The Limited Partnership Term Sheet is a crucial preliminary document used in the formation of investment vehicles and business partnerships in Canada. It is typically employed when establishing private equity funds, venture capital funds, real estate investment partnerships, or other investment structures where a limited partnership model is preferred. The document sets out the fundamental terms and conditions that will govern the partnership, including investment strategy, economic terms, governance structure, and key operational parameters. While not legally binding (except for certain provisions like confidentiality), it serves as the foundation for negotiating and drafting the final limited partnership agreement and related documentation. The term sheet must comply with Canadian provincial limited partnership legislation, as limited partnerships are governed at the provincial level, while also considering federal and provincial securities laws, particularly for investment fund structures.
Your data doesn't train Genie's AI
You keep IP ownership of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
Upload your Doc
1. Parties: Identification of the proposed General Partner and the class(es) of Limited Partners
2. Background: Brief context of the proposed partnership and its purpose
3. Definitions: Key terms used throughout the term sheet
4. Partnership Structure: Legal form, jurisdiction, and term of the partnership
5. Investment Strategy: Overview of the partnership's intended investment focus and objectives
6. Partnership Size: Target size, minimum and maximum commitment amounts
7. Capital Commitments: Minimum LP commitment, GP commitment, commitment period
8. Management Fee: Fee structure, calculation basis, and payment terms
9. Distribution Waterfall: Priority and methodology of distributions to partners
10. Carried Interest: Profit sharing arrangement with the General Partner
11. Key Person Provisions: Identity of key persons and implications of their departure
12. Transfer Restrictions: Limitations on transfer of partnership interests
13. Governance: Basic management structure and LP voting rights
14. Expenses: Allocation of partnership expenses and operational costs
15. Confidentiality: Basic confidentiality obligations of the parties
1. Co-Investment Rights: Terms for LP co-investment opportunities, used when co-investment alongside the partnership is contemplated
2. LPAC: Limited Partner Advisory Committee structure and rights, used for larger or more institutional funds
3. ESG Provisions: Environmental, Social and Governance considerations, used when ESG is a significant focus
4. Parallel Funds: Structure and terms of parallel vehicles, used when multiple fund vehicles are contemplated
5. Strategic Partners: Special rights or obligations of strategic partners, used when strategic LPs receive special terms
6. Seed Assets: Terms relating to existing assets to be acquired, used when the partnership will acquire existing assets
7. Follow-on Investment Rights: Terms for additional investment rounds, used in venture or growth equity contexts
8. Tax Structure: Specific tax considerations and structuring, used for cross-border or tax-sensitive investments
1. Distribution Waterfall Example: Numerical example illustrating the distribution mechanics
2. Fee Calculation Methodology: Detailed explanation of management fee calculations
3. Organizational Chart: Visual representation of the partnership structure
4. Investment Guidelines: Detailed investment criteria and restrictions
5. Capital Commitment Schedule: Expected drawdown and commitment schedule
Relevant legal definitions
Affiliate
Business Day
Capital Commitment
Capital Contribution
Carried Interest
Catch-Up
Cause
Clawback
Closing Date
Commitment Period
Default
Defaulting Limited Partner
Distribution
DRIP
Follow-on Investment
General Partner
GP Commitment
Hurdle Rate
Investment Committee
Investment Guidelines
Investment Period
Key Person
Key Person Event
Limited Partner
Limited Partner Advisory Committee
Management Fee
Management Fee Base
Net Asset Value
Partnership
Partnership Expenses
Portfolio Company
Preferred Return
Principal
Qualified Investment
Related Party
Removal Event
Side Letter
Subscription Agreement
Target Fund Size
Term
Transfer
Vintage Year
Waterfall
Business Day
Capital Commitment
Capital Contribution
Carried Interest
Catch-Up
Cause
Clawback
Closing Date
Commitment Period
Default
Defaulting Limited Partner
Distribution
DRIP
Follow-on Investment
General Partner
GP Commitment
Hurdle Rate
Investment Committee
Investment Guidelines
Investment Period
Key Person
Key Person Event
Limited Partner
Limited Partner Advisory Committee
Management Fee
Management Fee Base
Net Asset Value
Partnership
Partnership Expenses
Portfolio Company
Preferred Return
