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Agreed. Depends on whether redemption rights are included. If you want an answer better than this you prob shouldn’t ask lawyers lol
Depends.
Are you referring to an SPA or MIPA type of agreement? Or, a subscription type of agreement? If the former, no, that would be unusual. If the latter, probably still on the more unusual side for LPs, but you might see redemption rights given to management and similar non-money members.