What does the overlap (if there is any) tend to look like among LP's for different firms and vintages? 

Like do y'all ever see instances of the same LP investing in similar funds across different firms?

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Principal at Cobalt Ventures. Write @ TheItinerant.io ; BenErsing.com Host: /venturecapital /finance /adventures

Ah super interesting - I'd imagine that might lead to some interesting dynamics playing out

Do you think there a potential ethical/moral hazard with that?

Can't speak to all industries, but in mine there's a lot of overlap.

As an example, search “Calpers pension VC investments” and you can see all the funds they’ve invested in.