Bell Rock glossary
Side Letter
A separate agreement granting a particular investor terms that vary from or supplement the fund's standard terms.
A side letter is a bilateral agreement between a fund (or its manager or general partner) and a specific investor, granting that investor terms that supplement or vary the standard fund terms; such as fee arrangements, reporting rights, most-favoured-nation protection, capacity rights or transparency undertakings. Side letters must be managed carefully to ensure consistency with the offering document, fair treatment of other investors, and any most-favoured-nation obligations already granted.
Related guidance
Offering Memorandum · Company Secretary
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