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!