What & of equity are you comfortable with your GP earning?

[Anders Jax]

So let's say the LP puts in 100% of the equity, for simplicity sake.  

And let's say the asset performs really well, and LP IRR is around 18%, a great return. However, it's at an 8% preferred, 70/30 split to an LP 15%irr, and 40/60% split therafter. And because the asset returned 30% IRR on equity, the GP walked away with roughly 45% of the total equity returns.

Would you be comfortable with that at all?  What split is your kind-of bottom line that you say hey your fee, no matter how well you performed for me, is just too large?

As well, have you ever heard of situations where the GP takes a 50% cut on the appreciation of the asset upon sale, instead of just sticking to the normal waterfall/promote structure?