Ann: Quarterly Activity Report, page-13

Looks like you're right. from the report:

"In 1Q 2022, FDV made a number of targeted investments to further accelerate the transactional
capabilities of the operating companies, with a primary focus on FDV LATAM. The investments to drive
growth were designed to take advantage of our market leadership positions in a challenging operating
environment for our competitors. These investments consisted of increases in advertising and
marketing costs, as well as employee costs, to accelerate transaction volumes and revenues in 2022
and beyond. These short-term increases in spending are detailed in item 1.2 of the Appendix 4C."

So how do I work out what its costing me to to pay FDV to hold a bunch of companies, outside of portfolio specific expenses?

i.e. what is the carry, or management expense ratio, of investing in these startups via a manager