Deals require more transactional, advisory, and regulatory experience in the increasingly complex continuation vehicle market. As the GP-led secondary market continues to evolve and reacts to new SEC rules and growing...more
The Delaware Supreme Court yesterday upheld the enforceability of forfeiture-for-competition provisions in limited partnership agreements, reversing the Court of Chancery, which had reasoned that such provisions should be...more
The Economic Crime and Corporate Transparency Act 2023 (“ECCTA”) introduces changes to UK company law to ensure accuracy of public information and reduce the possibility of fraud. Some of the key points are:...more
What a difference a decade can make! Since the publication of our first report, "Navigating India: Lessons for Foreign Investors," in 2013, India has undergone a remarkable transformation. The country’s population grew by 100...more
The Economic Crime and Corporate Transparency Act (ECCTA) became law on 26 October 2023, having completed the legislative process and received Royal Assent. Part 2 of ECCTA introduces significant reforms to UK limited...more
Secondary transactions led by a general partner (GP) have gained significant traction as an alternative liquidity solution for venture capital managers “managing out” their older vintage funds with valuable – but often...more
Private equity general partners (GPs) are facing increasing pressure from their investors (LPs) to prioritise environmental, social and governance issues. This shift presents significant opportunities for LPs to invest in...more
Israeli investment funds are incorporated as limited partnerships under the Israeli Partnerships Ordinance. Investors are “limited partners” and the fund manager (or another corporation acting on its behalf) is the “general...more
It does not take much to create a partnership under California's Uniform Partnership Act of 1994, which defines a partnership as "the association of two or more persons to carry on as coowners a business for profit forms a...more
In Boardwalk Pipeline Partners, L.P. v. Bandera Master Fund, LP, 288 A.3d 1083 (Del. 2022), the Delaware Supreme Court reversed a Delaware Court of Chancery decision that had awarded nearly US$690 million to plaintiffs....more
As the traditional subscription facility market has matured, new liquidity and funding innovations have arisen. Enter the rated note feeder. This structural tool in the back pocket of GPs may ease the accessibility of private...more
Amongst the changes to the Limited Partnerships (Jersey) Law 1994 (the “LP Law”) that have been implemented, included are changes that both helpfully clarify and confirm certain provisions of the existing law with respect to...more
Fund finance is positioned for record levels of growth as private equity (PE) general partners (GPs) tap traditional subscription and net asset value (NAV) financing lines in greater numbers....more
In a recent first-instance judgment handed down by Kawaley J on 21 April 2022 in The Matter of Formation Group (Cayman) Fund I LP, the Grand Court of the Cayman Islands has held that a winding up petition may be presented...more
Welcome to Alston & Bird’s fourth quarterly update. In this issue, we share insights on the rise of the GP capital market and provide a secondaries market snapshot. ...more
As to the first question − why now and what value does this add? − it was clear to us some time ago that the skill set divide between lenders and lawyers in the fund finance space, unlike many other finance sectors, was...more
While secondary buyers and LPs are becoming increasingly familiar with continuation funds, many sponsors are embarking on GP-led transactions for the first time and are not familiar with the process. Here, Howard Beber,...more
In Benge v. Thomas, a settlor created a trust and appointed her daughter, Missi, as the trustee. No. 13-18-00619-CV, 2020 Tex. App. LEXIS 6888 (Tex. App.—Corpus Christi August 27, 2020, no pet.)....more
The Internal Revenue Service (IRS) ruled that a taxable real estate investment trust (REIT) subsidiary would not be considered to be operating or managing certain senior living and healthcare facilities located outside the...more
The Institutional Limited Partners Association (ILPA) released a Model Limited Partnership Agreement (LPA) for general partners (GPs) and limited partners (LPs) structuring private fund investment transactions in October...more
On August 4, 2020, the Small Business Administration (SBA) and the U.S. Department of the Treasury released new FAQs to provide further guidance on Paycheck Protection Program (PPP) loan questions and supplement previously...more
We at The Capital Commitment blog have previously discussed several steps for fund managers and others to weather the storm brought by COVID-19. One of those steps is assessing the likelihood of a carried interest return...more
The Hong Kong government on 20 March 2020 published the Limited Partnership Fund Bill ("Bill") which provides for a new limited partnership regime for private funds ("LPF") in Hong Kong.1 As we see a greater number of fund...more
The Hong Kong Financial Secretary announced in his 2019-20 Budget speech that the government was seeking to establish a limited partnership regime for funds (LPF), in order to facilitate industry development while maintaining...more
This year’s list offers a good mix of business entities: six involve disputes among LLC members, two involve law firms organized as limited liability partnerships, one involves an accounting firm organized as a professional...more