Limited Ortakl\u0131k Anla\u015fmas\u0131 (LPA), limited ortakl\u0131k olarak organize edilen bir \u00f6zel yat\u0131r\u0131m fonu i\u00e7in temel y\u00f6netim belgesidir\u2014risk sermayesi<\/a>, \u00f6zel sermaye<\/a>, hedge fonlar\u0131, altyap\u0131 fonlar\u0131, vb. LPA, Y\u00f6netici Ortak (GP)<\/a> ve Limited Ortaklar (LP’ler)<\/a> aras\u0131ndaki ili\u015fkiyi tan\u0131mlar, ekonomi, y\u00f6neti\u015fim, k\u0131s\u0131tlamalar ve fon operasyonlar\u0131n\u0131 y\u00f6netir.<\/p>\n Kapsaml\u0131 bir LPA \u015funlar\u0131 kapsar: fon ekonomisi (y\u00f6netim \u00fccreti<\/a> yap\u0131s\u0131, ta\u015f\u0131nan faiz<\/a>, GP<\/a> taahh\u00fcd\u00fc, gider tahsisi), sermaye taahh\u00fctleri ve \u00e7a\u011fr\u0131 mekanikleri (LP’lerin taahh\u00fctlerini zaman i\u00e7inde nas\u0131l finanse etti\u011fi), yat\u0131r\u0131m k\u0131s\u0131tlamalar\u0131 (co\u011frafi, sekt\u00f6r, b\u00fcy\u00fckl\u00fck s\u0131n\u0131rlar\u0131, konsantrasyon s\u0131n\u0131rlar\u0131, ili\u015fkili taraf yasaklar\u0131), y\u00f6neti\u015fim (LP dan\u0131\u015fma komitesi, oy haklar\u0131, kald\u0131rma h\u00fck\u00fcmleri, anahtar ki\u015fi maddeleri), da\u011f\u0131t\u0131mlar ve waterfall (da\u011f\u0131t\u0131m s\u0131ras\u0131, hurdle oran\u0131, catch-up, GP geri alma), LP \u00e7\u0131karlar\u0131 \u00fczerindeki transfer k\u0131s\u0131tlamalar\u0131, GP ve m\u00fcd\u00fcrlerinin tazminat\u0131, \u00e7\u0131kar \u00e7at\u0131\u015fmalar\u0131 h\u00fck\u00fcmleri ve sona erdirme\/fesih<\/a> mekanikleri.<\/p>\n En yo\u011fun m\u00fczakere edilen LPA h\u00fck\u00fcmlerinden biri anahtar ki\u015fi maddeleridir. Bunlar tipik olarak s\u00fcrekli kat\u0131l\u0131m\u0131 esas olan GP’de 2-4 anahtar ki\u015fiyi adland\u0131r\u0131r\u2014tan\u0131mlanm\u0131\u015f bir say\u0131 zamanlar\u0131n\u0131 adamay\u0131 b\u0131rak\u0131rsa, fon otomatik olarak bir “anahtar ki\u015fi olay\u0131”na girer ve LP’ler devam edip etmemeye karar verene kadar yat\u0131r\u0131m d\u00f6nemini ask\u0131ya al\u0131r. Anahtar ki\u015fi h\u00fck\u00fcmleri LP’leri GP’nin m\u00fcd\u00fcr ayr\u0131l\u0131\u015f\u0131ndan korur ancak GP’nin i\u00e7 ekip y\u00f6netimindeki esnekli\u011fi ile gerilim yarat\u0131r.<\/p>\n Kurumsal Limited Ortaklar Derne\u011fi (ILPA), ILPA Raporlama \u015eablonu (standartla\u015ft\u0131r\u0131lm\u0131\u015f \u00fccret ve gider raporlamas\u0131), ILPA Model LPA (standart h\u00fck\u00fcmler) ve ILPA Prensipleri 3.0 (ko\u015fullar \u00fczerinde en iyi uygulama \u00f6nerileri) dahil olmak \u00fczere LP-GP hizalamas\u0131 i\u00e7in prensipler yay\u0131mlar. ILPA standartlar\u0131 pazar ko\u015fullar\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde etkiledi\u2014\u00fccret yap\u0131lar\u0131, gider tahsisi ve \u015feffafl\u0131k etraf\u0131nda. T\u00fcrk merkezli fonlar i\u00e7in (tipik olarak SPK d\u00fczenlemesi alt\u0131nda Giri\u015fim Sermayesi Yat\u0131r\u0131m Fonu<\/a> olarak yap\u0131land\u0131r\u0131l\u0131r), LPA e\u015fde\u011feri belirli SPK gereksinimlerini kar\u015f\u0131larken pazar standard\u0131 h\u00fck\u00fcmleri i\u00e7eren Fon \u0130\u00e7t\u00fcz\u00fc\u011f\u00fcd\u00fcr.<\/p>\n","protected":false},"excerpt":{"rendered":" TLDR: Limited Ortakl\u0131k Anla\u015fmas\u0131 (LPA), limited ortakl\u0131k olarak organize edilen bir \u00f6zel yat\u0131r\u0131m fonu i\u00e7in temel y\u00f6netim belgesidir\u2014risk sermayesi, \u00f6zel sermaye, hedge fonlar\u0131, altyap\u0131 fonlar\u0131, vb. LPA, Y\u00f6netici Ortak (GP) ve Limited Ortaklar (LP’ler) aras\u0131ndaki ili\u015fkiyi tan\u0131mlar, ekonomi, y\u00f6neti\u015fim, k\u0131s\u0131tlamalar ve fon operasyonlar\u0131n\u0131 y\u00f6netir. Anahtar LPA H\u00fck\u00fcmleri Kapsaml\u0131 bir LPA \u015funlar\u0131 kapsar: fon ekonomisi (y\u00f6netim […]<\/p>\n","protected":false},"author":4,"featured_media":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"categories":[],"class_list":["post-12598","term","type-term","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term"}],"about":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/types\/term"}],"author":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/comments?post=12598"}],"version-history":[{"count":1,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12598\/revisions"}],"predecessor-version":[{"id":12900,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12598\/revisions\/12900"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=12598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=12598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Anahtar LPA H\u00fck\u00fcmleri<\/h3>\n
Anahtar Ki\u015fi H\u00fck\u00fcmleri<\/h3>\n
ILPA Prensipleri ve Pazar Standartlar\u0131<\/h3>\n