net的意思

问题如下：

One hedge funds values $160 million at year beginning, and it adopts “2 and 20” fee structure. Management fee is based on year end assets value. Incentive fee is calculated net of management fee using a 10% soft hurdle rate, and previous high-water mark is $198 million. If the assets appreciate by 25% in the next year, what’s the total fee amount received?

选项：

A.

$4.0 million.

B.

$4.4 million.

C.

$8.0 million.

解释：

A is correct.

年底AUM=年初AUM*（1+增长率）=$160 million × 1.25 = $200 million

所以，管理费=$200 million × 2% = $4 million，因此扣除完管理费的年底净值=$200 million – $4 million = $196 million

由于没有达到高水位的要求，所以不能领取绩效奖，GP只能拿到管理费部分，所以总费用就是$4 million。