Private equity funds are significant participants in today's financial markets investing from early stage high-tech firms to later-stage buy-outs and distressed companies. These funds raise their capital mostly from institutional investors who are based in different countries around the world. This study introduces a comparative examination of partnership governance in English and Finnish private equity limited partnerships. At the core of the examination is the question how the decision-making rights in private equity fund should be divided between the general partner (the fund manager) and...