12 Oct 2021
Admit One—The Limited Partner Subscription Process
You have executed subscription agreements in hand, vetted by both outside and in-house counsel, and your fund is ready to close—what’s next? This letter is a template that private equity fund general partners can use to provide notice to newly admitted limited partners of their admittance to a fund, including the total amount of each of an investor’s subscriptions for interests in the fund that has been accepted by the general partner. This sample admission letter is addressed to a limited partner who wishes to maintain a specific percentage interest in the fund, and as such, language is included that indicates that the limited partner will be notified of opportunities to increase its capital commitment to maintain the same overall percentage interest in the fund. The letter may also contain other information pertaining to their status as admitted limited partners.
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