Fund expenses: An awkward dance
05.03.2025 – Articles
Regulators on both sides of the Atlantic are sharpening their focus on fund expenses; they will find a series of tense manoeuvres between GPs and LPs.
It’s the end of the meal and the server comes over with the bill. Cue awkward conversation; “Let me get this”, “No, please, let me, I insist.” Or worse, the bill lands and it’s resolutely ignored by everyone at the table.
Thankfully, when it comes to dining out, social etiquette provides much needed guidance on how to behave in these potentially tense situations. However, social etiquette plays little to no role when it comes to who picks up the bill for a private capital fund.
Rather, the most authoritative guidance comes from the ILPA Principles.