,179.96
18,269.95
974,789.77
0
0
0
0
0
0.417%
0.417%
0.417%
0.417%
0.000%
0.02
0
0
0
0
0
HWM
0
0
0
0
0
0
0
0
165.53
165.53
180.70
180.70
692.46
HWM
applicability
Yes
Yes
Yes
Yes
-
Incentive Fee
Allocation for
the month
Cumulative
Incentive Fee
Closing Gross
Equity
Closing Net
Equity
37,088.00
18,543.00
32,451.00
13,923.00
8,698.19
6,282.03
2,656.09
4,176.15
196,894.82
703,195.77
351,597.89
210,958.73
531,871.71
69,041.07
71,598.18
247,803.87
535,256.35
386,574.03
163,446.58
245,169.87
196,894.82
701,992.22
350,996.11
210,597.67
530,733.81
68,472.12
70,602.51
247,273.70
534,111.20
385,746.98
163,096.89
244,645.34
123,817.46
3,713,408.85
3,705,163.36
Gross NAV
196.8948
196.8948
196.8948
196.8948
196.8948
196.8948
196.8948
196.8948
196.8948
196.8948
196.8948
196.8948
Net NAV
196.8948
196.5578
196.5578
196.5578
196.4735
195.2722
194.1567
196.4735
196.4735
196.4735
196.4736
196.4736
Gross %
-2.62%
-2.62%
-2.62%
-2.62%
-2.62%
-2.62%
-2.62%
-2.62%
-2.62%
-2.62%
-2.62%
-2.62%
Net %
-2.62%
-2.79%
-2.79%
-2.79%
-2.83%
-3.42%
-3.98%
-2.83%
-2.83%
-2.83%
-2.83%
-2.83%

Period 10 - Redemption of shares based on amount provided by shareholder and
Exercise
Shareholder J redeems $ 200,000 in B6 series.
The Fund earns profit of $ 135,000
Class & SeriesShareholder
0 (Base)
A1
A2
A3
B1
B2
B3
B4
B5
B6
C2
A (GP)
B
C
D
E
F
G
H
I
J
B
Initial
Subscription
100,000.00
500,000.00
250,000.00
150,000.00
200,000.00
51,923.10
53,846.20
200,000.00
450,000.00
325,000.00
225,000.00
Shares
purchased
1,000.00
3,571.43
1,785.71
1,071.43
2,701.30
350.65
363.64
1,258.56
2,718.49
1,963.35
1,245.18
Subscription
NAV
100.0000
140.0000
140.0000
140.0000
148.0769
148.0769
148.0769
158.9118
165.5331
165.5331
180.6965
18,029.74
Series
B6
Name of the
Investor
Share Holder J
Invt. (USD)
NAV-Invt.
200,000.00
1,963.3536
Share Capital
200,000.00
200,000.00
After Clubbing of Series
Class & SeriesShareholder

0 (Base)
A1
A2
A3
B1
B2
B3
B4
A (GP)
B
C
D
E
F
G
H
Initial
Subscription
100,000.00
500,000.00
250,000.00
150,000.00
200,000.00
51,923.10
53,846.20
200,000.00
Shares
added/reduced
on Equalization
1,000.00
3,571.43
1,785.71
1,071.43
2,701.30
350.65
363.64
1,259.58
Subscription
NAV
100.0000
140.0000
140.0000
140.0000
148.0769
148.0769
148.0769
158.9118

B5
B6
C2
I
J
B
450,000.00
125,000.00
225,000.00
2,720.69
977.57
1,245.18
17,047.18
165.5331
165.5331
180.6965
mount provided by shareholder and clubbing of series
Beginning
capital

the month
Red
196,894.82
703,195.77
351,597.89
210,958.73
531,871.71
69,041.07
71,598.18
247,803.87
535,256.35
386,574.03
245,169.87
196,894.82
703,195.77
351,597.89
210,958.73
531,871.71
69,041.07
71,598.18
247,803.87
535,256.35
386,574.03
245,169.87
3,549,962.27
3,549,962.27
No. Of Shares
986.58
Beginning
capital
204,382.44
728,765.31
364,382.66
218,629.59
547,165.97
71,026.77
73,656.79
255,136.23
Net NAV
Perf. Fees
202.7208
Opening P&L
196.8948
196.8948
196.8948
196.8948
196.8948
196.8948
196.8948
196.8948
196.8948
196.8948
196.8948
96,894.82
195,190.33
97,595.16
58,557.10
125,090.81
67,847.67
120,058.99
45,032.84
80,170.93
57,901.23
18,269.95
962,609.81
AMOUNT
-
200,000.00

the month
Red
-
Opening GNAV
204,382.44
728,765.31
364,382.66
218,629.59
547,165.97
71,026.77
73,656.79
255,136.23
Opening GNAV
204.3824
204.0543
204.0543
204.0543
202.5566
202.5566
202.5566
202.5566
Opening P&L
-

