EU Taxonomy – Challenges and opportunities for GPs

What is the EU Taxonomy?  The EU taxonomy was created as a classification system for sustainable economic activities. In response to our worsening climate crisis and the lack of initiative from the broader private sector, in 2019 the European Commission launched the Green Deal. The Green Deal set out an ambitious 2030 Climate Target Plan,…

Important new FCA rules on marketing investments

This article contains important information on proposed new rules and guidelines that are proposed to be made by the Financial Conduct Authority (“FCA”) and HM Treasury (“HMT”). These new rules and guidelines are still open to consultation but, if adopted in their current form, may mean significant changes to: the types of investors that are…

A Christmas Caroline

As is the tradition for this time of year, at Christmas, our resident poet, Daniel Daines, has written and performed a festive poem. Watch the Christmas Carol-themed video below: This short Christmas tale describes Steve’s lack of progress with pursuing a relationship with Caroline, with his biggest hinderance boiling done to one thing. Communication. It…

2021: The FCA laying the foundations to tackle consumer harm

Reducing consumer harm has been a key regulatory focus for the FCA over 2021, and the final hallows of the year provide a good opportunity to reflect on the plans, proposals and policies seen from the FCA during this period. Consumer harm is not a novel concept, nor are efforts to mitigate harm; but nonetheless…

Trying to sound smart is stupid

It is said that smarter people tend to make smarter decisions. For fund managers, those decisions involve investors’ money, so investors shouldn’t be surprised when fund managers try to demonstrate how smart they are. But managers must take care how they do this. The problem is that frequently, when fund managers try to display their…

Putting more pep in your PPM

The Private Placement Memorandum (PPM) remains a core document in most alternative assets fundraisings. It is usually considered a ‘reliance document’, contains required risk factors and disclaimers, and will normally form part of the pack of ‘legal docs’ for a closing. Beyond this, LPs still find a PPM useful when putting together their own investment…

10 tips for the perfect DDQ

The Due Diligence Questionnaire (DDQ) is a key item in the suite of due diligence materials that most, if not all, private markets fund managers will need to prepare when raising a fund. No longer a “nice to have”, the DDQ has evolved into an often-lengthy document that addresses all aspects of the new fund…

Great expectations for SuperInvestor?: Top tips to avoid hard times on the conference room floor

In preparation for SuperInvestor, we discuss our top tips for preparing for a conference. We also discuss how to get the most out of a conference when there and how to follow up afterwards. Be prepared and ready! It’s the twilight hour; a magical time when rays of late autumn sun dance playfully from watch…

Understanding PRIIPS disclosures

The publication of Key Information Documents (KIDs) has prompted a widespread negative response in the investment community, with large numbers of fund managers criticising the documents. More recently the Chief Executive of the Financial Conduct Authority (FCA), Andrew Bailey, stated his concerns. – I want to be clear that I am concerned about PRIIPs Andrew…

Will private equity benefit from standardised documents?

There is no single “off-the-shelf” package of documents for a private equity fund. Instead, every fund manager (with the help of its lawyers) develops and negotiates the fund’s limited partnership agreement (LPA) with its investors (and their lawyers). The practice of negotiating side letters with specific investors, generally to confer privileges or accommodate special requests,…

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