Hi Mike/Joe -

great article. Especially the need for better/more granular data on fund performance is key for institutional investors to arrive at meaningful decisions.

Couple of thoughts:
a) How would you balance a cap on incentive fees with the 'carrot' needed to ensure performance and alignment of interest between GP's & LP's?

b) Would you advocate bifurcated GP performance reporting in order to distinguish between leverage related returns and those generated by managing real estate risk?

c) Do you see more in-housing of non-core strategies as part of the solution to enhance institutional investor's risk/return structure?

Thanks,