As a LIC, BTI's fee structure is pretty rubbish. Even for a PE...

As a LIC, BTI's fee structure is pretty rubbish. Even for a PE style operator. Sliding management fee structure has some usefulness, but still a big chunk.

Not a lot of transparency about how the 8% performance fee hurdle is derived. Suspect it is a bit of a low bar. Also, the fee is payable on all gains (from zero) once the 8% hurdle is exceeded. That is pretty greedy in my books. Off the top of my head I can't recall another other PE firms I've looked at doing this.

Termination fee of 10%, while not unheard of, is still unappealing.

On the basis of the fee structure alone, I wouldn't touch BTI. However I acknowledge there are few available options to investors wanting to play a managed fund (either LIC or ETF) in this niche space.