Private Markets Fees

This whitepaper provides a clear, structured overview of how fees work in private market investments—an area that is often complex, less transparent, and materially impactful to investor outcomes. It breaks down the different types of fees (such as management fees, incentive or performance fees, interest expense, and other operating costs) and explains how these components interact to affect net returns. The piece also introduces key concepts like hurdle rates, catch-up provisions, and high-water marks to help readers better understand how incentive fees are calculated and applied.