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Fund Economics

If a fund has 2 GPs do they have to jointly contribute 1% of the fund or individually?

If a fund has 2 GPs do they have to jointly contribute 1% of the fund or individually?
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The General Partners jointly contribute 1%, splitting portions of the 1% between them according to an agreement. This agreement is usually based on the ownership of the General Partnership. Technically, the General Partnership is an entity, and General Partners are owners of the entity.
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What if one GP contributes the entire GP commitment?

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