Fund / investment management

Private equity firm

(General partner)

Ownership of fund

Investors
(Limited partners)

Fund ownership of portfolio companies

Fund

PortCo

PortCo

PortCo

PortCo

PortCo

PortCo

Fund

Fund ownership of portfolio companies

Investors
(Limited partners)

Ownership of fund

Private equity firm

(General partner)

Fund / investment management