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“(To avoid this problem, some LPAs restrict the GP’s ability from being able to take any carry until she has returned the full $100 million in LP commitments back to the LP in cash. Admittedly, this is pretty rare.)”

Scott Kupor, Secrets of Sand Hill Road: Venture Capital and How to Get It
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Secrets of Sand Hill Road: Venture Capital and How to Get It Secrets of Sand Hill Road: Venture Capital and How to Get It by Scott Kupor
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