“I would be very surprised if in 10 years’ time much more than 50 percent of the asset class was charging on the basis of committed capital. It’s just such an anomaly within investment management as an industry. There are very good reasons for it, but I just think people will eventually say: ‘We’re not prepared to pay for that’.”
Analysis: Are LPs getting their way on fund terms?
With the possible exception of hurdle rates, LPs can count victories on management fees, carry and the growing number of bespoke structures being employed.
