We see models where that is used and those where it's not. Generally speaking, the notion of having multiple thresholds, or even a kind of continuous form of performance payment, such that for each x%, you have x% of return, can be and have been used. So the short answer is yes. There are examples of that. There are also examples of where there is just a simple threshold. There are both and, as well, there are reasons to use both. Particularly when there might be very challenging populations, it may make sense to just have one defined threshold so that you can do due diligence against that.
On May 29th, 2014. See this statement in context.