Carried Away Series — The Fee Table Has Turned

Our "Carried Away" miniseries returns with an insider look at how private fund managers are reimagining fees and carry to win commitments in today's fiercely competitive fundraising environment. In our second episode, Private Equity Partner Stephanie Pindyck Costantino is joined by fellow PE attorneys Heather Stone and Paul Steffens. They examine how the classic "2 and 20" has evolved into a landscape of fee compression, bespoke arrangements for anchor and strategic LPs, early closer incentives, and even shared carry. Listeners will hear how GPs are using co-investment rights (often on a no-fee, no-carry basis), fee breaks, and other economic levers to launch and scale platforms — and how sophisticated LPs are leveraging early commitments, co-invest access, and long-term relationships to shape GP economics across fund generations. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.