"Selling Away" vs. Finders Fees for Pooled Vehicles

I have an inquiry in to outside counsel; however, I'd really like to get some anecdotal context from those in the AM industry for the following scenario:

An emerging hedge fund manager has achieved outsized returns; the returns have been audited by a PCOAB team and for the sake of this example, let's say they are accurately represented. Has a hedge fund or other pooled investment manager approached you as an IAR / RIA to direct your existing clients to their fund in exchange for either a referral / finders fee or a percentage of the management / performance fee?

Based upon what I've learned, the Cash Solicitation Rule does not apply to private fund referrals. In the Mayer Brown No-Action Letter issued by the SEC in 2008, the SEC staff stated that the Cash Referral Fee Rule generally does not apply to an investment adviser’s cash payment to a person solely to compensate that person for soliciting or referring investors or prospective investors to an investment pool managed by the adviser.

But private fund managers should be aware that the rule may still apply if the manager manages both private funds and separate accounts.

Assume that the Hedge Fund manager does not manage separate accounts. Only the pooled vehicle(s).

Lets finally assume that the HF manager's fees are the standard 2% management and 20% performance fee. What is adequate compensation based upon AUM transferred?

Appreciate your thoughts in advance. Thank you.