Endowments across America are slashing effective private fund fees by 50%
Charlie Munger · Charlie Munger (Audio) · Acquired · Oct 30, 2023 · at 25:25
Charlie Munger describes institutional pushback against high fee structures among venture capital and private equity managers.
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“The endowments have started to say to the, all these people that charged three and 30 or whatever they charge, they said, we'll pay your three and 30, but we're going to put in twice as much money, and then the next half you'll get nothing on it, or you're just going to ride peri-passu on some of your investments. So the means go down by 50%. That'll take a lot of the fun out of it. Fees down 50%. And that's happening all over America.”
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