Principal
Qualified Investment
Related Party
Removal Event
Side Letter
Subscription Agreement
Target Fund Size
Term
Transfer
Vintage Year
Waterfall
Clauses
Partnership Structure
Investment Strategy
Capital Commitments
Capital Calls
Management Fee
Distribution Rights
Carried Interest
Key Person
Transfer Rights
Governance Rights
Advisory Committee
Expenses
Term and Termination
Removal Rights
Co-Investment Rights
Reporting
Confidentiality
Investment Restrictions
Default
Amendments
Side Letters
Conflict of Interest
Non-Competition
Tax Matters
Regulatory Compliance
Follow-on Investment Rights
Parallel Investment Vehicles
ESG Provisions
Jurisdiction and Governing Law
Investment Strategy
Capital Commitments
Capital Calls
Management Fee
Distribution Rights
Carried Interest
Key Person
Transfer Rights
Governance Rights
Advisory Committee
Expenses
Term and Termination
Removal Rights
Co-Investment Rights
Reporting
Confidentiality
Investment Restrictions
Default
Amendments
Side Letters
Conflict of Interest
Non-Competition
Tax Matters
Regulatory Compliance
Follow-on Investment Rights
Parallel Investment Vehicles
ESG Provisions
Jurisdiction and Governing Law
Relevant Industries
Private Equity
Venture Capital
Real Estate Investment
Infrastructure
Financial Services
Asset Management
Natural Resources
Healthcare Investment
Technology Investment
Renewable Energy
Agricultural Investment
Relevant Teams
Legal
Investment
Finance
Tax
Compliance
Risk Management
Fund Administration
Corporate Development
Deal Advisory
Operations
Relevant Roles
Chief Executive Officer
Chief Investment Officer
Managing Partner
Fund Manager
Investment Director
Legal Counsel
General Counsel
Chief Financial Officer
Tax Director
Compliance Officer
Investment Manager
Portfolio Manager
Private Equity Associate
Venture Capital Partner
Director of Fund Administration
Risk Manager
Investment Committee Member
Find the exact document you need
Trading Partner Agreement
A Canadian-law governed agreement establishing terms and conditions for ongoing trading relationships between business partners.
find out more
Alliance Agreement
A Canadian-law governed agreement establishing strategic partnership terms between organizations, including collaboration frameworks and mutual obligations.
find out more
Website Partnership Agreement
A Canadian-law governed agreement establishing terms and conditions for website partnership arrangements, including operations, revenue sharing, and compliance requirements.
find out more
Influencer Collaboration Agreement
A Canadian-law governed agreement establishing terms between brands and social media influencers for content creation and marketing collaboration.
find out more
Non Profit Organization Partnership Agreement
A Canadian-law governed agreement establishing a formal partnership between non-profit organizations, defining their collaborative framework and mutual obligations.
find out more
Organization Partnership Agreement
A Canadian-law governed agreement establishing and regulating a business partnership, defining partners' rights, responsibilities, and operational framework.
find out more
Budget Partnership Agreement
A Canadian-law governed agreement establishing financial collaboration framework between partners, including budget allocation and management processes.
find out more
Social Media Collaboration Agreement
Canadian-law governed agreement establishing terms for social media collaboration, including content, compensation, and compliance requirements.
find out more
Venture Capital Partnership Agreement
A Canadian-law governed agreement establishing the terms and structure of a venture capital partnership, defining relationships between general and limited partners.
find out more
Simple Collaboration Agreement
A Canadian law-governed agreement establishing terms for parties to collaborate on specific projects while maintaining their independence.
find out more
Domestic Partnership Letter
A Canadian legal document declaring and establishing a domestic partnership between two individuals for benefits, insurance, and legal purposes.
find out more
Salaried Partnership Agreement
A Canadian law-governed agreement establishing the terms and conditions for a salaried partner's position within a professional partnership, including rights, duties, and compensation.
find out more
Social Media Partnership Agreement
A Canadian-law governed agreement establishing terms and conditions for social media collaboration between partners, including content creation, posting requirements, and compliance matters.
find out more
Partnership License Agreement
A Canadian-law governed agreement establishing both partnership and licensing arrangements between parties, combining collaborative business relationship with specific licensing rights.
