Private Equity Firm TZP Settles SEC Fee Overcharge Claims

Aug. 15, 2025, 10:26 PM UTC

Private equity firm TZP Management Associates, LLC will pay a $175,000 penalty to settle Securities and Exchange Commission allegations that it overcharged management fees and didn’t properly disclose calculations to clients, the regulator said Friday.

TZP, which advises private funds that invest in lower-middle market companies, didn’t admit to or deny the regulator’s claims, according to the SEC’s cease-and-desist order.

The firm didn’t immediately respond to a request for comment.

From October 2018 to November 2023, TZP charged “excess management fees” as a result of calculation practices that were inconsistent with client agreements, the SEC said. These practices created ...

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