These funds are generally formed as either a Limited Partnership (“LP”) or … Such funds have a general partner (GP), which raises capital from cash-rich institutional investors, such as pension plans, universities, insurance companies, foundations, endowments, and high-net-worth individuals, which invest as limited partners (LPs) in the fund. Private equity fund partners … Private Equity Fund structure – Trust. Their fees include both management and performance fees. A Private Equity that is structured as a Unit Trust is a type of collective investment governed by a trust deed. The Fund’s Net Asset Value (NAV) divided by the number of units outstanding determines the price of each unit of the Trust. Private equity funds are closed-end funds that are not listed on public exchanges. Private Equity Fund Structure Private equity funds are closed-end investment vehicles, which means that there is a limited window to raise funds and once this window has expired no further funds can be raised. The investors are usually the main beneficiaries of the Trust. The NAV of a Fund is the market value of the Fund’s net assets (investments, … Among the terms set forth in the limited partnership agreement are the following: Most private equity funds are structured as limited partnerships and are governed by the terms set forth in the limited partnership agreement or LPA.