[peloton]

From the LP pov, it boils down to capital concentration. Most LPs I've spoken with are not that different from Michael Kim (LP from the article) in that they are for capital concentration. It is the most controversial part of the offering.

Reference: http://25iq.com/2013/01/16/charlie-munger-on-investment-conc...

http://robgo.org/2013/10/21/decision-making-speed-of-big-fun...

https://twitter.com/trengriffin/status/264789822982471680

https://twitter.com/sama/status/458094667972624384

That said, in the end, real performance trumps everything.