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Ts & Cs

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BEX ditches fees for NGOs in $365m fund close

Fund III is BEX’s first to offer ‘X shares’, which are exempt from management fees and carried interest, for non-governmental organisations and major non-profit foundations.

Distributions spike, capital calls sink in 2017

The divergence of these metrics brings into question the idea that secondaries offers a quick path to liquidity, according to data from eFront.

How carried interest gets better with age

Private equity professionals who manage more than $20bn and have at least 16 years' experience earned $65m in carry last year.

Why the hurdle rate needs a revamp

For all the debate it provokes, the conventional hurdle rate has remained stubbornly untouched since the ’80s.

Thinking about secondaries when drafting an LPA

The fundamental building block of the LP-GP relationship is changing, and secondaries is one of the factors driving that change. Three lawyers discuss end-of-life terms and control over stake sales in this extract from a roundtable in sister publication pfm.

Renegotiating the LPA: extensions

Proskauer's Nigel van Zyl discusses investment period and fund term extensions, in this extract from The LPA Anatomised.

Renegotiating the LPA: basics

Proskauer's Nigel van Zyl explains the key commercial, legal and investor relationship issues GPs need to consider before amending the agreement's provisions or restructure funds.

Balancing the needs of investors and managers

Plans to simplify the limited partnership agreement are ambitious, lawyers say.

Global LPs most concerned about regulation and deployment in 2018

Half of the global investors surveyed by Augentius expect market conditions to worsen this year compared with 2017.

The muddy waters of performance calculation

The private funds industry is institutionalising, but the methods for calculating and reporting performance are still all over the place.
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