# kaal:claim:2739479-028

**Claim.** The finding that advisers size AUM around regulatory cost is in tension with anecdotal evidence, since only a minority of private investment funds pay expenses out of the management fee at all.

**Type.** failure  **Support.** argued

**Holds when.**

- private fund expense allocation practice
- survey inference about the AUM decision

**Source quote.**

> However, this finding is inconsistent with anecdotal evidence sug- gesting that only in a minority of private investment funds would expenses be paid using either all or a portion of the management fee.

**From.** Wulf A. Kaal, *The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2* (2016), IV.3. Assets Under Management, page 40

**Cite as.** Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016). SSRN: https://ssrn.com/abstract=2739479

**Verify.** sha256 of source PDF `b2e7b81a16ab01c73478b62e85068f9dadc5cdd18427241e8bc5e8216a967730` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202016%20-%20The%20Post%20Dodd-Frank%20Act%20Evolution%20of%20the%20Private%20Fund%20Industry%20Comparative%20Evidence%20from%202012%20and%202.pdf

**Failure mode.** Cost offset inference in tension with fee practice  (family: research-design-limitation)

**Topics.** empirical-evidence, private-funds

**Keywords.** expense-allocation, management-fee, assets-under-management, survey-limitations, private-funds

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