📌 Episode Overview

In Part 3 of the Vetting Sponsors series, Jason Williams and Frank Patalano dive deep into one of the most overlooked, but critical, areas of passive investing: fee transparency and sponsor communication. This episode breaks down common fee structures, how they’re sometimes misrepresented, and why clarity matters more than ever in today’s market.

🧠 Topics Covered

• Why transparency around fees is non-negotiable
• Acquisition fees: what’s reasonable vs. misleading
• Asset management fees and how they’re actually calculated
• The dangers of raising multiple years of fees upfront
• Disposition and refinance fees explained
• Capital calls: legitimate reasons vs. red flags
• Dilution vs. investor loans during capital shortfalls
• Commo ...