Peak XV, a venture capital firm focused on India and Southeast Asia, has recently cut its funds and decreased management fees to better align with its limited partners.

It informed investors Tuesday about the release of US$465 million in obligations tied to those funds, as noted in an investor letter reviewed by TechCrunch.

The firm, formerly known as Sequoia Capital India & SEA, has revised its management fees to 2% and lowered carried interest on profits to 20%, down from 2.5% and 30%, respectively.

However, it has kept provisions that may allow carried interest to rise back to 30% upon achieving a 3x distributed-to-paid-in capital ratio.