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You are in Indirect – Manager Selection, Appointment and Monitoring » Outputs and outcomes
During the course of evaluation of a new manager, the deal team of PEG reviewed governance clauses at the firm. The manager of the fund did not have a key person governance clause on the top decision maker and General Partner at the firm. The internal deal team pushed to get the General Partner as a key person into the legal documents. This was viewed as a risk in terms of governance, decision making and ultimately could impact investment performance and limited partner welfare.
The manager of the fund would not change their governance provision to include the General Partner and key decision maker in the governance clause. This was a contributing factor to our decision to not invest in the fund.