Liquidity Illusions
Liquidity Illusions: How LPA “Transfer” Language Restricts Secondary Sales >> This year has marked the most disruptive stretch in markets since the onset of COVID in March 2020. If...
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Maximizing Your LPAC
Maximizing Your LPAC: Best Practices and Must-Have Rights >> If you can negotiate just one right in a Side Letter, securing membership on the Limited Partner Advisory Committee (th...
Crossing the Line
Crossing the Line: Why LPACs Need Full Transparency in Principal Trades >> Cross-trades can benefit funds and shareholders through more efficient portfolio management but can also...
Sacred Rights
Sacred Rights, Silent Risks: A Closer Look at LPA Amendment Provisions >> In most LPAs, the amendment provision is buried deep in the “Miscellaneous” section at the back of the doc...
LPAC as Protector
LPAC as Protector: Material Conflicts, Material Protection >> LPACs promote good governance when conflicts of interest affecting the General Partner in material transactions are re...
Drafted To Fail
Drafted to Fail: First Brands and the Hidden Risks in Standard Investment Limits >> Since First Brands’ Chapter 11 filing in late September, the auto parts company’s collapse has q...
The Devil in Discretion
The Devil in Discretion: What Allocators Should Know About Sponsor Authority and Decision-Making Frameworks in LPAs >> One of the most bedeviling—yet least scrutinized—risks for Li...
Held to One Standard
Held to One Standard, Protected by Another: When GP Duty and Indemnity Don’t Align >> An overlooked drafting gap that can render your hard-won fiduciary protections worthless. Imag...
Term Extensions
Term Extensions: Negotiating the Value of Optionality in a Distribution Drought >> After a decade of easy exits and buoyant valuations, private equity appears to be in a distributi...
ADIC vs EMG Complaint
The ADIC v. EMG Complaint: A Governance Wake‑Up Call for LPs on Continuation Funds >> On December 3, 2025, the Abu Dhabi Investment Council (ADIC) made waves by filing a complaint...
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