“LP打电话问我：你们还收管理费吗？”

Core Viewpoint - The recent announcement by the Guangdong Provincial Finance Department regarding the management fee structure for government investment funds has sparked significant discussion in the investment community, particularly concerning the implications for venture capital (VC) firms and their management fee practices [10][11][12]. Group 1: Management Fee Structure - The management fee for government investment funds will now be determined based on performance evaluations, and fees should primarily be paid from fund earnings or interest, not from the principal [10][11]. - A notable shift in the management fee model is the move from a traditional "commitment-based" fee structure to a "performance-based" one, where fees are only collected if the fund generates returns [11][12]. - The common fee structure of "2+20" (2% management fee and 20% performance fee) is under scrutiny, with some firms now promising to defer management fees until after the fund has generated returns [2][10]. Group 2: Industry Reactions and Trends - The investment community is experiencing a "management fee earthquake," with LPs (limited partners) questioning the viability of traditional fee structures and some VCs offering to waive fees during the fundraising phase [10][15]. - The average fundraising time has significantly increased, from around 10 months in 2015-2020 to approximately 27 months currently, leading to increased pressure on VCs to adapt their fee structures [9][10]. - The new regulations may lead to a broader reevaluation of the management fee practices across the industry, with potential implications for the survival of many GP (general partner) firms [15][16]. Group 3: Financial Implications - The financial sustainability of VC firms is at risk, as management fees are crucial for covering operational costs such as salaries and office rent [12][15]. - The average DPI (Distributions to Paid-In) for government-guided funds is only 0.7, indicating that many funds have not yet returned their initial investments, which raises concerns about the long-term viability of the current investment model [13][14]. - The shift in management fee practices reflects a broader trend of decreasing fees in the industry, with some major firms reducing their management fees in response to market conditions [15][16].