# kaal:claim:2959730-008

**Claim.** Early limited partnership investors increasingly use their leverage to negotiate tough fee terms with first time managers.

**Type.** mechanism  **Support.** asserted

**Holds when.**

- first time managers raising an initial fund

**Source quote.**

> Another phenomenon that affects first-time managers pertains to early limited partnership investors who increasingly throw their weight around to negotiate tough terms on fees.

**From.** Wulf A. Kaal, *Blockchain Applications and Fee Structure Developments in Private Investment Funds* (2017), II. Changing Fee Structure, page 6

**Cite as.** Wulf A. Kaal, Blockchain Applications and Fee Structure Developments in Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2959730

**Verify.** sha256 of source PDF `ebd86972d8817b0c1c80326ae5564476983cedba3f258ff3b2610f156b93fb50` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202017%20-%20Blockchain%20Applications%20and%20Fee%20Structure%20Developments%20in%20Private%20Investment%20Funds.pdf

**Topics.** institutional-design

**Keywords.** limited-partners, fee-negotiation, emerging-managers, bargaining-power

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