The annual management fee calculated by stock funds seems to be similar, ranging from 2% to 3%, but it is actually different. Some are calculated on the basis of paid-in capital contribution, some are calculated on the basis of subscribed capital contribution, some directly arrange annual management fees, and some are more complicated. The following is a comparison of the provisions of several well-known funds on the management fee base.

The Fund specifically agrees to assess that the A Fund Partnership pays the management fee to the manager at 2% of the total paid-in capital contribution every year.

Under the on-call fund-raising mechanism, the management fee charged by GP is less before all the previous funds are put in place, but higher after all the funds are invested.

During the entrustment period of the first three years, the annual management fee of Party A of Fund B is 2.5% of the total entrusted funds; The annual management fee for the fourth year is 2%; The annual management fee for the last three years is 65438+ 0.5% of the total entrusted funds.

This agreement takes into account that the fund will gradually reduce the funds it manages in the later stage due to its gradual foreign investment. The number of points for collecting management fees is gradually reduced from 2.5% to 1.5%.

C Fund management fee accrual standard *2.5%/ year, initial fee accrual standard = subscribed capital contribution; When the project exits, the expense accrual standard is adjusted to: initial expense accrual standard-the initial investment corresponding to the exit project.

This agreement also takes into account the reduction of post-management funds and calculates the actual amount of post-management funds in a more quantitative way.

D. During the investment period of the Fund, the limited partnership enterprise shall pay the management fee of 2.5%/ year of the total subscribed capital contribution, and after the investment period, it shall pay the management fee of 2.5%/ year of the total project acquisition cost held by the limited partnership enterprise, but the minimum amount shall be no less than 6,543,800 yuan.

In a certain investment period, the management fee will be charged at a fixed proportion, and after the investment period, the management fee will be charged according to the corresponding investment cost of the project. The factors of decreasing management funds in the later period and the difference between the scale of management funds and the actual investment cost are also considered.

Manage dividends in different ways.

Q the first way: overall distribution, first return to the capital and then distribute the profits.

All the projects invested by private equity funds cannot be profitable. If profitable projects are allocated according to the "28" principle first, if project losses are encountered, the investment principal of a project may not be fully recovered. In order to ensure that the investment income allocated to GP is net profit, many funds stipulate that the investment principal must be recovered first, and only when there is profit can it be allocated to GP to manage dividends. This distribution method is also known as "returning the capital first and then distributing the profits", which is more inclined to protect the interests of LP. In this case, the profit cycle of GP is obviously delayed.

For example, in a limited partnership agreement, the profit distribution agreement is like this: "During the operation period, the principal should be recovered first, that is, the general partner can withdraw the management performance share only after the actual contribution (principal) of the fund is fully recovered. That is, when the actual cash income of the fund exceeds the actual contribution (principal) of the fund, the general partner has the right to participate in the net profit distribution of the value-added part of the investment project as its performance reward according to the following calculation method:

Performance reward during the period = fund net profit X 20%

Net profit of the fund = cash income of the fund-paid capital contribution of the fund "

Q the second method: allocate according to a single project and reserve the deposit.

It is also a common distribution method in stock funds to distribute according to a single investment project, and GP reserves a part of management dividends in stock funds as a deposit to make up for losses in other projects. As a deposit, it generally accounts for 40-50% of the management's dividends.

For example, a limited partnership agreement stipulates: "When the investment project is withdrawn and the project income exceeds the project cost × (1+8% × the investment period of the project), 20% of the excess will be set aside as a performance reward for the general partner, 50% of which can be actually distributed, and the other 50% will be kept as a risk reserve in the enterprise, managed in a special account and used at the expiration of the partnership.

Q the third way: calculate the cost of a single project according to a single project.

There are also individual funds allocated according to a single project, but at the same time, the investment principal, management expenses and principal loss confirmed by previous loss-making projects of a single project are accounted for and deducted.

For example, a limited partnership agreement stipulates that "for the project investment income in the fund's distributable funds, the share of the project investment principal that our fund has withdrawn shall be deducted and calculated by the limited partner according to the proportion of capital contribution; Two. The share of loss of investment principal of loss-making projects held by the fund confirmed by the general partner in advance shall be calculated according to the proportion of capital contribution; Three. The project management expenses are actually contributed and shared by the limited partners. Then 20% is allocated to the general partner and 80% is allocated among the limited partners according to the actual contribution ratio. "