Legal

The limited partner body’s guidance on GP-led fund restructurings is designed to create an industry standard for the execution of these deals. How effective has it been in practice?

An overhang of LPs wanting to sell stakes in funds could delay transfers in order to conform with publicly traded partnership rules.

Two European LPs have already defaulted on capital calls, and more are rumoured, creating a potential pool of early secondaries opportunities.

The niche strategy is coming into its own, as it did back in the global financial crisis.

GPs should be aware of right of first refusal clauses and PTP issues when processing transfer requests from LPs brought about by the covid-19 crisis.

Sponsors considering running secondaries processes on their funds should be aware of potential pitfalls that can hit carried interest and scupper deals.

Individual portfolio companies may now need an injection of capital via secondaries processes, say lawyers from the legal firm.

Secondaries dealmaking is particularly vulnerable due to the way portfolios are priced and the global nature of underlying portfolios.

TR Capital and Campbell Lutyens were just some of the winners in the secondaries categories of sister publication Private Equity International's 2019 awards.

Two Danish pension funds sold their stakes in the 2010- and 2016-vintage vehicles.