Remember when that one kid in your class would routinely “blow the bell curve” by scoring so high on an exam that the teacher was forced to recalibrate the bell curve upon which they assigned marks?  Yeah?  Well the world of private equity may be a little miffed that the fee paid to the private equity fund that recently executed the world’s largest LBO wasn’t “2 and 20″, but “0 and 0″.

The deal, of course was the recent acquisition of Bell Canada Enterprises, with an enterprise value of over US$50 billion (7.7x EBITDA), beating KKR’s recent acquisition of TXU by nearly $10 billion (see Bloomberg article, further coverage).  As an end investor, however, the US$100 billion Ontario Teachers’ Pension Plan didn’t charge a management fee or take a carried interest.  Sure, there are likely plenty of consulting fees, break fees, and other advisory fees, but as one astute AllAboutAlpha.com reader said yesterday:

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