The unconstrained exponential family of random graphs assumes no prior knowledge of the graph before sampling, but it is natural to consider situations where partial information about the graph is known, for example the total number of edges. What does a typical random graph look like, if drawn from an exponential model subject to such constraints? Will there be a similar phase transition phenomenon (as one varies the parameters) as that which occurs in the unconstrained exponential model? We present some general results for this constrained model and then apply them to obtain concrete answers in the edge-triangle model with fixed density of edges.