I have specifically dealt with hedging of this kind. From what I recall, the only slippage is the transaction cost. In the case of a fx fwd, there is no outright commission, but rather the desk providing the hedge would take their cut via the bid/ask spread. How competitive the points they offer you are dependent on your relationship with the desk(i.e. how good/big of a client you are).

To be honest though, this really isn't "that" big of a deal to a fund. These are nickels and dimes for them.