How do Private Equity Fees vary across Public Pensions?
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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 and those in high demand are less
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美国国家经济研究局创建时间：
2022-03-01
