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  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 24 slides",
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      "text": "Funnel diagram mapping investor logos to feedback categories: Structural Form, Governance, IDRs, Other.",
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      "text": "The 2.0 business model starts with eliminating the general partner/ limited partner structure, along with burdensome IDRs. Removing the IDR mechanism and the need to pay an ever greater share of distributions to general partners better aligns the interests of all shareholders and gives businesses more flexibility in how they allocate capital. Investors themselves are largely agnostic to base structure, though at the margin C-Corps have enjoyed enhanced liquidity and a broader addressable investor universe, which helps in markets where MLP fund flows are tight. Traditional LP structures will still have equity access in the right market backdrop, but depth and discount will continue to be beholden to MLP fund flows and sentiment.",
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      "text": "Investor Feedback to Morgan Stanley on \"Midstream Model 2.0\"",
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