0001398344-24-002274.txt : 20240207 0001398344-24-002274.hdr.sgml : 20240207 20240207171849 ACCESSION NUMBER: 0001398344-24-002274 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 15 FILED AS OF DATE: 20240207 DATE AS OF CHANGE: 20240207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FS MVP Private Markets Fund CENTRAL INDEX KEY: 0001856156 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 424B3 SEC ACT: 1933 Act SEC FILE NUMBER: 333-274725 FILM NUMBER: 24605848 BUSINESS ADDRESS: STREET 1: 9 OLD KINGS HIGHWAY CITY: DARIEN STATE: CT ZIP: 06820 BUSINESS PHONE: (203) 662-3456 MAIL ADDRESS: STREET 1: 9 OLD KINGS HIGHWAY CITY: DARIEN STATE: CT ZIP: 06820 FORMER COMPANY: FORMER CONFORMED NAME: MVP Private Markets Fund DATE OF NAME CHANGE: 20210409 424B3 1 fp0087121-1_424b3ixbrl.htm
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Filed pursuant to Rule 424(b)(3)
File No. 333-274725

 

FS MVP Private Markets Fund

 

Supplement dated February 7, 2024, to the

Prospectus dated September 27, 2023

 

1.Effective February 8, 2024, the Fund may charge a distribution and/or shareholder servicing fee up to a maximum of 0.70% per year on Class A Shares. Therefore, effective on such date, the section entitled “SUMMARY OF FUND EXPENSES” on pages 8-10 of the Prospectus is deleted in its entirety and replaced with the following:

 

SUMMARY OF FUND EXPENSES

 

The following table illustrates the expenses and fees that the Fund expects to incur and that Shareholders can expect to bear directly or indirectly.

 

SHAREHOLDER FEES

Class A

Shares

Class I

Shares

Class D

Shares

Maximum Sales Load Imposed on Purchases (as a percentage of offering price) (1) 3.50% None 3.50%
Maximum Early Repurchase Fee (as a percentage of repurchased amount) (2) 2.00% 2.00% 2.00%

 

ANNUAL EXPENSES (as a percentage of net assets attributable to Shares)      
Investment Management Fee (3) 1.25% 1.25% 1.25%
Incentive Fee(4) 0.89% 0.89% 0.89%
Distribution and Servicing Fees(5) 0.70% 0.00% 0.25%
Other Expenses 0.36% 0.36% 0.36%
Interest Expense on Borrowings 0.40% 0.40% 0.40%
Acquired Fund Fees and Expenses (6) 0.57% 0.57% 0.57%
Total Annual Expenses 4.17% 3.47% 3.72%

 

(1) Investors in Class A Shares and Class D Shares may be charged a sales charge of up to 3.50% of the subscription amount.

 

(2) A 2.00% early repurchase fee payable to the Fund will be charged with respect to the repurchase of a Shareholder’s Class A Shares, Class I Shares or Class D Shares at any time prior to the day immediately preceding the one-year anniversary of a Shareholder’s purchase of the Shares (on a “first in-first out” basis). An early repurchase fee payable by a Shareholder may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Shareholder. In addition, under certain circumstances the Board may offer to repurchase Shares at a discount to their prevailing net asset value. See “REPURCHASES OF SHARES.”

 

1

 

(3) The Investment Management Fee is equal to a quarterly rate of 0.3125% (1.25%, on an annualized basis), of the Fund’s Managed Investments at the end of each calendar quarter. “Managed Investments” means the total value of the Fund’s assets (including any assets attributable to money borrowed for investment purposes) plus any unfunded investment commitments (i.e., amounts committed to Fund Investments that have not yet been drawn for investment), minus the sum of the Fund’s accrued liabilities (other than money borrowed for investment purposes), minus cash and cash equivalents. Because the Investment Management Fee is based on the Fund’s Managed Investments, any leverage utilized by the Fund for investment purposes will result in an increase in such fee (as a percentage of net assets attributable to Shares). Borrowed funds that are held in cash, cash equivalents, other short-term securities or money market funds are not considered to be borrowed for investment purposes and are therefore not included in Managed Investments for purposes of calculating the Investment Management Fee. The Investment Management Fee is paid to the Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. See “INVESTMENT MANAGEMENT FEE” for additional information.

 

(4) The Adviser (or, to the extent permitted by applicable law, an affiliate of the Adviser) is entitled to receive an Incentive Fee calculated and payable quarterly in arrears equal to 10% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account. For purposes of the Incentive Fee, the term “net profits” means the amount by which the net asset value (“NAV”) of the Fund on the last day of the relevant period exceeds the NAV of the Fund as of the commencement of the same period, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (which, for this purpose shall not include any distribution and/or shareholder servicing fees, litigation, any extraordinary expenses or Incentive Fee and any amount contributed to or withdrawn from the Fund by shareholders). The incentive fee in the table above is an estimate expressed as an annualized percentage of fund assets based on performance for the prior period. The Fund maintains the Loss Recovery Account, which had an initial balance of zero and (i) increases upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreases (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. Shareholders will benefit from the Loss Recovery Account in proportion to their holdings of Shares.