551,094.33
398,012.58
252,220.02
200,000.00
551,094.33
198,012.58
252,220.02
3,664,472.68
200,000.00
3,464,472.68
202.5566
202.5566
202.5568
Opening
Incentive Fee
Capital %
Gross P& L
Mgt Fee
P&L Allocated
Cumulative P&L
37,088.00
18,543.00
32,451.00
13,923.00
8,698.19
6,282.03
4,176.15
5.55%
19.81%
9.90%
5.94%
14.98%
1.94%
2.02%
6.98%
15.08%
10.89%
6.91%
7,487.63
26,741.53
13,370.77
8,022.46
20,226.32
2,625.53
2,722.78
9,423.63
20,355.04
14,700.86
9,323.46
1,171.99
586.00
351.60
1,108.07
143.84
149.16
516.26
1,115.12
805.36
510.77
7,487.63
25,569.54
12,784.77
7,670.86
19,118.26
2,481.70
2,573.61
8,907.37
19,239.92
13,895.50
8,812.69
104,382.44
220,759.87
110,379.93
66,227.96
144,209.06
70,329.37
122,632.60
53,940.21
99,410.85
71,796.72
27,082.63
121,161.37
100%
135,000.00
6,458.16
128,541.84
1,091,151.65
P&L Allocated
Cumulative P&L
Opening
Incentive Fee
-
Capital %
5.90%
21.04%
10.52%
6.31%
15.79%
2.05%
2.13%
7.36%
Gross P& L
-
Mgt Fee
1,214.61
607.30
364.38
1,139.93
147.97
153.45
531.53
(1,214.61)
(607.30)
(364.38)
(1,139.93)
(147.97)
(153.45)
(531.53)
(1,214.61)
(607.30)
(364.38)
(1,139.93)
(147.97)
(153.45)
(531.53)

-
15.91%
5.72%
7.28%
1,148.11
829.19
525.46
(1,148.11)
(829.19)
(525.46)
(1,148.11)
(829.19)
(525.46)
100%
6,661.95
(6,661.95)
(6,661.95)
1,032.52
2,230.23
1,610.73
-
Performance
Profit to Cal
IncentiveFee
7,487.63
25,569.54
12,784.77
7,670.86
19,118.26
2,481.70
2,573.61
7,874.85
17,009.68
12,284.77
8,812.69
4,873.48
123,668.36

0
0
0
0
0
0.417%
0.417%
0.417%
0.000%
0.01
0
0
0
0
0

0
0
0
0
0
0.417%
0
0
0
0
0
1,063.07
Performance
Profit to Cal
IncentiveFee
(1,214.61)
(607.30)
(364.38)
(1,139.93)
(147.97)
(153.45)
(1,594.60)
HWM
HWM
applicability
0
0
0
0
0
0
0
0
165.53 Yes
165.53 Yes
180.70 Yes
511.76
HWM
204.38
204.05
204.05
204.05
202.56
202.56
202.56
202.56
Incentive Fee
Allocation for
the month
3,824.00
496.00
515.00
1,575.00
3,401.94
2,456.95
1,762.54
HWM
applicability
14,031.43
Incentive Fee
Allocation for
the month
-

