2021 Private Equity Fees and Terms Study


Callan’s 2021 Private Equity Fees and Terms Study is a comprehensive update to our inaugural study conducted last year. With each year, the study’s dataset broadens, and this year we include a wider variety of general partners and strategy types. The study is intended to help institutional investors better evaluate private equity funds, serving as an industry benchmark when comparing a partnership’s terms to its peers. This study can also be useful for general partners, to determine how their fees and terms compare to other managers.

This year’s study includes 187 private equity partnerships, representing fund offerings reviewed by Callan that were in the market in 2018, 2019, 2020, and YTD 2021 (as of 08/21). It includes the 2018 and 2019 partnerships that were evaluated in Callan’s 2020 study and adds 2020 and 2021 partnerships. The data were pulled from the limited partnership agreements or private placement memoranda of these funds that were reviewed as part of Callan’s due diligence process. We focused on the following principal terms to provide a concise snapshot of the market:

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