Excellent article. Note that GPs seem to be working so hard to manipulate "performance" measures including IRR--spending time and money that unfortunately detracts from the returns that will ultimately make it to the LPs--that the LPs actually have to spend their own time and money to recalculate all the fake numbers coming from the GPs. It used to be that LPs had a choice between internal management and external management; now it appears that their choice is between internal management and external management PLUS internal management!
Excellent article. Note that GPs seem to be working so hard to manipulate "performance" measures including IRR--spending time and money that unfortunately detracts from the returns that will ultimately make it to the LPs--that the LPs actually have to spend their own time and money to recalculate all the fake numbers coming from the GPs. It used to be that LPs had a choice between internal management and external management; now it appears that their choice is between internal management and external management PLUS internal management!