Yes if you don't have supreme confidence in your manager/trader that he will continue to recover from drawdowns in a consistent and efficient manner then it's nice to feel safe that he'll only get paid when he hits a new high water mark -- BUT you pay for this insurance in profits.
I have one investor who started my signals in April 2017 and he's more than tripled his original investment of $4500 and he paid 22 months of $69 which is far far less than he has made in profits.
By the way my drawdown was about 9 months total, although I hit a new equity high in March 2018, so really only 6 months technically speaking, and then I had one more drawdown before the supreme uphill climb I'm on now.
6 to 9 months of paying $69 is not too shabby if you ask me.
It's just a different model, offering advantages and disadvantages that may or may not pay off. Just like DARWIN's at Darwinex.