Notes from the research desk.
Plain-language research on deals, capital and the markets underneath them, from the Platinum Partnership's editorial team. Written for operators. Never advice.
Latest notes
When PE Says ‘Operating Partner,’ What They Mean
The title is the same across funds. The job description rarely is.Distribution Waterfalls: Reading the Doc Like a Sponsor
The economics of a private fund don't live in the headline carry. They live in the waterfall.Continuation Vehicles: The Quiet Secondary Trend
Why some of the most interesting recent secondary trades aren't on a public exchange.Management Fees vs. Fund Expenses: Reading the K-1
The management fee is the headline. The expense schedule is where the margin lives.Co-Investment Programs: When They’re a Real Benefit
Not every co-invest offer is what it looks like — the structure tells you more than the pitch deck.LP Advisory Committees: What Actually Happens
Advisory committees exist to protect LPs. In practice, they protect GPs from their own conflict-of-interest problem.Side Letters: The Quiet Hierarchy of LP Rights
Most favored nation clauses sound egalitarian. They are not.GP Stakes Investing: Owning the Manager, Not the Fund
Allocators stopped buying exposure to assets. The sophisticated money started buying exposure to the fee engine itself.Fund of Funds: When the Wrapper Is Worth Paying For
The second layer of fees is only justified when the first layer can't be accessed any other way.Subscription Lines: The Quiet Boost to Fund IRRs
Fund managers love subscription lines. LPs are starting to ask why.Carried Interest Taxation, As It Stands
GPs have been here before. The structure always adapts faster than the legislation.
One question per note, worked through plainly.
Each note takes one thing an operator or investor actually runs into, a deal mechanic, a rule, a shift in a market, and works through it without jargon or hype.
The notes are published by Platinum Research, the editorial desk of the Platinum Partnership, and grouped by topic so you can follow one thread.
These notes are education, not advice
They express general market views and educational commentary. They are not financial, investment, legal, tax or accounting advice, not a recommendation to buy, sell or hold anything, and not personalized to your circumstances. Markets are uncertain and capital can be lost in part or in whole. Speak with your own licensed professionals before acting on anything here.
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