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…

How PDGP Fund I raised $1.4 bn using on social media

Not to flex, but our clients are so extra. I’m just here to spill the tea on the oversubscribed first and final closing of Poisson, Davril, Gowk & Partners LLP (“PDGP”) Fund I (“The Fund”), above target at 23,800 BTC. This is the current equivalent of USD 1.4 bn (obviously, we hope this will have…

MACs and more – 4 M&A trends through lockdown

  While the On Target editing desk has been quiet in the last few months, our clients haven’t been, and the M&A market has bounced back remarkably since autumn 2020. In this edition, as we look ahead to a year of resumed activity, we share a few COVID-19 triggered transaction issues, M&A trends and legal…

The restoration of Crown Preference – the implications

Happy New Year and welcome to our January 2021 article on the restoration of Crown Preference. Click here to read the previous article on these matters. For almost 20 years, taxes collected by UK corporates for payment to HMRC have ranked as ordinary unsecured debts on an insolvency. But, back in 2018, along with various…

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…

Track record attribution (part 3): Who ya gonna call?

An attribution scoring exercise can provide a framework for selecting which investments to include within a track record. But how do you provide external verification of the level of involvement of team members in each deal in the track record, thereby validating the attribution exercise and justifying the track record as ‘yours’? This article builds…

Top tips for negotiating the LPA

Negotiating a private equity fund’s LPA can be a difficult, intricate process. If not managed properly, fund organisational expenses and LP due diligence costs will be higher than expect, and closing deadlines may slip. Here are seven top tips to speed managers and investors through a successful LPA negotiation. Be a frontrunner A strong first…

Manager due diligence: What are investors looking for?

When it comes to manager due diligence, what are investors actually looking for? This was the question put to a panel of experienced private funds professionals at Home House in London, on May 15. It’s a pretty important question, I think you’ll agree. The event was part of MJ Hudson’s continued efforts to demystify the…

Financial services M&A – 6 flashpoints

In this article we focus on some of the key legal and structuring flashpoints encountered in UK financial services M&A. Financial services has long been a popular sector for private equity and corporates alike, but in the last two to three years the rise of Fintech companies, particularly in the personal finance sub-sector, has boosted…

Co-investments: Beware the bear traps!

A co-investment is where an LP makes an additional, separate investments in a target company in parallel with the main investments made by a fund (the Sponsor Fund) in which, oftentimes, the LP is itself an investor. We provide seven top tips for GPs and LPs to bear in mind when making co-investments. We can…

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