 

(5) The Fund has received exemptive relief from the SEC permitting it to offer multiple classes of Shares and to adopt a distribution and service plan (“Distribution and Service Plan”) for Class A Shares and Class D Shares. Under the Distribution and Service Plan, the Fund may charge a distribution and/or shareholder servicing fee up to a maximum of 0.70% per year on Class A Shares and up to a maximum of 0.25% per year on Class D Shares on an annualized basis of the aggregate net assets of the Fund attributable to each class. The Fund may use these fees, in respect of the relevant class, to compensate financial intermediaries or financial institutions for distribution-related expenses, if applicable, and providing ongoing services in respect of clients with whom they have distributed Class A Shares and Class D Shares of the Fund. See “DISTRIBUTION AND SERVICE PLAN.”

 

(6) 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% (annualized) of the commitment amount of the Fund’s investment, and performance or incentive fees or allocations are typically 10% to 20% of a Portfolio Fund’s net profits annually, although it is possible that such amounts may be exceeded for certain Sponsors. The Fund may also indirectly bear asset-based fees, performance or incentive fees or allocations and other expenses as an investor in other Fund Investments. 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.

 

2

 

The purpose of the table above is to assist prospective investors in understanding the various fees and expenses Shareholders will bear directly or indirectly. “Other Expenses,” as shown above, includes, among other things, professional fees and other expenses that the Fund will bear, including ongoing offering costs and fees and expenses of the Adviser, Administrator, Transfer Agent and Custodian. For a more complete description of the various fees and expenses of the Fund, see “INVESTMENT MANAGEMENT FEE,” “Incentive Fee,” “ADMINISTRATION,” “CUSTODIAN,” “FUND EXPENSES,” “REPURCHASES OF SHARES” and “PURCHASING SHARES.”

 

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that all distributions are reinvested at net asset value and that the percentage amounts listed under annual expenses remain the same in the years shown. The assumption in the hypothetical example of a 5% annual return is required by regulation of the SEC applicable to all registered investment companies. The assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of Shares.

 

EXAMPLE

 

Class A Shares

 

You Would Pay the Following Expenses Based on the Imposition of the 3.50% Sales Charge, a 1.00% Distribution and Servicing Fee and a $1,000 Investment in the Fund, Assuming a 5% Annual Return: 1 Year 3 Years 5 Years 10 Years
With Redemption $95 $157 $240 $454
Without Redemption $75 $157 $240 $454

 

Class I Shares

 

You Would Pay the Following Expenses Based on a $1,000
Investment in the Fund, Assuming a 5% Annual Return:		 1 Year 3 Years 5 Years 10 Years
With Redemption $55 $106 $180 $374
Without Redemption $35 $106 $180 $374

 

Class D Shares

 

You Would Pay the Following Expenses Based on the Imposition of the 3.50% Sales Charge, a 0.25% Distribution and Servicing Fee and a $1,000 Investment in the Fund, Assuming a 5% Annual Return: 1 Year 3 Years 5 Years 10 Years
With Redemption $91 $145 $220 $417
Without Redemption $71 $145 $220 $417

 

The example is based on the annual fees and expenses set out on the table above and should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown. Moreover, the rate of return of the Fund may be greater or less than the hypothetical 5% return used in the example. A greater rate of return than that used in the example would increase the dollar amount of the asset-based fees paid by the Fund, as well as the effect of the Incentive Fee.

 

Please retain this Supplement with the Prospectus for future reference.

 

3

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Feb. 07, 2024
USD ($)
Cover [Abstract]  
Entity Central Index Key 0001856156
Amendment Flag false
Document Type 424B3
Entity Registrant Name FS MVP Private Markets Fund
Fee Table [Abstract]  
Shareholder Transaction Expenses [Table Text Block]

 

SHAREHOLDER FEES

Class A

Shares

Class I

Shares

Class D

Shares

Maximum Sales Load Imposed on Purchases (as a percentage of offering price) (1) 3.50% None 3.50%
Maximum Early Repurchase Fee (as a percentage of repurchased amount) (2) 2.00% 2.00% 2.00%
(1) Investors in Class A Shares and Class D Shares may be charged a sales charge of up to 3.50% of the subscription amount.

 

(2) A 2.00% early repurchase fee payable to the Fund will be charged with respect to the repurchase of a Shareholder’s Class A Shares, Class I Shares or Class D Shares at any time prior to the day immediately preceding the one-year anniversary of a Shareholder’s purchase of the Shares (on a “first in-first out” basis). An early repurchase fee payable by a Shareholder may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Shareholder. In addition, under certain circumstances the Board may offer to repurchase Shares at a discount to their prevailing net asset value. See “REPURCHASES OF SHARES.”
Other Transaction Expenses [Abstract]  
Annual Expenses [Table Text Block]

 

