A foundational LP that commits early and in size to a new fund, providing the credibility and capital base to attract subsequent commitments and reach first close. Anchors command extensive side-letter modifications — fee discounts (10-25 bps below baseline), modified hurdle/catch-up, priority co-investment rights, LPAC seats, and enhanced reporting. Particularly important for emerging managers (first-time funds), where the first institutional commitment can determine whether the fund closes at all. A 500M anchor commit to a spinout fund commands extensive term modifications; a 50M commit from a mid-sized LP to an established flagship fund commands minimal negotiating leverage.