Large investors are pushing for sweeping changes in “outdated” and “excessive” fee structures of private equity funds, underlining how the financial crisis is reshaping the asset class.
Sovereign wealth funds in particular have started to put pressure on buy-out bosses to change a traditional model of a management fee of up to 2 per cent.
“Fees calculated without any relation to running costs of a management company are entirely unacceptable,” said Georges Sudarskis, a senior adviser to Asian sovereign wealth funds and former chief investment officer of Abu Dhabi Investment Authority’s private equity programme.
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