License to IL(PA): How to Review Private Equity Fund Terms

A wide variety of institutions, foundations, and high-net-worth individuals invest in private equity funds. Fund reviews (the thorough review and analysis of fund documentation by outside legal counsel with an eye toward effectuating changes in or negotiating applicable fund terms) are generally conducted only on behalf of large institutional investors. These investors have both the resources to engage attorneys and consultants to carry out such reviews, as well as the leverage necessary to negotiate and effectuate the resulting changes to the fund documentation. This practice note addresses representation of potential investors in a private equity fund and includes how best to evaluate and negotiate economic and governance terms for your client.

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