And since you seem fairly familiar with the fund formation context more generally (an area that I don’t practice in directly but have a fair amount of exposure too), another interesting timely ethical dilemma surrounds the use and disclosure of management fees charged to portfolio companies and various bulk-discounts offered to private funds at the expense of portfolio companies. A number of funds, including Blackstone, recently settled cases involving these issues, which are may or may not be contained in the 100-page fund document you referenced but are within the more ambiguous realm of fiduciary duties.
