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Fund docs

In conversation: Stake house

Highlights from a recent roundtable discussing the evolution of GP stake sales and what value they can bring to private equity firms

Oak Group makes two appointments

Oak has hired Belinda Ridout as director of client accounting and Hannah Crocker as company secretary

CSC finalises Intertrust acquisition

CSC first bid for Intertrust in December 2021

Ontra acquires Captain

Acquisition will see Ontra build on its digital fund lifecycle management solution

IDR launches MLRO offering

The money laundering reporting service covers several fund jurisdictions, including Cayman Islands, Luxembourg, Guernsey, Jersey and the UK

Diversity becomes key metric in fundraising

LPs are increasingly factoring DEI into their capital allocations, says McKinsey

Comment: Negotiating GP stakes deals in uncertain times

Lawyers from Cleary Gottlieb say careful negotiation of key terms will be more important than ever

IPEV board opens consultation

GP feedback requested on the association’s latest draft amendments to valuation guidelines

FCA takes stance on greenwashing

Our in-depth analysis of the regulator’s consultation paper unveils increasing complexity of fund categorisation and disclosures coming to private equity

LPs and GPs clash over GP-led secondaries’ priorities

Capstone Partners survey found that nearly half of both GPs and LPs see GP-led secondaries as “one of the main” exit options

Insurance policies

PE's greatest yet least recognised risk

Hamilton Lane to offer tokenization

Partnership with Securitize will digitally expand investor access to its funds via new tokenized feeder funds

Inside Verdane’s ESG-linked sub line

Verdane's sustainability lead, Axel Elmqvist, and head of debt, Andreas Daae, discuss the intricacies of setting up the firm's first ESG-linked subscription line.

Carry forfeiture following for-cause removal on the wane, says MJ Hudson

Swing towards a majority of funds now specifying a haircut rather than full forfeiture highlights the shifting balance of power between GPs and LPs, according to MJ Hudson's research.

Comment: Coming to terms

Steven Ward and Anjuli Chatterjee of Squire Patton Boggs compare and contrast fund terms between VC and PE, and ask how both might change in an increasingly challenging funding environment

Aztec launches streamlined onboarding solution

Aztec Verify automates the due diligence process while ensuring regulatory compliance

Comment: The Mother of Invention

James Wood, investment funds partner at Hogan Lovells in Sydney, explores fund structuring innovations throughout the APAC region

In conversation: Power to the LP

Highlights from a recent roundtable event examining the growing influence of investors in private equity fund management

Broadridge’s PE platform open for US funds

Private Market Hub is powered by distributed ledger technology

Profile: Kenta Shima, J-STAR

The head of operations & IR discusses the Japanese private equity market, challenges within his role, J-STAR’s tech stack and setting up the firm’s latest fund

Domicile watch: August 2022

Key takeaways from the major private equity domiciles, including: JFSC’s extension of its AIF reporting deadlines, the FCA’s new rules for its AR scheme as well as AMF’s consultation on PE funds’ end of life

Legal lowdown: Michael Halford, Goodwin

The partner, co-chair of global private investment funds discusses recent client challenges, thoughts on the FCA’s new AR rules and what he makes of PE’s reputation

TDA 2022 Legal: Fund Formation winner: Travers Smith

Sam Kay, funds partner at Travers Smith describes what's enabled the firm to have such a deep understanding of the market

Gen II launches digital fund subscription solution

The new digital offering intends to automate and streamline fund subscriptions

TDA 2022 Advisory/Consultancy: Fundraising winner: Asante Capital Group

The placement agent's team explains how they support each and every project to ensure their clients are successful

Vauban creates Lux fund launchpad

The platform aims to help emerging managers to launch VC funds in Luxembourg

BOE interest rate hike to impact valuations

“I think we can expect to see the interest rate hike exert some downwards pressure on valuations, though how much is difficult to forecast given the broader market conditions.”

AMF consults on PE funds’ end of life

The French regulator has suggested 19 proposals to improve retail investor protection

Profile: Laura Howes, Key Capital Partners

The finance & operations director discusses her move from origination to finance and ops, challenges in her new position, as well as her involvement with the firm’s tech stack

LP appetite for PE suffers sharp decline

The Rede Liquidity Index score has decreased from 70 in 2021 to 55 for H1 2022 signalling a sharp fall in LP investor appetite.

