Syndication Fund - Fee Structure

[Colton Fairchild]

I am looking for some clarity on the fund management fee for syndication funds. Would love some insight from anyone who has reviewed multiple PPM's. 

- What is the fee most commonly based on? (i.e. called capital, assets under management, or income related)

- What is a typical % for the fund management fee and is it always annual?

- Does the fee stay the same throughout the life of the fund or does it decrease as initial capital is returned?