A private equity carol

If an LP sang a private equity-themed carol to the tune of 'The 12 Days of Christmas', it might go something like this...

On the first day of Christmas
My GP gave to me
A decrease in management fees!

On the second day of Christmas
My GP gave to me
Two carry points
And a decrease in management fees!

On the third day of Christmas
My GP gave to me
Three new deals
Two carry points
And a decrease in management fees!

On the fourth day of Christmas
My GP gave to me
Four co-invests
Three new deals
Two carry points
And a decrease in management fees!

On the fifth day of Christmas
My GP gave to me
Five new key men
Four co-invests
Three new deals
Two carry points
And a decrease in management fees!

On the sixth day of Christmas
My GP gave to me
Six ESG feats,
Five new key men
Four co-invests
Three new deals
Two carry points
And a decrease in management fees!

On the seventh day of Christmas
My GP gave to me
Seven marks-a-leapin’
Six ESG feats
Five new key men
Four co-invests
Three new deals
Two carry points
And a decrease in management fees!

On the eighth day of Christmas
My GP gave to me
Eight ad hoc updates
Seven marks-a-leapin’
Six ESG feats
Five new key men
Four co-invests
Three new deals
Two carry points
And a decrease in management fees!

On the ninth day of Christmas
My GP gave to me
Nine parcels passing
Eight ad hoc updates
Seven marks-a-leapin’
Six ESG feats
Five new key men
Four co-invests
Three new deals
Two carry points
And a decrease in management fees!

On the tenth day of Christmas
My GP gave to me
Ten juicy ratchets
Nine parcels passing
Eight ad hoc updates
Seven marks-a-leapin’
Six ESG feats
Five new key men
Four co-invests
Three new deals
Two carry points
And a decrease in management fees!

On the eleventh day of Christmas
My GP gave to me
Eleven prudent recaps
Ten juicy ratchets
Nine parcels passing
Eight ad hoc updates
Seven marks-a-leapin’
Six ESG feats
Five new key men
Four co-invests
Three new deals
Two carry points
And a decrease in management fees!

On the twelfth day of Christmas
My GP gave to me
Twelve distributions
Eleven prudent recaps
Ten juicy ratchets
Nine parcels passing
Eight ad hoc updates
Seven marks-a-leapin’
Six ESG feats
Five new key men
Four co-invests
Three new deals
Two carry points
And a decrease in management fees!

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