​Private equity was the best performing asset class in 2016, while the standard 2-and-20 fee structure has come under fire. LPs are comfortable paying top dollar for long-term partnerships with top-quartile performers, but should the same structure be applied to every manager? If not, which fee models are taking its place? Investors from top-tier institutions share their thoughts on the matter. Panelists include Dale Hunt, managing director at Ascension Investment Management; John Heneghan, investor at Equity Group Investment, a single-family office; Tristram Perkins, managing director of Neuberger Berman; and Josh Stern, director at Robert Wood Johnson Foundation. The panel was taped during Trusted Insight’s Alpha Conference in San Francisco on Jun. 14, 2017.