How private equity works: funds, fees and returns
Start here. A fund is a partnership with a ten-year clock, two kinds of partner and a fee structure that decides who is paid when. These pages explain each part in the order you meet it in a fund document.
- 6pages
- 69sources cited
| Page | Format | Sources | Checked |
|---|---|---|---|
| What is private equity? How it works, with Asia dataPrivate equity explained: what it is, who the players are, how funds make money, the main strategies, who can invest, and where Hong Kong and Asia fit. | Guide | 12 | 21 October 2026 |
| How a private equity fund works in AsiaA private equity fund is a ten-year limited partnership. Who the partners are, where liability stops, and how Hong Kong, Singapore and Cayman funds differ | Guide | 18 | 21 October 2026 |
| GP vs LP in private equity: roles and liabilityThe general partner runs a private equity fund and answers for its debts. Limited partners fund it and stay passive. Roles, liability and pay explained. | Guide | 8 | 21 October 2026 |
| The private equity J-curve: why returns start negativeWhy private equity funds show losses before gains: fees on commitments, slow deployment and late exits, with cash flow data and Asia's exit queue. | Story | 13 | 21 October 2026 |
| IRR, MOIC, DPI and TVPI explained with worked examplesWhat IRR, MOIC, TVPI, DPI and RVPI measure in private equity, how they relate and how to read them, with worked examples and GIPS and ILPA definitions. | Reference | 9 | 21 October 2026 |
| Private equity fees: management fee and carryPrivate equity charges a 1 to 2% management fee and about 20% carried interest. Each charge explained with worked examples, Asian fund rates and Hong Kong tax. | Reference | 9 | 21 October 2026 |
Every figure on these pages links to the regulator, standards body or filing it came from, and each page shows the day it was checked. How pages are checked.