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Private markets fees
Management fees are only part of the picture
Complex fee structures in private markets lead to hidden costs and misallocations, eroding investor returns and confidence. While management fees are mostly visible, their impact is modest relative to other costs and carried interest.
Indicative only. Cost proportions vary by strategy. Source: bfinance.
Six recurring sources of hidden cost
Opaque fee structures can leave investors unaware of their true costs.
Complex waterfall calculations can lead to errors.
Is the manager paying the expenses that it should be?
Insufficient or unclear investor reporting can obscure fees and hinder oversight.
Sub-asset classes face their own unique challenges requiring scrutiny.
Effective cost reviews and benchmarking are resource-intensive.
Regulators cannot investigate every fund
Enforcement activity varies by region and cannot cover the full universe of private funds. That gap is exactly why LPs need to take the initiative and be proactive in the monitoring of their own investments, rather than relying on regulators to catch every issue.
Common areas of scrutiny observed across the industry, based on bfinance's fee review engagements.
Unlocking transparency and accuracy in private markets
Our service helps you reveal hidden costs, recover undue amounts, and foster a transparent and fair relationship with fund managers, ultimately optimising cash flows and net returns, across three key areas.
Specialist support, on your terms
bfinance provides specialist support on all aspects of investment implementation, including portfolio strategy, manager selection, performance monitoring and fee benchmarking. Our clients include pension funds, endowments, family offices, sovereign funds, insurers, wealth managers and other asset owners.
Our support lets you focus on core strategic matters. Leveraging technology streamlines the process.
Asset class experts on managers and peers, applying complex calculations and industry knowledge.
Of managers with complex fee approaches, delivering evidence-based oversight.
A tested process of engagement with managers, with a proven track record of identifying and recouping savings.
The rest of our fee review, benchmarking and negotiation offering
All statistics and cost-saving estimates are derived from bfinance's proprietary analytics, historical client engagements and benchmarking exercises. Results are illustrative and based on actual cases; they are not guaranteed outcomes. Supporting data and methodologies are available on request for institutional investors. Past performance is not indicative of future results.