MJ Hudson partners with Cork Gully

Partnership seeks to provide restructuring services including, GP-leds, GP replacement, continuation or wind down structures

Operational lens: Summa Equity Fund III

Summa’s latest fund was almost quadruple the size of its predecessor, despite being raised remotely. General counsel Martin Sjölund, talks us through their Swedish fund structure, the bespoke onboarding solution, tackling compliance heavy ODD and Summa’s supportive partners.

Legal lowdown: James Oussedik, Sidley Austin

To kick off our legal insights series, James Oussedik, investment funds partner at Sidley Austin discussed his thoughts on AIFMD II and fund domiciliation challenges

ODD: background checks most important

New findings show background checks and references are the most important ODD considerations for LPs

Jersey amends limited partnership law

Latest amendments aim to provide fund managers with greater flexibility in international fund structuring

Profile: Susan Wilkins, Actis

The COO discusses her pathway from Actis portfolio company to the GP, taking over management of Abraaj funds and her role as a member of the inclusion & diversity committee

5 minutes with… +SUBSCRIBE

+SUBSCRIBE’s Rafay Farooqui talks us through the platform’s onboarding and subscription document processing capabilities

Fund finance: structural innovations

Investec’s Helen Griffiths and Oliver Bartholomew discuss key structural developments for capital call facilities, including cost savings awarded by the master facility agreement, the importance of GP credit ratings, and continuation vehicle solutions.

The pendulum has swung

The recent noise coming from the SEC is largely measured and unsurprising; as the asset class matures of course it should adhere to stricter oversight

Profile: Richard Drover, Apis Partners

The CFO discusses his responsibilities outside the finance function, his 100-day plan of action to improve and enhance Apis' processes as well as the challenges of joining a new firm

Comment: The impact of new long-term vehicles with large liquid allocations

Ed Lee, partner at Proskauer, explores the advantages of adopting an evergreen model, as well as the challenges and questions they present

Operational Lens: Pantheon Secondary Opportunities Fund (PSOF)

With a total AUM of $52.3bn, Pantheon is a machine when it comes to fundraising. We take a look at the $624m PSOF, to discover how the pros get the job done.

Canoe partners with Bipsync

The partnership aims to streamline and automate investment document collection and categorisation processes

Profile: James Yates, IK Partners

The CFO & managing partner discusses how the firm has professionalised and institutionalised its processes, his thoughts on Luxembourg as a domicile as well as his hopes for IK's operational functions in the future

Planning permission

A growing number of small managers are taking on full scope AIFM permissions well ahead of time; the market is split on whether or not this is a good move or a big burden

DiligenceVault adds ESG, D&I questionnaires

New questionnaires from The Asset Owner Diversity Charter and The ESG Data Convergence Project are now available

Diligend secures additional investment

Fresh capital will see the due diligence platform expand its fund manager offering

LPs want high quality investor marketing materials

According to Brackendale Consulting, most LPs believe badly designed or poorly written investor marketing materials alludes to a lack of professionalism

WATCH: Mind the liquidity gap: How to hedge

A recent webinar discussion explored the purposes of FX hedges, who is best placed to do them, tackling liquidity constraints and setting up hedges internally or using an outsourced provider

Common pitfalls when drafting an LPA

Common mistakes and oversights made when putting together the LPA, and tips on how to avoid them

Kirkland & Ellis appoints Cox

Alexander Cox joins K&E's tax practice from Ashurst

Comment: New tax regime for UK asset holding companies

Ropes & Gray partner Brenda Coleman and associate Tim Waters detail the latest development for the UK funds industry

InCloudCounsel secures $200m Series B

The contract automation company has also rebranded to Ontra

FCA moves ahead with LTAF

The rules aim to provide sufficient investor protection and enable DC pension schemes to invest in the LTAF

The rise of the cross-border transaction

Reed Smith partners Stephen Mooney and Sam Webster detail the latest evolution in the way funds operate and structure deals

IPEM 2021: Adapting to a virtual world

Klas Tikkanen, COO of Nordic Capital talks about adjusting to remote working through the pandemic, as well as the process of raising two funds virtually

Profile: Stella Morse, Inverleith

The CFO discusses joining the private equity firm from the consumer world, what she thinks of the latest ESG regulations and setting up Inverleith's first institutional fund

GP commitments increase

According to MJ Hudson, more fund managers contributed a 3% GP commitment compared to those who committed 2% or less last year

Law school: litigation funds

Litigation funds are fast-becoming a fundamental part of the global justice system. While the 'assets' they manage differ greatly to those of traditional private capital funds, the way in which they operate is almost identical.

Accelex expands automation capabilities

The new feature enables firms to streamline investor operations to process thousands of private markets fund performance reports each quarter