Capital Allocators / LP REPE Funds Sustainability Long term

Does anyone have thoughts on capital allocators / LP repe funds and their viability going forward? I’ve seen pension funds building out their own real estate teams in house which basically brings the capital allocator function in house. One of the biggest pension funds even said half their job is investing directly into JV’s and half in funds and separately managed accounts. Is paying double promote going to continue to be a mainstay in repe?

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