Fund Expenses
Framework
Telvo's Fund Expenses policy defines the scope of expenses charged directly to each fund vehicle, the scope of expenses borne by the investment manager, and the reimbursement mechanics between them.
Fund-Level Expenses
Expenses charged directly to fund vehicles are limited to those permitted under each fund's LPA and include third-party legal, audit, tax preparation, fund administration, custody, sub-advisory, financing, insurance, valuation, and transaction-specific expenses.
Manager-Borne Expenses
Ordinary course expenses of operating the investment manager and the platform's operating company, including platform employee compensation, office overhead, and back-office technology, are borne by the investment manager.
Reporting
Fund-level expenses are itemized in each fund's quarterly LP report and reconciled annually in audited financial statements prepared by PwC.