Part of raising money from (most) LPs requires a bit of showmanship akin to that of Lawyers and Investment Bankers. This goes beyond the taking a "client" out to dinner. It's the expectation of living a specific lifestyle and the perceptions the wealthy have of those asking for money. Also, consider the amount raised (typically XX million+). That usually allows you to pay $200-300k salaries (though whether that's right / justified is a different conversation).

As wealth changes hands over time, this expectation may change.