Private Equity Fund Terms: Emerging Trends and Recent Developments
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will examine current trends and hot issues in private equity fund terms and best practices for structuring and negotiating fund document terms for private equity sponsors and limited partner (LP) investors. The panel discussion will include an analysis of how issues are addressed in the Institutional Limited Partners Association's (ILPA) Model Limited Partnership Agreement relative to market terms often seen in seasoned PE sponsors' fund documents.
- "No-fault divorce" and termination rights
- General partner standard of care
- Carried interest and clawback mechanisms
- Conflicts and transaction fees
The panel will review these and other key issues:
- What are the LP investor hot button issues in "no-fault divorce" and "for cause" termination rights for removal of GPs and GP standard of care, fiduciary duties, and indemnification provisions?
- What are the most recent trends concerning carried interest calculations and clawback mechanisms?
- How are PE fund sponsors reacting to increasing SEC and LP investor scrutiny over expense allocation practices?
- What are the current developments in co-investment terms, and how have those terms evolved?
- How are these issues addressed in ILPA's Model Limited Partnership Agreement?
General Counsel and Chief Compliance Officer
Commonwealth Asset Management
Mr. Mendez is the General Counsel and Chief Compliance Officer at Commonwealth Asset Management LP, a Los Angeles-based... | Read More
Mr. Mendez is the General Counsel and Chief Compliance Officer at Commonwealth Asset Management LP, a Los Angeles-based asset management firm founded in 2019 and led by the former Head of Global Macro and Real Estate at Soros Fund Management LLC. Commonwealth offers separate but complementary strategies across its Global Macro and Real Estate platforms. He joined Commonwealth from Semper Capital Management, LP in New York where he served as General Counsel and Chief Compliance Officer. He was previously in the Business Law Department at Goodwin Procter LLP and prior to that held several legal and compliance roles at large institutional asset management firms.Close
John J. McDonald
General Counsel and Managing Director
Bankers’ Capital International
Mr. McDonald currently serves as General Counsel and FINRA-licensed Managing Director at Bankers’ Capital... | Read More
Mr. McDonald currently serves as General Counsel and FINRA-licensed Managing Director at Bankers’ Capital International, a boutique international investment banking firm. He has more than 20 years of experience in private equity, mergers & acquisitions, project finance, commercial real estate development and venture capital. Before joining Bankers’ Capital, Mr. McDonald was Deputy General Counsel at Prospect Capital Management, LP, a $6.4 billion assets under management private equity firm, and a Partner in the Private Equity and Corporate groups at Troutman Sanders, LLP, a 650 lawyer international law firm.Close
Michael D. Saarinen
Shearman & Sterling
Mr. Saarinen represents a wide range of private fund sponsors, from small, closely held startup asset management... | Read More
Mr. Saarinen represents a wide range of private fund sponsors, from small, closely held startup asset management businesses to global financial institutions. He advises on the domestic and international aspects of fund development, formation, marketing and operations across many types of funds, including private equity funds, hedge funds, venture capital funds, growth equity funds and other innovative investment products. Mr. Saarinen also counsels clients on regulatory and compliance issues, compensation arrangements, strategic transactions and governance.Close