In its latest toolbox memo, the Standards Board for Alternative Investments covers indemnification and exculpation provisions in private fund governing documents. In the first article of a two-part Private Equity Law Report series, partner Christopher Dlutowski discusses key issues raised in the memo and associated market practice on indemnification rights. “Most [private] fund indemnification provisions include a right of the GP/manager and various affiliated persons to be indemnified for losses—including costs relating to legal claims—they incur in connection with their services to the fund,” Christopher said.
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