You choose, once, at the moment you join. Two options and no third.
Pay now. The whole fee comes out of what you put in. Nothing to pay when you leave.
Pay half now, half when you leave. Half of it comes out of what you put in. The other half waits, and is charged on what the unpaid part of your position is worth on the day you take it out.
The half that waits is not a fixed amount. It is a share of what that part of your position is worth when you leave, so it grows if the fund grows and shrinks if the fund shrinks.
A fund charges one rate and you choose where it lands: all of it on the way in, or half on the way in and half on the way out. The half that waits is charged on what the unpaid part of your position is worth on the day you leave, so it moves with the fund, up or down. It is not a performance fee.
The half that waits is charged whether the fund went up or down. It is not a performance fee, and there is no profit share and no cost basis anywhere in this product.