0.417%
0.417%
0.000%
0.01
2,296.23
1,658.39
-
(3,444.34)
(2,487.58)
(525.46)
5,017.68
(11,679.63)
202.56 No
202.56 No
202.56 No
2,234.44
Cumulative
Incentive
Fee
Closing Gross
Equity
40,912.00
19,039.00
32,966.00
15,498.00
12,100.13
8,738.98
5,938.69
204,382.44
729,937.30
364,968.65
218,981.19
552,098.03
71,666.60
74,320.95
257,227.49
555,611.38
401,274.89
254,493.33
204,382.44
728,765.31
364,382.66
218,629.59
547,165.97
71,026.77
73,656.79
255,136.23
551,094.33
398,012.58
252,220.02
135,192.80
3,684,962.27
3,664,472.68
Cumulative
Incentive
Fee
Closing Gross
Equity
Closing Net
Equity
204,382.44
728,765.31
364,382.66
218,629.59
547,165.97
71,026.77
73,656.79
255,136.23
Closing Net
Equity
204,382.44
727,550.70
363,775.35
218,265.21
546,026.04
70,878.80
73,503.34
254,604.70
Gross NAV
204.3824
204.3824
204.3824
204.3824
204.3824
204.3824
204.3824
204.3824
204.3824
204.3824
204.3825
Gross NAV
204.3824
204.0543
204.0543
204.0543
202.5566
202.5566
202.5566
202.5566
Net NAV
204.3824
204.0543
204.0543
204.0543
202.5566
202.5577
202.5560
202.7208
202.7208
202.7208
202.5568
Net NAV
204.3824
203.7142
203.7142
203.7142
202.1346
202.1346
202.1346
202.1346
Gross %
3.80%
3.80%
3.80%
3.80%
3.80%
3.80%
3.80%
3.80%
3.80%
3.80%
3.80%
Gross %
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Net %
3.80%
3.64%
3.64%
3.64%
2.88%
2.88%
2.88%
2.96%
2.96%
2.96%
2.88%
Net %
0.00%
-0.17%
-0.17%
-0.17%
-0.21%
-0.21%
-0.21%
-0.21%

-
551,094.33
198,012.58
252,220.02
549,946.21
197,183.38
251,694.56
3,464,472.68
3,457,810.73
202.5566
202.5566
202.5568
202.1346
201.7084
202.1348
0.00%
0.00%
0.00%
-0.21%
-0.42%
-0.21%
Clubbing of Series
NET Equity
204,382.44
728,765.31
364,382.66
218,629.59
547,165.97
71,026.77
73,656.79
255,136.23
551,094.33
198,012.58
252,220.02
NEW
NAV PER NUMBER OF
UNIT
SHARES NEW HWM
204.3824
204.0543
204.0543
204.0543
202.5566
202.5566
202.5566
202.5566
202.5566
202.5566
202.5568
1,000.00
3,571.43
1,785.71
1,071.43
2,701.30
350.65
363.64
1,259.58
2,720.69
977.57
1,245.18
204.3824
204.0543
204.0543
204.0543
202.5566
202.5566
202.5566
202.5566
202.5566
202.5566
202.5568

Partnership Accounting

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Series NAV Calculation

Definition of NAV (Net Asset Value)

Period 1 - During Inception of fund with initial subscription

Series NAV Calculation

Series NAV Calculation

Series NAV Calculation

Series NAV Calculation

Series NAV Calculation

Series NAV Calculation

Series NAV Calculation

Series NAV Calculation

Series NAV Calculation

Period 2 - Multiple series of shares and Class of shares

About Management Fee

Series NAV Calculation

Opening P&L Capital %

Series NAV Calculation

GP - No Perf fee, mgt fee, hurdle rate, HWM

Series NAV Calculation

Period 4 - Applicability of Hurdle rate to calculate Incentive fee

Series NAV Calculation

Period 4 - Applicability of Hurdle rate to calculate Incentive fee

Performance Incentive Fee Cumulative

GP - No Perf fee, mgt fee, hurdle rate, HW

Series NAV Calculation

Period 4 - Applicability of Hurdle rate to calculate Incentive fee

Series NAV Calculation

About High water mark and Loss Carry Forward

Series NAV Calculation

on of $ 450,000 & $ 325,000 01/06/X1. He enters into Class B

Series NAV Calculation

Series NAV Calculation

Series NAV Calculation

GP - No Perf fee, mgt fee, hurdle rate, HWM

mgt fee, hurdle rate, HWM

Series NAV Calculation

Series NAV Calculation

Series NAV Calculation

w Class and amendment of no hurdle rate for prospective shareholder

Series NAV Calculation

f 150,000.He enters into D series

Cumulative P&L Hurdle Rate 5% Hurdle Amount

Series NAV Calculation

Series NAV Calculation

GP - No Perf fee, mgt fee, hurdle rate, HWM

hurdle rate & HWM

Series NAV Calculation

Series NAV Calculation

Series NAV Calculation

Opening GNAV Beginning capital

Series NAV Calculation

Hurdle Rate 5% Hurdle Amount

Series NAV Calculation

Series NAV Calculation

GP - No Perf fee, mgt fee, hurdle rate

Series NAV Calculation

GP - No Perf fee, mgt fee, hurdle rate, HWM

Series NAV Calculation

Period 8 - Redemption of shares in two different series based on number of share

Series NAV Calculation

ifferent series based on number of shares

reholder G redeems 2000 shares.

Total No of SharesInvt. (USD)

Subscription for Redemption for Equity+Contthe month