NISM 19D Alternative Investment Fund Managers Certification Exam Notes

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  • Management Fees: Charged annually, typically 1-2% of committed capital or NAV.
  • Performance Fees: Linked to fund profits, often 20% of returns above a hurdle rate.
  • Hurdle Rate: Minimum return threshold before performance fees are charged.
  • High-Water Mark: Ensures performance fees are paid only on new profits.
  • Carried Interest: Share of profits allocated to fund managers, typically 20%.

NISM 19D Alternative Investment Fund Managers

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