The Institutional Limited Partners Association (ILPA) has released an updated Capital Call & Distribution Template (CC&D Template) to standardise the accounting details embedded in call and distribution notices and to align...more
Private equity assets add a layer of complexity to divorce that goes beyond the standard division of bank accounts and retirement plans. These interests often involve tiered payout structures, vesting schedules, capital...more
Despite ongoing geopolitical uncertainty, signs of recovery are emerging in the private equity market. With liquidity remaining the key focus, the private equity market has seen innovation in investment fund strategies and...more
Over the past 15 years, the meaning of the term "sponsor" in the private equity context has evolved to include several alternatives to the standard committed private equity fund model. These "nontraditional" or "alternative"...more
Secondaries – and continuation vehicles, in particular – is proving to be a useful tool for both sponsors and investors. Depending on the value remaining in a particular asset or portfolio of assets, many investors in the...more
Part of a series on structuring the team and legal infrastructure of a new private equity/VC fund (remaining issues to be released in the coming weeks): Writing the Constitution for Your New Private Equity or VC Fund:...more
Launching a private equity fund is an exciting yet daunting endeavor; and a General Partner (GP) Advisory Board can be a critical asset in navigating the complexities. Thoughtfully designing and engaging a GP Advisory Board...more
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