Guide:

The Top 10 Terms in Side Letters

Below we’ve outlined key side letter terms, highlighted some of the challenges in complying with those terms, and assessed the potential operational impact for GPs. While these are just a handful of the most important provisions commonly found in side letters, GPs are often dealing with thousands of individual obligations, to multiple LPs, across multiple funds, all at the same time.

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How are you managing your fund obligations?

Download our guide to learn:

  • The current trends in fund documentation negotiation, and how the results affect your business.
  • How the growth of side letter and most-favored-nation provisions is creating an ever-larger administrative burden for GPs.
  • How to save time and money, drive organizational accountability, and strengthen investor trust with a purpose-built software solution that turns complex fund documents into actionable data, providing the ability to organize large amounts of information across funds, assign accountability, and audit compliance.

The world's leading asset managers leverage Insight to manage their side letters

The Top 10 Terms in Side Letters

“The private funds industry is well past the point at which side letters have become ubiquitous,” the Private Equity Law Report said in June 2021. For firms, the report continued, the key to succeeding in an increasingly convoluted environment comes “both at the front end of negotiating side letters and at the back end of managing the obligations contained therein over a fund’s life.”

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Luke Ruse

Luke Ruse

General Counsel

Luke Ruse is the General Counsel of InCloudCounsel. Before joining InCloudCounsel, Luke was a Partner at Kirkland & Ellis LLP, focused on commercial and bankruptcy litigation and regulatory investigations. 


Luke started his career clerking for the U.S. Court of Appeals for the Seventh Circuit and the U.S. District Court for the N.D. Illinois.

Jon Crandall

Managing Director, APAC

Jon is based in Singapore, where he manages the company’s relationships with its APAC-based clients. Jon holds a J.D. from New York University School of Law and a B.A. in mathematics from the University of Alaska Anchorage. Prior to joining InCloudCounsel, Jon spent over 10 years as a practicing corporate lawyer across Singapore, London, and New York, most recently as a partner in the capital markets practice of an international law firm.