????“他把散亂的點連接了起來?！?/p>

????接近貝恩資本（Bain Capital）的一位消息人士這樣對我評價戴維?托爾。托爾日前表示，總部位于波士頓的貝恩資本將在下次募集大型收購基金時為投資者提供更高比例的利潤。貝恩資本歷來收取2%的年管理費和30%的收益分成，兩者均高于行業標準。托爾寫道：

????一位為美國多個州養老金計劃提供咨詢服務的顧問稱，他已“從不同渠道”聽到貝恩資本下次推出第11支核心基金時（時間可能是2012年），將僅向投資者收取20%的收益分成?！柏惗髻Y本不希望在具體條款上明顯遜于對手，”該顧問表示。過去這位顧問曾拒絕投資貝恩資本，但現在愿意考慮了。

????要明確的一點是，目前貝恩資本甚至還未與投資者討論第11支基金。其115億美元的第10只基金目前只完成51%的投資，這意味著2013年前貝恩資本應該不需要新的資金。但貝恩資本已通知投資者下個月可認購其第2支亞洲基金，較之第1支亞洲基金有三大不同之處：

????1. 新基金計劃募資規模20億美元，高于2007年募集的10億美元。

????2. 新基金的投資地區將包括印度。當第1支亞洲基金募集時，貝恩資本在印度當地甚至都還沒有團隊，因此其三只印度組合公司現處于綜合基金中。

????3. 新基金將為投資者提供兩種費用結構，該消息最初于上個月由道瓊斯通訊社(Dow Jones)報道。一種選擇是2%的管理費和20%的收益分成，另一種則是1%的管理費和30%的收益分成。私募股權公司通常不采用多種收費模式，這是借鑒于對沖基金行業。

????托爾從這支新的亞洲基金推及未來將發行的綜合基金。貝恩資本相信一旦在亞洲為投資者提供此類選擇，事實上將不太可能在下一次募資時再堅持2%的管理費和30%的收益分成。對于貝恩資本希望吸引的亞洲基金新投資者尤其如此，包括一些養老基金根本就不會接受30%的收益分成 (通常更多是出于輿論考慮，而不是投資授權)。

????“下一輪基金募集至少要到18個月后，”我的消息人士說，“但我看不到將費率水平降至更接近行業標準后，怎樣才能再次提高……不管你的毛回報率或凈回報率有多高?！?/p>

????"He did a pretty good job connecting the dots."

????That's what a source close to Bain Capital tells me about David Toll, who today reported that the Boston-based firm would offer investors a greater share of the profits on its next mega-buyout fund. Bain traditionally charges a 2% annual management fee and 30% carried interest, both of which are higher than the industry standard. Toll writes:

????One adviser to several state pension plans said he heard "from various sources" that when the firm returns to market with its eleventh core fund, perhaps in 2012, it will offer investors a 20 percent carried interest. "Bain didn't want to be differentiated in terms of having worse terms than everyone," said the adviser, who previously declined to invest with Bain Capital but now would consider it.

????To be clear, Bain has not yet talked to investors about an eleventh fund. Its $11.5 billion tenth fund is only 51% committed, which means the firm shouldn't need new capital until 2013. But it has told them to expect books next month on its second Asia fund, which will have three major differences from its first Asia fund:

????1. It is targeting $2 billion, compared to the $1 billion raised in 2007.

????2. It will include India investments. Bain didn't even have a team on the ground in India when the first Asia fund was raised, so its three Indian portfolio companies sit in its general fund.

????3. It will offer investors a choice of fee structures, as first reported last month by Dow Jones. One option is a 2% management fee and a 20% carried interest. The other is a 1% management fee and a 30% carried interest. Private equity firms don't typically use multiple-choice fee models, so this really is borrowing a page from the hedge fund world.

????The dots Toll successfully connected were between the new Asia fund and the eventual general fund. Bain believes that once it offers its investors this sort of choice in Asia, it will be practically impossible to insist on 2/30 the next go-around. This is particularly true for the new investors Bain hopes to lure for Asia, including certain pension funds that simply will not commit with a 30% carried interest (usually more for PR reasons than investment mandates).

????"That next fund is still at least 18 months off," my source says, "but I can't see how you can bring fees down closer to industry standard and then raise them again... no matter how high your gross or net returns."