There is lots of private equity talk right now about "super carry," following a Financial Times story about how some big-name firms are asking for a bigger cut of investment profits.

The big picture: Carried interest, the percentage of profits taken by fund managers, has historically been 20% for private equity. But the FT reports on 30% carry structures in new funds from Altor, Bain Capital, The Carlyle Group, EQT Partners, Eurazeo and Vista Equity Partners.

What's happening: Recent PE returns have been strong, giving general partners more negotiating leverage over prospective limited partners. Kind of like right before the financial crisis.

  • But one important difference is that some of these funds also come with lower fixed management fees, or choose-your-own-structures that Bain Capital pioneered several years ago. That matters because many LPs believe that such a trade-off creates a stronger alignment of interest — whereas the 2006-2007 carry increases were cash grabs without concessions.
  • Plus, buyout fund hold periods are shrinking a bit, meaning that LPs can get have more timely performance data when making new commitments.

My thought bubble: To be clear, I typically side with limited partners when it comes to fee structures. It's their money. But "super carry" seems more worthy of a deep sigh than hyperventilation.

Go deeper: Low-risk investments are fueling more private equity repurchases

Go deeper

Updated 19 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 12,772,755 — Total deaths: 566,036 — Total recoveries — 7,030,749Map.
  2. U.S.: Total confirmed cases as of 12 p.m. ET: 3,269,531 — Total deaths: 134,898 — Total recoveries: 995,576 — Total tested: 39,553,395Map.
  3. Politics: Trump wears face mask in public for first time.
  4. States: Florida smashes single-day record for new coronavirus cases with over 15,000.
  5. Public health: Trump's coronavirus testing czar says lockdowns in hotspots "should be on the table" — We're losing the war on the coronavirus.
  6. Education: Betsy DeVos says schools that don't reopen shouldn't get federal funds — Pelosi accuses Trump of "messing with the health of our children."
50 mins ago - Health

Florida smashes single-day record for new coronavirus cases

Data: Covid Tracking Project; Chart: Axios Visuals

Florida reported 15,299 confirmed coronavirus cases on Sunday — a new single-day record for any state, according to its health department.

The big picture: The figure shatters both Florida's previous record of 11,458 new cases and the single-state record of 11,694 set by California last week, according to AP. It also surpasses New York's daily peak of 11,571 new cases in April, and comes just a day after Disney World reopened in Orlando.

Pelosi: Trump is "messing with the health of our children" with push to open schools

House Speaker Nancy Pelosi said on CNN's "State of the Union" Sunday that Education Secretary Betsy DeVos' aggressive push to fully reopen schools this fall is "malfeasance and dereliction of duty," accusing the Trump administration of "messing with the health of our children."

Why it matters: Trump has demanded that schools reopen as part of his efforts to juice the economy by allowing parents to return to work, despite caution from health officials that little is known about how the virus impacts children.