PE/VC funds had the most expensive fee structures, the study found: an average 2.4 percent management fee and 18.2 percent carried interest. Real assets funds charged a 1.7 percent management fee and a similar carried interest. These two categories had average hurdle rates of 6.2 percent and 7.7 percent, respectively. Fixed-income funds had the lowest fee structure and no hurdle rates, charging 1.3 percent management and 2.7 percent carried interest, according to the study.