Private Equity Fund Terms Research 2021 – Part I: Economics (Management Fees and Carried Interest)

Similar to its predecessors, this year’s report will look at the terms and conditions of private equity funds, and how these impact both investors in private equity funds (LPs) and those managing such funds (hereafter referred to in this report as either Managers or GPs). With the benefit of the research we have undertaken in previous years, we provide a historical context, illustrating the trends and deviations that may signal more significant changes to come, as well as those areas that have remained more rigid and which may be expected to survive the current disruption, as the industry contends with COVID-19.