10 pieces
June 17, 2026
The Transfer Conditions the Seller Cannot Answer
ILPA's model agreement prohibits transfers by default, and the standard that consent not be unreasonably withheld attaches only once the buyer is an affiliate of the seller or five criteria are met. Three of those criteria reach past the seller's own file.
7 min readMay 8, 2026
Which Facts Change an Investor's Rights?
A diligence questionnaire maps continuity risk. The partnership agreement defines the narrower events that automatically change the parties' rights.
6 min readApril 5, 2026
What a Fund's Operations Look Like From the Outside.
Operational due diligence examines how a fund actually operates, then asks the harder question: how much of it can be supported by more than the word of the person who runs it.
6 min readFebruary 11, 2026
Can You Rebuild the Mark You Reported?
A fund can defend a mark only by showing how it was built — work that is necessary to a defense, not proof the number was right.
6 min readJanuary 22, 2026
The Broken-Deal Expense Is a Fiduciary Question.
A broken-deal expense may be legitimate while its allocation still conflicts with the fund's documents, disclosures, or the adviser's fiduciary duties.
6 min readDecember 26, 2025
When does an audit stop being optional?
A first-time manager treats the audit as a cost to defer. An institutional LP treats it as a precondition.
5 min readNovember 9, 2025
What does the ILPA Performance Template actually change?
The deadline is 2027. The preparation starts today.
5 min readOctober 14, 2025
Why redemption gates exist.
An evergreen fund promises periodic liquidity, not unlimited liquidity — and the redemption gate is what makes that promise possible.
5 min readSeptember 4, 2025
Why capital call notices needed a common language.
The math behind every capital call was already the same. The language describing it never was.
5 min readJuly 6, 2025
How top fund administrators think about document hygiene.
Retrievability was designed in, not hoped for — the difference was never discipline.
8 min read