C选项

问题如下：

Hedge funds are similar to private equity funds in that both:

选项：

A.

are typically structured as partnerships.

B.

assess management fees based on assets under management.

C.

do not earn an incentive fee until the initial investment is repaid.

解释：

A is correct.

Private equity funds and hedge funds are typically structured as partnerships where investors are limited partners (LP) and the fund is the general partner (GP). The management fee for private equity funds is based on committed capital whereas for hedge funds the management fees are based on assets under management. For most private equity funds, the general partner does not earn an incentive fee until the limited partners have received their initial investment back.

对冲基金和私募基金都是采取合伙制形式，所以A选项是两者的共同点；而B选项，hedge funds是根据资产管理规模（AUM）来计算管理费，而 PE fund是以committed capital 计算管理费，此处两者有明显差异，故B不正确；并且PE fund可能会有初始投资回收后才发放绩效奖的条款规定，hedge funds没有类似的条款，所以C也不正确。