"To my dearest, very dearest investor..."

Some fund managers may argue side letters allow them to garner assets, especially in a fund's formative years, while lawyers and directors may recoil in various measure at the legal and liability issues they can present. One thing, however, is true - despite other strategies being available to achieve much the same goal as do side letters, they do not appear to be disappearing. Their offering of preferential terms to most-favoured investors is increasingly a sine qua non for large allocations

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