Emergency exit

LPs have little to lose (and lots to gain) by defaulting on initial capital calls. All the talk nowadays is on finding the quickest and least painful way out; of deals (for stressed GPs that are willing to accept low pricing) and of funds, with limited partners coming up with ever more creative ways of avoiding draw-downs. The Permira method of amicably resolving this issue is a clever one and is likely to mark the first of many (see cover story)