Yes, but treat Cornerstone as a **US-style starting point**, not a plug-and-play Latin America LPA.
Local counsel usually must review or adapt:
- **Fund vehicle / governing law**: Cayman, Delaware, Luxembourg, or local feeder / parallel entities
- **Securities offering rules** in each LP jurisdiction
- **Tax**: withholding, VAT / IVA, permanent establishment, treaty use, carried interest, management fee waiver treatment
- **FX / capital controls** and cross-border cash movement
- **AML / KYC, sanctions, source-of-funds**
- **LP liability / enforceability** and default remedies
- **Side letters** for local regulatory or tax needs
- **Recycling, distributions, and waterfall mechanics** for local tax/accounting impact
Rule of thumb:
- Keep core economics standard
- Localize regulatory, tax, and enforcement provisions with counsel
Reference:
- https://decilehub.com/base/1-general_questions/163952-on-side-letters-in-8-3-cornerstone-lpa
Local counsel usually must review or adapt:
- **Fund vehicle / governing law**: Cayman, Delaware, Luxembourg, or local feeder / parallel entities
- **Securities offering rules** in each LP jurisdiction
- **Tax**: withholding, VAT / IVA, permanent establishment, treaty use, carried interest, management fee waiver treatment
- **FX / capital controls** and cross-border cash movement
- **AML / KYC, sanctions, source-of-funds**
- **LP liability / enforceability** and default remedies
- **Side letters** for local regulatory or tax needs
- **Recycling, distributions, and waterfall mechanics** for local tax/accounting impact
Rule of thumb:
- Keep core economics standard
- Localize regulatory, tax, and enforcement provisions with counsel
Reference:
- https://decilehub.com/base/1-general_questions/163952-on-side-letters-in-8-3-cornerstone-lpa