LPs usually focus hardest on terms that affect economics, control, and downside protection:

- Economics
- Management fee
- Carry percentage
- GP commitment
- Fee offsets against management fees

- Control / governance
- Key person provisions
- Removal for cause
- LP Advisory Committee rights
- Conflicts of interest rules

- Capital and liquidity
- Investment period length
- Follow-on reserve flexibility
- Fund term and extension rights
- Recycling provisions

- Protection / compliance
- Reporting obligations
- Side-letter / MFN rights
- Defaulting LP remedies
- Prohibited sectors or mandate restrictions

Institutional LPs also often push hard on reporting and bespoke side letters, which can create real operational burden.
Reference: https://decilegroup.com/articles/raising-institutional-lps