Fee Variation in Private Equity
研究了私募股权基金内部投资费用的差异，发现多数基金有两档费用结构，且投资者规模、经验和过往业绩只能部分解释费用差异，暗示谈判技巧等未观测因素影响显著。
ABSTRACT We study how investment fees vary within private equity 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 and those in high demand are less likely to use multiple fee schedules. Some investors consistently pay lower fees relative to others within their funds. Investor size, experience, and past performance explain some but not all of this effect, suggesting that unobserved traits like negotiation skill or bargaining power materially impact the fees that investors pay to access private markets.