Andrew Tymms, the leader of Bain & Company's London Private Equity practice, explains that the desire to invest with the biggest and most successful players is why a focus on fee reduction is not as widespread as perhaps anticipated in 2015. "The power has shifted to LPs but there is still a big appetite for investing with the top names. Fee levels have not come down as much as many first thought and the 2&20 fee model has not changed that much."