This is going to piss off a lot of institutional allocators, but you are getting absolutely hosed on your contract governance right now.

While you’re busy fighting over management fees, GPs are quietly writing clauses that let them keep 100% of their profits even if they get fired for fraud.

The 2026 market is full of fired managers who walked away filthy rich because the LP didn't read the fine print. If you assume a "for-cause" removal automatically protects your upside, you're playing a losing game.