Private Equity fees a 'Trade Secret'?

Given the fact that all investment funds that are offered to the Public are regulated in one way or another is should be noted that one important aspect escapes the attention of the (usually overzealous) regulators. When it comes to the transparent disclosure of management and performance fees the end investor is usually left in the dark. His fiduciaries in the pension funds, private banks or other intermediaries may be able to dig deep into the agreements with the private equity operators but when the end investor - who ultimately bears all the risk - wants to have the full picture he is usually fobbed off with lame excuses (protection of 'trade secrets' one of the more popular ones).