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Fund Terms
With most capital already deployed, sponsors and LPs are tailoring personnel, triggers and remedies to individual assets.
Today’s investors are looking beyond founders and titles to include people truly responsible for performance.
A CSC study finds LP demand for tailored SPVs is rising, but so are expectations around governance, reporting, transparency and operational oversight.
Nascent alternative mechanisms can grant people liquidity in private markets, from secondaries trading to target date funds in 401(k)s.
Rising redemptions and fund-level gates are exposing the limits of semi-liquid structures, especially among retail investors.
Most funds are closing within 12 months, while investors probe cybersecurity, cash oversight and operational governance.
With fundraising under pressure, seed commitments are now essential to helping emerging managers launch.
GPs must prepare for hidden industry-wide effects of expanding retail funds, from shifting allocations to liquidity stress.
The survey also found that GPs are negotiating fund terms more often, further adding to their compliance burden.
The registered ’40 Act fund aims to broaden the firm’s investor base and expand access to private markets.