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What is the Process for Granting Co-Investment Rights to GPs, and What Agreements and Money Flow are Involved?

We plan to give GPs in the fund co-investment rights. What would that process look like? I assume we need a side letter for it. But also, what other types of agreements are needed between the investment and investor? How does money flow between us, investment and co-investment rights investor?
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This does not have to be memorialized in any agreement. You can just offer the opportunity as they come up with an SPV. If an investor asks, you can offer a side letter for this right.

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