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fees and expenses

How the SEC gets into the guts of GPs

Fund managers are faring better in SEC exams, but many still revise documents after a visit from the regulator.

Investors refuse to pay cybersecurity and IT costs – pfm survey

GPs should think twice before allocating too much of the IT budget to the fund, because LPs aren’t inclined to pick up the tab.

What is the real meaning of transparency?

More expense provisions in LPAs come at the cost of clarity over what investors have to pay, says Jennifer Choi, managing director of industry affairs of the Institutional Limited Partners Association.

Co-investment: no two are the same

Co-investments have become standard in private equity, but arrangements between LPs and GPs vary.

Managers playing a ‘game of cat and mouse’

GPs are finding ways to get round investors’ reluctance to pay fees for running portfolio companies.

LPs demand more granularity in fees and expenses

Investors are forcing funds to take disclosure to a whole new level of detail, with broken deal expenses one of the most contentious areas.

‘Devil is in the detail’ on LP-GP alignment – report

GPs have more skin in the game, according to a survey by MJ Hudson – but whose skin is it?

The holy trinity of terms: preferred return

In the final instalment of a three-part series, long-time limited partner turned consultant Ray Maxwell reflects on shortcomings of the hurdle rate in private equity and proposes an alternative.

The holy trinity of terms: management fees

Long-time limited partner turned consultant Ray Maxwell says private equity should benefit from either significant carried interest or high fees – but not both.

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