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Chart of the week: What Must LPs Receive Before The GP Begins Receiving Carry?

This is the way it’s been done in Europe for years, and it’s a best practice recommended by the Institutional Limited Partners Association. However, the 2012-2013 edition of PE/VC Partnership Agreements Study 2012-2013 finds that a majority of North American buyout funds still use the less LP-friendly deal-by-deal method.