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Pawson Foundation

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Submitted By pinkykk
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PAWSON FOUNDATION: AUGUST 2006
Case Study
FNCE611 Private Equity and Venture Capital

Present to:
Professor LIM, MENG ANN
Present by:
HU, XINYIN
LI, LUXI
LIU, YUANCHANG
RATANASIRIGULCHAI, TEEMAR

Compensation Methods: Budget-based vs Flat-Rate Management Fee | |
Mayfield charged a budget-based management fee to appeal to potential LPs. Because industry practice was traditionally a 2/20 based fee, Mayfield had a competitive advantage against other VCs as the budget-based fee was attractive because: * Transparency. Budget-based fees encourage transparency by requiring Mayfield to produce an expense list, providing LPs greater information compared to the traditional management fee based on committed capital. * Alignment of Interest. A flat-rate management fee causes misalignment of interest, especially as fund sizes increase; the increase in size is especially notable through the growing Mayfield fund sizes, peaking at $1b (Exhibit 2 to 4a) * Flat-rate fees encourage efforts placed in raising the funds, noted from the fact that a 2.5% fee could reduce the capital for investment by 1 investment project; alternatively, the budget-based fees emphasizes the performance of the fund. * Conceptually, budget-based fees are more justifiable as management fees were meant to solely support the operations of the VCC; as VCs promote alpha returns, alignment of interests is greater with lower management fee and the bulk of compensation geared towards the carried interest. * Best of Flat-rate and Costs. The budget-based fees allow LPs to bay the minimum of 2.5% or actual expenses. Thus, there is no particular downside to this situation.

Because of the value of budget-based fees, Mayfield can benefit from implementing this fee structure through the following ways: * Higher Carry Interest. Because of budget-based fees, it is possible to

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