• Bip Capital's analysis finds headline management fees understate private-market fund costs, with performance fees often excluded from reported expense totals.
• Fees charged on gross assets increase shareholder costs as borrowing rises; net-asset comparisons put funds on a consistent basis.
• Separating interest expense from other costs distinguishes leverage decisions from fees; share classes and feeder structures can increase investor charges.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Bip Capital LLC published the original content used to generate this news brief on November 12, 2026, and is solely responsible for the information contained therein.