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问题如下：

Ash Lawn Partners, a fund of hedge funds, has the following fee structure:

• 2/20 underlying fund fees with incentive fees calculated independently

• Ash Lawn fees are calculated net of all underlying fund fees

• 1% management fee (based on year-end market value)

• 10% incentive fee calculated net of management fee

• The fund and all underlying funds have no hurdle rate or high-water mark fee conditions

In the latest year, Ash Lawn’s fund value increased from $100 million to $133 million before deduction of management and incentive fees of the fund or underlying funds. Based on the information provided, the total fee earned by all funds in the aggregate is closest to:

选项：

A.$11.85 million. B.$12.75 million. C.$12.87 million.

解释：

Total fees paid to all funds (underlying funds and Ash Lawn) are $12.75 million, consisting of underlying fund fees of $9.26 million and Ash Lawn fees of $3.49 million, calculated as follows:

Underlying fund fees:

Management fee = $133 million × 0.02 = $2.66 million.

Incentive fee = ($133 – $100) million × 0.20 = $6.60 million.

Total underlying fund fees ($2.66 + $6.60) million = $9.26 million.

Ash Lawn fees:

AUM at end of year, net of underlying fund fees = $133 million – $9.26 million = $123.74 million.

Ash Lawn management fee = $123.74 million × 0.01 = $1.24 million (rounded).

AUM net of underlying fund fees and Ash Lawn management fee = ($123.74 – $1.24) million = $122.50 million(rounded).

Ash Lawn incentive fee = ($122.50 – $100) million × 0.10 = $2.25 million (rounded).

Total Ash Lawn fees = ($1.24 + $2.25) million = $3.49 million (rounded).

Total fees of underlying funds and Ash Lawn:

($9.26 + $3.49) million = $12.75 million (rounded).