Calculator
See what your fund
is leaving behind.
Adjust the inputs. We use 3.53% as the institutional reference rate — the same-day tier, not the top of the curve — and a 50 bps HMG fee. Share the URL to send a sponsor a pre-filled scenario.
$10M$250M$500M$1B
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Bank sweep average is 0.38%. Institutional Treasury sits 3.53-4.05% depending on horizon.
Hold horizon
Annual recovery (gross) $840,000
Net of HMG fee (50 bps) $740,000
3-year compound recovery $2.27M
Assumptions
- Reference yield: 3.53%. 7-day net yield of the Schwab U.S. Treasury Money Fund, Ultra (institutional) class — SUTXX — as of 30 June 2026. This is the same-day liquidity tier, deliberately the most conservative point on the curve. Longer horizons reach ~4%, but require 6–18 months of duration.
- Bank-sweep baseline: 0.38%. FDIC national average savings rate, 15 June 2026 release.
- HMG fee: 50 bps. Applied to recovered yield only — never to AUM. If no yield is recovered above your current baseline, no fee is owed. This describes how the fee is calculated; it is not a projection or a guarantee of any yield outcome.
- Idle capital share defaults to 20%. Internal benchmark across the mid-market PE and RE sponsors we've reviewed. Real funds range from 12% to 35%.
- Compound assumes flat reference yield over horizon. Real outcomes will move with rates. We don't assume rate increases.
See sources & disclosures for citation detail.