Is this waterfall structure a non-starter for an LP?

[Anders Jax]

LP gets first 7% of returns as pref

-From 7-12% split is 50/50 LP/GP

-From 12-17% split is 25/75 in GP favor

-From 17%+ split is 10/90 in GP favor

That means that if the investment did 30% irr pre-distribution that the LP would get 11% and GP would get 19%, roughly. I mean that seems way outta whack, am I wrong?

If the return total was 17%, LP would get 11% and GP would get 6%. Still a pretty good haul for the GP.

That 10/90 in GP favor seems like nothing ive seen before in normal private equity.