Q & A Database

The GIPS Standards Q&A database contains questions and answers (Q&As) on various searchable topics that provide additional interpretation on an issue. Q&As are considered to be authoritative guidance and must be followed in order to claim compliance with the GIPS standards.

Content from prior Q&As was included in the GIPS Standards Handbook as much as possible and many Q&As were archived. Change the Status drop-down filter to "Archived" to see the archived Q&As.

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Archived

Effective: 1 January, 2006 - 31 December, 2019

Categories: Private Equity

Source: Interpretive Guidance for Private Equity

Which fees are not deducted from the gross-of-fees and net-of-fees returns?

All fees associated with making, managing, and divesting an asset (defined as transaction expenses in the GIPS glossary) must be deducted from the gross-of-fees return. management fees, carried interest and transaction expenses must be deducted from the net-of-fees return. In line with the general GIPS provisions, fees relating to the expenses incurred in running the fund itself, defined as administrative fees, and including custody fees and fund legal and accounting fees, do not have to be deducted in calculating the gross or net-of-fees returns.