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Limited Partnership Term Sheet
"I need a Limited Partnership Term Sheet for a new real estate investment fund with a target size of £500 million, launching in March 2025, with specific provisions for co-investment rights and ESG investment restrictions."
1. Parties: Details of the General Partner(s) and Limited Partner(s)
2. Background: Context and purpose of the partnership
3. Definitions: Key terms used throughout the term sheet
4. Partnership Structure: Legal form and jurisdiction of the partnership
5. Investment Strategy: Intended investment focus and objectives
6. Capital Commitments: Expected size and partner contributions
7. Management Fee: Fee structure and calculation basis
8. Profit Sharing: Distribution waterfall and carried interest
1. Key Person Provisions: Required when specific individuals are crucial to operations - used when success depends on particular individuals
2. Co-Investment Rights: Terms for additional investment opportunities - used when co-investment opportunities may arise
3. LPAC Rights: Limited Partner Advisory Committee provisions - used for larger funds with multiple institutional investors
1. Schedule 1 - Capital Commitments: Detailed breakdown of partner commitments
2. Schedule 2 - Investment Restrictions: Detailed investment parameters and restrictions
3. Schedule 3 - Fee Calculations: Detailed methodology for fee calculations
4. Appendix A - Subscription Form: Template for limited partner subscriptions
Authors
Advisory Committee
Affiliate
Applicable Law
Business Day
Capital Account
Capital Commitment
Capital Contribution
Carried Interest
Catch-Up Period
Closing Date
Commitment Period
Defaulting Limited Partner
Distribution
Drawdown Notice
ERISA
Establishment Costs
Final Closing Date
Fund
Fund Documents
General Partner
GP Commitment
Hurdle Rate
Investment
Investment Committee
Investment Period
Key Person
Key Person Event
Limited Partner
Management Agreement
Management Fee
Manager
Partnership
Partnership Agreement
Partnership Interest
Portfolio Company
Preferred Return
Regulatory Requirements
Related Party
Side Letter
Subscription Agreement
Term
Transfer
Valuation
Warehouse Arrangements
Investment Objectives
Capital Commitments
Drawdown Procedures
Investment Restrictions
Management Fee
Distribution Waterfall
Carried Interest
Key Person Provisions
Transfer Restrictions
Limited Partner Rights
Advisory Committee
Governance
Reporting Requirements
Valuation
Conflicts of Interest
Confidentiality
Regulatory Compliance
Term and Termination
Default Provisions
Co-Investment Rights
Expenses
Side Letters
Most Favored Nations
ERISA Provisions
Tax Matters
Amendments
Assignment
Governing Law
Dispute Resolution
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