The fee structure in this overall arrangement is such that the people running the private-equity fund want to have as much debt as possible; this will increase the way upside returns are calculated, which in turn is the main driver of the compensation that the controlling “general” partners can receive. More debt, of course, also means more risk; but this is not a sector focused primarily on risk-adjusted returns.
这一整体安排的费用结构决定了私募股权基金经营者希望尽可能多地筹钱；这能提升盈利回报的方式，而这反过来又是控股“普通”合伙人薪酬的主要来源。当然，更多的债务也意味着更大的风险；但私募股权并不是以风险调整回报为主要核心的行业。