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Fundraising & fund structuring

Comment: Liquidity solution

Fund finance provides the solution to today's liquidity needs, writes Bronwen Jones and Leon Stephenson, partners at Reed Smith

Rising LPA amendments

With most GPs needing greater flexibility and more liquidity, there has been a surge in LPA amendments.

Alabaster joins Ropes & Gray

He joins from Linklaters where he was a partner for six years.

ODD times

Later stage operational due diligence appears to be pushing through to legals, but more broadly, these exercises will likely be permanently impacted by the crisis

Domicile watch

A round-up of key takeaways from major PE fund domiciles, including a Jersey Finance survey, ESG and climate change initiatives as well as regulatory updates

Palatine-backed SMP buys RBC’s corporate services HK

As part of the deal, RBC’s clients and employees of this division will transfer to SMP

CSC expands fund services into Ireland

The firm was granted a licence to provide its offering there by the Central Bank of Ireland

More fund finance, secondaries, comms and PR

MJ Hudson's top predictions of trends expected to emerge following the crisis, including new forms of fund finance, recovering secondaries dealflow and better comms

Q1 2020 NAVs are expected to decrease 9.5%

The survey conducted by Setter Capital also found Q2 2020 NAVs are expected to decrease 12.6%

Nothing to see here: LP defaults are fake news

Following reports of LP defaults, the Fund Finance Association (FFA) has released a statement on current market activity, as well as best practices.

Going back to your roots

Inefficient reporting methods continue to vex LPs. It’s time to go back to the source

Liquidity in lockdown: Lenders

How are GPs working with their lenders to access more liquidity? What can be done if covenant breaches occur?

LPs unsure what capital is being called for

ILPA members have reported confusion over how GPs are using newly called capital and sub lines.

The operating committee

A number of large private equity houses are setting up operating committees in response to the major tasks now faced by non-deal team members

COVID-19: Economic substance adjustments

Could temporary measures drive global consensus on economic substance requirements?

New powers

The proliferation of fund financing products opens an unexpected path for CFOs to operate in a strategic and value-add manner

Fund finance to the rescue

CFOs are well aware of the flexibility afforded by fund finance, but in the face of a global pandemic these facilities are proving to be an essential lifeline

iCapital Network raises $146m

Funding round led by Ping An saw BlackRock take a significant minority stake

The new PE playbook

McKinsey urges sponsors and their portfolio companies to adjust quickly to the COVID-19 outbreak

The increasingly public world of private equity

In late January, the IPEM conference in Cannes brought together almost 3,000 delegates, spanning all corners of the industry. The key takeaway was that private equity is an increasingly public affair

The Profile: Stephen Richmond, CFO Abris Capital

Stephen Richmond tracks his journey from investment director to CFO, and the nuances of operating funds in central and eastern Europe

Cyprus’ total AUM reaches €6.8bn

The total increased from €5.7bn in 2018 and was dramatically up from €2.9bn in 2017

Jersey PE and VC funds increase by 19%

These Jersey Finance figures are for the year ended December 2019

Jersey fund AUM swells by 17%

Fund assets serviced on the island grew to $481.2bn in 2019

EU blacklists Cayman Islands

Cayman Islands was listed on the Annex II alongside Palau, Panama and the Seychelles as the latest domiciles to not implement tax reforms they had committed to by the agreed deadline

The Ocado of private equity

AtomInvest’s recent white-labelling of its software could be the much needed investor onboarding remedy the industry is seeking

Moonfare reaches €250m AUM

Moonfare’s digital platform allows qualified HNWIs to invest in PE vehicles

The Profile: Diana Meyel, Cipio Partners

Cipio's Meyel discusses the importance of being a strategic operator; why CFOs need to be more visible within their organisations as investors and regulators alike demand stable, robust and predictable platforms

Luxembourg saw fund growth in 2019

Luxembourg’s AUM now totals €4.7trn

PE funds most popular product for Guernsey in 2019

Findings come from Monterey Insight’s 25th Guernsey Fund Report, and account for the year to the end of June 2019

Upside down: an in-depth look at Antler’s model

Antler’s approach to investing turns the traditional VC model on its head, requiring an entirely different approach to operations.

