Much Ado About Not Too Much
Yesterday, a colleague and I spent most of the day trying to learn what happened at ILPA’s meeting of the minds between big buyout and big pension. Lots of emails, lots of phone calls. I even postponed a trip to purchase sandbags. In retrospect, it was probably a misuse of my time. And not just because my cat can now bypass his water bowl and lick straight from the floor. The much-ballyhooed meeting (yes, I did some of the hoo’ing) seems to have been much less than it was cracked up to be. Its purpose was to discuss the ILPA guidelines, but I’m told that the issue of fees – arguably the most vital piece of LP/GP interest alignment – wasn’t actually discussed. Moreover, giant firms like Bain, KKR and TPG weren’t in the room (which apparently was inside of the Times Square Westin).
