Regulatory AUM vs Net AUM
Hey fiends, had a question regarding how REPE funds report/refer to their AUM on websites/internal conversations.
My understanding is: Regulatory AUM includes debt, but funds collect management fees on net AUM - Regulatory AUM is a thing to keep all firms on the same playing field while taking the leverage they use into account. Some firms like to refer to regulatory AUM on their website to fluff up their numbers (like I've heard colony capital), while I thought the industry norm was to refer to net AUM. It makes sense to use regulatory because you effectively double your AUM for clout.
Thoughts?
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