Re: [請益] 想入創投這行...小大一念書時可以做甚麼?消失
回一下這篇關於Hedge Fund的毛利率
別人怎麼算我不管 我手下一支Cayman fund是這樣算的
Fund size: 100M
Cayman Fund LLC, GP our own management LLC.
PM:1 Senior Analyst:3 Associate:4 Admin Assistant:1
Operating cost: 1M/yr, including Custodian bank, legal fee, accounting,
rent/utility, HR expenses, T&E expenses, etc.
Managment Fee: 1%, Profit sharing 20%
所以我們的Fee Income剛好cover我們的所有支出. 假設今年好年我們作20% return.
Profit Sharing = 100M x 20% x 20% = 4M.
GP Total revenue = Profit sharing + Fee Income = 4M + 1M = 5M
COGS = 1M
Gross Profit = 5M - 1M = 4M
GPM = 4M/5M = 80% 但這毛利率是GP的毛利率 跟我們關係不直接 我們還是看
profit sharing 的 pool
我這沒領薪水的PM有60 points, 三個senior analysts各有10 points 剩下10 points
用來選擇性犒賞Associate及Assistant或表現突出的senior analyst.
1 point = 1% of profit sharing pool 所以這一個好年
PM可以分到2.4M
Senior Analyst = 400K
所以在支出固定的情況下 GP毛利率完全取決於你的fund return.但是因為Cayman
不課capital gain tax 所以GP毛利率我們完全不在意 只在乎自己能分到多少錢
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