It’s not easy being green: SFDR and communicating your ESG credentials

It’s not easy being green, opines Kermit the Frog as he wanders slowly through a claustrophobic garden of lush leaves and bright flowers – and he doesn’t even have to contend with the new Sustainable Finance Disclosure Regulation (“SFDR”). The bad news for you (at least if you ever plan to raise capital from European…

The forever fund: evergreen capital in private equity

The traditional private equity fund is a 10-year close-ended vehicle, with a five-year investment period and an average holding period of three to six years. Some argue that the time-limited model encodes short-termism into the private equity perspective. The manager’s decisions to buy, hold and sell investments are influenced or even ordained by the ticking…

Governance rules for Irish fund management companies

‘CP86’ as the Fund Management Company Guidance has continued to be referred to as, is now back at the forefront of Irish Fund industry. Following its implementation in July 2018, the Central Bank of Ireland carried out several desktop and on-site reviews of the industry’s approach and implementation of the regime, the results of which…

Private equity fund economics – what a difference (or not?) a year makes

Every year, MJ Hudson surveys the terms of a large, diverse sample of recently-closed private equity (PE), venture capital (VC) and growth capital funds, for which we have advised either the fund manager or a prospective investor. In this article, we assess the recent trends in core economic terms. For more information, please contact one…

What LPs do in the shadows

In the good old days of private markets fundraising, investors (LPs), competing for allocations, would flock to the relatively small number of fund managers, their access to information on the fund and manager tightly controlled by said manager. And all was well with the world. While some managers still engender this kind of feeding frenzy…

GP stakes investing: Part 1 – taking private equity exposure to the next level

An investor looking for exposure to alternative assets generally invests in alternative investment funds and may also co-invest in the funds’ portfolio companies. But a third option has hove into the public spotlight in the last decade: investing in the fund managers themselves. This is a relatively new and fast-growing part of the asset class…

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…

Back to school for venture investing? VC in the post-Covid environment

The resurgence of Covid-19 across Europe continues to make headlines, but as summer draws to a close and with schools reopening, the UK is doing its best to get back to normal. For those covering the VCT market, it seems like just the other day when RNS feeds were reporting the publication of revised NAVs,…

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…

Track record attribution (part 2): following the recipe

Being able to credibly claim attribution to one’s track record is a topic of importance for both first time or spin-out fund managers and more established firms. In a prior article we provided you with a framework for selecting, by means of attribution scoring, which investments to include within a track record. This article expands…

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