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.
- Freedom stripped of its paradox is no freedom at all. — Georges van Hoegaerden - July 25, 2014
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- If we want to inspire the world with our spiritual leadership, we must stop selling lies to unsuspecting greater-fools. And lead the world by example, with new rigors of excellence we first and successfully apply to ourselves. — Georges van Hoegaerden - July 19, 2014
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- The fanatical quest for diversity is proof we yearn for a meritocracy we don’t have. — Georges van Hoegaerden - June 11, 2014
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- Statistics are a measure of consequence, not a matter of cause. — Georges van Hoegaerden - May 26, 2014