Venture Capital
Side Letters Are Where Weak Fund Economics Go to Die.
Side Letters Are Where Weak Fund Economics Go to Die. Most managers think fund risk shows up when a portfolio company misses a quarter or a capital call gets messy. A lot of the real damage starts
Jeff Barnes, MBA··7 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