I understand all the above, but the general rules kinda supercede it all.The general rules are that when you are the best/biggest thing around the block, rules just don't apply to you.
Also in general when government is involved rules don't apply to it. 80% or more of the amount of money that LPs as a whole administer are either Govt. Pension Funds or SWFs.
So in the case of big LPs it's one of the rare cases where both the above rules are at play to give them carte blanche.
LPs in a fund usually - possibly not always - have the same conditions except for the 'anchor' LPs, who are declared up front to the other LPs and who put in a substantially larger chunk of cash and commit before the fund is even officially opened. They are committed to do so and are listed in the rest of the documentation by name. Even the anchor LP agreements that I've seen do not allow those to default on their commitment, though there may be priority assignment in case of returns.
Again, show me. Just. One. Contract. I'll be happy to read the whole thing even if it is 200 pages.
Oh and just to be clear about this: if smaller LPs were on the hook for the full amount but larger LPs could walk at will how big do you think the chances are that those smaller LPs would still want to be part of such a fund?
Because clearly if a large contributor has a reason to back out they may have an even better reason to do the same.
Personally I would not invest in a fund where a larger LP can back out at will.
You are confused because you think the contracts mean anything in such a world. The contracts are worth less than the paper they are printed on when push comes to shove and you are facing a whale.
Also in general when government is involved rules don't apply to it. 80% or more of the amount of money that LPs as a whole administer are either Govt. Pension Funds or SWFs.
So in the case of big LPs it's one of the rare cases where both the above rules are at play to give them carte blanche.