HOW TO READ A LIMITED PARTNERSHIP AGREEMENT - COMPANION FILES
julianrsterling.com/lpa

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Revised 23 September 2026.

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WHAT IS IN THE ARCHIVE

1. The book's workbook
   The_Clawback_Collateralised.xlsx     Chapter 11 and Appendix F
   00_START_HERE.md

2. Blank_Model_Set/  (new)
   The_Clawback_Collateralised_Blank.xlsx   the same model, inputs emptied
   Fee_And_Waterfall_Blank.xlsx             the Chapter 7 fee total and the
                                            Chapter 10 waterfall, for your fund,
                                            with the four tests
   book_inputs.txt                          the book's figures, to type back in

3. Working_Documents.pdf  (new)
   Thirteen printable pages: the map (seven facts, six dates), the mandate
   and investment period, the commitment page, the fee page with the total
   computed, the expense review, the carry page and the waterfall on two
   outcomes, the clawback, key person and removal with the register test,
   the remedies page, conflicts, valuation and reporting, transfers and side
   letters, the thirty red flags, and the one-day review with the
   negotiation list. A4, fits Letter.

4. Forty_Questions.xlsx  (new)
   Forty questions across the book, marked by the file as you type.

5. Cases/  (new)
   Case_1_Where_The_Carry_Switches_On.xlsx      Chapters 9 and 10
   Case_2_The_Fee_Clause_Line_By_Line.xlsx      Chapters 6, 7 and 11
   Case_3_The_Facility_The_IRR_Likes.xlsx       Chapters 3 and 5
   Each case: the note on the first sheet, the model after it, checks at the end.

The files open in Excel, LibreOffice Calc, Google Sheets and Numbers. No macros.
