UK - A private equity fund-of-funds with no charges for establishment costs, annual management fees or carried interest has been launched by ViaNova Capital.
The fund manager believes the offering – being targeted at pension schemes – “removes traditional barriers to investors”.
Managing partner Andrew Evans said the fund aimed to reduce the level of fees typically associated with investing in fund-of-funds “significantly”.
He added: “By moving away from traditional fund-of-funds fee structures and not replicating charges to investors that have already been paid to managers of underlying funds, Via-Nova will take fewer fees from investors.
“This will free up more capital for investments, which we believe will enable us to deliver enhanced investor returns.”
ViaNova will take a 2% interest in the fund and will receive an initial one-off fee from investors – equal to 2% of their commitments. This contrasts the typical fund-of-funds fee structure, which includes an establishment cost and annual management payment.
The fund will invest exclusively in European private equity buyout funds with around 70% of capital put into a pool of leading pan-European fund managers.
ViaNova will invest around 30% of capital in buyout funds to be raised by high quality specialist managers that focus on specific countries or regions within Europe.
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