Downside Protection for LPs

Looking for ways to structure a deal where the LP is focused on protecting their downside. Say, for example, in a JV development deal. Common ones I can think of are:

- Structuring an LP investment as preferred equity, so they always get paid back before common equity.

- LP has a preferred return in a waterfall structure whereby they get paid back their equity invested plus some return on that equity (could be based on an IRR, Equity Multiple, etc.).

I feel like above are quite common, but what else is there?