Davis Polk partner Michael Hong was quoted in Buyouts’ newsletter “LP Weekly” from PEI’s Investor Relations Forum discussing fundraising incentives.

“It’s performance and it’s liquidity, that’s what’s going to move the needle instead of a… fee discount,” said Michael.

“Offering co-investment can help,” he continued, “but even that has become almost table stakes these days, rather than a perk that will help a GP stand apart.”

“As fundraising woes continue, old practices like early bird discounts start to fade,” Buyouts (March 28, 2025) (subscription required)

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