2. Incentives need to be better aligned so that more value accrues to the ultimate beneficiaries, e.g., the retired employees, public servants, and taxpayers. Money holders repeatedly shared that they are willing to pay for true alpha performance.  However, they are troubled when they end up paying disproportionate management fees and hidden costs regardless of performance.  Under pressure from regulators, Blackstone Group LP recently disclosed that it could collect as much as $20 million annually from investors and companies in one of its buyout funds for services such as healthcare consulting and bulk purchasing.  In response, leading public investors including CALPERS and New York State are aiming to uncover the hidden fees in their portfolio by augmenting their due diligence and governance processes. New types of intermediaries and industry consortium can support institutional investors, family offices and retail investors in uncovering the true cost structure in their funds. Ultimately, we believe this will help these allocators make better decisions on who to invest with and for how long.  Creating and enforcing an industry-wide set of standards and benchmarks (such as the ILPA standards) will further help.