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Insight Center: Podcasts

Fund Fees and Expenses Trends

Speaker: Julia D. Corelli

8/20/2019

Podcast Category: Funds

Fund Fees and Expenses Trends

Julia Corelli, a Pepper partner and co-chair of the firm’s Private Fund Services Group, joins this Pepper podcast to discuss trends in fund fees and expenses. In 2014, 2016 and 2018, Ms. Corelli spearheaded for Pepper surveys published by PFM, in which fund managers shared how they deal with fees and expenses. In addition, in 2015, Pepper and MergerMarket partnered to take a close look at the co-investment environment.

Taken collectively, these surveys offer unique insight into how fund CFOs and CCOs approach ordinary and extraordinary fees and expenses that occur in the life of a private equity fund. These fees and expenses need to be appropriately allocated to investors, co-investors and/or managers. But what is appropriate?

Ms. Corelli recently wrote an article for the Journal of Private Equity where she reviewed the guidance that the surveys offer and how to address unanswered questions when industry guidance is lacking.

Ms. Corelli joined the podcast to share what she learned from the process of writing that article. Topics covered include:

  • Where along the deal timeline do expenses cease to be included under management fees and become deal costs?
  • How are broken deal expenses treated?
  • What are the major drivers of co-investing?
  • Are regulatory expenses growing?

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