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…

New kid on the block: The private fund limited partnership

Private equity funds are almost always formed as limited partnerships, but in Britain the statute that governs limited partnerships wasn’t originally drafted with fund managers or investors in mind and it has barely changed in the last 110 years. Until now. The private fund limited partnership remains a limited partnership, but with several notable advantages…

Fees and offsets: Lessons learnt

Regulators are gunning for fund managers over opaque or dubious fees and expense arrangements. How can managers and investors get ahead of the game? With most of the new financial regulations on the alternative assets sector having come into effect, regulatory agencies are now devoting more time to scrutinizing the newly-regulated industry’s activities and practices,…

Making LPACs more effective

  This article focuses on the growing role of Limited Partner Advisory Committees (LPAC), and suggests 10 ways to improve them for the mutual benefit of LPs and GPs. LPACs are now de rigueur for closed-ended investment funds. What began primarily as a forum for discussion has morphed into an increasingly broad oversight role; an…