Private Equity Law Report Quotes Steven Richman on Evolving LP Sentiment

Private Equity Law Report quoted Steven Richman, chair of Seyfarth’s Institutional Investor practice, in its article, “ILPA Study Gauges Evolving LP Sentiments Toward PE Allocations and LPA Negotiations.” The piece, published on May 28, 2026, examines findings from ILPA’s latest Limited Partners sentiment study, including return expectations, negotiating leverage and key fund terms.

Richman highlighted how shifting return assumptions may affect fund economics, noting:

“When LPs adjust their five-year expected return profile down, one of the inferences I make is that LPs anticipate that some more funds could find themselves in a clawback position. And that will certainly bring more caution to the market.”

The full article is available here.