Perry Offers To Halve Performance Fee

Feb 23 2009 | 12:55pm ET

Perry Capital, whose flagship hedge fund fell by about a quarter last year, is offering to slash its performance fee if investors agree to begin paying it again immediately.

Perry is offering to halve its performance fee on Perry Partners International to 10%, The Wall Street Journal reports. Investors who accept the deal would have to begin paying incentive fees again right away, in spite of the fact that the $8.3 billion fund has not posted a winning month since the end of 2007 and is well below its high water mark.

In exchange, investors will continue to pay the 10% fee until the fund has returned to its high water mark and then returned two and a half times its losses from fiscal year 2008.

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