Fundraising happens when you are not fundraising

While at a conference last month, I heard the line, “fundraising happens when you are not fundraising” in some form or other from speakers from members of at least three different panels. There is no chance I would have heard that statement come out of even a single panelist’s mouth five years ago.   The…

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…

Make investor relations a profit center

While I am not exactly plagiarizing, I am definitely re-purposing someone else’s ideas. Strike that – I’m actually re-purposing two other people’s ideas – Seth Godin and Elon Musk. The takeaway from Godin’s message, is to take care of those that care about you. And Musk’s message is – when someone, particularly someone important, makes…

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…

When investors default – part 2: prevention is the best remedy

In last month’s article, we looked at what happens when an investor in a private equity fund defaults on its obligation to meet capital calls. In this article, we examine some of the other issues arising from an LP default for the fund, its manager, investors and financial regulators. If an investor fails to meet…

When investors default – part 1: commitments and consequences

In this article, the first of two (click here to read the follow up article), we look at what happens when an investor in a private equity fund defaults on its obligation to meet drawdown requests; the effects of a default on the fund manager and the other investors; and the tools available to the…

Private markets: sustainability for institutional portfolios

With the global COVID-19 pandemic in its second year now and with the immense uncertainty that institutional investors still face, investment strategy reviews should be high on the agenda (if not already completed!). With the extreme market volatility experienced in the last year and sharpened focus on ESG, investors have been given a wake-up call…

GP-led secondaries: Everything you wanted to know but were afraid to ask

Secondaries have been a hot topic in private equity in recent years. The first secondaries fund in history raised a mere $6 million in capital back in 1981. Forty years later, the biggest secondaries fund of all, managed by Ardian, has $19 billion in capital. In 2020 alone, secondaries funds raised $100 billion. Four of…

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…

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…

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