Un-FEESable expectations?

Whatever the state of the market, there will be qualms over fees paid to GPs. When the markets were tough in the early naughties and Europe's buyout market was gaining traction, a few brave big guns started raising ever bigger funds, meaning their fees grew proportionally. As the exits rolled in from said funds - many of which were homeruns (remember the yellow pages bonanza?) - the demand for such funds picked up pace and exceeded supply in the market. Basic economics ensued: prices went up. And so it was that the once almighty LP lost his place at the top of the totem pole