Behind the co-investment curtain: current “market” terms revealed

Co-investment is now an integral part of the private equity funds market, popular with GPs and LPs alike. In a classic co-investment, an investor is invited by a GP to make a separate, additional investment in a target company (the Target) alongside the main investment being made by the GP’s fund (the Sponsor Fund). Co-investors…

Private equity fund terms – 2018’s key takeaways

MJ Hudson recently published its latest annual survey of private fund terms. We examined a large, diverse sample of closed-ended funds in the private equity, infrastructure, real estate, venture and private debt sectors, where we have advised either the fund manager or a prospective investor. Here are six key takeaways for LPs: 1. Fee rates…

Parallel lives: GP/LP alignment in private equity

Every year, MJ Hudson surveys the terms of a large, diverse sample of recently closed private equity, venture capital, growth capital, infrastructure, real estate and private debt funds, on which we have advised either the fund manager or a prospective investor. In our first article, we looked at shifts in fund economics – fees, hurdles,…

LP Intel

Trumped-up terms? Does it pay to be an American GP? With an increasing tide of capital making its way over to the U.S., it is important for investors to be able to distinguish the principal differences between U.S. and European fund terms. Although managers on both sides of the Atlantic broadly adhere to certain core…

Private equity fund terms in 2017: What’s changed?

Every year MJ Hudson evaluates the terms of a large, diverse and representative sample of newly-closed private equity funds where we advised either the fund manager or prospective investors. (You can find our 2017 Private Equity Fund Terms Research report here.) In this article we explain what’s changed since last year and where fund terms…

Private equity fund terms in 2016: What’s changed?

To give a sense of how private equity and venture capital fund terms are evolving, MJ Hudson regularly surveys the terms of new funds coming to market. The MJ Hudson LP Unit recently published the second edition of our Private Equity Fund Terms research report, which analyses a large, diverse, representative sample of funds, where…

Private equity fund terms: What’s changed?

MJ Hudson regularly surveys the terms of private equity and venture capital fund agreements (where we are acting for either the fund manager or prospective investors) to get a sense of how private fund terms are evolving. Following is a digest of key findings from our analysis of a large, diverse sample of funds that…

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