ANNUAL EXPENSES (as a percentage of net assets attributable to Shares)      
Investment Management Fee (3) 1.25% 1.25% 1.25%
Incentive Fee(4) 0.89% 0.89% 0.89%
Distribution and Servicing Fees(5) 0.70% 0.00% 0.25%
Other Expenses 0.36% 0.36% 0.36%
Interest Expense on Borrowings 0.40% 0.40% 0.40%
Acquired Fund Fees and Expenses (6) 0.57% 0.57% 0.57%
Total Annual Expenses 4.17% 3.47% 3.72%
(3) The Investment Management Fee is equal to a quarterly rate of 0.3125% (1.25%, on an annualized basis), of the Fund’s Managed Investments at the end of each calendar quarter. “Managed Investments” means the total value of the Fund’s assets (including any assets attributable to money borrowed for investment purposes) plus any unfunded investment commitments (i.e., amounts committed to Fund Investments that have not yet been drawn for investment), minus the sum of the Fund’s accrued liabilities (other than money borrowed for investment purposes), minus cash and cash equivalents. Because the Investment Management Fee is based on the Fund’s Managed Investments, any leverage utilized by the Fund for investment purposes will result in an increase in such fee (as a percentage of net assets attributable to Shares). Borrowed funds that are held in cash, cash equivalents, other short-term securities or money market funds are not considered to be borrowed for investment purposes and are therefore not included in Managed Investments for purposes of calculating the Investment Management Fee. The Investment Management Fee is paid to the Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. See “INVESTMENT MANAGEMENT FEE” for additional information.

 

(4) The Adviser (or, to the extent permitted by applicable law, an affiliate of the Adviser) is entitled to receive an Incentive Fee calculated and payable quarterly in arrears equal to 10% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account. For purposes of the Incentive Fee, the term “net profits” means the amount by which the net asset value (“NAV”) of the Fund on the last day of the relevant period exceeds the NAV of the Fund as of the commencement of the same period, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (which, for this purpose shall not include any distribution and/or shareholder servicing fees, litigation, any extraordinary expenses or Incentive Fee and any amount contributed to or withdrawn from the Fund by shareholders). The incentive fee in the table above is an estimate expressed as an annualized percentage of fund assets based on performance for the prior period. The Fund maintains the Loss Recovery Account, which had an initial balance of zero and (i) increases upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreases (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. Shareholders will benefit from the Loss Recovery Account in proportion to their holdings of Shares.

 

(5) The Fund has received exemptive relief from the SEC permitting it to offer multiple classes of Shares and to adopt a distribution and service plan (“Distribution and Service Plan”) for Class A Shares and Class D Shares. Under the Distribution and Service Plan, the Fund may charge a distribution and/or shareholder servicing fee up to a maximum of 0.70% per year on Class A Shares and up to a maximum of 0.25% per year on Class D Shares on an annualized basis of the aggregate net assets of the Fund attributable to each class. The Fund may use these fees, in respect of the relevant class, to compensate financial intermediaries or financial institutions for distribution-related expenses, if applicable, and providing ongoing services in respect of clients with whom they have distributed Class A Shares and Class D Shares of the Fund. See “DISTRIBUTION AND SERVICE PLAN.”

 

(6) 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% (annualized) of the commitment amount of the Fund’s investment, and performance or incentive fees or allocations are typically 10% to 20% of a Portfolio Fund’s net profits annually, although it is possible that such amounts may be exceeded for certain Sponsors. The Fund may also indirectly bear asset-based fees, performance or incentive fees or allocations and other expenses as an investor in other Fund Investments. 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.
Other Annual Expenses [Abstract]  
Expense Example [Table Text Block]

EXAMPLE

 

Class A Shares

 

You Would Pay the Following Expenses Based on the Imposition of the 3.50% Sales Charge, a 1.00% Distribution and Servicing Fee and a $1,000 Investment in the Fund, Assuming a 5% Annual Return: 1 Year 3 Years 5 Years 10 Years
With Redemption $95 $157 $240 $454
Without Redemption $75 $157 $240 $454

 

Class I Shares

 

You Would Pay the Following Expenses Based on a $1,000
Investment in the Fund, Assuming a 5% Annual Return:		 1 Year 3 Years 5 Years 10 Years
With Redemption $55 $106 $180 $374
Without Redemption $35 $106 $180 $374

 

Class D Shares

 

You Would Pay the Following Expenses Based on the Imposition of the 3.50% Sales Charge, a 0.25% Distribution and Servicing Fee and a $1,000 Investment in the Fund, Assuming a 5% Annual Return: 1 Year 3 Years 5 Years 10 Years
With Redemption $91 $145 $220 $417
Without Redemption $71 $145 $220 $417

 

