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