1. What happens to the overall committed capital for portfolio companies in case of a partial or complete LP default - how can GPs mitigate the risk that there is no additional capital once there is a default (e.g. a forced sale is not possible?)

In case of an LP default, the General Partner (GP) can mitigate risks by having provisions in the Limited Partner Agreement (LPA) that allow for penalties, interest charges, or the sale of the defaulting LP's interest. If a forced sale is not possible, the GP may use distributions to offset amounts owed or pursue other remedies. It's crucial for GPs to have a well-drafted LPA to manage such situations effectively.