Closed-End Private Equity Funds: A Detailed Overview of Fund Business Terms, Part I
The Journal of Private Equity, pp. 33-54, Spring 2010
23 Pages Posted: 8 Aug 2013 Last revised: 13 Oct 2015
Date Written: March 1, 2010
This is the first of a two-part article that provides a detailed review of the business terms usually found in a Private Equity Fund's limited partnership agreement. Part I focuses on economic terms: commitment amounts, capital calls, waterfalls (the distribution scheme), give-backs, clawbacks, fees & expenses. In closing it touches on some special investor issues relating to tax and ERISA. Part II, in a separate article, deals with governance matters.
Keywords: Private Equity
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