Which of the Following Is Correct Regarding the Compensation Paid

Which of the following is correct regarding the compensation paid to private equity fund managers?

A) Managers typically receive 20% of fund profits but no separate management fee.
B) Managers typically receive a high percentage management fee but no portion of fund profits.
C) Management compensation is usually subject to a "clawback" provision to limit the performance fees.
D) "Carried interest" refers to the interest fund managers earn on performance fees.
E) Fees paid to fund managers do not reduce the net return of the fund.