One of the most important topics for investors in the private investment market is also one of the least researched subjects: Fees. There is hardly any public information and only limited research available and there seems to be no standardisation. On the other hand, the impact of fees on the net performance of investors is substantially. Phalippou showed, for instance, that the average private equity fund charges 7% fee per annum.This research will examine the fee structure and total fee load for private real estate funds on a ex-ante basis. Fee structures as agreed between investors and fund manager and documented in placing documents are used to analyse the total fee load per fund. Based on this fee load, differences between funds (for instance different styles, countries, property types, etc) will be analysed. Finally, also insight will be provided on which fee structures offer better alignment between fund manager and investor.