# Limited partners

`kaal:entity:limited-partners`

**Status.** derived

This node is assembled mechanically from the 4 claims that carry the concept tag `limited-partners`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

4 claims across 3 works, 2016 to 2022.

**2016**

- [2714974-015](https://wulfkaal.github.io/claims/2714974-015) [condition/argued] *(failure mode)* -- Co-investment arrangements become problematic when a fund grants a co-investment opportunity in exchange for a future or increased fund commitment and the practice is not adequately disclosed, especially where the fund's governing documents would prohibit the allocation.
  > If such private fund advisers' practices are not adequately disclosed, co-investments can often be problematic.
  Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974

**2017**

- [2959730-008](https://wulfkaal.github.io/claims/2959730-008) [mechanism/asserted] -- Early limited partnership investors increasingly use their leverage to negotiate tough fee terms with first time managers.
  > 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.
  Wulf A. Kaal, Blockchain Applications and Fee Structure Developments in Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2959730
- [2959730-014](https://wulfkaal.github.io/claims/2959730-014) [mechanism/asserted] -- Pressure on the incentive fee side operates through blackened carried interest, under which a manager cannot collect carry until all limited partners have had their capital returned within the lifetime of the private equity model.
  > Some industry observers are now talking about a movement towards blackened carried interest, meaning a private investment fund manager cannot collect carry until all limited partner investors have had their capital returned within the lifetime of the private equity model.
  Wulf A. Kaal, Blockchain Applications and Fee Structure Developments in Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2959730

**2022**

- [4033886-013](https://wulfkaal.github.io/claims/4033886-013) [failure/evidenced] *(failure mode)* -- An investor who has been fully redeemed loses the ability to test the fund's valuation of his interest: the court held that Greenhouse retained no equity interest and therefore had no right to inspect the partnership's books and records.
  > Therefore, the court concluded that Greenhouse did not retain and equity interest in the partnership and was not entitled to inspect the partnership's books and records.25
  Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/limited-partners.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.