Peter Kraus, founder of Aperture Investors, explained why he deviated from the traditional active management model. : When Peter Kraus founded Aperture Investors, he deviated from the traditional active management model. Rather than raking in fixed fees, Kraus' $3.8 billion firm operates on a fee structure linked to performance, charging 30 percent of alpha. That's higher than the industry standard but since inception, about half of Aperture's funds have delivered alpha above their benchmarks.