The Big Picture

OCTOBER 14, 2023

We discuss the firm’s unique fee arrangement: For institutional accounts of $100 million and up, they pay a base fee 33% of outperformance versus the benchmark (and no management fee). When they underperform, they refund as much as 25% of their performance fees.

Investing 70

Investing Performance Fees Startups Management Fees 70

Pension Pulse

MAY 22, 2024

billion of net income, CPP Investments directly and indirectly incurred $1,617 million of operating expenses, $1,449 million in investment management fees and $2,067 million in performance fees paid to external managers, as well as $427 million of transaction-related expenses. To generate $46.4 bps in fiscal 2023.

Investing 59

Investing Pension Funds Stakes Assets 59

The Big Picture

JUNE 13, 2023

You can stream and download our full conversation, including any podcast extras, on iTunes , Spotify , Stitcher , Google , YouTube , and Bloomberg. The transcript from this week’s, MiB: Mathieu Chabran, Tikehau Capital , is below. And I think this is where the industry should be heading.

Banks 57

Banks Asset Management Capital Assets 57

The Big Picture

MARCH 27, 2023

You can stream and download our full conversation, including any podcast extras, on iTunes , Spotify , Stitcher , Google , YouTube , and Bloomberg. And all these formally high performers are now just so big, they’re very happy collecting the management fee and the performance fee matters less.

Hedge Funds 112

Hedge Funds Funds Assets Financing 112

The Big Picture

JULY 4, 2023

You can stream and download our full conversation, including any podcast extras, on Apple Podcasts , Spotify , Bloomberg , Stitcher , Google , and YouTube. You have no performance fee and no line of sight to getting to one anytime soon, and you have AUM shrinking by virtue of the losses, as well as the fact that LPs are now rightly redeeming.

Hedge Funds 57

Hedge Funds Funds Capital Banks 57