Inevitably, some limited partners are going to get frustrated when dealing with funds that have gone on past the end of their contractual lives – even if (or possibly because) their options are so limited.
Perhaps they do sometimes feel strong-armed into going along with a restructuring plan. But if they have a better idea, they can always take it to the LP advisory board. And otherwise, perhaps they’re better off just cutting their losses, making a clean break, and moving on – while counting their blessings that at least the market has at least provided them with a way out. n