life-cycle of the fund. The AIF funds and COF III employed a 20% carriedinterest fee structure. Carriedinterest was subject to an 8% preferred for its
fee-paying ... expenses. The Partnership's interest in FCI II was not
subject to management or carriedinterest fees. In effect, it earned the underlying
fund's return on investment ... million at the Valuation Date.
FCI Fund employed a 0.5% management fee and 10% carriedinterest fee structure.
The management fees could vary based on life-cycle of the fund