Private Equity
Key Man Clause in Private Fund LPAs: What Actually Happens When It Triggers
TL;DR: A key man clause (also called a "key person" provision) is the section of a fund's limited partnership agreement, or LPA (the contract governing how a private fund operates and how the general...
Jeff Barnes, MBA··9 min read
Regulatory & Compliance
The Key Person Clause: What Actually Protects You If Your Fund Manager Walks Away
Most LPs invest in a fund because of two or three specific people, and almost none of them read the clause that protects them if those people leave, according to the SEC's own investor education...
Jeff Barnes, MBA··10 min read
Private Equity
Deal-by-Deal vs Fund-Level Carry Waterfalls: The Structural Risk Hiding Behind the Headline Carry Rate
TL;DR: 64% of North American buyout funds still use an American, deal-by-deal carry waterfall, versus just 36% on a whole-fund European structure, according to Proskauer's 2026 "Under the Microscope"
Jeff Barnes, MBA··9 min read