How can one spend $50 million to build a quant specialty if LPs could abandon them a year later? Feldstein’s solution: Offer big institutional investors lower fees – goodbye 2 & 20 – for longer term five-to-seven-year lockups. In this format, the LP would be investing with a long enough duration that the fund would would have the confidence to invest in its own alpha-hunting business. What Feldstein articulated was changing fee structures so that LPs looked at their investments as a mutual partnership. Their committed long-term capital could help generate “network effects” of knowledge - and alpha -- that flows back into their pockets. Think of management fees, or performance fees, as a direct investment in the fund

https://www.forbes.com/sites/antoinegara/2018/05/02/four-new-trillion-dollar-ideas-in-finance-from-the-2018-milken-institute-conference/#70addc186216