今年早些时候，我们注意到贝恩资本（Bain Capital）的第二支亚洲基金为投资者不太寻常地提供了双重选择：投资者可以选择按承诺出资额缴纳1%的管理费和30%的资本增值提成，也可以按承诺出资额缴纳2%的管理费和20%的资本增值提成。

    前者附有10%的优先回报率（即必须要实现的最低回报率，然后才能进行资本增值提成），而后者则附有7%的优先回报率，这使得情况进一步复杂化。

    贝恩资本的“1+30”模式似乎深得大多数有限合伙人之心，这种模式的固定成本较低，让普通合伙人和优先合伙人的利益更趋一致。不过，“2+20”模式则被视为行业标准（虽然贝恩资本并不是这样，它的资本增值提成历来为30%）。

    据一位了解募集过程的消息人士告诉笔者，该亚洲基金计划募资20亿美元，现在已有约15亿美元获得认购承诺，出资的有限合伙人在模式选择上一半对一半。其中，基金中的基金（FoF）最有可能选择“1+30”模式，而很多传统的捐赠基金和基金会管理公司则选择了“2+20”模式。

    两种模式孰优孰劣？贝恩资本明年募集第11支普通基金时是否会提供类似的选择？值得我们拭目以待。

    Earlier this year, we noted that Bain Capital was giving investors in its second Asia fund an unusual choice: Either pay a 1% management fee and 30% carried interest on your commitment, or a 2% fee and 20% carried interest.

    Further complicating matters, the former comes with a 10% preferred return (i.e., hurdle rate that must be achieved before carried interest kicks in), while the latter has a 7% preferred return.

    Bain's one-and-thirty option seems to be what most limited partners claim they want, in that it presents fewer fixed costs and a greater alignment of interest between GP and LP. Two-and-twenty, however, is considered industry standard (albeit not for Bain, which is traditionally known for a 30% carry).

    A source familiar with the process tells me that around $1.5 billion of the Asia fund's $2 billion target is already spoken for, and that the participating LPs are almost evenly split as to which deal they're taking. Within that group, funds-of-funds are the most likely to go with 1-and-30 while many of the traditional endowment and foundation managers are going with 2-and-20.

    Will be interesting to see where it all plays out in the end, and if Bain will offer a similar choice when it begins raising its eleventh general fund next year.