Operationally, the supported points are:
- LPs holding more than **66 ⅔%** of commitments can trigger it by **written notice** describing a **Material Breach**
- the fund enters a **restricted period**
- the **GP and LPs must negotiate in good faith** to resolve the dispute
- the period lasts **90 days**
- it can be extended by additional **90-day periods** with further notice from the requisite majority
- during the period, available Decile Base guidance says LPs’ **obligation to meet capital calls is removed**
I can’t confidently confirm a fuller list of allowed vs. prohibited GP actions from the provided material. For exact operational consequences, review the LPA and counsel.
References:
- https://decilehub.com/base/1-general_questions/19720-what-is-the-process-for-triggering-limited-operations-mode
- https://decilehub.com/base/1-general_questions/163614-how-does-limited-operations-mode-affect-in-flight-investments-and-already-issued-capital-call-notices
- LPs holding more than **66 ⅔%** of commitments can trigger it by **written notice** describing a **Material Breach**
- the fund enters a **restricted period**
- the **GP and LPs must negotiate in good faith** to resolve the dispute
- the period lasts **90 days**
- it can be extended by additional **90-day periods** with further notice from the requisite majority
- during the period, available Decile Base guidance says LPs’ **obligation to meet capital calls is removed**
I can’t confidently confirm a fuller list of allowed vs. prohibited GP actions from the provided material. For exact operational consequences, review the LPA and counsel.
References:
- https://decilehub.com/base/1-general_questions/19720-what-is-the-process-for-triggering-limited-operations-mode
- https://decilehub.com/base/1-general_questions/163614-how-does-limited-operations-mode-affect-in-flight-investments-and-already-issued-capital-call-notices