The pursuit of fee details has increased the fund’s investment cost ratio by roughly one-third: of the fund’s headline investments cost of 99 basis points, underlying strategies in private equity FoFs run up a bill of 31 basis points. Donohue says it was particularly difficult to get fee details from offshore managers. “Private equity managers in Australia have been good, but for the ones in international jurisdictions, it’s something new and they found it quite challenging.”