ODD to boost focus on data compliance

Increased use of large data sets to generate alpha is driving increased operational due diligence in how funds manage information

Parallel universe: lure of the Cayman-Lux

Ogier partners Joanne Huckle and Anne-Gaëlle Delabye predict a rise in Luxembourg-Cayman parallel fund structures

Abry Partners backs Options

The investment will support Options' growth via M&A and advancement of its tech offering

The Profile: Jason Howard, Headway Capital

Headway’s CFO Jason Howard looks back at the important lessons learned throughout his career, which now act as intrinsic guides for his current role, where meeting the needs of clients is key.

Sun Life picks up 80% of InfraRed

Canadian insurer paid £300m for its stake

Q&A with Raxita Kapashi, CFO at Dawn Capital

Having recently joined Dawn Capital as the company's first official CFO, Kapashi discusses her new role and what led her to join a venture capital firm

Craic on

Reforms to Ireland’s LP structure will likely be legislated in early 2020, however, after years of promises, what will actually be legislated and will PE care?

Lithuania seeks to attract fund managers

Recent regulatory amendments aim to position the country as an attractive domicile

Romania approves New AIF Law

Updated law better aligns Romania with recent EU developments

MJ Hudson lists on AIM at £97.6m

Listing highlights increased regulatory and transparency demands on alternative assets

Crestbridge granted Luxembourg licence

New licence adds to existing offerings in UK, Jersey, Bahrain and Cayman

Comment: Fund finance and the model LPA

ILPA's recently published model LPA is a step in the right direction but overly-restrictive on fund financing, says Reed Smith's Leon Stephenson

The data journey waits for no one

Private equity’s data journey may only just be setting off, but like any expedition, packing the best equipment and selecting the right companions make reaching the final destination a lot more enjoyable

Key regulatory developments in 2019

Latest developments come from Proskauer's 2019 Annual Review and Outlook

The Profile: Jackson Heddy, Northzone

Jackson Heddy discusses the particular challenges of running a venture back office; including the complexity of data analysis for young companies and troublesome valuation methods

Luxembourg’s AUM increased 20% year-to-year

Figure comes from ALFI's latest 2018 Luxembourg Private Equity and Venture Capital Investment Funds Survey

BNP Paribas Securities Services buys stake in AssetMetrix

The partnership updates the firm's private capital offering with digital solutions

Guernsey home to Permira’s latest fund

Permira has had a long association with Guernsey

Fund structures are so last season

As new waves of regulation continue to hit private equity, managers are quietly shifting to the peaceful waters of deal-by-deal investing

Time to bite back

For too long operational leaders have been yes men, it's high time they became key men

Ocorian granted Luxembourg licence

The firm can act as a depositary to AIFs

GP stake buyer for impact funds launches

The firm will target equity stakes in impact fund managers

ILPA unveils model LPA

The document is a standardised and accessible template use to aligning GPs and LPs

Leverage in secondaries: friend or foe?

The use of leverage in secondaries is on the rise, but does this little talked about feature of the market represent an important driver for growth and innovation, or a matter for concern?

Standardisation: not the whole story

Aims to improve and create efficiencies for the reporting of fees and expenses are valiant but templates only tell part of the story

Dunedin’s Karan Darroch on evolution of role and industry outlook

Detailing the growing complexities of PE finance and operations functions

IR Profile: Apposite’s Valerie Auffray

IR head reveals how her role has evolved and now includes back office operations

The impact of brand awareness

eVestment whitepaper finds GPs with high brand visibility outpace others

New bid to democratise private equity

AtomInvest has established a digital platform for individuals to access alternatives