find out more
Partnership Agreement For Restaurant Business
A Canadian legal agreement establishing a partnership structure for restaurant business operations, outlining partners' rights, responsibilities, and operational guidelines under federal and provincial laws.
find out more
Memorandum Of Understanding For Business Partnership
A non-binding preliminary agreement outlining proposed terms and conditions for business partnership formation under Canadian law.
find out more
Legal Partnership Agreement
A Canadian-law governed agreement establishing the terms and conditions of a business partnership, including partner rights, responsibilities, and operational framework.
find out more
Formal Partnership Agreement
A Canadian legal agreement establishing a formal partnership between two or more parties, outlining rights, responsibilities, and operational framework under federal and provincial laws.
find out more
Collaboration Partnership Agreement
A Canadian law-governed agreement establishing terms and conditions for collaborative partnerships between multiple parties, including scope, responsibilities, and resource commitments.
find out more
Vacation Home Partnership Agreement
A Canadian legal agreement establishing terms and conditions for shared ownership and management of a vacation property between multiple co-owners.
find out more
Temporary Partnership Agreement
A Canadian-law governed agreement establishing a temporary partnership between parties, defining terms, duration, and partnership obligations.
find out more
Technology Partnership Agreement
A Canadian-law governed agreement establishing terms and conditions for technology partnership between multiple parties, including IP rights, data protection, and operational frameworks.
find out more
Sweat Equity Partnership Agreement
A Canadian-law governed agreement establishing terms for converting work contribution into business ownership rights, including equity allocation and performance requirements.
find out more
Strategic Alliance Partnership Agreement
A Canadian-law governed agreement establishing a strategic partnership between organizations, defining terms for collaboration and mutual growth.
find out more
Startup Partnership Agreement
A Canadian-law governed agreement establishing the framework for startup partnerships, defining ownership, responsibilities, and operational structure.
find out more
Software Partnership Agreement
A Canadian-law governed agreement establishing partnership terms for software development, distribution, or maintenance between multiple entities.
find out more
Software Partner Agreement
A Canadian-law governed agreement establishing partnership terms between software providers and their business partners for software distribution and implementation.
find out more
Sponsorship Partnership Agreement
A Canadian-law governed agreement establishing terms and conditions for sponsorship relationships, including rights, obligations, and commercial terms between sponsors and sponsored parties.
find out more
Shareholders Agreement Joint Venture
Canadian-law governed agreement establishing shareholder relationships and governance structure in a joint venture, defining rights, obligations, and operational parameters.
find out more
Simple Partnership Dissolution Agreement
A Canadian legal document that formally terminates a partnership and outlines the terms for distributing assets, settling liabilities, and releasing partners from future claims.
find out more
Simple Limited Partnership Agreement
A Canadian legal agreement establishing a limited partnership structure between managing general partners and passive limited partner investors, defining their rights, obligations, and business relationships.
find out more
Revenue Share Partnership Agreement
A Canadian legal agreement establishing terms for partnership revenue sharing, compliant with federal and provincial partnership laws.
find out more
Sales Cooperation Agreement
A Canadian-law governed agreement establishing terms for cooperative sales arrangements between parties, including revenue sharing and territorial rights.
find out more
Real Estate Limited Partnership Agreement
A Canadian law-governed agreement establishing a limited partnership structure for real estate investment, defining partner relationships, operational terms, and compliance requirements.
find out more
Real Estate Joint Venture Agreement
A Canadian-law governed agreement establishing a joint venture between parties for real estate development, investment, or management purposes.
find out more
Profit And Loss Partnership Agreement
A Canadian-law governed agreement establishing terms, conditions, and profit/loss sharing arrangements between business partners.
find out more
Product Partnership Agreement
A Canadian-law governed agreement establishing terms for product-related business partnerships, including development, manufacturing, and distribution rights and obligations.
find out more
Preferred Partnership Agreement
A Canadian legal agreement establishing a partnership structure with preferred and general partners, defining rights, obligations, and profit distribution priorities.
find out more
Preferred Partner Agreement
Canadian-law governed agreement establishing a preferred partnership relationship between entities, defining partnership terms and mutual obligations.
find out more
Pre Partnership Agreement
A Canadian legal document establishing the framework and conditions for forming a future partnership, governed by federal and provincial partnership laws.
find out more
Genie’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; Genie’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)
.png)