Due Diligence FAQs
What kind of governing body should the fund have?
Typically a structure with a board of directors that has a majority of independent directors offers the most security to investors. Where the structure is a limited partnership with a general partner, the general partner’s board should be considered as the governing body.
Further, in private equity and real estate contexts, for example, independent governance is often represented by a limited partner advisory committee (LPAC) or similar.
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