Typical Distribution Set Up for Institutional Investors

I’m on the debt side, but mostly dealing with non-institutional grade operators who syndicate to family/friends/high net worth individuals. Operators typically receive a promote after a “soft” preferred return (no right to repayment or kick-out rights) is paid to investors (typically around 8-10%/annum).

Curious as to how deals are structured with more institutional investors (pension funds, etc) are set up. Do investors receive a more standard “hard” pref which guarantees repayment of contribution and comes along with kick-out privileges? If so, what’s the standard pref return you see?