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Two key points in the economic provisions of the LPA

Distribution and negotiation are two key aspects in the economic provisions of any limited partnership agreement. Howard Beber, Scott Jones and Andrew Shore of Proskauer lay out the terminology.

DATA SNAPSHOT: Endowments and foundations grow more concerned over fees

Two-fifths of the investors said fees are a greater concern than ever due to more muted return expectations, according to NEPC data.

Stories of the year: Q4

Fees came under the spotlight in the fourth quarter with the release of pfm’s latest benchmarking survey.

Neuberger unit settles with SEC for $2.7m over improper expenses

NB Alternatives Advisers was found to have improperly allocated compensation-related expenses to three private equity funds it advised.

What LPs consider a fair management fee

LPs expect a $5bn private equity fund to charge a 1.23% management fee, according to research from Asante Capital.

How are PE firms vesting their carried interest?

30% of professionals said that their vesting schedule lasts more than five years, according to a survey by Heidrick and Struggles.

Europe: Home of the no-fault divorce clause

US funds often offer a no-fault suspension of the investment period, which is relatively rare in European funds, according to a report from MJ Hudson.

What is the real meaning of transparency?

More expense provisions in LPAs come at the cost of clarity over what investors have to pay, says Jennifer Choi, managing director of industry affairs of the Institutional Limited Partners Association.

Taking GP-leds to the masses

The increasing acceptance of GP-led deals has opened up opportunities in the smaller end of the market, but unique challenges arise when dealing with smaller funds.

Silicon Valley Bank on Abraaj, evolving credit lines & HNWs

The lender’s head of global fund banking for EMEA tells PEI about the implications of the Abraaj Group saga, enhancements in underwriting, changing LP bases and fee structures.

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