Limited Partnership Agreement (Initial Form DE) | Practical Law

Limited Partnership Agreement (Initial Form DE) | Practical Law

An initial limited partnership agreement (also known as a short-form limited partnership agreement) to be used in connection with the formation of a private equity fund structured as a limited partnership. This Standard Document can be adapted for other investment structures or other purposes when formation of limited partnerships is desired. This Standard Document includes integrated notes with important explanations and drafting and negotiating tips.

Limited Partnership Agreement (Initial Form DE)

Practical Law Standard Document 7-569-0305 (Approx. 15 pages)

Limited Partnership Agreement (Initial Form DE)

by Practical Law Corporate & Securities
Maintained • Delaware
An initial limited partnership agreement (also known as a short-form limited partnership agreement) to be used in connection with the formation of a private equity fund structured as a limited partnership. This Standard Document can be adapted for other investment structures or other purposes when formation of limited partnerships is desired. This Standard Document includes integrated notes with important explanations and drafting and negotiating tips.
On August 23, 2023, the SEC adopted new rules under the Investment Advisers Act of 1940 for private fund advisers (see Legal Update, SEC Adopts New Rules for Private Fund Advisers) (the "New Rules"). The New Rules are generally effective 12 to 18 months after publication in the Federal Register and will have a material impact on limited partnership agreements for private equity funds and may require revisions to this resource. Updates are planned in the near future. For more information on the final rule, see Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews, Fed. Reg. 88 FR 63206 (Sept. 14, 2023).