For any Alternative Investment Fund Manager (AIFM), whether managing an open-end fund such as a Hedge Fund or a closed-end fund such as aPrivate Equity fund (including Venture Capital), common provisions include:
- Fees charged (including the usual management and performance fee - the "carry" in closed-end funds such as in Private Equity);
- Reporting frequency and structure;
- Fund extensions and restructurings;
- For closed-end funds, interest sales governance (for secondaries sales);
- Rules regarding capital commitments - and in the case of closed-end funds, the equalisation process;
- The role of the management team's commitment;
- Key-person events and GP team devotion;
- GPindemnification and exculpation rights;
- Rules regarding the raising of successor funds for closed-end funds;

Although many of these are usually redacted and/or verified by legal experts, it's important for any fund manager to have a basic knowledge of these provisions - both to effectively negotiate when closing new investors, but also to take into account during the fund management process.

Besides fund managers, these provisions are also important for anybody with a significant role in a fund in Alternative Investments, including associates or more senior VPs and principals that wish to one day start their own fund, or that have just been admitted into the carry vehicle and want to know more about the nuances of a fund's provisions.