Founders
1% / 15% mgmt / performance
For the first outside money in. The discount stays for as long as the investor stays.
- Minimum
- $100,000
- Open until
- First $5M or 12 months
- Liquidity
- Quarterly, 45 days' notice
Who can invest, the minimums, and how fees step down for early and larger investors. These terms are being finalized with counsel and may change before the fund launches.
Funds don't promise bigger investors bigger returns. They reward them with lower fees, so more of the fund's return reaches the investor. These are the three classes most new funds use.
For the first outside money in. The discount stays for as long as the investor stays.
The default class once the founders window closes.
Same discount as founders, earned by size instead of timing.
For reference: new equity funds launched in 2025 charged an average 1.69% management fee and 18.93% performance fee, and 69% of them offered a founders class.
See how the fees work in each class. The return you enter is an assumption for illustration only. It is not a projection or promise of Augere's results.
Simplified math: management fee charged on the balance at the start of each year; performance fee charged on profit above the high-water mark each year; no hurdle, expenses or taxes.
| Term | Proposal |
|---|---|
| Who can invest | Accredited investors who are also "qualified clients" Required to charge a performance fee: $1.4M invested with the adviser or $2.7M net worth, for agreements signed on or after June 29, 2026. |
| High-water mark | Yes, on every class No performance fee until an investor's account is back above its previous peak. Investors expect it. |
| Hurdle | None at launch; revisit later About 44% of new funds use one. A hurdle means no performance fee until returns pass a set rate, such as 5%. |
| Lock-up | 1-year soft lock: 2% fee on money pulled out in the first year 92% of new equity funds use a lock-up or gate. |
| Withdrawals | Quarterly, with 45 days' written notice 82% of new equity funds offer quarterly or less often. |
| Capacity | Hard close at about $35M The strategy's estimated limit. Closing early protects existing investors. |
| Investor count | Up to 100 investors The 3(c)(1) exemption limit. |
| Manager's own money | Invested in the fund on the same terms as investors |