Funds of funds are cutting their share of profits and fees in order to attract investors amid their lowest fundraising levels for more than a decade.

Carried interest charged by the funds fell from 10.4% in 2014 to 6.8% on average in 2015, according to the latest figures from data provider Preqin. Average management fees dropped from 1.04% in 2014 to 0.93% in the same period.