Unsustainable risks? Regulatory climate change for AIFMD

The Alternative Investment Fund Management Directive (“AIFMD”) was implemented in the EU in 2013, to regulate the alternative investment industry, chiefly as a result of the Global Financial Crisis. Fast forward seven years and this directive is still evolving, but now with a new focus: sustainabilty. On 8th June 2020, the European Commission published a…

Private funds ten-year top ten: biggest changes of the decade

This month, MJ Hudson celebrated its 10th birthday; one full decade. So, for this latest article, we thought we’d enter into the spirit of the occasion by spotlighting the 10 biggest changes we have observed in the private equity funds market, over the last 10 years: 1. The industry got a lot bigger… With interest…

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,…

Brexit, begin

Nine months after the referendum that overturned half a century of British economic and foreign policy, the UK government has invoked Article 50. The ‘phoney war’ is over, and now begins at least two years of negotiations that, absent a dramatic U-turn, will conclude with Britain leaving the European Union. No one can be certain…

Brexit: Plus ça change for UK alternative fund managers?

The full impact of Brexit for the alternative funds sector will not be known for some time. But in this article we argue that UK, EU and non-EU alternative fund managers are unlikely to be significantly adversely affected and that even in a worst case scenario there will be relatively straightforward work-arounds. Managers are understandably…

Brexit: It’s not me; it’s EU

The UK goes to the polls on its EU membership in just over three weeks. If Brexit happens, what can the private equity industry expect? The situation today The UK private equity industry is the largest in Europe and an important component of the UK’s financial services sector. Like banks and other asset managers, most…

Managed accounts: The wave is coming

This article looks at the pros and cons of managed accounts for private equity investors and managers, and examines parallels to the hedge fund industry, where they have been part of the landscape for much longer. Separately managed accounts (SMAs), long an established feature of the hedge fund world, have been gaining in popularity with…

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