Notre Dame's endowment rarely hammered GPs on terms. ⁣ ⁣ Instead of a flat 30% carry, they'd tell managers: start at 20, go to 30, maybe higher if you clear 4-5x the fund.⁣ ⁣ Scott Malpass's logic: "I'm happy to pay up for excellence as long as the terms are balanced."

Sep 22, 2026 · 4:42 AM UTC

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Replying to @DWeisburd
Much better alignment than simply negotiating fees down. If the manager creates extraordinary wealth, they should participate in it. Make the economics increasingly attractive only after the investor has already won, smart.
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Replying to @DWeisburd
Patriot
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