The example is based on the annual fees and expenses set out on the table above and should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown. Moreover, the rate of return of the Fund may be greater or less than the hypothetical 5% return used in the example. A greater rate of return than that used in the example would increase the dollar amount of the asset-based fees paid by the Fund, as well as the effect of the Incentive Fee.
Purpose of Fee Table , Note [Text Block] The purpose of the table above is to assist prospective investors in understanding the various fees and expenses Shareholders will bear directly or indirectly. “Other Expenses,” as shown above, includes, among other things, professional fees and other expenses that the Fund will bear, including ongoing offering costs and fees and expenses of the Adviser, Administrator, Transfer Agent and Custodian. For a more complete description of the various fees and expenses of the Fund, see “INVESTMENT MANAGEMENT FEE,” “Incentive Fee,” “ADMINISTRATION,” “CUSTODIAN,” “FUND EXPENSES,” “REPURCHASES OF SHARES” and “PURCHASING SHARES.”
Acquired Fund Fees and Expenses, Note [Text Block] 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% (annualized) of the commitment amount of the Fund’s investment, and performance or incentive fees or allocations are typically 10% to 20% of a Portfolio Fund’s net profits annually, although it is possible that such amounts may be exceeded for certain Sponsors. The Fund may also indirectly bear asset-based fees, performance or incentive fees or allocations and other expenses as an investor in other Fund Investments. 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.
Class A Shares [Member]  
Fee Table [Abstract]  
Sales Load [Percent] 3.50% [1]
Other Transaction Expenses [Abstract]  
Other Transaction Expenses [Percent] 2.00% [2]
Management Fees [Percent] 1.25% [3]
Interest Expenses on Borrowings [Percent] 0.40%
Distribution/Servicing Fees [Percent] 0.70% [4]
Incentive Fees [Percent] 0.89% [5]
Acquired Fund Fees and Expenses [Percent] 0.57% [6]
Other Annual Expenses [Abstract]  
Other Annual Expenses [Percent] 0.36%
Total Annual Expenses [Percent] 4.17%
Expense Example, Year 01 $ 95
Expense Example, Years 1 to 3 157
Expense Example, Years 1 to 5 240
Expense Example, Years 1 to 10 $ 454
Class I Shares [Member]  
Fee Table [Abstract]  
Sales Load [Percent] 0.00% [1]
Other Transaction Expenses [Abstract]  
Other Transaction Expenses [Percent] 2.00% [2]
Management Fees [Percent] 1.25% [3]
Interest Expenses on Borrowings [Percent] 0.40%
Distribution/Servicing Fees [Percent] 0.00% [4]
Incentive Fees [Percent] 0.89% [5]
Acquired Fund Fees and Expenses [Percent] 0.57% [6]
Other Annual Expenses [Abstract]  
Other Annual Expenses [Percent] 0.36%
Total Annual Expenses [Percent] 3.47%
Expense Example, Year 01 $ 55
Expense Example, Years 1 to 3 106
Expense Example, Years 1 to 5 180
Expense Example, Years 1 to 10 $ 374
Class D Shares [Member]  
Fee Table [Abstract]  
Sales Load [Percent] 3.50% [1]
Other Transaction Expenses [Abstract]  
Other Transaction Expenses [Percent] 2.00% [2]
Management Fees [Percent] 1.25% [3]
Interest Expenses on Borrowings [Percent] 0.40%
Distribution/Servicing Fees [Percent] 0.25% [4]
Incentive Fees [Percent] 0.89% [5]
Acquired Fund Fees and Expenses [Percent] 0.57% [6]
Other Annual Expenses [Abstract]  
Other Annual Expenses [Percent] 0.36%
Total Annual Expenses [Percent] 3.72%
Expense Example, Year 01 $ 91
Expense Example, Years 1 to 3 145
Expense Example, Years 1 to 5 220
Expense Example, Years 1 to 10 $ 417
[1] Investors in Class A Shares and Class D Shares may be charged a sales charge of up to 3.50% of the subscription amount.
[2] A 2.00% early repurchase fee payable to the Fund will be charged with respect to the repurchase of a Shareholder’s Class A Shares, Class I Shares or Class D Shares at any time prior to the day immediately preceding the one-year anniversary of a Shareholder’s purchase of the Shares (on a “first in-first out” basis). An early repurchase fee payable by a Shareholder may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Shareholder. In addition, under certain circumstances the Board may offer to repurchase Shares at a discount to their prevailing net asset value. See “REPURCHASES OF SHARES.”
[3] The Investment Management Fee is equal to a quarterly rate of 0.3125% (1.25%, on an annualized basis), of the Fund’s Managed Investments at the end of each calendar quarter. “Managed Investments” means the total value of the Fund’s assets (including any assets attributable to money borrowed for investment purposes) plus any unfunded investment commitments (i.e., amounts committed to Fund Investments that have not yet been drawn for investment), minus the sum of the Fund’s accrued liabilities (other than money borrowed for investment purposes), minus cash and cash equivalents. Because the Investment Management Fee is based on the Fund’s Managed Investments, any leverage utilized by the Fund for investment purposes will result in an increase in such fee (as a percentage of net assets attributable to Shares). Borrowed funds that are held in cash, cash equivalents, other short-term securities or money market funds are not considered to be borrowed for investment purposes and are therefore not included in Managed Investments for purposes of calculating the Investment Management Fee. The Investment Management Fee is paid to the Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. See “INVESTMENT MANAGEMENT FEE” for additional information.
[4] The Fund has received exemptive relief from the SEC permitting it to offer multiple classes of Shares and to adopt a distribution and service plan (“Distribution and Service Plan”) for Class A Shares and Class D Shares. Under the Distribution and Service Plan, the Fund may charge a distribution and/or shareholder servicing fee up to a maximum of 0.70% per year on Class A Shares and up to a maximum of 0.25% per year on Class D Shares on an annualized basis of the aggregate net assets of the Fund attributable to each class. The Fund may use these fees, in respect of the relevant class, to compensate financial intermediaries or financial institutions for distribution-related expenses, if applicable, and providing ongoing services in respect of clients with whom they have distributed Class A Shares and Class D Shares of the Fund. See “DISTRIBUTION AND SERVICE PLAN.”
