Yes, sometimes a fund can go past a 10% concentration cap, but only if the fund documents allow it or LPs formally approve a waiver/amendment.

What a GP typically needs to do:
- Check the LPA/PPM side letters for:
- issuer concentration limits
- follow-on exceptions
- LPAC approval rights
- amendment thresholds
- Quantify the impact:
- post-investment % of committed/investable capital
- effect on reserves, diversification, and pacing
- Get the required approval:
- often LPAC consent, sometimes broader LP consent depending on docs
- Disclose clearly:
- why this is in the fund’s best interest
- why the upside justifies the added risk
- why it still fits the strategy

Be cautious: doubling down can materially increase risk for only marginal ownership gain. Reference: https://decilegroup.com/articles/portfolio-construction-fund-i-to-fund-ii