Max Clark maxclark

GP/LP Real Estate: How Sponsors Extract Value — A Reference

A field guide to the fees, related-party structures, expense leakage, equity/waterfall mechanics, and performance-reporting tactics that determine how much of a deal's economics reach the LPs versus the GP. Note throughout: most fee categories are legitimate at market rate with disclosure. The abuse is almost always related-party markup, inflated rates, or undisclosed stacking — not the existence of the fee itself.

1. The Standard Fee Stack (charged directly, before/around the waterfall)

Contractual fees the GP collects regardless of LP returns. Legitimate when at market rate and disclosed in the PPM/operating agreement; extractive when inflated or stacked.

Acquisition fee — 1–3% of purchase price at closing for sourcing/underwriting. Red flag at 4%+ or when charged on total capitalization rather than purchase price.
Asset management fee — ongoing, ~1–2% of collected revenue (sometimes of equity or total assets). The "of equity

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