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Open-Ended Relationships

In: Private Equity Unchained

Author

Listed:
  • Thomas Meyer

    (LDS Partners)

Abstract

Nature’s solution for bridging longer distances in the fitness landscape is — sex. Without stretching this analogy too far, engaging in a relationship between strong parents can increase the offspring’s chances in the future significantly. During the lifetime of a fund, the interests of the GPs and the LPs are so closely aligned that the fund can be seen as an entity combining to some degree positive and negative characteristics, i.e., the ‘genetic code’, of fund managers and their investors. For the institutional investor, searching for suitable funds requires significant effort, and due diligence, structuring, and subsequent monitoring are quite expensive. The ‘pairing’ between LPs and GPs usually goes beyond the actual fund, with the ‘genetic code’ defining the relationship being passed on to follow-on funds.

Suggested Citation

  • Thomas Meyer, 2014. "Open-Ended Relationships," Palgrave Macmillan Books, in: Private Equity Unchained, chapter 0, pages 213-224, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-28682-6_20
    DOI: 10.1057/9781137286826_20
    as

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