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Terms & Conditions

What steps to take in removing a GP

LPAs usually contain a clause for removal of the fund manager, either 'for cause' or 'no fault.' Malcolm Nicholls and Kate Simpson, of law firm Proskauer, lay out the negotiation points and the likely effect on economics.

Defaulting on commitments: what happens

When an LP can't meet a drawdown request, what happens? What recourse does a GP have? Ed Hall from law firm Goodwin analyzes the remedy and negotiation points in this extract from The LPA Anatomised.

Dissecting the limited partnership agreement

The fundamental building block of the relationship between a manager and its investors is changing, but how is it best negotiated?

‘Key man’ departure hits CLSA property fund series

Chief executive John Pattar's move to KKR has made CLSA halt the investing activities of its latest Fudo Capital fund and step down fees accordingly.

SEC can fend off a compliance fiasco

GPs could submit to regulations from many states or, if ILPA has its way, comply with a national standard on transparency of fees and expenses.

Idinvest: LPs negotiating ‘harder and harder’ on the LPA

Guillaume Cavalin has joined Paris-based Idinvest Partners as legal director from Jones Day, the third legal hire the firm had made in 18 months. pfm caught up with Cavalin to get his take on how private equity fund structuring – and LP demands – are changing.

Get someone to go over the waterfall

Tim Eberle, vice-president at fund services business Citco, makes the case for third-party verification of waterfall calculations.

New Mexico SIC to validate all GP fees

The $23bn sovereign wealth fund has hired fund services firm Colmore to validate the fees and carry it pays to its managers.

Should end of life be a new beginning?

Negotiations and arrangements for the remaining portfolio can prove fiendishly complicated when a fund approaches the end of its term. Julie Corelli of Pepper Hamilton considers the challenges

Ensuring alignment

In this extract from The LPA Anatomised, Adam Turtle, Rede Partners, and Emma Cleveland, Cleveland & Co Associates, discuss carry models and GP commitments.

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