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Fund Terms
Some GPs think it’s impossible to predict fees and expenses for the restructuring and extension of a fund, so they would rather not include it in their LPAs.
The lender’s head of global fund banking for EMEA tells PEI about the implications of the Abraaj Group saga, enhancements in underwriting, changing LP bases and fee structures.
Management fees, hurdle rates and carried interest waterfalls; a visual guide to economic fund terms today.
For all the debate it provokes, the conventional hurdle rate has remained stubbornly untouched since the ’80s.
Steve Nelson speaks for half of the institutional money invested in private equity. What’s he going to say? He tells PEI his plans for ILPA and the next clash between LPs and GPs.
The fundamental building block of the relationship between a manager and its investors is changing, but how is it best negotiated?
Guillaume Cavalin has joined Paris-based Idinvest Partners as legal director from Jones Day, the third legal hire the firm had made in 18 months. pfm caught up with Cavalin to get his take on how private equity fund structuring – and LP demands – are changing.
Plans to simplify the limited partnership agreement are ambitious, lawyers say.
Negotiations and arrangements for the remaining portfolio can prove fiendishly complicated when a fund approaches the end of its term. Julie Corelli of Pepper Hamilton considers the challenges
Sponsors indulge in two very different fantasies when forming a successor fund. The first is to clone their predecessor Limited Partnership Agreement, change the date and the Roman numeral and be done with it. The second is to revise every longstanding, suboptimal provision and finally be governed under documents that say what they wished. Neither […]