Julia D. Corelli, a partner with Pepper Hamilton’s Corporate and Securities Practice Group and a co-chair of the Funds Services Group, a core constituent of Pepper’s Investment Funds Industry Group, was quoted in the March 23, 2018 Private Funds Management article "For Private Funds, the Beginning Is in the End."
Even straightforward fund extensions are not necessarily that straightforward. "While the extension is covered explicitly in the LPA, the economic issues surrounding extending a fund's life – management fees, for example – tend to be left to be negotiated at the time of the extension," writes Julie Corelli, a fund formation lawyer at Pepper Hamilton, for sister publication Private Equity International. LPs may push for "no carry growth" in the extension period, notes Corelli. "Careful attention needs to be paid to what GP behaviors are incentivized during the extension period."