Kilpatrick Townsend’s Kate McCurry and Thomas Cain recently attended the Institutional Limited Partners Association’s Legal Conference. The conference provided an opportunity to discuss trending legal topics in the private equity industry from the investor’s perspective. While attendees reported many different areas of focus in their legal due diligence of prospective private equity fund investments, matters falling into three categories were common points of emphasis: ensuring alignment of interests between GPs and LPs, provision for appropriate governance practices, and reinforcement of the fiduciary duty owed by the GP. Some key due diligence questions prospective investors should consider asking in these areas are highlighted below...