UBS has struck controversial fee-sharing agreements with Carlyle and CVC, allowing the Swiss bank to split performance fees from private equity funds in exchange for distributing their products to high-net-worth clients. The deals, revealed by three sources, have sparked questions about whether UBS’s sales decisions might favor funds offering revenue-sharing perks over purely merit-based criteria. Washington’s Carlyle agreed to share carried interest from its evergreen secondaries fund, while Amsterdam’s CVC joined the arrangement with an evergreen fund, according to two insiders.

At least two other major private capital managers rejected UBS’s fee-sharing proposals, sources added.