There is room for new businesses that shed light on the true costs and expenses of fund management.  While hedge fund and private equity funds typically report management fees and performance fees, there is little transparency around other fees charged to funds such as legal, compliance, entertainment, custodian, and even middle office, which can add up to up 100 basis points.  Companies such as AcordIQAddeparNovus, and Vitrio help aggregate and expose the costs embedded in a fund as part of holistic portfolio governance.