While management fees are still the area where investors see most change, transparency at fund level is now increasingly close behind, especially in North America and Asia.
The proportion of investors seeing significant change in fees and terms in their favor has jumped to its highest level in three years
Typically, the largest LPs receive the most favorable terms but in 2024 market dynamics benefited smaller LPs, particularly on management fees
Asset managers walk away most frequently due to fees and fund terms, while banks and insurers are least likely to do so
GPs able to demonstrate a track record of distributions may have been able to move terms in their favor given investor demand
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