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With their multiple benefits for both the GP and LP, management-led secondaries are rapidly gathering steam in real estate.
Justin Johnson and Chad Rucker of valuations and fairness opinion provider VRC take a look at the regulator’s aims for continuation funds.
Leveraging global M&A execution capabilities and cross-functional knowledge is key to driving optimal pricing for GP-led deals, say PJT Partners managing directors Christopher Areson, Jolie Chow and Johanna Lottmann.
More and more PE managers are launching continuation funds to hold onto assets longer. How can you make sure your continuation fund is a success for both you and your investors?
By making GP clawbacks gross of taxes, the new rules could lead to the resurgence of the archaic original American waterfall.
Certain types of deal may not require a fairness opinion, a case likely to be made to the regulator during the ongoing consultation period.
The degree to which non-US sponsors would be impacted by the changes depends on whether they are registered with the SEC.
The US regulator's definition of what an adviser-led transaction refers to is not clear in its recent proposals, according to law firm Morgan Lewis.
The former ILPA chairman and CalPERS veteran tells Secondaries Investor that a lack of transparency in GP-led deals can backfire on GPs.
The US regulator's proposals cover single-asset secondaries deals, strip sales, full fund restructurings and multi-asset continuation fund deals, among others.