GLIDUS144 Glenn Warren iCapital Advisors, LLC Form ADV Part 2A resolution. litigations and related legal fees and expenses: investment expenses whether relating to investments that are consummated or unconsummated (e.g., expenses which, in the determination of the applicable general partner. iCapital or any sub-adviser, if appropriate, are related to the investment of such Direct Investment Fund's assets, such as brokerage commissions. spreads. mark-ups on securities, interest expenses. custodial and sub-custodial transaction charges and any costs associated with collateral management): insurance expenses. bank charges. currency hedging costs: and other investment and operating expenses. Expenses borne by any such Direct Investment Fund for audit expenses. preparation of the Funds' tax returns and liquidation expenses of such Direct Investment Fund may be subject to a cap as set forth in the applicable Direct Investment Fund's PPM. Please refer to the applicable Fund PPM for further details. iCapital will pay all overhead expenses. including its employees' salaries, rent. utilities. etc. Item 6: Performance-Based Fees and Side by Side Management iCapital may charge the Funds a performance-based fee or carried interest to its Investors. Performance-based compensation may create an incentive for iCapital to make more speculative investments than would otherwise be made or make decisions regarding the timing and manner of realization of investments differently than if such compensation were not received. In addition, a Private Access Fund will bear its pro rata share of management fees, performance fees, carried interest or other expenses charged by an Underlying Fund. Please refer to the iCapital and applicable Underlying Funds' PPM for further details and methods of calculating the fees charged to the applicable Private Access Fund. Item 7: Types of Clients The Clients of iCapital are the Funds. The Funds rely on an exemption from the definit