FSREG provides a specialised legal review service for institutional investors considering commitments to private funds—including private equity, venture capital, credit/lending funds, infrastructure, real estate, and other alternative investment vehicles.

Our service is designed to give investors clarity and confidence when evaluating complex fund documentation. We focus on key fund documents such as the Limited Partnership Agreement (LPA), management agreement, subscription agreement and any proposed side letter. We review these materials thoroughly and produce a clear, practical report that:

  • Summarises the key commercial terms of the fund;
  • Highlights any unusual, onerous, or investor-unfriendly provisions;
  • Flags potential risks or negotiation points; and
  • Provides tailored recommendations where appropriate.

Where needed, we also negotiate and draft side letters to reflect the investor’s specific requirements, or assist in reviewing and commenting on side letters proposed by the fund manager. Our involvement is practical, to-the-point, and designed to support internal investment and legal teams during tight fundraising timelines.

One of the core advantages of our service is independence. Unlike many large law firms, we typically do not act for large fund managers. This means fewer conflicts of interest and more freedom to represent the investor’s position robustly—something that is increasingly important in a competitive fundraising environment.

Our core team consists of two qualified funds lawyers and one trainee lawyer, all of whom have deep experience in fund formation and private funds documentation. We are qualified to advise on both English and New York law.

We’re not just generalists with transactional experience—we specialise in this niche. That means we know how to identify what matters, spot the provisions that are market-standard versus those that are outliers, and provide strategic advice that is grounded in current market practice.

We offer our fund review services on a hard cap or fixed-fee basis, giving our clients predictability on costs and transparency from the outset.

If you’re an institutional investor looking for a focused, conflict-free legal review of a prospective fund investment, we would be happy to support you.

Please email us at [email protected] to find out more!

Disclaimer: This article provides general information only. It is not comprehensive and does not constitute the provision of legal, investment or regulatory advice. FSREG is not responsible for any action taken or omitted to be taken on the basis of information contained in this article. © 2025 FS REG Limited (www.fsreg.com). All rights reserved.