As an example, let's take a Fund with a certain Offer set by the Money Manager:
Investor One invests $4000 (40%) into the above-mentioned Fund accepting the Offer.
Investor Two invests $6000 (60%) into the above-mentioned Fund accepting the Offer.
In case the Money Manager makes $5000 while trading with the investments he/she gathered in the above-mentioned Fund, 40% will be allocated to Investor One, and 60% to Investor Two. The same percentage will apply in case there will be losses.
The Money Manager earns from the commissions set within the Offer. They could be charged at the set date.