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Ts & Cs
Fewer limited partnership agreements contain right of first refusal clauses, which is a good thing for the secondaries market, according to a law firm.
LACERA is seeking to verify that costs associated with its private equity investments are aligned with its limited partnership agreements.
The fund, which is targeting $150m, has two different sets of fees based on the size of limited partners’ commitment.
Carlyle's investment solutions group, which includes fund of funds arm AlpInvest Partners, lost about $6bn in AUM due to currency changes.
Investment banks such as Goldman Sachs – which now has a ‘Volcker implementation team’ – are expected to divest more assets this year via the secondaries market, lawyers say.
Adverse selection and portfolio concentration are the main risks LPs face in constructing co-investment portfolios, according to an Altius study.
The Blackstone-owned secondaries firm has snapped up BAML’s stake in Ares European Real Estate Fund III.
The bank’s Strategic Partners team sweetened terms on its fifth secondaries fund, including not only committed capital, but fees and expenses that must be paid back to LPs, plus an 8% return, before the GP collects carried interest.
The Spanish fund of funds manager will not charge fees on its €65m secondaries fund until capital is actually put to work.
Following HarbourVest’s decision to walk away from a signed secondary transaction last week, sellers of private equity fund interests are concerned that buy-side MAC clauses will complicate secondaries activity even further.