Yes, a fund could have different fee terms. One way to do it is like you've asked in your question, identify different share classes, each with different terms. I've seen offering prospectus' with all of the share classes included and I've also seen these structured with a separate offering document for each share class. Which one is best will depend on what you are trying to do and which attorney you decide to hire. The third, albeit less preferred way is to have a side letter with an investor outlining different terms. This is less clean and could scare away some investors because it is much more difficult to evaluate ones position in a fund if there are side letters floating around with different terms. Hope this helps - let me know if you have additional questions.