I too was asked to comment (about 1 year ago) on the Institutional Limited Partners Association guidelines, a document in which Limited Partners attempt to standardize on their interactions with GPs.
I categorized the plan as “dining room etiquette”, who actually pays attention to it anymore, even though arguably many should.
The real issue between LPs and GPs is that the relationship allows for 10 levels of bottom heavy diversification to which no etiquette can produce sustainable returns. What the ILPA members need is a plan that stops laissez-faire investing from turning the underlying assets systemically subprime.[Links: ILPA]