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Drafting and negotiating a side letter is one of the most important, and delicate, interactions between fund and investor counsel. Funds in today’s marketplace should assume that most investors will demand side letters, and not just with respect to more favorable economic and/or governing terms, but also to address their specific needs in an increasingly complex investing environment. The provisions being sought in a side letter could be specific to a particular investor (i.e., those addressing an investor’s specific tax, regulatory, or policy issues) or be of the more traditional, “more favorable terms” variety that all investors would desire. If the private equity fund has many investors, particularly institutional investors, fund counsel may draft form side letter provisions that address each issue using the general partner’s preferred language and terms. This helps to standardize the side letter process and ensure that each provision is consistent in the many side letters between the fund and its investors.
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