How LPs Are Negotiating Carried Interest Terms in 2026

In 2026, limited partners are pushing back on the standard 20% carried interest with unprecedented force. Lucas and Luna break down how the Palo Alto Pension Fund recently negotiated a 15% carry with a top-tier venture firm — and what that means for smaller LPs. They explore the shift from '2 and 20' to '1.5 and 15', the rise of clawback provisions, and how fund terms are becoming as important as fund performance. If you're an LP evaluating a new fund commitment, this episode gives you the concrete negotiation points you need to know. Featuring real data from Preqin and interviews with institutional investors at the 2026 ILPA Summit. #CarriedInterest #LPNegotiations #VentureCapital #FundTerms #PaloAltoPensionFund #ILPA #Preqin #TwoAndTwenty #FeeCompression #ClawbackProvisions #InstitutionalInvesting #LucasAndLuna #FexingoBusiness #BusinessPodcast #Finance #PrivateEquity #LPCommitments #FundEconomics Keep every episode free: buymeacoffee.com/fexingo