[5] The Adviser (or, to the extent permitted by applicable law, an affiliate of the Adviser) is entitled to receive an Incentive Fee calculated and payable quarterly in arrears equal to 10% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account. For purposes of the Incentive Fee, the term “net profits” means the amount by which the net asset value (“NAV”) of the Fund on the last day of the relevant period exceeds the NAV of the Fund as of the commencement of the same period, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (which, for this purpose shall not include any distribution and/or shareholder servicing fees, litigation, any extraordinary expenses or Incentive Fee and any amount contributed to or withdrawn from the Fund by shareholders). The incentive fee in the table above is an estimate expressed as an annualized percentage of fund assets based on performance for the prior period. The Fund maintains the Loss Recovery Account, which had an initial balance of zero and (i) increases upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreases (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. Shareholders will benefit from the Loss Recovery Account in proportion to their holdings of Shares.
[6] 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% (annualized) of the commitment amount of the Fund’s investment, and performance or incentive fees or allocations are typically 10% to 20% of a Portfolio Fund’s net profits annually, although it is possible that such amounts may be exceeded for certain Sponsors. The Fund may also indirectly bear asset-based fees, performance or incentive fees or allocations and other expenses as an investor in other Fund Investments. 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.
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A0# M% @ 3XI'6)OS%S;< @ 9P\ !8 ( !K2( &9S;79P M+3(P,C0P,C W7V1E9BYX;6Q02P$"% ,4 " !/BD=8'8)C%I " #(#0 M%@ @ &])0 9G-M=G M,C R-# R,#=?;&%B+GAM;%!+ 0(4 M Q0 ( $^*1UA;.2WP@@( $8+ 6 " 8$H !F&UL4$L%!@ % 4 5 $ # XML 16 fp0087121-1_424b3ixbrl_htm.xml IDEA: XBRL DOCUMENT 0001856156 2024-02-07 2024-02-07 0001856156 fsmvp:ClassASharesMember 2024-02-07 2024-02-07 0001856156 fsmvp:ClassISharesMember 2024-02-07 2024-02-07 0001856156 fsmvp:ClassDSharesMember 2024-02-07 2024-02-07 iso4217:USD shares iso4217:USD shares pure false 424B3 0001856156 FS MVP Private Markets Fund <p id="xdx_80D_ecef--ShareholderTransactionExpensesTableTextBlock_dU_gL1STETTB-M_zeXSEVtxD4P6" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 64%"><span style="font-family: Times New Roman, Times, Serif"><b>SHAREHOLDER FEES</b></span></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 12%"> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Class A</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Shares</b></p></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 12%"> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Class I</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Shares</b></p></td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 12%"> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Class D</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Shares</b></p></td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif">Maximum Sales Load Imposed on Purchases (as a percentage of offering price) <sup>(1)</sup></span></td> <td id="xdx_980_ecef--SalesLoadPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassASharesMember_fKDEp_zHX8Hpjf9Nud" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">3.50%</span></td> <td id="xdx_983_ecef--SalesLoadPercent_dn_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassISharesMember_fKDEp_zPk7SfJDZTkd" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">None</span></td> <td id="xdx_987_ecef--SalesLoadPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassDSharesMember_fKDEp_zRorRkc0upZ4" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">3.50%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif">Maximum Early Repurchase Fee (as a percentage of repurchased amount) <sup>(2)</sup></span></td> <td id="xdx_980_ecef--OtherTransactionExpensesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassASharesMember_fKDIp_z8RrgtI30wSg" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2.00%</span></td> <td id="xdx_981_ecef--OtherTransactionExpensesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassISharesMember_fKDIp_zrJOD39wQHq4" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2.00%</span></td> <td id="xdx_987_ecef--OtherTransactionExpensesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassDSharesMember_fKDIp_zNCeTa9GNIc4" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2.00%</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"><i><sup id="xdx_F02_zwFQx445SVve">(1)</sup></i></span></td> <td style="width: 98%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i id="xdx_F14_zsXKcn72ClMc">Investors in Class A Shares and Class D Shares may be charged a sales charge of up to 3.50% of the subscription amount.</i></span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"><i><sup id="xdx_F05_zOwPLU7YwKS7">(2)</sup></i></span></td> <td style="width: 98%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i id="xdx_F1B_zMOM5YpqCtRf">A 2.00% early repurchase fee payable to the Fund will be charged with respect to the repurchase of a Shareholder’s Class A Shares, Class I Shares or Class D Shares at any time prior to the day immediately preceding the one-year anniversary of a Shareholder’s purchase of the Shares (on a “first in-first out” basis). An early repurchase fee payable by a Shareholder may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Shareholder. In addition, under certain circumstances the Board may offer to repurchase Shares at a discount to their prevailing net asset value. See “REPURCHASES OF SHARES.”</i></span></td></tr> </table> 0.0350 0 0.0350 0.0200 0.0200 0.0200 <p id="xdx_802_ecef--AnnualExpensesTableTextBlock_dU_gL1AETTB-BBHZQU_zcjn2C3svAf6" style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 64%"><span style="font-family: Times New Roman, Times, Serif"><b>ANNUAL EXPENSES (as a percentage of net assets attributable to Shares)</b></span></td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif">Investment Management Fee <sup>(3)</sup></span></td> <td id="xdx_980_ecef--ManagementFeesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassASharesMember_fKDMp_zyffz3ZlRq15" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">1.25%</span></td> <td id="xdx_985_ecef--ManagementFeesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassISharesMember_fKDMp_zTyzZ9B53Otg" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">1.25%</span></td> <td id="xdx_989_ecef--ManagementFeesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassDSharesMember_fKDMp_zP2PtTy3hgK1" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">1.25%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif">Incentive Fee<sup>(4)</sup></span></td> <td id="xdx_982_ecef--IncentiveFeesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassASharesMember_fKDQp_zGnIJAwwF1U3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">0.89%</span></td> <td id="xdx_98F_ecef--IncentiveFeesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassISharesMember_fKDQp_zY9YEXSdqaU8" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">0.89%</span></td> <td