I don't follow what you mean by paying a 1.5% mgmt by investing...

I don't follow what you mean by paying a 1.5% mgmt by investing in TGP?
TGP receive management fees (from investors in TCF and TOT), it is recorded under their funds management revenue in the presentations.

So why would anyone invest in TGP?
This question is likely rhetorical, but I'll give my thoughts on why I hold (not buy).
Currently TGP's value is in 3x separate stakes which they disclose in every report (HPI, TOT, TCF plus the cash).
Their ongoing costs (mostly staff) plus opex = 5.5m pa (FY23), which is very similar to the fees that they received for funds management in FY23 (though I suspect lower in FY24, given that there is no transactional fees). So my assumption is perhaps a net operating loss of 1-2m pa. Is this what you were referring to with the 1.5% mgmt fee?

They distribute the income received from TOT, HPI = 4c pa, neither which looks under threat for FY25, though I would expect HPI to increase distributions for FY25 to >20c.

Balance sheet, using current share prices of all of their holdings in listed entities, and reducing cash for the share buyback ($3.3M) and the purchase of SOL's stake in TOT ($2.6M) = net cash at 31/12 of $32M. I estimate the NAV of 60cps. Miles off the 78c stated by TGP in 30/06 (and AGM) presentations. However, still a long way above share price of 50cents today.

And then, I'd say it comes down to the longer term view of HPI (is the NAV of $4.00 realistic?) and TOT - same question. HPI has ESG risks no doubt (gambling licenses). Though as investment I'm comfortable with pubs, and expect the locations and fitout to be strategic to QVC and AVC (they can't just move down the road... as per office buildings).

And can TGP ever instigate corporate action event to extract that value or a takeover on HPI - as they pulled off with Irongate. This time, they can't end up with 3 pubs on their balance sheet!