Active management with accountability. We offer actively-managed strategies with performance-linked fees, aligning our interests with yours.

Aperture utilizes performance-linked fee structures. Each strategy is charged a fee competitive with that of passive ETFs in the same category when performance is at or below its stated benchmark. If outperformance is generated, each strategy is charged a performance-linked fee of 30% on returns generated in excess of that fund’s stated benchmark, up to a cap in the U.S.

Aperture is a response to the widespread use of fixed fees in active asset management, which reward managers regardless of whether they produce outperformance for their clients.

Aperture was founded in 2018 by Peter Kraus, former CEO of AllianceBernstein and Co-Head of Investment Management at Goldman Sachs, and by Generali, one of the largest insurance companies in the world. Generali will contribute up to $4BN in investment capital for individual strategies utilizing performance-linked fees intended to create better, fairer outcomes for investors.

Aperture’s investment teams receive modest base salaries by industry standards, and stand to earn most of their compensation from performance-linked fees. Investment teams can receive up to 35% of the firm’s performance-linked fees paid on realized outperformance, or 10.5% of total outperformance.
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