id="xdx_98B_ecef--IncentiveFeesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassDSharesMember_fKDQp_zKXjl43VWV42" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">0.89%</span></td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif">Distribution and Servicing Fees<sup>(5)</sup></span></td> <td id="xdx_98E_ecef--DistributionServicingFeesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassASharesMember_fKDUp_zN71LuZ0emI8" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">0.70%</span></td> <td id="xdx_983_ecef--DistributionServicingFeesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassISharesMember_fKDUp_zdurK0fhkufl" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">0.00%</span></td> <td id="xdx_98B_ecef--DistributionServicingFeesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassDSharesMember_fKDUp_z3uoNMh9tgBg" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">0.25%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif">Other Expenses</span></td> <td id="xdx_981_ecef--OtherAnnualExpensesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassASharesMember_zXCGuiXkVlX7" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">0.36%</span></td> <td id="xdx_987_ecef--OtherAnnualExpensesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassISharesMember_zO7NhqrQ3MOg" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">0.36%</span></td> <td id="xdx_98E_ecef--OtherAnnualExpensesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassDSharesMember_zdhyW6EMDCle" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">0.36%</span></td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif">Interest Expense on Borrowings</span></td> <td id="xdx_988_ecef--InterestExpensesOnBorrowingsPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassASharesMember_zIjfHnlkrcWf" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">0.40%</span></td> <td id="xdx_98E_ecef--InterestExpensesOnBorrowingsPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassISharesMember_z2QJxAG8SIp3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">0.40%</span></td> <td id="xdx_989_ecef--InterestExpensesOnBorrowingsPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassDSharesMember_z4zIltdLvXHj" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">0.40%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif">Acquired Fund Fees and Expenses <sup>(6)</sup></span></td> <td id="xdx_980_ecef--AcquiredFundFeesAndExpensesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassASharesMember_fKDYp_zSJb0GHnVlIh" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">0.57%</span></td> <td id="xdx_98F_ecef--AcquiredFundFeesAndExpensesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassISharesMember_fKDYp_zyvzaNMQu2Al" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">0.57%</span></td> <td id="xdx_984_ecef--AcquiredFundFeesAndExpensesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassDSharesMember_fKDYp_zV7NclIn8r3f" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">0.57%</span></td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif">Total Annual Expenses</span></td> <td id="xdx_98F_ecef--TotalAnnualExpensesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassASharesMember_zzASY30oSjV6" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">4.17%</span></td> <td id="xdx_982_ecef--TotalAnnualExpensesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassISharesMember_zNoQXNIPIaLd" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">3.47%</span></td> <td id="xdx_984_ecef--TotalAnnualExpensesPercent_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassDSharesMember_zItY7z1j9g53" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">3.72%</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"><i><sup id="xdx_F00_zeMK8zNRp2Mg">(3)</sup></i></span></td> <td style="text-align: justify; width: 98%"><span style="font-family: Times New Roman, Times, Serif"><i id="xdx_F1E_z2w7t035FKO2">The Investment Management Fee is equal to a quarterly rate of 0.3125% (1.25%, on an annualized basis), of the Fund’s Managed Investments at the end of each calendar quarter. “Managed Investments” means the total value of the Fund’s assets (including any assets attributable to money borrowed for investment purposes) plus any unfunded investment commitments (i.e., amounts committed to Fund Investments that have not yet been drawn for investment), minus the sum of the Fund’s accrued liabilities (other than money borrowed for investment purposes), minus cash and cash equivalents. Because the Investment Management Fee is based on the Fund’s Managed Investments, any leverage utilized by the Fund for investment purposes will result in an increase in such fee (as a percentage of net assets attributable to Shares). Borrowed funds that are held in cash, cash equivalents, other short-term securities or money market funds are not considered to be borrowed for investment purposes and are therefore not included in Managed Investments for purposes of calculating the Investment Management Fee. The Investment Management Fee is paid to the Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. See “INVESTMENT MANAGEMENT FEE” for additional information.</i></span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"><i><sup id="xdx_F03_zW87Y67O8arc">(4)</sup></i></span></td> <td style="width: 98%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i id="xdx_F13_zTJ6qOYgqjj7">The Adviser (or, to the extent permitted by applicable law, an affiliate of the Adviser) is entitled to receive an Incentive Fee calculated and payable quarterly in arrears equal to 10% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account. For purposes of the Incentive Fee, the term “net profits” means the amount by which the net asset value (“NAV”) of the Fund on the last day of the relevant period exceeds the NAV of the Fund as of the commencement of the same period, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (which, for this purpose shall not include any distribution and/or shareholder servicing fees, litigation, any extraordinary expenses or Incentive Fee and any amount contributed to or withdrawn from the Fund by shareholders). The incentive fee in the table above is an estimate expressed as an annualized percentage of fund assets based on performance for the prior period. The Fund maintains the Loss Recovery Account, which had an initial balance of zero and (i) increases upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreases (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. Shareholders will benefit from the Loss Recovery Account in proportion to their holdings of Shares.