Private Equity Annual Program Review
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item09a-01
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<strong>Private</strong> <strong>Equity</strong> <strong>Annual</strong> <strong>Program</strong> <strong>Review</strong><br />
Attachment 1, Page 33 of 34<br />
<strong>Program</strong> Expenses<br />
AUM<br />
($billions)<br />
FY 2014-15 FY 2013-14<br />
Fees Paid<br />
($millions)<br />
Fees Paid 2<br />
(BPS)<br />
AUM<br />
($billions)<br />
Fees Paid<br />
($millions)<br />
Fees Paid 2<br />
(BPS)<br />
Internal Management $ 0 $ 8 3 $ 0 $ 7 2<br />
External<br />
Management 1 $ 28,958 $ 414 143 $ 31,543 $ 441 140<br />
Consultants Expense N/A $ 2 1 N/A $ 2 1<br />
Technology &<br />
Operating Expense<br />
N/A $ 7 3 N/A $ 6 2<br />
Total <strong>Program</strong> 3 $ 29 $ 431 149 $ 32 $ 456 144<br />
1<br />
The external fee information does not include the GP’s carried interest. The percentage of carried interest earned varies for each private equity<br />
partnership, but generally ranges from 10% - 20% of the net profits of the fund, after expenses.<br />
2<br />
All BPS fees paid figures are calculated on Total <strong>Program</strong> AUM defined as NAV (Net Asset Value)<br />
3<br />
Some totals may not reconcile due to rounding<br />
33
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