THE high fees that private-equity firms charged in the boom, typically 2% of the assets they oversee (the “management” fee) and 20% of the upside (the “performance” fee), are harder to pocket now.

私募基金公司收取的费用正在急速上涨，其中较为典型的是2%的资产管理费用还有20%的，这些费用现在都不能装进自己的口袋了。

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Investors would not dream of paying a performance fee to traditional fund managers merely for matching the market return, yet they cheerfully reward private-equity managers for the same feat.

投资者绝不会在收益仅仅符合市场一般回报水平时向传统基金的经理人支付业绩提成，然而他们却欣欣然的在同样情况下，给予私募股权经理人以业绩提成。

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According to Eurekahedge, a data provider, the average performance fee for funds of funds was 6.5% in 2009, down from 10% in 2007.

据数据提供者Eurekahedge说，组合基金的平均服务费从2007年的10%降到了2009年的6.5%。

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The fund charges an annual management fee of 1.25% plus a performance fee of 20% on returns exceeding the U.S. Treasury bill rate.

FORBES: Best-Kept Secret

Since management fees are modest, the real gravy is the performance fee, normally 20% of profits.

FORBES: Growing Pains

The average fund of hedge funds investor pays a 2% management fee and an 11% performance fee, in addition to the fees paid to each of the underlying funds.

FORBES: Hedge Fund Clients: A Loyal Group