Capital Raising
The LP Side Letter Playbook for $250K Investors
Most accredited investors assume side letters are reserved for pension funds writing $50 million checks. That assumption costs you real rights. ILPA Principles 3.0, published in June 2019, explicitly
Jeff Barnes, MBA··11 min read
Capital Raising
Cornerstone Investors: What the First LP in Your Fund Actually Costs You
TL;DR: A cornerstone investor is the first LP who commits real size, usually 15-30% of your target, before you have a track record for that specific fund, and their check is what unlocks every check...
Jeff Barnes, MBA··12 min read
Regulatory & Compliance
Most Favored Nation Clauses in Private Fund Side Letters: Why Big LPs Get Them and Retail Investors Don't
TL;DR: A Most Favored Nation clause lets a large LP swap into better terms that another investor negotiated in the same fund. According to Reuters , the Fifth Circuit vacated the SEC's entire 2023...
Jeff Barnes, MBA··9 min read