Investment Fund Analysis & Strategy

Transfer pricing and regulatory constraints Profit-split ? Provides: Manager / GP Investors • Management services • Technical Profits expertise Cost-plus ? Fund Provides: advisory services Advisory company Target Group PwC Context Transfer Pricing must be in line with the functions performed by each party as well as their control over risks. Impact for funds Remuneration of the GP and advisory company must be inline with those principles: • Remuneration of advisory companies: cost plus vs. profit split • Functions delegated by GP: must retain sufficient resources Regulatory constraints 24 24

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