A hedge fund contemplating a non-controlling private equity (PE) investment faces a set of concerns beyond those common to PE investments generally. These concerns boil down to a simple question: “How will we exit?” For investor liquidity and other reasons, the exit analysis should be front-of-mind for a hedge fund that is willing to make a PE investment without running the portfolio company show. The hedge fund should complete the analysis before committing capital. In a guest article, William Q. Orbe and Scott C. Budlong, a founding partner and partner, respectively, at Richards Kibbe & Orbe LLP, explore a variety of exit-related rights that a non-control private equity investor (the Investor) may wish to obtain – or at least try to obtain – while negotiating and documenting its transaction. Not all of these concepts fit every situation. And sometimes the Investor simply won’t have the leverage to get everything it wants. But familiarity with the contents of the exit-rights toolbox at least will allow the Investor to maximize its negotiating efforts, and to adjust its valuation based on a precise understanding of whatever exit rights are ultimately available.