The Institutional Limited Partners Association – an association of more than 500 institutional PE investors that seeks to promote the interests of fund limited partners (LPs) – recently issued the third iteration of its PE principles, which seek to promote transparency by fund general partners (GP); fund governance best practices; and alignment of LP and GP interests. This first article in a two-part series analyzes fund economics, including carried interest, management fees and expenses, along with other fund terms, including duration and key person provisions. The second article will review fund governance matters, including a GP’s standard of care; limited partnership advisory committee best practices; and the disclosure of fees and expenses, as well as marketing and regulatory matters. See “ILPA Makes Recommendations for LPs Participating in GP‑Led Secondary Fund Restructurings” (Jul. 9, 2019).