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1

If the fund underperforms severely (e.g., fails to return even 1x capital), what LP exit options (if any) exist beyond secondary sales?

1 See in Base
0
Generally speaking, there are no easy exit options for limited partners should a fund underperform - this is why it's critical for limited partners to carefully evaluate and perform due diligence on any fund managers they intend to have manage their money for a decade or more.  

In most cases, secondary sales are also not an easy exit option. 

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