Using the information in the following table, which of the following firms likely has the best corporate governance system?

	Firm A	Firm B	Firm C
Key Main Clause	Yes	Yes	No
Management Fees	1.5%	2.0%	2.3%
Transaction Fees	The split between LPs and GP is 50/50	The split between LPs and GP is 50/50	GP share is 100%
Carried Interest	25%	20%	22%
Hurdle Rate	10%	8%	9%
Clawback Provision	Yes	Yes	No
Distribution Waterfall	Total return	Total return	Deal-by-deal
Removal for Cause Clause	Yes	No	No

a.

Firm A.

b.

Firm B.

c.

Firm C.