The end of the line: key considerations when ending a limited partnership
Unless a private fund is organised as a permanent capital vehicle, a limited partnership has a limited lifespan that will, one fine day, come to an end. And while the event of termination is less likely to enjoy the acclaim and publicity accorded to fund closings, the termination scenarios represent an important stage in the…
Real assets in a COVID-19 world
In this paper, we discuss some of real assets, namely infrastructure and real estate, investment trends that have been brought to the fore during the COVID-19 crisis, from accelerating digitalisation to the decline in retail property. We will explore how asset classifications are likely to develop in response to these long-term trends and why it…
Directors of cash-squeezed and distressed companies – 5 liability points to note
We recently published an article that covered dealings between directors and their companies, and concluded with a reference to acts that can be challenged in the unlikely event of administration or other insolvency process. How quickly circumstances change; two months later, even the healthiest of businesses are preserving cash and those ‘unlikely’ events are…
Coronavirus – Implications on the TAI market
Broader Market Implications During periods of market volatility, there is evidence to suggest that that investors take a “relative flight to quality”, rotating toward the perceived stability of traditional safe havens such as sovereign debt markets. However, even demand for these instruments has been tempered by concerns surrounding massive stimulus packages announced by many governments….
Director dealings – 5 flashpoints
Last month’s Quick read summarised upcoming Companies House transparency reforms. This month, we continue on the topic of accountability and transparency, highlighting arrangements and dealings between a company and its director that would breach English company law, whether undertaken knowingly, or not. In situations where the directors and majority shareholders approve of the relevant arrangement,…
Current opportunities and trends in real estate investing
Investor appetite for alternatives remains strong as the sustained low interest rate environment since the financial crisis, coupled with global growth concerns, trade war tensions, dovish central bank polices, and political uncertainty to name but a few, continue to drive the search for yield and interest in less liquid strategies, such as real estate. In…
Previewing the year ahead
In this article, we discuss some of the recent developments in the restructuring and turnaround world and do some horizon scanning to try and predict which direction European credit might be headed for the remainder of 2019. Setting the scene Despite some prophets of doom and ongoing stock market jitters, 2018 did not signal the…
Funds-of-funds: New models for a changing market
Funds-of-funds (FOF) are an established segments of the private equity market, but their role is evolving. A primary fund-of-funds (FOF) pools investors’ capital to subscribe for interests in other investment funds. FOFs have long been established in the private equity industry, because they offer certain benefits to investors: Diversification – the FOF can structure its…
Warranty & indemnity insurance – 5 Things to consider
This month we focus on five things to consider regarding warranty and indemnity (“W&I”) insurance for an M&A transaction. warranty and indemnity (“W&I”) insurance provides the insured seller or buyer with cover for losses suffered from warranty breaches and claims under the general tax indemnity under a sale and purchase agreement (“SPA”). 1. Why W&I…
Seed funds need fertile soil: Sourcing high quality venture opportunities
As analysts in the venture capital space, our team at MJ Hudson have conversations every week about different venture funds’ investment criteria, as managers and investors look to identify promising entrepreneurs and profitable ideas. So too, when outside the office, our team is often greeted with a startup idea, or is told about a new…