Understanding Hedge Fund Fees: Implications for Hedge Fund Managers

K&L GATES ક THE WORLD (OF) SERIES Series accounting is divided into equalization (a single series) and monthly series (a new series issued each month, subject to consolidation of all series above their HWM as of the end of each Performance Fee calculation period). These accounting systems are fundamentally the same, except that equalization, rather than issuing a new series each month, restates I the number of Shares held by each investor as of the beginning of each month so that all Shareholders' investments in the Fund are expressed in terms of the longest outstanding series of Shares. klgates.com 23 23

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