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  "documentTitle": "TAL Education Group (TAL)",
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  "presentationDate": "2018-06-13 00:00:00",
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  "notes": "The slide includes a screenshot of a fee structure table from a 2015 marketing deck. The text discusses the fund's exit performance and fee incentives.",
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      "text": "TAL chose to downplay the new fund’s massive initial success - it did not mention it by name in its disclosure, only referring to FreeS Fund as “a noncontrolling interest holder”.",
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      "text": "FreeS Fund reportedly has a limited partner-friendly fee structure that incentivizes FreeS to earn at least 3x on an investment. At 5x, FreeS Fund earns a 30% carry. Below is a slide from FreeS Fund's marketing deck in 2015 explaining the structure.",
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      "text": "We note that Mr. Li was at IDG when TAL transferred, and then bought back, Guangzhou 1-on-1 to / from an IDG portfolio company. These transactions, which are the focus of the second part of this report, generated for TAL approximately $60 million in accounting profits.",
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      "text": "TAL chose to downplay the new fund's massive initial success - it did not mention it by name in its disclosure, only referring to FreeS Fund as “a noncontrolling interest holder”. We think FreeS Fund's stunning success deserves more recognition.",
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      "text": "59 http://tech.qq.com/a/20160329/052492.htm 60 https://www.crunchbase.com/organization/freesfund#section-overview",
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      "text": "FreeS Fund: The New King of China VC?",
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