To those at capital allocator LP's - do you share your financial models with your operating partners?
I'm at a GP where we usually put up 10-15% of the equity and I've run into two scenarios: (1) total transparency where we shoot our models back and forth - usually on the development deals and (2) we share our models and the partner keeps their view almost hidden. In the latter scenario, what's the logic behind this? I've only experienced this once but there was a real aversion to showing cards. Is this strategic from a negotiation standpoint (e.g. hurdle and promote tiers)? Any clarity would be helpful.