Breakfast Briefing

Grave to cradle: Scrutinising fund structuring in reverse

Date: 24 November 2026 

Venue: Six Park Place, London

Overview

Most discussions around fund structuring focus on the wrong end of the fund life-cycle, when an LPA is being negotiated and wind down is a decade away. Yet the extended lives of funds mean operations professionals are living the consequences now of terms set years ago.

This breakfast briefing will work backwards, from the hardest part of the life-cycle, to ask how the end of previous funds should influence how you structure your next one.

Discussion points

• What does winding down a fund really look like from an operational perspective?
• Which LPA clauses cause the most friction at wind-down and how would they have been negotiated differently with hindsight?
• What is the role of the LPAC in extension decisions in practice, and when should that conversation start?
• Are fee step-down schedules matching the operational reality of a fund in run-off?
• Are LPA extension mechanisms accurately describing anticipated fund lives?
• What lessons on initially structuring can be learned from the use of continuation vehicles?
• How to manage fund administrator relationships during wind down?
• How should GP commit and carry structuring explicitly anticipate extensions or continuation vehicles?

Speakers:

• Paul Armstrong, Managing Director, Maneo Investments

• Stuart Twinberrow, Managing Director and COO, Providence Equity Partners

• Christian Heinen, Chief Executive Officer, Arendt Investor Services