Sycamore bars LPs in Fund III from removing GP without cause until year 10

Sycamore Partners, private equity
A family leaves the Staples store in Broomfield, Colorado August 17, 2011 as the back-to-school shopping season begins. Staples Inc reported a better-than-expected quarterly profit on currency benefits and sales to its business customers in North America, prompting the U.S. office supply chain to raise its profit outlook. REUTERS/Rick Wilking (UNITED STATES - Tags: BUSINESS) - GM1E78I076Q01
Sycamore Partners’ new fund, targeting up to $4.5 billion, does not allow limited partners to remove the GP without cause — known as a no-fault divorce — until the 10th anniversary of the fund, sources told Buyouts. Most private equity funds have 10-year ...

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