Term Sheet for a Private Equity Fund (ILPA Model Form)

Summary

A term sheet for a private equity fund provides a summary of terms relating to an investment in the fund. The terms are presented in short form, with greater detail set out in the fund’s limited partnership agreement and private placement memorandum (PPM). The term sheet typically is read in conjunction with the PPM and while chiefly a marketing document, a term sheet should mirror in summary fashion the terms of the PPM, providing appropriate disclaimers in connection with any information that is preliminary or subject to change or revision.