The report also cites Landmark's simulated auction of carried interest, which showed that they might be able to collect 42.5% carried interest if they actually implemented such an innovation. That'd be wonderful for Landmark, and democratizing as well, since it'd shift investment in oversubscribed, top-tier funds away from cozy relationships, and towards those who value that investment most highly.

As such, this really isn't a report saying 'VCs make too much money', but rather that standard LP/VC terms overcompensate poor VCs and undercompensate top-tier VCs, and that this is unlikely to change unless LPs change their behavior en masse. There were numerous examples of GPs who were open to innovations in the VC/LP relationship, but didn't pursue them because of intransigent LPs.