Different fee structures
I've heard of funds that instead of a promote structure charge an upfront fee and just basically dilute the LPs equity ownership from day one. After that GP and LP are pari-passu, is that common? I haven't ran into it and I heard from someone that actually KKR does it in their RE funds but I don't know why but my gut tells me that's incorrect. I understand certain partners may get discounts but to blanketly charge an upfront fee and no promote sounds unlikely for larger RE focused PE funds.