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Fees & Expenses
The Cost Transparency Initiative – which covers around £180bn of scheme assets – will run a pilot phase to test the new templates and supporting materials until January 2019.
The 2018 pfm Fees and Expenses Benchmarking Survey shows a lack of clarity around who pays what at the end of a fund’s life.
More than half of funds plan to renegotiate fees if they extend the life of the fund. This could create a whole new set of problems, say Tom Angell, partner at WithumSmith+Brown.
Expense provisions in fund documents are getting longer and longer, amid pressure on GPs to be more transparent, says Julie Corelli, a partner at Pepper Hamilton.
General partners are engaging a whole host of specialized service providers, and funds are increasingly picking up the tab. Are all parties aligned enough to ensure that investors can reap the benefits as well, asks Anne Anquillare, CEO and president of PEF Services.
Fund managers are faring better in SEC exams, but many still revise documents after a visit from the regulator.
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.
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-investments have become standard in private equity, but arrangements between LPs and GPs vary.
GPs are finding ways to get round investors’ reluctance to pay fees for running portfolio companies.
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