Fund of Funds (FOF) return on investment

Hi all,

Recently looking at an opportunity at an Asian FOF. The fund size is still small at the moment, but total firm AUM is 1 billion+. Have a few question on the sector, as I am relatively new to the industry.

What is the typical return target for a PE FOF these days? I.e. range of investment targets the firm should be aiming for? mid teens? or 20+?

Typical team size required?

Typical due diligence process?

Typical fees charged by FOF to their investors?

Typical Deal/PE source - Investment banks? agency of some sorts?

Any thoughts would also be appreciated!

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