Cross-Border Private Markets
Cross-border expectations on fund terms
20 February 2026 · 6 min read
How terms discussions differ when a global manager meets a Japanese institutional investor for the first time.
Terms discussions in a cross-border context frequently stall on reporting frequency, currency treatment, side letter precedent and governance representation rather than headline economics.
Preparing clear positions on these points before the first substantive meeting reduces the number of review cycles required. This article summarises the recurring themes observed in initial conversations.
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