With regard to a high-water mark, how does it work for people who invest later on? For instance , assume the fund was down 30% last year. A new investor comes in this year and invest $1000000. The fund is then up for this year 10%. Will the fund get paid an incentive fee on his profits or will it have to wait until the whole fund is above the high-water mark?
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My fund has it on an account by account basis. Not sure how top ups would work in that regard.
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