</i></span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"><i><sup id="xdx_F09_zc1TChYLhaFe">(5)</sup></i></span></td> <td style="width: 98%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i id="xdx_F1C_zLAg3EFJsoOl">The Fund has received exemptive relief from the SEC permitting it to offer multiple classes of Shares and to adopt a distribution and service plan (“Distribution and Service Plan”) for Class A Shares and Class D Shares. Under the Distribution and Service Plan, the Fund may charge a distribution and/or shareholder servicing fee up to a maximum of 0.70% per year on Class A Shares and up to a maximum of 0.25% per year on Class D Shares on an annualized basis of the aggregate net assets of the Fund attributable to each class. The Fund may use these fees, in respect of the relevant class, to compensate financial intermediaries or financial institutions for distribution-related expenses, if applicable, and providing ongoing services in respect of clients with whom they have distributed Class A Shares and Class D Shares of the Fund. See “DISTRIBUTION AND SERVICE PLAN.”</i></span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"><i><sup id="xdx_F09_zSsiSRaOKKKe">(6)</sup></i></span></td> <td style="width: 98%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i id="xdx_F15_z4223tyERBEa"><span id="xdx_903_ecef--AcquiredFundFeesAndExpensesNoteTextBlock_c20240207__20240207_zDUKPNC0M93k">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% (annualized) of the commitment amount of the Fund’s investment, and performance or incentive fees or allocations are typically 10% to 20% of a Portfolio Fund’s net profits annually, although it is possible that such amounts may be exceeded for certain Sponsors. The Fund may also indirectly bear asset-based fees, performance or incentive fees or allocations and other expenses as an investor in other Fund Investments. 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.</span></i></span></td></tr> </table> 0.0125 0.0125 0.0125 0.0089 0.0089 0.0089 0.0070 0.0000 0.0025 0.0036 0.0036 0.0036 0.0040 0.0040 0.0040 0.0057 0.0057 0.0057 0.0417 0.0347 0.0372 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% (annualized) of the commitment amount of the Fund’s investment, and performance or incentive fees or allocations are typically 10% to 20% of a Portfolio Fund’s net profits annually, although it is possible that such amounts may be exceeded for certain Sponsors. The Fund may also indirectly bear asset-based fees, performance or incentive fees or allocations and other expenses as an investor in other Fund Investments. 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. The purpose of the table above is to assist prospective investors in understanding the various fees and expenses Shareholders will bear directly or indirectly. “Other Expenses,” as shown above, includes, among other things, professional fees and other expenses that the Fund will bear, including ongoing offering costs and fees and expenses of the Adviser, Administrator, Transfer Agent and Custodian. For a more complete description of the various fees and expenses of the Fund, see “<i>INVESTMENT MANAGEMENT FEE</i>,” “<i>Incentive Fee</i>,” “<i>ADMINISTRATION,</i>” “<i>CUSTODIAN</i>,” “<i>FUND EXPENSES</i>,” “<i>REPURCHASES OF SHARES</i>” and “<i>PURCHASING SHARES</i>.” <p id="xdx_809_ecef--ExpenseExampleTableTextBlock_dU_zNPd2DyhziP8" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>EXAMPLE</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Class A Shares</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 52%"><span style="font-family: Times New Roman, Times, Serif"><b>You Would Pay the Following Expenses Based on the Imposition of the 3.50% Sales Charge, a 1.00% Distribution and Servicing Fee and a $1,000 Investment in the Fund, Assuming a 5% Annual Return:</b></span></td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>1 Year</b></span></td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>3 Years</b></span></td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>5 Years</b></span></td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>10 Years</b></span></td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif">With Redemption</span></td> <td id="xdx_98C_ecef--ExpenseExampleYear01_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassASharesMember_zdWLXgx8Ks24" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$95</span></td> <td id="xdx_987_ecef--ExpenseExampleYears1to3_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassASharesMember_z4IA763vMhyg" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$157</span></td> <td id="xdx_988_ecef--ExpenseExampleYears1to5_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassASharesMember_zs802jCDkfji" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$240</span></td> <td id="xdx_98A_ecef--ExpenseExampleYears1to10_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassASharesMember_z4zNWAaFXece" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$454</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif">Without Redemption</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$75</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$157</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$240</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$454</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Class I Shares</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 52%"><span style="font-family: Times New Roman, Times, Serif"><b>You Would Pay the Following Expenses Based on a $1,000</b><br/> <b>Investment in the Fund, Assuming a 5% Annual Return:</b></span></td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>1 Year</b></span></td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>3 Years</b></span></td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>5 Years</b></span></td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>10 Years</b></span></td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif">With Redemption</span></td> <td id="xdx_98F_ecef--ExpenseExampleYear01_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassISharesMember_zr6HCbnskCX7" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$55</span></td> <td id="xdx_989_ecef--ExpenseExampleYears1to3_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassISharesMember_ztDWmFoiICN8" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$106</span></td> <td id="xdx_983_ecef--ExpenseExampleYears1to5_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassISharesMember_zWBl04t1nA19" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$180</span></td> <td id="xdx_982_ecef--ExpenseExampleYears1to10_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassISharesMember_zLt7kIHW2bYj" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$374</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif">Without Redemption</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$35</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$106</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$180</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$374</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Class D Shares</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 