Maven Income and Growth VCT 5 | Charges

2.44

2.44

30/11/2023

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Management fee is 1.75% of NAV p.a., paid quarterly in arrears. Performance fee of 12.5% of the returns deriving from the new private equity investments made by the manager that achieve a realisation, adjusted for any realized losses incurred in respect of other new investments and subject to an annual hurdle of 4% on the new investments realised; an amount equal to 7.5% of which generated by inherited private equity investments; and an amount equal to 7.5% of the returns deriving from investments in the inherited private equity portfolio which achieve a realisation less all realised losses on and total write downs by the Company of any part of the inherited private equity portfolio. The investment management agreement will continue for a minimum of three years and is terminable by either the Company or Maven on at least 12 months notice.

Yes

12.5

The Company has performance incentive arrangements that reward Maven for achieving positive returns on the legacy portfolio and realised capital gains on new investments. These entitle the Manager to receive (a) a sum equal to 15% of the total return over cost generated by each private equity investment that achieves a realisation in the most recent financial year, adjusted for any realised losses incurred in respect of other private equity investments in the year and subject to an annual hurdle of 4% on the realised private equity investments and; (b) a sum equal to 7.5% of any annual increase (subjective to the high watermark noted below) in value of the quoted portfolio (excluding investments in investment trusts, investment companies or investment funds which are quoted), including any distributions from such investments in the quoted portfolio but adjusted to reflect the value of any acquisitions and disposals (at the relevant acquisition or disposal price) of quoted investments during the relevant period (but, for the avoidance of doubt, including the performance of such investments over the time they have been held in the relevant period). In the case of the quoted portfolio, a high watermark is reset on each occasion that an incentive fee becomes payable and future incentive fees shall be calculated on the increase in the value of the quoted portfolio since the date of such high watermark.