A private equity fund pays a management fee of 3% of PIC and carried interest of 20% to the general partner using the total return method based on committed capital. In 2008 the fund has drawn down 80% of its committed capital of $250 million, and has a net asset value (NAV) before distributions of $260 million. The 2008 management fee and carried interest paid, respectively, is (in millions):

(All dollar figures are in millions)
Management fee is paid annually on paid-in capital (PIC), which is just cumulative capital drawn down. 2008 management fee is thus 3% of $200, or $6.0.

WHY? HELP!!!

committed capital of $250 million，drawn down 80%，所以paid-in capital =250*0.8=200。

由于fund pays a management fee of 3% of PIC ，是基于paid-in capital付管理费，得出管理费=200*0.03=6