Fund managers can configure fees at the unit class level across six fee categories, giving a complete picture of a fund's cost composition. Each fee can be calculated as a percentage of holding value per annum, or as a fixed dollar amount apportioned across the fee period.
Fee Categories
Every fee is assigned to one of six categories:
Category | Description |
Management Fee | Recurring fees for managing the fund and its assets |
Performance Fee | Fees tied to fund performance, such as carried interest or high-water mark fees |
Transaction Fee | One-off fees triggered by specific investment events, such as acquisitions, dispositions, or financing |
Operating Cost | Ongoing costs of running the fund passed through to investors, such as administration, audit, legal, or custody |
Indirect Cost | Costs incurred in underlying or interposed vehicles that reduce investor returns |
Establishment Cost | One-time costs at fund launch, investor onboarding, or fund close |
Every category supports both calculation methods — % per annum and Fixed $ amount.
Add a Fee
To add a fee to a unit class:
In the navigation pane, select Funds
Navigate to the relevant fund and open the Unit Classes tab
Select the unit class you want to update
Go to the Fees and Costs tab
Click Add fee
In the dialog, complete the following:
Fee category (required) – select one of the six categories. Defaults to Management Fee.
Calculation method (required) – choose % per annum or Fixed $ amount
Rate or amount – enter the annual percentage rate (up to 6 decimal places) or the fixed dollar amount
Effective period – select the from and to dates the fee applies
Note (optional) – add context, up to 500 characters
Click Confirm to save
Note: Fees in the same category with the same calculation method cannot have overlapping effective periods. Fees in different categories, or with different calculation methods, may overlap.
View and Filter Fees
The Fees and Costs tab on the unit class lists all configured fees with the following columns:
Category – the fee category label
Effective Period – the date range the fee applies
Fee Amount – formatted as a percentage per annum or a dollar amount
Note – any note added when the fee was created
Date Added – when the fee was created
Created By – the admin user who created the fee
Use the category filter above the list to narrow the list to one or more categories. Your selection stays in the page address, so you can share or bookmark a filtered view.
Delete a Fee
To remove a fee, click the ellipsis (...) next to it and select Delete. This works the same way for fees of any category.
Where These Fees Appear
Fees configured on the unit class flow through to investors on their periodic statements and exit statements.
All six categories are included. Whatever an investor is charged across management fees, performance fees, transaction fees, operating costs, indirect costs and establishment costs is captured, not management fees alone.
They are combined into a single total. The statement shows one fees and costs figure covering every category, rather than a line per category. To see the composition behind that figure, review the fees on the unit class Fees and Costs tab for the period in question.
Adviser fees are separate. Fees agreed between an investor and their adviser are configured on the application, not on the unit class, and appear on their own line of the statement. They are not part of the unit class fees and costs total.
Both statement types calculate this the same way. A periodic statement covers the period you configure; an exit statement covers the start of the financial year through to the investor's exit date. The fee calculation itself is identical — only the date range differs.
How Fees Are Calculated
Caruso calculates fees using a daily accrual method. The system automatically breaks the calculation into sub-periods whenever:
The holding value changes
A new fee rate becomes effective
For each sub-period: Fee = (Units Held × Unit Value) × (Annual Rate ÷ 365/366) × Days in Period
Fixed dollar amount fees are apportioned across the unit class and the days in the fee's effective period.
Each sub-period is rounded once, then the sub-periods are summed.
Related Articles
If you have any questions or need help at any stage, please contact our Caruso Support team either by email or live chat.