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  • 2020
  • Working Paper

How Do Private Equity Fees Vary Across Public Pensions?
By: Juliane Begenau and Emil Siriwardane
We study how investment fees vary within private-capital funds. Net-of-fee return clustering suggests that most funds have two tiers of fees, and we decompose differences across tiers into both management and performance-based fees. Managers of venture capital funds...  View Details
Keywords: Pension Funds; Fee Dispersion; Search And Negotiation Frictions; Private Equity; Investment Funds
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  • Forthcoming
  • Article

Fee Variation in Private Equity
By: Juliane Begenau and Emil N. Siriwardane
We study how investment fees vary within private-capital funds. Net-of-fee return clustering suggests that most funds have two tiers of fees, and we decompose differences across tiers into both management and performance-based fees. Managers of venture capital funds...  View Details
Keywords: Pension Funds; Fee Dispersion; Search And Negotiation Frictions; Private Equity; Investment Funds
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