[On-demand] The pros and cons of fund terms and fees


In the latest webinar of our ongoing PitchBook Benchmarks Webinar Series Our analysts have examined key aspects of the fund’s terms and fees – a topic that is always current and ever-changing. They discussed why terms like hurd rates and recycling are suddenly receiving more attention and how LPs can negotiate more favorable treatment through increased awareness of charging fees and other financial terms. In addition, our speakers introduced lesser-known approaches to calculating management fees, performance fees, and other conditions.

Using historical cash flow data, this episode included a discussion of:

  • How and why fund conditions and fees are constantly changing at their margins
  • The countless ways in which an administration fee can be calculated
  • Why the hurdle rate could be doomed

Watch the recording below or Download the presentation slides.

Related PitchBook Reports:

More about the panellists:

James Gelfer

James Gelfer
Senior Strategist & Lead VC Analyst, PitchBook

James Gelfer is a Senior Strategist and Lead VC Analyst at PitchBook. Gelfer introduced PitchBook’s VC reporting in 2012 and fund performance benchmarks in 2017, and currently leads PitchBook’s venture capital and fund performance research initiatives. Before joining PitchBook, Gelfer was an associate in Goldman Sachs’ Alternative Investment & Manager Selection (AIMS) group, where he conducted research across all alternative asset classes. Gelfer’s research and expertise has been cited in the Wall Street Journal, Barron’s, Institutional Investor and other private equity and venture capital publications.

Hilary Wiek

Hilary Wiek, CFA, CAIA
Senior Analyst, PitchBook

Hilary Wiek reports on fund strategy and performance for PitchBook. She also oversees PitchBook’s ESG/Impact Investing coverage. With over 20 years of experience in asset ownership, managerial and advisory roles, Wiek was previously Director of Investments at Saint Paul & Minnesota Foundations, where she was responsible for portfolio management, impact/ESG, investment diligence and monitoring, and investment operations.

About the PitchBook Benchmarks Report

The PitchBook Benchmarks report uses a sophisticated data collection process that results in one of the most robust fund performance datasets on the market, and we provide insight into the underlying funds and metrics used to create each benchmark. Each edition of the report includes a range of performance statistics across PE, VC, Debt, Real Assets, Fund-of-Funds and Secondary strategies.

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