Fee structure of fund of funds

Source: http://www.vccircle.com/2008/04/09/hong-kong-fof-squadron-capital-to-raise-400-million-for-india-china/

The Squadron Capital typically takes a 1 percent base fee and 10 percent performance fee. Squadron is expecting an internal rate of return of 20 percent, net of fees for the next Asia focus fund of funds [size: $400m]