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  "docSlug": "b516607343964728",
  "documentTitle": "2021 q4 earnings results presentation",
  "authorId": "GoldmanSachs",
  "authorName": "Petershill Partners",
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  "notes": "The slide uses a combination of text annotations and a stacked bar chart to explain the mechanics of management fee structures in private equity.",
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  "components": [
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      "kind": "callout",
      "text": "Management fees are contractually agreed for each fund's life.",
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      "kind": "chart",
      "text": "ILLUSTRATIVE FUND AUM",
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      "kind": "list",
      "text": "A: management fees are recurring in nature... B: typically charged on committed AuM... C: post the investment period... D: typically, successor funds are established...",
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    {
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      "text": "Management fees",
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      "kind": "subtitle",
      "text": "Petershill Partners' Partner-Firms have 197 funds currently generating management fees",
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      },
      "kind": "table",
      "text": "Fee rate, mgmt fees (initial fund), total mgmt fees (incl. successor funds) by year 1-10",
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      "kind": "title",
      "text": "How do Partner-Firm management fees work?",
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      "evidence": "Stacked bar shows fee evolution across fund lifecycle",
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      "name": "Build Up",
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