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What Type of Equity Kickers are LPs Entitled to in Small Funds: VC or PE Standard Agreements?

Hi all - I sent my thesis to a friend who happens to be an institutional investor. He asked me what type of equity kickers they might be entitled to as an LP. I'm tempted to state that the standard agreement is 2/20 again because its such a small fund I don't think I should be building any complexity into the LPA's. What are your thoughts? I'm not sure if this is a VC thing or it is something more common in PE.
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This is a pretty bad outcome. This person is staring out of alignment with wanting special terms before they even committed to investing in you … as if those special terms are going to make that much of a difference. Run away. Reply back: We’re a standard 2 & 20 fund and we will not give special terms because we want to keep everything easy and standard for Fund 1.

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