SLP - Optional second LP interest
Question:
"But the question was how the client can solve it, if he does not get the total USD 20mio together with the first LP interest (two projects at USD 10mio). Is it possible to leave a backdoor open and launch a second LP interest afterwards for the remaining USD 10mio? Ideally the client would launch USD 20mio in total with one LP interest, but what if he doesn't get the amount together. That is the scenario that I would like to clarify here."
Milo:
"Yes, it is possible, provided that my understanding is that the creation in a second stage of a second LP interest class would require modification of the LPA which requires agreement of the LPs already invested in the first class. "
Carmine:
"we can provide a general authorization to the GP to amend the LPA for the purpose of issuing new class of LP interests without involving the existing LPs "