“他把散乱的点连接了起来。”

    接近贝恩资本（Bain Capital）的一位消息人士这样对我评价戴维•托尔。托尔日前表示，总部位于波士顿的贝恩资本将在下次募集大型收购基金时为投资者提供更高比例的利润。贝恩资本历来收取2%的年管理费和30%的收益分成，两者均高于行业标准。托尔写道：

    一位为美国多个州养老金计划提供咨询服务的顾问称，他已“从不同渠道”听到贝恩资本下次推出第11支核心基金时（时间可能是2012年），将仅向投资者收取20%的收益分成。“贝恩资本不希望在具体条款上明显逊于对手，”该顾问表示。过去这位顾问曾拒绝投资贝恩资本，但现在愿意考虑了。

    要明确的一点是，目前贝恩资本甚至还未与投资者讨论第11支基金。其115亿美元的第10只基金目前只完成51%的投资，这意味着2013年前贝恩资本应该不需要新的资金。但贝恩资本已通知投资者下个月可认购其第2支亚洲基金，较之第1支亚洲基金有三大不同之处：

    1. 新基金计划募资规模20亿美元，高于2007年募集的10亿美元。

    2. 新基金的投资地区将包括印度。当第1支亚洲基金募集时，贝恩资本在印度当地甚至都还没有团队，因此其三只印度组合公司现处于综合基金中。

    3. 新基金将为投资者提供两种费用结构，该消息最初于上个月由道琼斯通讯社(Dow Jones)报道。一种选择是2%的管理费和20%的收益分成，另一种则是1%的管理费和30%的收益分成。私募股权公司通常不采用多种收费模式，这是借鉴于对冲基金行业。

    托尔从这支新的亚洲基金推及未来将发行的综合基金。贝恩资本相信一旦在亚洲为投资者提供此类选择，事实上将不太可能在下一次募资时再坚持2%的管理费和30%的收益分成。对于贝恩资本希望吸引的亚洲基金新投资者尤其如此，包括一些养老基金根本就不会接受30%的收益分成 (通常更多是出于舆论考虑，而不是投资授权)。

    “下一轮基金募集至少要到18个月后，”我的消息人士说，“但我看不到将费率水平降至更接近行业标准后，怎样才能再次提高……不管你的毛回报率或净回报率有多高。”

    "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."