I was doing some research on this company and it all looked OK...

I was doing some research on this company and it all looked OK to me, until I got to the part about the administration and the performance fees (and, after an initial period, the management feels) that are charged by the Manager [*].  

Then I stopped doing any further research.

Strikes me that this company has sub-contracted its executive duties to a third party for a cost that is likely to be a lot higher than should/would ordinarily be the case.

There's something not right about one's investment capital being harnessed to making others rich.

[*]
Administration Fees = $240k pa
Performance Fee = 20% of the dollar value by which PFP outperforms the benchmark index
Management Fee = 0.375% of Market Cap (after Initial Term of 10 years)