Question 1

Where do your investment opportunities come from?

Accepted Answer

Mavros offers direct access to a universe of global investment opportunities typically
only available to institutional investors. The firm leverages an integrated platform of our
investment bank, family office and asset management businesses, in additional to a
curated client base that creates an ecosystem of proprietary deal flow. Most importantly,
we offer these opportunities with a differentiated level of alignment.

Question 2

Why do you turn down so many investment managers?

Accepted Answer

As investors across both public and private asset classes, the illiquidity premium in
private markets requires top decile managers and performance. Our manager selection
and due diligence process has been built over decades stemming from our teams’
institutional backgrounds, in addition to a meticulous decision making strategy that
requires a level of conviction often ignored by decision makers.

Question 3

How long does a manager need to be successful before you invest?

Accepted Answer

Performance requirements vary from asset class and strategy, in addition to
performance we look at team tenure, size, responsibilities, backgrounds, turnover and
culture, amongst other factors. While past performance is helpful, we are also open to
emerging managers that display the level of expertise and conviction that we look for.
For example, we may look into an emerging manager that recently spun out of top decile
fund looking to replicate a similar strategy.

Question 4

How do you ensure fair deals when working with your own fund partners?

Accepted Answer

Our investment committee utilizes an extremely detailed diligence process that includes
sourcing, screening, manager assessments, portfolio reviews, qualitative reviews,
quantitative revies, reference calls, operational due diligence, “pre” investment
committee reviews, due diligence memo creation, committee votes, perpetual diligence,
advisory board roles, onsite visits and investment insights, amongst others.

Question 5

When you invest, do you prefer to run the company or just give money?

Accepted Answer

In a Direct Investment, we invest client and balance sheet capital and run our proprietary
strategies. In a Co-Investment, we invest alongside an outside manager in their best
deals, often taking a less active, but still high-influence role, to help capitalize the deal.
We may not run the company, but we will often have active board roles where we can
provide our expertise to the company.

Question 6

How does your typical carried interest charge work and is it truly a clear % of all profits?

Accepted Answer

We are very passionate, transparent and clear on all client fees. Client fees vary based
on the total amount invested, however, alignment remains paramount. The industry
standard across asset classes is 2/20, 2% management fees and 20% carry. We charge
management fees for administrative purposes up to 2%, (legal, fund administration,
audits, accounting), with our carried interest constructed in a tiered structure referencing
the alignment. A typical example for a deal, Mavros charges a % of carry when an LP
receives 1x of their return, and we charge a % of carry when our investors receive 2x of
their return. Mavros does not receive any carry fees until we return capital, ensuring
alignment with our partners.

Question 7

If I need to sell my investment early (secondaries), how does that work?

Accepted Answer

We offer an in-house secondaries platform to provide liquidity services to our private
wealth clients. This platform negotiates a price for your stake, and while we can’t
guarantee a price, it is a key way we offer flexibility in an illiquid market.

Question 8

Is it risky to invest in new, "next-generation" fund managers?

Accepted Answer

As mentioned briefly above, we are open to emerging managers that display the level of
expertise and conviction that we look for. We balance the risk this by pairing it with
strong diversification across managers, sectors, and investment stages to mitigate
downside risk and increase exposure to future top-performers.

Question 9

How serious are you about responsible investing (ESG)?

Accepted Answer

We are very serious. We require the GP to have a formal ESG policy and we monitor
whether they consider ESG issues for every portfolio company. This is part of our
comprehensive Operational Due Diligence (ODD).

Question 10

When can I expect to see money back from my investments?

Accepted Answer

This varies based on the investment. We share the asset due diligence, desired
investment horizon, MOIC, TVPI, and IRR of all of our vehicles and opportunities.

Question 11

Why invest in private debt or credit right now?

Accepted Answer

We see opportunities in private debt. Direct Lending provides yield and uncorrelated
returns. We use strategies that aim to capitalize on market dislocations (Opportunistic
Credit) to target strong risk-adjusted returns with downside protection.

Question 12

How do you deal with market timing and unexpected expenses?

Accepted Answer

We believe private equity is a long-term asset class, and it is impossible to predict
market cycles. Therefore, we emphasize consistent, annual allocations to mitigate the
risk of market timing. We guide clients through our modeling to forecast cash flows and
manage liquidity.

James Eduardo Jackson

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