Annual fee compensating the GP for fund operations. Standard middle-market buyout: 2.0% of committed capital during the investment period (Years 1-5), stepping down to 1.5% on invested cost of unrealized investments post-investment-period, with further step-downs after Year 10 in extensions. Fees deducted from committed/invested capital and paid quarterly in advance. Lifetime management fees on a typical 10-year fund total ~13.8% of committed capital — a 150-200 bps annualized drag on net IRR. Mega-funds and infrastructure/credit funds typically charge less (1.0-1.5%); venture remains near 2.0% but with shorter investment periods.