New Rule: Your Next Fund Will Be Different

The third “new rule” of private equity fundraising can be summed up as: your next fund will be different from your last. As our three experts explain, a shift in balance of power between LP and GP has consequences for the limited partnership agreement and for the business plan of the private equity firm. John Greenwood of Pantheon Ventures, Mounir Guen of MVision Private Equity Advisers, and Russell Steenberg of BlackRock Private Equity Partners engage in a lively conversation about how fundraising conditions are forcing firms to change their investment strategies and business plans.