The Investment Manager and the Asset Manager are each entitled in the financial year (or part thereof) to 50% of an annual management fee on a scaled rate of 1.1% of the Company’s Net Asset Value (“NAV”) up to £500m, and 0.9% thereafter.
A Performance Fee is also payable in respect of each financial year (although the first Performance Fee will be paid for the period from the commencement of trading on 6 November 2015 to 31 December 2018) where the year-end NAV per share exceeds a specified “high water mark”. The “high water mark” is equal to the greater of the highest year-end NAV per Ordinary Share in any previous financial year and the “Placing Price” (being 100 pence per Ordinary Share).