22 Investment Management Considerations The GP should recognize the importance of time diversification during the stated investment period as well as industry diversification within the portfolio and should seek to avoid over-concentration in short time periods by considering limitations on the amount of capital that can be called on an annual basis from LPs. Funds should have appropriate limits on invest- ment and industry concentration (excluding sector- focused funds). The GP should also accommodate an LP’s exclusions policy, which may proscribe the use of its capital in certain sectors and/or jurisdictions, while taking into account any increased concentration effects on remaining LPs. It is recommended to provide full FUND GOVERNANCE transparency around the process and policies for honoring LPs’ exclusion requests in the event of a non-ratable allocation. The GP should commit to directing all appropriate investment opportunities to the fund during the investment period. For multi-product firms, the GP should affirmatively state an investment allocation policy that has been reasonably designed to fairly allocate opportunities between the fund and any other investment vehicles. The GP’s policy for allocating opportunities should be provided to LPs upon request. The GP’s investment limitation policy should apply to each LP on an individual basis.