52%"><span style="font-family: Times New Roman, Times, Serif"><b>You Would Pay the Following Expenses Based on the Imposition of the 3.50% Sales Charge, a 0.25% Distribution and Servicing Fee and a $1,000 Investment in the Fund, Assuming a 5% Annual Return:</b></span></td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>1 Year</b></span></td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>3 Years</b></span></td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>5 Years</b></span></td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>10 Years</b></span></td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif">With Redemption</span></td> <td id="xdx_98D_ecef--ExpenseExampleYear01_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassDSharesMember_zzuOwGooa1F9" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$91</span></td> <td id="xdx_982_ecef--ExpenseExampleYears1to3_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassDSharesMember_zbIPej4O18Rc" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$145</span></td> <td id="xdx_989_ecef--ExpenseExampleYears1to5_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassDSharesMember_zGzCZ5HFvVwd" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$220</span></td> <td id="xdx_98B_ecef--ExpenseExampleYears1to10_c20240207__20240207__us-gaap--StatementClassOfStockAxis__custom--ClassDSharesMember_zfeGGmilCxN6" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$417</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif">Without Redemption</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$71</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$145</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$220</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$417</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The example is based on the annual fees and expenses set out on the table above and should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown. Moreover, the rate of return of the Fund may be greater or less than the hypothetical 5% return used in the example. A greater rate of return than that used in the example would increase the dollar amount of the asset-based fees paid by the Fund, as well as the effect of the Incentive Fee.</p> 95 157 240 454 55 106 180 374 91 145 220 417 Investors in Class A Shares and Class D Shares may be charged a sales charge of up to 3.50% of the subscription amount. A 2.00% early repurchase fee payable to the Fund will be charged with respect to the repurchase of a Shareholder’s Class A Shares, Class I Shares or Class D Shares at any time prior to the day immediately preceding the one-year anniversary of a Shareholder’s purchase of the Shares (on a “first in-first out” basis). An early repurchase fee payable by a Shareholder may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Shareholder. In addition, under certain circumstances the Board may offer to repurchase Shares at a discount to their prevailing net asset value. See “REPURCHASES OF SHARES.” The Investment Management Fee is equal to a quarterly rate of 0.3125% (1.25%, on an annualized basis), of the Fund’s Managed Investments at the end of each calendar quarter. “Managed Investments” means the total value of the Fund’s assets (including any assets attributable to money borrowed for investment purposes) plus any unfunded investment commitments (i.e., amounts committed to Fund Investments that have not yet been drawn for investment), minus the sum of the Fund’s accrued liabilities (other than money borrowed for investment purposes), minus cash and cash equivalents. Because the Investment Management Fee is based on the Fund’s Managed Investments, any leverage utilized by the Fund for investment purposes will result in an increase in such fee (as a percentage of net assets attributable to Shares). Borrowed funds that are held in cash, cash equivalents, other short-term securities or money market funds are not considered to be borrowed for investment purposes and are therefore not included in Managed Investments for purposes of calculating the Investment Management Fee. The Investment Management Fee is paid to the Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. See “INVESTMENT MANAGEMENT FEE” for additional information. The Adviser (or, to the extent permitted by applicable law, an affiliate of the Adviser) is entitled to receive an Incentive Fee calculated and payable quarterly in arrears equal to 10% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account. For purposes of the Incentive Fee, the term “net profits” means the amount by which the net asset value (“NAV”) of the Fund on the last day of the relevant period exceeds the NAV of the Fund as of the commencement of the same period, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (which, for this purpose shall not include any distribution and/or shareholder servicing fees, litigation, any extraordinary expenses or Incentive Fee and any amount contributed to or withdrawn from the Fund by shareholders). The incentive fee in the table above is an estimate expressed as an annualized percentage of fund assets based on performance for the prior period. The Fund maintains the Loss Recovery Account, which had an initial balance of zero and (i) increases upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreases (but not below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. Shareholders will benefit from the Loss Recovery Account in proportion to their holdings of Shares. The Fund has received exemptive relief from the SEC permitting it to offer multiple classes of Shares and to adopt a distribution and service plan (“Distribution and Service Plan”) for Class A Shares and Class D Shares. Under the Distribution and Service Plan, the Fund may charge a distribution and/or shareholder servicing fee up to a maximum of 0.70% per year on Class A Shares and up to a maximum of 0.25% per year on Class D Shares on an annualized basis of the aggregate net assets of the Fund attributable to each class. The Fund may use these fees, in respect of the relevant class, to compensate financial intermediaries or financial institutions for distribution-related expenses, if applicable, and providing ongoing services in respect of clients with whom they have distributed Class A Shares and Class D Shares of the Fund. See “DISTRIBUTION AND SERVICE PLAN.” 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% (annualized) of the commitment amount of the Fund’s investment, and performance or incentive fees or allocations are typically 10% to 20% of a Portfolio Fund’s net profits annually, although it is possible that such amounts may be exceeded for certain Sponsors. The Fund may also indirectly bear asset-based fees, performance or incentive fees or allocations and other expenses as an investor in other Fund Investments. 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.