Advantages / disadvantages of working for a fundless sponsor vs. institutionalized fund

Not as familiar with fundless sponsors as I am with insititutionalized funds. Can anyone shed light on how the economics would work for a fundless sponsor and what comp might look like relative to say a firm that raises a fund for x number of years?

Also know that pension funds and school endowments tend to make up the largest constituents for institutionalized funds. How does this compare for a fundless sponsor? Why might an investor choose to go with a fundless sponsor over a traditional fund?

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